CSCEC Interim Report 2023

CHINA STATE CONSTRUCTION
2023
INTERIM REPORT
Stock Code: 601668.SH
Cover Photo: Phase I project of ecological rehabilitation and green development of Yiai Lake System in Huanggang, Hubei
CORPORATE MISSION
Expanding a happy
living environment
CORPORATE VISION
To be the most internationally
competitive investment and
construction group
CORE VALUES
Quality assurance and

value creation
CONTENTS
1 AT A GLANCE
3 IMPORTANT NOTES
4 SECTION I DEFINITIONS
5 SECTION II COMPANY PROFILE AND KEY

FINANCIAL INDICATORS
9 SECTION III MANAGEMENT DISCUSSION

AND ANALYSIS
40 SECTION IV CORPORATE GOVERNANCE
43 SECTION V ENVIRONMENTAL AND SOCIAL

RESPONSIBILITY
47 SECTION VI IMPORTANT MATTERS
61 SECTION VII CHANGES IN SHARES AND

SHAREHOLDERS
67 SECTION VIII INFORMATION ON PREFERENCE

SHARES
68 SECTION IX INFORMATION ON BONDS
78 SECTION X FINANCIAL REPORT

CHINA SECURITIES REGULATORY COMMISSION
SHANGHAI STOCK EXCHANGE
The Company prepared its 2023 Interim Report in accordance with relevant regulations and guidelines
set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange, including
the Standards for the Contents and Formats of Information Disclosure by Companies Offering
Securities to the Public No. 3 – Contents and Formats of Semi-Annual Reports, the Shanghai Stock
Exchange Listing Rules and other relevant regulations and guidelines. This is a free translation into
English of a report issued in China and is provided solely for the convenience of English-speaking
readers. This report should be read in conjunction with, and is construed in accordance with, China
law and professional auditing standards applicable in China. Should there be any inconsistency
between the Chinese version and the English version, the Chinese version shall prevail. Investors
can access the Company’
s 2023 Interim Report on the website of the Shanghai Stock Exchange
(www.sse.com.cn).
Financial statements signed and sealed by the legal representative (Chairman), person-in-charge of accounting
Index of (chief financial officer) and person-in-charge of the accounting department (head of the accounting department)
documents The original reviewed report with the seal of the accounting firm and signatures and seals of the certified public
available for accountants
inspection The originals of all Company documents and manuscripts of announcements publicly disclosed during the
Reporting Period
AT A GLANCE
AT A GLANCE
About CSCEC
The world’slargest investment and construction conglomerate

Ranked 13th in Fortune Global 500
Ranked 4th in Fortune China 500
Ranked 1st in ENR Top 250 Global Contractors
Continued to maintain the top credit rating in the industry worldwide
Received the Grade A rating from the SASAC of
the State Council 18 times
Remained a constituent in important indices such as SSE 50
Index, FTSE China A50 Index, and

MSCI China A50 Connect Index
Major operating indicators
Newly signed contract value Revenue Net profit attributable to
RMB2,253.8 RMB1,113.3
shareholders of the Company
billion billion
a year-on-year increase of
RMB28.97
billion
11.3 % 4.9 % 1.6 %
Weighted average net return on Net assets per share Net cash flows from
assets attributable to ordinary operating activities
7.30 RMB-10.56
shareholders
RMB9.36
% billion
/share a year-on-year decrease
maintaining its industry-leading
position
4.8
an increase of %
in net outflow of
over the end of

the previous year RMB58.50 billion
INTERIM REPORT 2023 1

AT A GLANCE
Housing construction engineering
Newly signed contract value
RMB1,449.3 billion
Revenue RMB736.6 billion
10.0
a year-on-year increase of % 8.4
a year-on-year increase of %
Infrastructure construction and investment
RMB555.4 billion
Revenue RMB241.3 billion
7.9
a year-on-year increase of % 8.0
Real estate development and investment
Contracted sales Contracted sales area
RMB241.2 billion 9.80 million square meters
29.7
a year-on-year increase of % a year-on-year increase of 35.2 %
3.30
Revenue
RMB127.5 billion
New land reserve
meters
million square
a year-on-year decrease of 16.1 % Land reserve 87.50 million square

meters as at the end of the Reporting Period
Survey and design
RMB5.3
RMB7.9 billion
Revenue billion
a year-on-year increase of 27.4 % 5.6

Overseas business
RMB54.5
RMB62.3 billion
Revenue billion
a year-on-year decrease of 9.5 %

2.8
a year-on-year decrease of %
2 CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

IMPORTANT NOTES
IMPORTANT NOTES
I. The Company’s Board of Directors, Board of Supervisors and its directors, supervisors and officers
guarantee that this Interim Report contains true, accurate and complete information and no false
representations, misleading statements or material omissions, or otherwise they will accept several
and joint legal responsibility.
II. This Interim Report was passed at the 43rd meeting of the third session of the Board of Directors of
the Company, at which all the Directors of the Company had attended.
III. This Interim Report is unaudited. Ernst & Young Hua Ming LLP (Special General Partnership) has
reviewed the 2023 interim financial report of the Company and issued a review report.
IV. Zheng Xuexuan, the Company’s legal representative (Chairman); Wang Yunlin, person-in-charge of
the accounting affairs (chief financial officer); and Xie Song, person-in-charge of the accounting
department (head of the accounting department) guarantee that the financial report set out in this
Interim Report is true, accurate and complete.
V. The proposed profit distribution plan or the proposed conversion plan of reserves to share capital for
the Reporting Period as resolved and passed by the Board of Directors
N/A
VI. Risk statement with respect to forward-looking statements
Applicable N/A
This Interim Report contains certain forward-looking statements made on subjective assumptions and judgments
on future policies and economic trends, which may differ from the actual results or trends due to a range of
variables.
The forward-looking statements regarding future plans, development strategies, etc. contained in this Interim
Report do not constitute a material commitment by the Company to investors, and investors are advised to
exercise attention.
VII. Whether there is any non-operating occupation of funds of the Company by the controlling
shareholder and other related parties
No
VIII. Whether the Company has provided any guarantee in favor of external parties in violation of the
prescribed decision-making procedures
No
IX. Whether more than half of the Directors are unable to guarantee the truthfulness, accuracy and
completeness of this Interim Report disclosed by the Company
No
X. Warning on major risks
During the Reporting Period, the Company was not exposed to major risks.
The Company has described possible related risks in detail in this Interim Report. Please refer to “(I) Potential
risks” in “V. Other Disclosures” under Section III “MANAGEMENT DISCUSSION AND ANALYSIS”.
XI. Miscellaneous
Applicable N/A
In addition to the reviewed financial data, the business data used in this Interim Report comes from the
management of the Company.

SECTION I DEFINITIONS
SECTION I
DEFINITIONS
In this Interim Report, unless the context otherwise requires, the following words shall have the following meanings:
Definitions
CSCEC/the Company China State Construction Engineering Corporation Limited (中国建筑股份有限公司)
China State Construction/the
China State Construction Engineering Corporation (中国建筑集团有限公司)
Group
China Construction First
China Construction First Group Corporation Limited to China Construction Eighth Engineering
Group Corporation to Eighth
Division Corp. Ltd. (中国建筑一局(集团)有限公司至中国建筑第八工程局有限公司)
Engineering Division
Xinjiang Construction &
CSCEC Xinjiang Construction & Engineering (Group) Co., Ltd. (中建新疆建工(集团)有限公司)
Engineering
COHL China Overseas Holdings Limited (中国海外集团有限公司)
CSCEC International Construction Co., Ltd. (中建国际建设有限公司) (formerly known as China
CSCEC International
State Construction Engineering Corporation International Operations (中国建筑国际工程公司))
The real estate development brand and business owned by China Overseas Land & Investment
China Overseas
Ltd. (中国海外发展有限公司) (00688.HK), a subsidiary of COHL
CSC Land The real estate brand and business other than“China Overseas”that CSCEC is engaged in
China Overseas Land &
China Overseas Land & Investment Ltd. (中国海外发展有限公司) (00688.HK)
Investment
CSCI China State Construction International Holdings Limited (中国建筑国际集团有限公司) (03311.HK)
China Overseas Grand Oceans China Overseas Grand Oceans Group Limited (中国海外宏洋集团有限公司) (00081.HK)
CSC Development China State Construction Development Holdings Limited (中国建筑兴业集团有限公司) (00830.HK)
China Overseas Property China Overseas Property Holdings Limited (中海物业集团有限公司) (02669.HK)
West Construction China West Construction Group Co., Ltd. (中建西部建设股份有限公司) (002302.SZ)
China Southwest Architectural Design and Research Institute Corp., Ltd. (中国建筑西南设计研究
院有限公司)
China Southwest Architecture
CSC Finance China State Construction Finance Co., Ltd. (中建财务有限公司)

China Construction Fangcheng Investment & Development Group Co., Ltd. (中建方程投资发展集
团有限公司)
China Construction Fangcheng
China Construction Capital China Construction Capital Holdings Co., Ltd. (中建资本控股有限公司)
China State Decoration China State Decoration Group Co., Ltd. (中国建筑装饰集团有限公司)
China Construction
China Construction Infrastructure Co., Ltd. (中国建设基础设施有限公司)
Infrastructure
CSCDC China State Construction Development Co., Ltd. (中国建筑发展有限公司)
China Construction Science
China Construction Science and Industry Corporation Ltd. (中建科工集团有限公司)
and Industry
China Construction Science &
China Construction Science & Technology Group Co., Ltd. (中建科技集团有限公司)
Technology
China Construction
China Construction Communications Engineering Group Co., Ltd. (中建交通建设集团有限公司)
Communications
China Construction Harbour
China Construction Harbour and Channel Engineering Bureau Group Co., Ltd. (中建港航局集团有
限公司)
and Channel Engineering
Bureau
Articles of Association Articles of Association of China State Construction Engineering Corporation Limited
Reporting Period From January 1, 2023 to June 30, 2023

SECTION II COMPANY PROFILE AND KEY FINANCIAL INDICATORS
SECTION II
COMPANY PROFILE AND KEY FINANCIAL INDICATORS
I. Information of the Company

Chinese name 中国建筑股份有限公司
Chinese abbreviation 中国建筑
English name China State Construction Engineering Corporation Limited
English abbreviation CSCEC
Legal representative Zheng Xuexuan
II. Contact Details

Secretary to the Board of Directors
Name Xue Keqing
CSC Fortune International Center, Building 3, Courtyard 5, Anding Road, Chaoyang District,
Address
Beijing
Tel 010-86498888
Fax 010-86498170
Email [email protected]
III. Overview of Changes in Basic Information

Registered address No. 15, Sanlihe Road, Haidian District, Beijing
Historical change of the registered
/
address
CSC Fortune International Center, Building 3, Courtyard 5, Anding Road, Chaoyang District,
Office address
Beijing
Postal code of the office address 100029
Website www.cscec.com
Email [email protected]
Index for changes during the Reporting
/
Period
IV. Overview of Changes in Information Disclosure and Place for Inspection

of Interim Report
Name of newspaper designated by the
China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily
Company for information disclosure
Website for publishing this Interim Report www.sse.com.cn
Board office of CSCEC, CSC Fortune International Center, Building 3, Courtyard 5, Anding
Place for inspection of this Interim Report
Road, Chaoyang District, Beijing
Index for changes during the Reporting
/
Period
V. Overview of Stocks
Type Stock exchange Abbreviation Stock code Original ticker
A share Shanghai Stock Exchange CSCEC 601668 N/A

VI. Other Relevant Information

Applicable N/A
Name Ernst & Young Hua Ming LLP (Special General Partnership)
Rooms 01-12, Level 17, Ernst & Young Tower, Oriental Plaza, No. 1
Accounting firm engaged by the Office address
East Chang An Avenue, Dongcheng District, Beijing, the PRC
Company (domestic)
Names of
Zhou Ying, Shen Yan
signatories
VII. Key Accounting Data and Financial Indicators of the Company

(I) Key accounting data
Unit: ’000 yuan Currency: RMB
Reporting Period Same period YoY
Key accounting data Change YoY (%)
(January to June) After adjustment Before adjustment
Revenue 1,113,313,056 1,061,226,623 1,060,771,087 4.9
Profit before income taxes 49,634,357 52,033,355 52,020,085 -4.6
Net profit attributable to shareholders of
28,972,340 28,513,926 28,503,338 1.6
the Company
Net profit attributable to shareholders of
the Company after deducting 26,434,416 24,882,496 24,871,761 6.2
non-recurring profit or loss
Net cash flows from operating activities -10,560,053 -69,064,090 -68,872,020 /
As at the end of the As at the end of last year

Change YoY (%)
Reporting Period After adjustment Before adjustment
Net assets attributable to shareholders
395,656,476 384,322,141 384,322,141 2.9
of the Company
Total assets 2,829,157,158 2,652,903,306 2,652,903,306 6.6
(II) Key financial indicators

Reporting Period Same period YoY
Key financial indicators Change YoY (%)
(January to June) After adjustment Before adjustment
Basic earnings per share (RMB/share) 0.70 0.68 0.68 2.9
Diluted earnings per share (RMB/share) 0.70 0.68 0.68 2.9
Basic earnings per share (RMB/share)
after deducting non-recurring profit or 0.63 0.59 0.59 6.8
loss
Weighted average return on net assets Decrease by 0.65
7.30 7.95 7.99
(%) percentage point
Weighted average return on net assets
Decrease by 0.30
after deducting non-recurring profit or 6.66 6.96 6.96
percentage point
loss (%)
Net assets per share attributable to
9.36 8.31 8.31 12.6
ordinary shareholders (RMB/share)

Explanation on the key accounting data and financial indicators of the Company
Applicable N/A
① When calculating earnings per share, the restricted shares that have not yet met the unlocking conditions and
become invalid are deducted from the weighted average number of ordinary shares issued by the Company.
② According to relevant accounting requirements, when calculating earnings per share, the dividends or interests of
other equity instruments such as preference shares and perpetual bonds and restricted shares shall be excluded from
the net profit attributable to shareholders of the Company.
③ The net assets per share attributable to ordinary shareholders are the net assets attributable to shareholders of the
parent company deducting other equity instruments, and then divided by the total number of issued shares as at the
end of the Reporting Period.
④ The Company performed retrospective adjustments to the data of the same period last year in accordance with the
relevant requirements under accounting standards due to business combination under common control.
For details, please refer to Note XI “SHARE-BASED PAYMENT”

, Note V. 67 “Earnings per share” to the financial
statements under Section X “FINANCIAL REPORT”
, and 2. “Return on net assets and earnings per share” under
SUPPLEMENTARY INFORMATION, Note XIV. 3“Comparative Amounts”and other relevant information.
VIII. D
ifferences in Accounting Data under Domestic and Foreign Accounting
Standards
Applicable N/A
(I) Differences of net profit and net assets attributable to shareholders of the Company in the
financial report disclosed in accordance with the International Accounting Standards and
Chinese accounting standards
Applicable N/A
(II) Differences of net profit and net assets attributable to shareholders of the Company in
the financial report disclosed in accordance with the foreign accounting standards and
Chinese accounting standards
Applicable N/A
(III) Explanation on differences between domestic and foreign accounting standards:

Applicable N/A

IX. Statement of Non-Recurring Profit or Loss

Applicable N/A

Note
Non-recurring items Amount
(if applicable)
Profit or loss from disposal of non-current assets 47,566 /
Government grants (except for the government grants closely related to the normal
operation of the Company and received constantly at a fixed amount or quantity
303,936 /
in accordance with a certain standard in compliance with national policies and
regulations) accounted for in profit or loss for the current period
In addition to the normal operation of the Company’ s effective hedging business, profit/
loss arising from changes in fair value of financial assets held for trading and financial
4,009 /
liabilities held for trading, and investment income from disposal of financial assets
held for trading, financial liabilities held for trading and other debt investments
Fund possession fee received from non-financial enterprises which are included in profit
101,900 /
or loss for the current period
Reversal of the provision on receivables and contract assets for impairment on an
1,988,042 /
individual basis
Investment income from disposal of subsidiaries -6,084 /
Profit or loss from non-operating activities or occasional matters 153,837 /
Other non-operating income and expenses than the above items 757,769 /
Less: Impact on income tax 647,984 /
Impact on non-controlling interests (after tax) 165,067 /
Total 2,537,924 /
The Company shall explain the reasons for defining the non-recurring profit or loss items in accordance with the
definition of the Explanatory Notice of Corporate Information Disclosure of Public Securities Offering No. 1 – Non-
recurring Profit or Loss 《公开发行证券的公司信息披露解释性公告第1号
( ―― 非经常性损益》
), and defining the non-
recurring profit or loss items set out in the Explanatory Notice of Corporate Information Disclosure of Public Securities
Offering No. 1 – Non-recurring Profit or Loss as recurring profit and loss items.
Applicable N/A
X. Miscellaneous
Applicable N/A

SECTION III MANAGEMENT DISCUSSION AND ANALYSIS
SECTION III
MANAGEMENT DISCUSSION AND ANALYSIS
I. Explanation on the Company’s Principal Businesses, Business Model and

Industry Information during the Reporting Period
(I) Principal businesses and business model
As one of the most integrated and largest

investment and development conglomerates
worldwide boasting the longest history of
specialized development and market-oriented
operation, CSCEC is a market leader in
housing construction engineering, infrastructure
Ranked 13 th
in Fortune Global 500 (2023)

construction and investment, real estate
development and investment, survey and design,
etc. It ranked 13th in Fortune Global 500 (2023)
and 4th on the list of Fortune China 500, and
topped the list of the Top 250 Global Contractors
4
published by Engineering News-Record (ENR).
CSCEC received the Grade A rating from the State-
owned Assets Supervision and Administration Ranked th
Commission (SASAC) of the State Council 18
times. The three leading global rating agencies, i.e., in Fortune China 500
S&P Global Ratings, Moody’ s Investors Service
and Fitch Ratings, assigned to CSCEC A/A2/
A ratings (respectively) with a “Stable” outlook,
the highest credit ratings among peer companies
worldwide.
CSCEC stands as one of the most competitive
investors in China, specializing in real estate
development, financing and investment for
construction projects and integrated urban
Ranked 1 st
construction. Featuring a “four in one” business

in ENR Top 250 Global Contractors
model integrating planning and design, investment
and development, infrastructure construction and
housing construction engineering, it provides
turnkey solutions covering all aspects, processes,
and elements for urban development projects,
giving priority to the synergization of internal
resource integration and business development.
Having grown its global footprint in more than
Received the Grade A rating from
the SASAC of the State Council 18 times
100 countries and regions, CSCEC, as the largest
engineering contractor in the world, specializes
in a broad range of businesses covering all
aspects related to urban development and
project construction. The Company possesses
Ratings on CSCEC by three leading global
comprehensive design, construction and land rating agencies
development capabilities, as well as a complete
industry chain of construction products ranging
from research and development (R&D) on
products and technologies, survey and design,
A
S&P Global
A2
Moody’ s
A
Fitch Ratings
real estate development, construction contracting,
Ratings Investors Service
equipment manufacturing and asset operation to
property management. CSCEC is widely noted
as the developer of some of the most technically
sophisticated and structurally complicated super-
high-rise buildings (300 meters and above) in
China.
CSCEC has an absolute advantage in this field. It has adhered to the marketing strategy of
“upscale markets, customers, and projects” and the business strategy of “high-quality
Housing construction
and cost-effective solutions” . By continuously tapping its potential and pursuing high-quality
projects, the Company is committed to providing global customers with one-stop integrated
services for high-profile, large, sophisticated, advanced, complicated and special construction
engineering
projects. The Company has built a large number of landmark buildings in niche segments
such as super high-rises, large venues, industrial plants, office buildings, hotels, hospitals,
and schools, establishing itself as the pacesetter in the Chinese and even the global housing
construction markets.
Placing equal emphasis on infrastructure construction and project investment, CSCEC has
achieved rapid development in infrastructure construction covering urban rail transit and high-
speed rail systems, extra-large bridges, expressways, municipal roads, urban integrated pipe
corridors, ports and waterways, electric power, mining, metallurgy, petrochemicals, airports,
Infrastructure construction
and nuclear power plants in China and abroad, and has completed many classic projects
leveraging its strengths in technology, management and human resources. Meanwhile, building
on its strong capital strength, CSCEC has become a first-class infrastructure investor and
and investment
developer in China. It has successively invested in and completed a large number of high-
profile national and local projects in China, and has gained widespread recognition in the fields
of BT, BOT, PPP and other financing and investment construction models. The Company has
established long-term strategic partnerships for infrastructure investment and construction in
several provinces (regions) and municipalities and dozens of major Chinese cities. The Company
operates infrastructure construction in dozens of countries and regions in North America,
Central America, Hong Kong and Macao SARs, Southeast Asia, North Africa, Central and West
Africa, South Africa, the Middle East and Central Asia.

CSCEC owns two real estate brands, China Overseas and CSC Land. China Overseas
encompasses all real estate business of COHL, and has always ranked among the most valuable
property brands in China. With real estate business operations in dozens of economically
dynamic cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the Yangtze River
Delta, the Beijing-Tianjin-Hebei Region and other national strategic development regions, China
Overseas maintains a well-established and balanced nationwide strategic business network. It
is committed to establishing itself as an outstanding international real estate development and
Real estate development
operation group, so as to accelerate the formation of a business structure focusing on housing

development, supplemented with high-quality commercial property development and operations
and investment
as well as healthcare and other emerging businesses. CSC Land, as the brand name adopted
for real estate business operations across the Company’ s divisions and design institutes,
focuses on four segments including real estate development, urban renewal, asset operation
and integrated services in first-and second-tier cities. CSCEC is committed to achieving vertical
integration of a wide variety of operations ranging from investment, property development,
design and construction to property operation and services. By enhancing internal resources
integration and coordinated business development and leveraging cutting-edge construction
technology, advanced real estate development philosophy and first-class property service
quality, it has established a sophisticated investment operation and risk management system for
the real estate business segment, and gained a unique competitive advantage in the industry
chain.
CSCEC is the largest integrated architectural design conglomerate in China. Its survey and
design business arm mainly consists of seven top-rated major survey and design service
providers, specializing in architectural design, urban planning, engineering survey, and public
Survey and
utility design, among others. The Company has established itself as a market leader in China
design
in fields such as airports, hotels, sports facilities, exhibition venues, ancient architecture and
super-high-rise buildings, and has made outstanding contributions to the sector in terms of
design originality, technology innovation, and the development of industry standards.
CSCEC is one of the first Chinese enterprises to carry out international engineering contracting
business. Relying on its competitive position throughout the industry chain, the Company
engages in the overseas engineering contracting business, which covers housing construction,
manufacturing, energy, transportation, water conservancy, industry, petrochemical, hazardous
substance treatment, telecommunications and sewage and waste treatment projects, and has
successfully explored and completed overseas real estate projects. In addition, the Company
actively explored other project operating models, such as financing and investment channels to
stimulate the development of such project business models as general contracting, DB (Design-
operations
Build), EPC (Engineering-Procurement-Construction), BOT and PPP. Meanwhile, CSCEC

Overseas
sought to enhance the quality and efficiency of overseas business development through capital
operations such as cross-border mergers and acquisitions. Following the“internationalization”
business philosophy, the Company has seized the development opportunities brought by the
Belt and Road Initiative (BRI), and served the BRI countries to improve local infrastructure
facilities, enhance the well-being of local people, and promote the brand influence of the
Company.

(II) Overview of the industry

As important pillars of the national economy, the construction and real estate industries are closely related to the overall
economic development of the country and the improvement of people’
s livelihoods. In the first half of 2023, the total
output value of the national construction industry came in at RMB13.23 trillion, a year-on-year increase of 5.9%; the
investment in national real estate development was RMB5.86 trillion, a year-on-year decrease of 7.9%.
Acceleration in “new urbanization” has created huge development potential for the housing
construction market.
Every percentage point increase in China’ s urbanization rate means more than 10 million people migrating
to work and live in urban areas, which generates massive demand for investment and construction in public
service facilities and housing. According to data released by the National Bureau of Statistics of China, at
the end of 2022, the urbanization rate of China’ s permanent population was 65.22%, far lower than that
of developed countries. There is strong development momentum and huge development space in China’ s
housing construction market. China is extensively implementing the people-oriented urbanization strategy
and continuously optimizing the spatial layout and form of urbanization. China is vigorously promoting the
integrated development of urban agglomerations such as the Beijing-Tianjin-Hebei Region, the Yangtze River
Delta, the GBA, and the Chengdu-Chongqing Region, developing modern metropolitan circles, strengthening
the allocation of global resources, scientific and technological innovation strategy, and high-end industry-
leading functions of megacities, making large and medium-sized cities more livable and business-friendly,
increasing the construction and supply of indemnificatory housing, actively driving the transformation
of urban villages and the construction of “dual-use” public infrastructures, and promoting urbanization
with county towns serving as the primary avenue. From a segment-specific perspective, all regions are
stepping up the transformation of old urban communities, factories and blocks, strengthening the supply of
indemnificatory housing and facilitating the construction of public amenities such as medical and health care,
culture and entertainment, sports and health, and nursery and elderly care facilities, which will bring new
development opportunities for construction enterprises.
Infrastructure investment growth remained stable as the “growth stabilization” policy continued to
bear fruits.
The central government and local authorities consistently focused on investing in and developing new-generation
infrastructure, new urbanization and major projects related to transportation and water conservancy, and rectifying
“weak spots” . China accelerated the construction of itself into a world leader in transport by further developing
transportation channels, comprehensive transportation hubs and logistics networks, and actively promoted the
construction of key urban agglomerations, inter-city railways in metropolitan areas, city-suburban railways and
high-grade highways and accelerated the construction of 5G networks, industrial internet, and big data centers.
Efforts have been made to improve municipal engineering, agriculture and rural areas, public safety, scientific
research facilities, ecological environmental protection, public health, material reserves, disaster prevention
and mitigation, and people’ s livelihood facilities at an accelerating pace. In the first half of 2023, investment in
infrastructure (excluding electricity, heat, gas and water production and supplies) nationwide increased by 7.2%
year-on-year. As the country is growing its strength in manufacturing, product quality, aerospace, transportation,
and cyberspace and is building a digital China, it has rolled out 102 major engineering projects and special
planning key projects in the 14th“Five-Year Plan” . Moderately proactive infrastructure investment can translate
into an acceleration of the investment in and implementation of conventional and new infrastructure projects.
The overall market size of highways and railways is expected to remain at a high level, while the growth of water
conservancy works and ecological environmental protection is estimated to be the fastest among all areas.

Adapting to the evolving market supply and demand situation, the industry has been exploring
new real estate development models.
In the first half of 2023, the central government emphasized the pivotal role played by the real estate sector in
the national economy, calling for efforts to prevent and resolve risks by ensuring the delivery of presold housing
properties, people’ s livelihood and social stability, as well as relieving property developers’debt burdens relative
to their assets. In addition, the central government supported the satisfaction of demands of first-time and
trade-up homebuyers, and promoted the transformation of new development models. The central government
emphasized the need to adapt to the new realities of substantial changes in supply and demand in China’ s
real estate market, adjust and optimize real estate policies in a timely manner, and make good use of the city-
specific policy toolkit. These efforts have enabled the central government to better meet the demands of first-
time and trade-up homebuyers, and boost the stable and healthy development of the real estate market. In the
first half of 2023, the national sales area of commercial properties amounted to 595 million square meters, a
year-on-year decrease of 5.3%. Specifically, the sales area of residential properties decreased by 2.8%; the sales
of commercial properties rose by 1.1% year-on-year to RMB6.31 trillion, and the sales of residential properties
increased by 3.7% year-on-year. In the future, the real estate market is expected to stabilize and the industry will
enter a new phase of high-quality development. The green development campaign will put real estate enterprises
to the test in terms of their development, asset operation and urban service capabilities, leading to even higher
market concentration.
Digitalization and green and low-carbon development have accelerated the transformation of the
survey and design industry.
The carbon peaking and carbon neutrality “dual

( carbon”
) goals, urban renewal and rural revitalization have
effectively driven the development of the survey and design industry, ushering in new market opportunities
for emerging businesses such as urban planning, airport transportation design, municipal infrastructure
design, and cultural venue design. Meanwhile, the application of the BIM (Building Information Modeling)
digital technology, the rapid advancement of next-generation building industrialization and intelligent
construction technology represented by prefabricated buildings, as well as the increasingly popular general
contracting business model, will further empower industry transformation and innovation.

II. Analysis of the Core Competitiveness during the Reporting Period

Applicable N/A
During the Reporting Period, there were no significant changes in the core competitiveness of the Company,
specifically:
(I) Market-oriented operating mechanism
As a market economy player, CSCEC has adhered to the market-oriented operating mechanism, and
gradually enhanced its ability to harness market dynamics while respecting, abiding by, adapting to and
leveraging such forces at the same time. Faced with intense market competition, CSCEC takes innovative
approaches to tap into and continuously meet the existing and potential demands of clients, and delivers
high-quality products and value-added services to retain existing clients and acquire new ones. The
Company adopts a result-oriented approach pursuing excellent business performance through explicit
definition of its objectives, well-thought-out processes and efficient operations. In its pursuit of business
volume growth supported by profitability, CSCEC seeks to improve efficiency in turnover of assets, and
achieve a higher return on assets relative to the industry average while utilizing and operating resources
efficiently and promoting economies of scale. The Company also continues to gain higher market share
through steady growth. CSCEC always pays close attention to cash flows, and takes various measures to
ensure net operating cash inflow for sustainable and healthy development.
(II) Direction of globalization
Adhering to the international business philosophy, solidly promoting the high-quality development of
overseas business, and leveraging domestic and foreign markets and resources, the Company is committed
to establishing itself as a multinational company that allocates resources globally and operates efficiently.
In light of the complicated business environment abroad, the Company insists on improving quality and
making progress while ensuring stability, emphasizing profitability and risk resilience, and enhancing quality
and efficiency, so as to create a new situation for high-quality development of overseas business. The
Company has adopted a localized operating approach. In all the countries where the Company operates,
it endeavors to meet the development needs of the host countries, deeply taps into the potential of the
local markets, and plays an important role in driving urban development. Through localized operation and
by establishing a community of shared interests with local partners, the Company achieved its sustainable
development in the host countries. Advocating market-oriented competition, CSCEC succeeded in further
internationalizing its business operations through competition and win-win cooperation with world-class
enterprises, and broadened its global thinking with a view to laying a solid foundation for the Company to
participate in global competition and cooperation at a higher level and to a greater extent.
(III) Related diversified and vertically integrated expansion
The ability to sustainably produce or offer products or services that continue to acquire, serve and satisfy
clients is indispensable to the long-term development of the Company. In terms of selecting products (or
services), CSCEC has moved toward a path of diversification based on its existing technology and market
advantages. The Company continues to retain its traditional advantages in survey and design, housing
construction and real estate development, while actively expanding horizontally into other fields such as
infrastructure investment and construction business.
CSCEC is committed to the vertically integrated expansion of investment, design, construction, operation
and services, and strives to attain a unique market position in its business operations, creating competitive
advantages that are difficult for its competitors to follow suit.

(IV) Competitive strategy characterized by high quality, cost effectiveness and differentiation
CSCEC has long been committed to providing products and services with high quality and cost
effectiveness to the public. High quality comes from the Company’ s technological, human resources and
organizational advantages, while cost effectiveness stems from the Company’ s integrated business model,
benefits of scale as well as the economy of speed. As an outstanding SOE in a perfectly competitive
industry, CSCEC has always taken “making appropriate and correct decisions and doing right things”
as the primary direction of the Company’ s production, operation and business development activities.
Focusing on implementing the marketing strategy of “upscale markets, clients, and projects” , the
Company continues to carry out“differentiation-oriented”market operations and competition. Guided by
the“differentiation-oriented”strategy, subsidiaries within the Company focus on their respective market
segments, their professions (specialization), or their respective regions (regionalization), to develop their
own“core products, unique services”to rein in internal disorderly competition and build on their overall
strengths in external competition.
(V) A management model with balanced authorization and centralization
The Company respects its development history and seeks to create a competitive group management
model on the basis of the conglomerate consisting of multiple legal-person entities. The Company
has positioned its headquarters as one that exercises strategic management and control, fulfilling the
responsibilities and duties of “leadership, service and supervision” , and emphasizes the delegation and
management of second-level subsidiaries. The second-level subsidiaries operate under the authorization
of the Company and enjoy the corresponding authorities in proportion to their respective responsibility.
For labor-intensive and mature businesses, the Company grants greater autonomy to maximize market
reach and facilitate market response and improve service quality. For capital-intensive and less mature
businesses, the Company pools resources for target market segments, and seeks to make rapid
breakthroughs in the target markets while effectively avoiding risks. It adopts different market competition
strategies for different market segments and implements management models accordingly.
(VI) Result-oriented and accountability-based management system
All management efforts of the Company are dedicated to serving its mission, vision, and goals. The
Company always believes that the fundamental purpose of management is to enhance work efficiency
and the overall prosperity of the Company and reinforce the sense of fulfillment among staff members. By
organically integrating the management practices in various functional areas, the Company has established
a vital, systematic, rationalized, simple yet efficient system, avoiding isolated and disorderly actions and
buck-passing practices, and effectively matching responsibilities with powers. The Company firmly believes
that managers are defined by their responsibilities. In order to improve the quality of products and services,
the Company strives to standardize management practices, technology and business operations. With
the help of information technologies and through the“integration”of standardization and informatization,
the Company has improved its work efficiency and adopted the“bottom line management”approach to
enhance product quality and reduce operating costs.
(VII) “People-centered” human resource management
The Company adheres to the human resource development strategy of“specialization, professionalization
and internationalization”and has assembled large-sized teams comprising of fully qualified employees who
are loyal to both the Company and their careers. They share the conviction that group interests should take
precedence over personal interests, having a good knowledge of technology, management and marketing
with merits such as self-discipline, self-motivation and self-betterment. The Company always follows the
basic human resource management principal of“retaining talents with career development opportunities,
emotional connection and rewards” and “caring for individuals” . By offering occupational planning,
training and performance assessment for all employees, the Company intends to establish a compensation
incentive mechanism that combines individual value creation and personal capabilities to allow staff
members to benefit from the Company’ s growth. Diversified medium-and long-term incentive mechanisms
have been introduced to increase the Company’ s appeal to talents and allow employees to unlock their full
potential, so as to facilitate the provision of stronger talent support for the Company’ s development.

(VIII) Development supported by the strategy of “integration of industry and finance”
In view of the ever-changing market environment and in response to the varying needs of its principal
businesses, the Company gives full play to the role of industrial finance. The Company has set up an
industry-finance integration mode with its characteristics by tapping the potential of its internal financial
service institutions and providing financial services to fuel the development of its principal businesses with
internal credit, credit financing, bond financing, equity financing, effective use of assets and other means.
Leveraging internal professional financial platforms such as CSC Finance and China Construction Capital,
the Company has carried out capital pooling, loan pooling, structured financing, accounts receivable
factoring, asset securitization, supply chain financing, finance leasing, insurance pooling and other
businesses in China and abroad to provide timely, differentiated financial services which are consistent with
the industry characteristics of the Company and cannot be replaced by private finance. These services
play an active role in driving the development of the Company’ s principal businesses, broadening financing
channels, reducing financing costs, making effective use of stock assets, increasing operating cash inflow
and realizing cost reduction and efficiency enhancement. Meanwhile, the Company strictly implements
relevant national policies, strengthens routine management, strictly controls financial risks, and prevents
funds from flowing from the real economy into the virtual economy and arbitrage of idle funds.
(IX) Core competitiveness driven by innovation in science and technology
The Company’ s continuous scientific and technological innovation has transformed its production and
organization models. Having grown its business footprint throughout the industry chain, the Company has
established a technology system covering construction R&D, design leadership, professional manufacturing,
technological construction, intelligent operation and maintenance with an international leading edge in
high-rise buildings and large-span space structure construction technology. It has created a powerhouse
of original technologies for green construction and intelligent construction, boasting a scientific research
system with “2+6” and “CSCEC Scientific and Technological Innovation Platform” as the core. It has
undertaken four key national R&D projects under the 14th“Five-Year Plan” .
The Company has two national scientific and technological innovation platforms, namely State Key
Laboratory of Green Building (绿色建筑全国重点实验室) and National Center of Technology Innovation for
Digital Construction (国家数字建造技术创新中心), five national-level enterprise technology centers (including
sub-centers), eight academician workstations, 74 enterprise technology centers at the provincial or
ministerial level, 48 scientific and technological innovation platforms at the provincial or ministerial level, 10
post-doctoral workstations, and 161 high-tech enterprises, two academicians of the Chinese Academy of
Engineering, one winner of the highest science and technology award for engineering construction, and 14
masters of the national engineering survey and design.
(X) Corporate culture in mind and action
As an enterprise with a glorious history, CSCEC has been making innovations while inheriting its corporate
culture. In the process of fulfilling the mission and realizing the vision, the core values of“quality assurance,
value creation” and the entrepreneurial spirit of “loyalty, responsibility, and mission attainment” will be
integrated into the rules and management practices and become part of the soft power of the Company.
Resources can be depleted, but cultures last. Adhering to its creed which is formed against the backdrop
of the market economy, and embracing the trend of the times, the Company has gone through constant
cultural integration with its subsidiaries at various levels. This ensures a continual internal support for the
Company’ s ever-growing business.

III. Discussion and Analysis of Business Operations

In the first half of 2023, the Company implemented the strategic decisions and arrangements made by the CPC Central
Committee and the State Council on a comprehensive scale, focusing on the primary task of high-quality development.
Devoted to the“One creation and five aspects of strength”strategy (establishment of a world-class enterprise with
global competitiveness; strong value creation, strong international competitiveness, strong industry leadership, strong
brand influence, strong cultural soft power) and implementing the strategic path of“1+6+6”(where 1 stands for“one
elevation” , meaning to raise the political stance; the first 6 stands for “building on the Company’ s six competitive
advantages” , namely, the advantage in housing construction as the primary business, the advantage in infrastructure
construction as a pillar business, the advantage in real estate development, survey and design, foreign market
development, and business integration; and the other 6 for “six commitments” , including commitments to modern
corporate governance, to capital and asset operation, to scientific and technological innovation, to organizational
structure reinforcement, to talent support, and to low-carbon and digital transformation), the Company concentrated
on five major tasks of “maintaining stable growth, seeking innovation, promoting governance, preventing risks, and
strengthening Party building” . Through solidarity and hard work, the Company has accomplished“more than half of
tasks in the first half year”to meet major performance metrics, and maintained a stable growth trajectory. In general,
the Company’ s operation has demonstrated the following characteristics:
First, the quality of the Company’s business operations has improved steadily. During the
Reporting Period, the value of the Company’ s newly signed contracts increased by 11.3% year-on-
year to RMB2.25 trillion. The Company registered a revenue of RMB1.11 trillion, representing a year-on-
year increase of 4.9%; net profit attributable to shareholders of the Company amounted to RMB28.97
billion, representing a year-on-year increase of 1.6%. The basic earnings per share (EPS) came in at
RMB0.7, representing a year-on-year increase of 2.9%; and net assets per share attributable to ordinary
shareholders was RMB9.36, representing an increase of 4.8% compared to the end of the previous year.
In addition, there was a significant year-on-year decrease in net operating cash flow, with a net outflow
of RMB58.50 billion. The Company ranked 13th in Fortune Global 500 (2023), consistently maintaining
its status as the world’ s largest investment and construction conglomerate. The Company remained a
constituent in important indices such as SSE 50 Index, FTSE China A50 Index, and MSCI China A50
Connect Index, boasting the highest global credit rating in the industry.
Second, the Company has been dedicated to serving the country’s strategic development.
Bearing in mind the country’ s most fundamental interests and staying true to its mission, the Company
has pressed home the advantage of its extensive business footprint throughout the industrial chain.
It has actively integrated itself into major national strategies as well as strategic regional development
plans for Beijing-Tianjin-Hebei, the Yangtze River Economic Belt, the GBA, and the Yellow River Basin,
contributing to the development of modern industries. During the Reporting Period, 86% of newly signed
contracts and over 91% of investments completed were concentrated in these strategic regions. The
Company has taken concrete actions to become a main force in the construction of the BRI. It vigorously
implemented the “Overseas High-quality Development Strategy” , focusing on its main responsibility
and core businesses while extensively engaging with key countries and markets. It has undertaken the
construction of major infrastructures and projects aimed at improving the livelihood of local residents with
an emphasis on quality. These efforts have continually enhanced the international influence of the“Built
by China”brand.
Third, the Company has deepened and improved its corporate reform and management. Its
corporate governance reform has deepened. In particular, the evaluation and optimization mechanism
with the authorization of the Board of Directors has been further developed, and 11 additional
subsidiaries have implemented the powers and functions delegated by the Board of Directors. The
Company received an A-grade rating during the key task assessment of the“Three-Year Reform Action
of Central Enterprises in 2022”for its outstanding performance. To bolster the strategic goal of“One
creation and five aspects of strength” , the Company drew up and implemented the strategic path of
“1+6+6” , which encompasses “one elevation, the Company’ s six competitive advantages and six
commitments” . In addition, the Company incorporated ESG philosophy into its management system,
guiding the entire organization to transform its development mindset and align its values to promote
green and low-carbon practices and digital transformation on a comprehensive scale. The Company
also emphasized the integration of development and work safety, and adopted a synergistic approach to
legal, risk, and compliance management. Thirty-five subsidiaries have appointed their chief compliance
officers. Moreover, the Company has enhanced its overseas risk management system and implemented
a two-tier headquarters management structure for high-risk projects in certain countries.

Framework of the Strategic Path of “1+6+6”
“1” “6” “6”

One elevation Six competitive Six commitments
advantages
Focusing on value orientation Focusing on methods
Centering on business direction and means
Raising political stance 1 Advantage 4 Advantage in 1 Modern 4 Organizational

in housing survey and corporate structure
construction design governance reinforcement
Gaining an in-depth Continuing to
as the primary 5 Advantage in
understanding of deepen reforms business 2 Capital 5 Talent support
the country’s most foreign market and asset
Advancing high- 2 Advantage in development 6 Low-carbon
fundamental interests quality development operation and digital
infrastructure
Being loyal to the Party 6 Advantage 3 Scientific and transformation
Enforcing full and construction in business
and accomplishing the strict governance as a pillar technological
integration
missions over the Party business innovation
Supporting the national 3 Advantage
strategy in real estate
development
Fourth, significant achievements have been made in innovation-driven development. We have

made considerable headway with the establishment of CSCEC’ s “2+6” scientific and technological
innovation platform system, resulting in the development of more than 100 core technology products,
including engineering materials, equipment, and software. New breakthrough has also been made in the
establishment of national-level scientific and technological innovation platforms. We have received the
approval for the co-construction of the sole key national laboratory in the field of green building in China.
With its academician-employees playing a leading role, the Company has established the first workstation
for academicians from the Chinese Academy of Engineering in Hong Kong. This initiative focused on
addressing key core technologies in infrastructure, intelligent construction, and building industrialization.
The Company has actively undertaken major national scientific research tasks, and the self-developed
BIM application software from AECMate series provided key technical support for more than a thousand
projects. The Company has actively promoted industrial digitization and undertaken initiatives in various
areas such as construction industrial robots, intelligent parking, and intelligent venues. Additionally, the
Company has been exploring the utilization of 5G and blockchain technology in the construction industry.
Fifth, the Company acted to live up to its social responsibility. The Company actively participated
in the anti-flood rescue and relief as well as post-disaster rehabilitation and reconstruction in Beijing,
Tianjin, Hebei, Northeast China and other areas. In addition, the Company has provided targeted aid and
support to specific regions in need, such as Kangle County, Zhuoni County, and Kang County in Gansu
Province, as well as Changting County in Fujian Province. We have honored our commitment to assisting
in the construction of “beautiful and livable countryside” . Drawing on our professional expertise, the
Company worked to conduct location-based urban renewal, redevelop dilapidated housing communities,
and construct affordable housing. Through these efforts, the Company has delivered high-quality building
products. It also fostered a sound market environment with around 600,000 enterprises across the entire
industrial chain to share sustainable development opportunities.
In the second half of 2023, the Company will fully embrace the new development philosophy to improve core
competitiveness and strengthen core functions. Being devoted to the strategic goal of“One creation and five aspects
of strength”and sticking to the strategic path of“1+6+6” , the Company will work hard and navigate challenges to fulfill
its annual objectives and tasks. We will continue our forward progression towards becoming a globally competitive and
world-class enterprise.
Significant changes in the Company’s operations during the Reporting Period, as well as events that
have and are expected to have a significant impact in the future on the Company’s operations during
the Reporting Period
Applicable N/A

• Key business data

2023 2022 Growth
Items Unit
(Jan. to Jun.) (Jan. to Jun.) YOY (%)
Total value of newly signed contracts 100 million yuan 22,538 20,245 11.3
I. Construction business
(I) Accumulative value of newly signed 100 million yuan
20,126 18,385 9.5
contracts during the Reporting Period
By industry 1. Housing construction 14,493 13,175 10.0
2. Infrastructure 5,554 5,148 7.9
3. Survey and design 79 62 27.4
By region 1. Domestic 19,527 17,828 9.5
2. Overseas 599 556 7.7
(II) Quantity of housing construction works Ten thousand / / /
1. Accumulative area under construction square meters 150,426 137,806 9.2
2. Accumulative area of new
13,695 12,719 7.7
construction projects
3. Accumulative area of completed
7,213 6,990 3.2
construction
(III) Quantity of infrastructure works / / / /
1. Road (newly signed in China) kilometer 2,491 2,436 2.3
2. Area (newly signed in China) Ten thousand 3,150 2,915 8.1
II. Real estate business square meters
(I) Contracted sales during the Reporting 100 million yuan
2,412 1,860 29.7
Period
Of which: China Overseas① 1,542 1,177 31.1
(II) Contracted sales area during the Ten thousand
980 725 35.2
Reporting Period square meters
Of which: China Overseas 589 427 38.0
(III) Subscription sales at the end of the 100 million yuan
153 102 50.2
Reporting Period
(IV) Average selling price during the RMB/square meter
24,602 25,643 -4.1
Reporting Period
(V) Land reserve at the end of the Reporting Ten thousand
8,750 9,588 -8.7
Period② (Full amount) square meters
Of which: China Overseas 3,917 4,705 -16.7
(VI) Purchase of land reserve (Full amount) Ten thousand 330 557 -40.8
Of which: China Overseas square meters 190 358 -46.8
Notes: ① China Overseas refers to the real estate business that China Overseas Land & Investment and its subsidiaries are engaged in, but
does not include that of China Overseas Grand Oceans;
② Land reserve at the end of the Reporting Period = land reserve at the end of the previous year + newly acquired land reserve – area
completed in the current period + (or –) adjusted area of projects.

• Key earnings results
Unit: 100 million yuan Currency: RMB
alue of newly signed contracts for construction

V Contracted sales of real estate business
business
20,126 2,412
2,196
18,385 1,842 1,860
1,807
16,070
12,518 13,294
Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to
Jun. 2019 Jun. 2020 Jun. 2021 Jun. 2022 Jun. 2023 Jun. 2019 Jun. 2020 Jun. 2021 Jun. 2022 Jun. 2023
Revenue et profit attributable to shareholders of

N
the Company
285.1 289.7
11,133 256.4
10,612
9,368
203.1 198.4
7,282
6,854
Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to Jan. to
Jun. 2019 Jun. 2020 Jun. 2021 Jun. 2022 Jun. 2023 Jun. 2019 Jun. 2020 Jun. 2021 Jun. 2022 Jun. 2023

Proportion of newly signed contract value Proportion of segment revenue Note

64.3%
66.3%
24.6% 21.7%
10.7%
11.5%
0.4%
0.5%
Housing Housing
Infrastructure Real estate Design Infrastructure Real estate Design
construction construction
Proportion of gross profit by segment Note Gross profit margin by segment Note
51.5%
24.9%
18.10%
17.11%
10.45%
22.8% 7.09%
0.8%
Housing Infrastructure Real estate Design
construction
Housing
Infrastructure Real estate Design
construction
Note: The denominator of the segment business is the direct summation of data from the four business segments of the Company
(housing construction, infrastructure, real estate and design).

IV. Main Operation Results for the Reporting Period

(I) Analysis of principal businesses
1. Analysis of changes in related items in the financial statement

Amount in the Amount of the same
Items Change ratio (%)
current period period last year
Revenue 1,113,313,056 1,061,226,623 4.9
Cost of sales 1,006,700,356 952,784,722 5.7
Selling and distribution expenses 3,292,830 2,974,529 10.7
General and administrative expenses 17,036,089 16,526,567 3.1
Finance expenses 10,212,426 9,149,326 11.6
R&D expenses 19,370,215 19,300,793 0.4
Net cash flows from operating activities -10,560,053 -69,064,090 /
Net cash flows from investing activities -6,292,062 -7,825,655 /
Net cash flows from financing activities 36,586,114 98,106,296 -62.7
Reason for changes in revenue: In recent years, the value of the Company’
s newly signed contracts has increased
steadily, and the projects under construction have been advanced smoothly.
Reason for changes in cost of sales: The expansion of business scale led to the increase in the cost of sales
accordingly.
Reason for changes in selling and distribution expenses: Due to the impact of the industry environment, the
Company has adjusted business promotion strategies, allocating more channel expenses to stimulate sales growth. As
a result, sales commissions have increased accordingly.
Reason for changes in general and administrative expenses: Due to the need to expand business, travelling
and other expenses have increased compared to the same period last year. In addition, the scale of long-term assets,
including fixed assets and intangible assets increased, and the corresponding depreciation and amortization expenses
increased compared to the same period last year.
Reason for changes in finance expenses: The business expansion in the current period led to an increase in
financing demand, the amount of interest-bearing liabilities increased compared to the same period last year, and the
corresponding interest expenses increased compared to the same period last year.
Reason for changes in R&D expenses: The Company emphasized technological innovation, stepped up
technological R&D and application, and continued to maintain investment in technological R&D.
Reason for changes in net cash flows from operating activities: It was primarily due to the increase in cash
receipts from sales of goods and rendering of services in the current period.
Reason for changes in net cash flows from investing activities: It was primarily due to the decrease in cash
payments to acquire fixed assets, intangible assets and other long-term assets in the current period.
Reason for changes in net cash flows from financing activities: It was primarily due to the decrease in cash
receipts for borrowing and bond issuance in the current period.

2. Detailed explanation on major changes in the Company’s types of business, profit composition or
source of profit during the current period
Applicable N/A
3. Principal businesses by industry and by region

Principal businesses by industry
Change YoY of
Gross profit Change Change YoY of
By industry Revenue Cost of sales gross profit
margin (%) YoY of revenue (%) cost of sales (%)
margin (%)
Housing construction Increase by 0.1

736,637,816 684,416,449 7.1 8.4 8.3
engineering percentage point
Infrastructure
Decrease by 0.5
construction and 241,279,904 216,064,172 10.5 8.0 8.6
percentage point
investment
Real estate
Decrease by 2.9
development and 127,544,965 104,459,767 18.1 -16.1 -13.0
percentage points
investment
Decrease by 0.3
Survey and design 5,277,851 4,375,016 17.1 5.6 6.0
percentage point
Increase by 3.4
Others 21,371,413 15,296,224 28.4 11.4 6.3
percentage points
Elimination -18,798,893 -17,911,272 / / / /
Decrease by 0.6
Total 1,113,313,056 1,006,700,356 9.6 4.9 5.7
percentage point
Principal businesses by region

Change YoY of
Gross profit Change YoY of Change YoY of
By region Revenue Cost of sales gross profit
margin (%) revenue (%) cost of sales (%)
margin (%)
Decrease by 0.7
Chinese Mainland 1,058,791,603 954,912,560 9.8 5.3 6.2
percentage point
Increase by 0.2
Overseas Note 54,521,453 51,787,796 5.0 -2.8 -3.0
percentage point
Decrease by 0.6
Total 1,113,313,056 1,006,700,356 9.6 4.9 5.7
percentage point
Note: “Overseas”refers to the regions other than Chinese Mainland.

Newly signed contract value • Housing construction engineering
1,449.3
During the Reporting Period, the Company further optimized the structure of
its housing construction business, and continued to lead the mid-to-high-end
markets. The value of newly signed contracts of the Company for housing
RMB billion construction business came in at RMB1,449.3 billion, a year-on-year increase
of 10.0% with revenue at RMB736.6 billion, a year-on-year increase of
8.4%; gross profit was RMB52.2 billion with a gross profit margin of 7.1%, a
year-on-year increase of 0.1 percentage point.
10.0
During the Reporting Period, the Company stuck to the marketing strategy
prioritizing “upscale markets, customers, and projects” and endeavored to
%
strengthen its first place in the housing construction business. In terms of
high-tech industrial plants, educational facilities, medical facilities and other
public building projects, the contribution of newly signed contracts to the
total contract value continued to increase. As regards housing property
development, the contribution of newly signed contracts decreased by 6.8
Revenue
percentage points to 25.6%. As for industrial plants, the value of newly
signed contracts totaled RMB308.6 billion, a year-on-year increase of 73.3%.
The Company undertook BOE’ s 6th-generation new semiconductor display
736.6
device production line project in Beijing. In terms of educational facilities, the
newly signed contracts valued at RMB101.2 billion, a year-on-year increase
RMB billion of 37.6%. Notably, the Company was awarded the engineering, procurement
and construction (EPC) contract for the vocational education campuses in
Guilin New Area. In terms of medical facilities, the newly signed contracts
a year-on-year increase of valued at RMB92.5 billion, a year-on-year decrease of 5.8%. In particular, the
Company undertook the project of Jinan Hospital of Guang’ anmen Hospital,
8.4
China Academy of Chinese Medical Sciences. In terms of old city renovation
and urban renewal construction, the Company undertook numerous projects
%
aimed at promoting the public’ s well-being, including the shantytown
renovation project in Nanhua Village, Nanyuan Street, Futian District,
Shenzhen.
During the Reporting Period, the Company continued to enhance its core competitiveness in the fields of large-span
space structure, rapid construction, green construction, and intelligent construction. These efforts provided strong
support for the development of housing construction projects, ensuring high-quality performance. During the Reporting
Period, a number of key national projects had achieved significant milestones. For instance, the Shenzhen Luohu
“Second Line Flower Arrangement Land” reconstruction project was successfully completed. In addition, the
Indemnificatory Housing Project in Zhangkengjing, Longhua District, Shenzhen, which involved the construction of the
first high-rise buildings with concrete modules in China, was also successfully delivered. Also, several cultural landmark
projects, such as the new Sanxingdui Museum and the new building of the Second Historical Archives of China, had
been successfully completed. The Company had designed and constructed more than 30 high-standard venues and
supporting projects for the 31st FISU Summer World University Games, including Dong’ an Lake Sports Park, Phoenix
Hill Sports Park and Chengdu High-Tech Zone Sports Center. These projects have contributed to the successful
hosting of the Games, which has been widely acclaimed as a green, smart, vibrant and sharing event.
Guangdong Guangzhou Business Center Project

Newly signed contract value • Infrastructure construction and investment
555.4
During the Reporting Period, the Company seized the development
opportunities for its infrastructure business, realizing steady growth in volume
RMB billion and revenue. The value of newly signed infrastructure construction contracts
came in at RMB555.4 billion, a year-on-year increase of 7.9%. The Company
recorded a revenue of RMB241.3 billion, a year-on-year increase of 8.0%;
and the gross profit amounted to RMB25.2 billion, a year-on-year increase
7.9
of 3.3% with a gross profit margin of 10.5%, a year-on-year decrease of 0.5
percentage point.
% During the Reporting Period, the Company followed the strategy of “top-
level design, senior management interaction and layered matchmaking” . It
continued to build on its strength in the infrastructure construction as its
pillar business, and achieved significant growth in the newly signed contract
Revenue value for railway, water conservancy construction, energy engineering and
other fields. The newly signed contract value for municipal roads, highways
241.3
and other transportation projects accounted for 48.2% of the total, while
the newly signed contract value for water conservancy, energy engineering,
RMB billion and ecological and environmental protection projects accounted for 27.3%.
In the field of municipal roads, the newly signed contract value amounted
a year-on-year increase of to RMB113.1 billion, a year-on-year increase of 30.1%. This included the
value of the EPC contract for the infrastructure project of Chongqing Smart
8.0
Headquarters New City (first development area) located to the south of
%
Longitudinal One Road and eastern distribution channel. In the field of
highway construction, the newly signed contract value reached RMB65.9
billion, a year-on-year increase of 10.6%. This included the contract value for
the Expressway from Qingyun to Zhangqiu. On the railway construction front,
the newly signed contract value was RMB28.0 billion, a year-on-year increase of 213.8%. This included the contract
value for the XADXDSG-4 lot of the civil engineering and related supporting projects for the underground section of the
Xiongan-Xinzhou High-speed Railway in the Xiongan New District. In the field of water conservancy construction, the
newly signed contract value came in at RMB19.5 billion, a year-on-year increase of 162%. This included the contract
value for the Pinglu Canal Channel Project. In the field of energy engineering, the newly signed contract value was
RMB79.0 billion, a year-on-year increase of 115.6%. This included the contract value for the civil engineering projects
for Units 5&6 of the Fangchenggang Nuclear Power Plant of China General Nuclear Power Group in Guangxi. In the
field of ecological and environmental protection, the newly signed contract value reached RMB35.3 billion, a year-on-
year increase of 2.1%. This included the contract value for the PPP project for the renovation of rainwater and sewage
pipelines in the central urban area, as well as urban waterlogging control in drainage zoning of Lashan River and Xingji
River in Jinan, Shandong.
During the Reporting Period, the Company stepped up technological innovation in the field of infrastructure construction
and advanced the high-quality and high-standard fulfillment of infrastructure projects, enhancing its competitiveness
in the infrastructure market. Some achievements have placed the Company in the forefront of global technological
development. They include“Technology
Development and Demonstration
Application of Green and Efficient
Construction of Fully Fabricated Bridges”
and “Key Technology Development and
Application of Lean Construction for
Large-Span Space Cable Suspension
B r i d g e s ”. S i c h u a n - T i b e t r a i l w a y ,
known as one of the greatest railway
construction projects in the 21st
century, has made steady progress
in construction. The entire Zunhua-
Qinhuangdao section of the Beijing-
Qinhuangdao Expressway, a crucial part
of Beijing-Tianjin-Hebei transportation
integration, has been opened for traffic. Zhejiang Jiaxing Energy Storage Battery Intelligent Manufacturing Headquarters Base Project

Contracted sales • Real estate development and investment
241.2
During the Reporting Period, the Company consistently made efficient and
accurate investments, ensuring the sustainable and healthy development of
RMB billion its real estate business. The Company achieved contracted sales of RM241.2
billion, representing a year-on-year increase of 29.7%, and contracted
sales area of 9.80 million square meters, a year-on-year increase of 35.2%;
revenue amounted to RMB127.5 billion, representing a year-on-year decrease
29.7
of 16.1%; and gross profit amounted to RMB23.1 billion, representing
a year-on-year decrease of 27.7%, with a gross profit margin of 18.1%,
% representing a year-on-year decrease of 2.9 percentage points.
During the Reporting Period, the Company delivered a new construction area
of 5.95 million square meters, representing a year-on-year decrease of 36.2%;
Contracted sales area
and an area under construction of 65.26 million square meters, representing
a year-on-year decrease of 8.2%. The Company actively explored urban
9.80
renewal and other diversified development models. It acquired 24 parcels of
lands, leading to an increased land reserve of 3.30 million square meters, at
million square meters a total land premium of RMB52.01 billion, and the land reserve at the end
of the Reporting Period was approximately 87.50 million square meters.
a year-on-year increase of The Company’ s real estate inventory is mainly concentrated in first-tier and
provincial capital cities.
35.2 %
After years of development, the Company continues to improve its asset
holding and operation capabilities, and currently owns 13.43 million square
meters of investment properties self-held encompassing office buildings,
hotels, apartments, commercial property and others, with a net book value
of RMB148.3 billion, accounting for 5.2% of the Company’ s total assets. During the Reporting Period, the investment
properties self-held yielded a revenue of RMB3.06 billion.
During the Reporting Period, the Company conducted extensive research and analysis of the real estate market as
well as changes in regulatory policies. It made flexible adjustments to the sales strategy and stepped up destocking to
consolidate its superior strength in the real estate business. For example, China Overseas continued to operate steadily,
ranking first in the industry in terms of equity sales.
Contracted sales during the period amounted to
RMB154.24 billion, representing a year-on-year
increase of 31.1%. China Overseas effectively
reined in investment activities based on systematic
research aimed at determining the optimal
investment timing. It sought to acquire land with low
premium and high quality. As a result, it added 1.90
million square meters of land reserves through the
acquisition of 13 parcels. China Overseas remained
committed to lean construction principles, driving
the development of commercial properties, elderly
care and logistics businesses while prioritizing
accelerating residential property development as the Zhonghai City Plaza Project in Tianjin
primary business. CSC Land accelerated property
destocking through sales, and its contracted sales reached RMB86.95 billion, representing a year-on-year increase of
27.3%. Brands created by CSC Land, such as CSC Dongfu, CSC Yipin, CSC Zhidi, CSC Jiuhe, and CSC Xinhe, ranked
among the top 100 real estate companies in terms of equity sales performance. CSC Land responded actively to
market changes by diversifying land acquisition sources and methods. It acquired 11 parcels of lands with the addition
of 1.40 million square meters of land reserves. Furthermore, it placed greater emphasis on planning investments in
indemnificatory housing, such as resettlement housing, affordable housing, and joint-ownership housing.
For details, please refer to“Properties under development”

,“Completed properties for sale”in Note V. 8“Inventories”,
and“Advances for sale of properties”in Note V. 31“Contract liabilities”to the financial statements under Section X
“FINANCIAL REPORT”and other relevant information.

• Survey and design

During the Reporting Period, the Company transformed and upgraded its survey and design business and accelerated
the improvement of its original design capability. The value of newly signed contracts amounted to RMB7.9 billion,
representing a year-on-year increase of 27.4%. The Company achieved a revenue of RMB5.3 billion, representing a
year-on-year increase of 5.6%; and gross profit of RMB900 million, representing a year-on-year increase of 4.0%, with
gross profit margin of 17.1%, representing a year-on-year decrease of 0.3 percentage point.
Dong’an Lake Sports Park Project in Chengdu, Sichuan
During the Reporting Period, the Company focused on its survey and design operations, including architectural
design, urban planning, engineering survey and public utility design. It worked to enhance its core competitiveness in
design-related businesses, such as airports, schools, hotels, sports buildings, cultural venues and historic heritage sites.
In particular, the Company enhanced its leading position as an architectural designer. During the Reporting Period, the
Company continued to build on its original design capabilities, ramped up branding efforts, and increased investments
in the marketing and design of exemplary projects. Some of the original design projects undertaken by the Company
include the projects of the Conceptual Planning for Sanya Phoenix International Airport Terminal Area and Terminal 3
building, Shadao (Cultural & Sports) Complex of Fuyang District in Hangzhou, and the Shanghai Xinhuatai Hospital. The
Company has been consistently enhancing its whole-process engineering consulting services. It provided engineering
consulting service for high-profile projects such as the first-phase of Fuqing Optoelectronics Technology Park in Fuzhou
(A3-graded green and intelligent complex), as well as the infrastructure and intelligent project of the Nansha branch of
Guangdong Traditional Chinese Medicine Hospital. Moreover, the Company actively supported the national strategy by
vigorously promoting the application of green and low-carbon technologies. It undertook related projects including the
national reserve forest construction project in Enyang District, Bazhong City, Sichuan Province, and the urban renewal
of Hongnan Shanzhai Community 240, Jing’
an District, Shanghai. With these efforts, the Company did its part to build
a green, modern city with high-quality sustainable development.

• Overseas business
During the Reporting Period, the Company dedicated substantial efforts into its overseas business and continued
to enhance its ability in global resources allocation. The newly signed contracts in overseas business segment
stood at RMB62.3 billion, a year-on-year decrease of 9.5%. In particular, the value of newly signed contracts for
construction business amounted to
RMB59.9 billion, a year-on-year increase
of 7.7%. The Company recorded an
overseas revenue of RMB54.5 billion,
a year-on-year decrease of 2.8%; and
gross profit amounted to RMB2.7 billion,
a year-on-year increase of 2.3%, with a
gross profit margin of 5.0%, a year-on-
year increase of 0.2 percentage point.
During the Reporting Period, the

Company continued to improve its
marketing quality and made achievements
in niche segments like high-end housing
construction, data centers, rail transit, Iconic Tower Project in the Central Business District (CBD) of Egypt’s New Administrative Capital
highways and bridges. Specifically, the Company signed contracts for projects including High-rise Residential Buildings
Project in Cavalli Casa, United Arab Emirates, the New Acute Hospital at Kai Tak Development Area in Hong Kong, the
Infinaxis Data Center in Malaysia, and the Pontianak Bridge Project in Indonesia.
During the Reporting Period, the Company continued to fulfill overseas projects with high quality, completing important
milestones in a large number of those projects. It successfully completed projects such as the Package A for Stage 2 of
Etihad Rail Project in United Arab Emirates, the Downtown Views in Dubai, Dubai Opera Tower, and the Damak Canal
City Block B project, gaining full recognition from the owners for its performance quality. The first section of Tel Aviv
Light Rail Green Line G3-2 project in Israel finished the tunneling.
During the Reporting Period, the Company pushed ahead with business model innovations and has made substantial
headway in operation projects in overseas cities. The gym at Oriental Business Park, a project in Algeria adopting
the mode of integrated investment, construction and operation, has been opened. The Company entered into
the cooperation agreement on a new Egyptian capital CBD urban operation project, laying a sound foundation
for expanding the operations in overseas megacities. This will effectively facilitate the construction of national and
international eco-smart special economic zones of Egypt.
• Other businesses
Other businesses of the Company mainly include primary land development, lease of machinery equipment and
engineering supervision and management. During the Reporting Period, these other businesses recorded a revenue of
RMB21.4 billion, a year-on-year increase of 11.4%; gross profit amounted to RMB6.1 billion, a year-on-year increase of
26.7%, with a gross profit margin of 28.4%, a year-on-year increase of 3.4 percentage points.
For details, please refer to Note V. 52“Revenue and cost of sales”

, Note V. 65“Expenses by nature”and Note XIV. 1
“Segment reporting”to the financial statements under Section X“FINANCIAL REPORT”
.

(II) Operating investment business

During the Reporting Period, in response to the evolving market conditions, the Company acted on a prudent
investment strategy, with the emphasis on the return on investment. It continued to improve the investment quality
in order to support the stable, sustainable development of the investment business. During the Reporting Period,
the Company made investments of RMB147.0 billion in total, a year-on-year decrease of 20.7%, and the payback of
investment return was RMB218.3 billion, a year-on-year increase of 34.5%.

Amount of investment
Classification of projects during the Reporting Proportion (%) YoY increase (%)
Period
By categories
Real estate development 1,101 74.9 -28.1
Investment in infrastructure 137 9.3 -10.1
Investment in housing construction 204 13.9 48.8
Comprehensive urban construction 24 1.6 -21.8
Fixed assets and other investments 4 0.3 117.0
By continuity
Continued investment projects 1,062 72.2 -14.6
New projects 408 27.8 -33.2
Total 1,470 100 -20.7
Note: The above classification of projects is designed in accordance with industry practices and the Company’s internal management needs.
The classification attributes of some projects will be adjusted according to the actual circumstances of the project. The year-on-year
growth rate in the table will be adjusted retrospectively to the changed projects accordingly.
1. Real estate development
During the Reporting Period, the Company’

s investment in the real estate development business reached RMB110.1
billion, a year-on-year decrease of 28.1%; the payback of investment return was RMB189.3 billion, a year-on-year
increase of 45.8%; and the income to expenses ratio of investment was 171.9%, a year-on-year increase of 87.2
percentage points.
2. Investment in infrastructure

s investment in infrastructure reached RMB13.7 billion, a year-on-year
decrease of 10.1%; the payback of investment return was RMB9.9 billion, a year-on-year increase of 9.0%; and the
income to expenses ratio of investment was 71.8%, a year-on-year increase of 12.6 percentage points.
3. Investment in housing construction

s investment in housing construction reached RMB20.4 billion, a
year-on-year increase of 48.8%; the payback of investment return was RMB15.9 billion, a year-on-year increase of
33.3%; and the income to expenses ratio of investment was 78.3%, a year-on-year decrease of 8.9 percentage points.
4. Comprehensive urban construction

s investment in the comprehensive urban construction reached RMB2.4
billion, a year-on-year decrease of 21.8%; the payback of investment return was RMB1.8 billion, a year-on-year
decrease of 79.1%; and the income to expenses ratio of investment was 77.7%, a year-on-year decrease of 211
percentage points.

5. Investment and construction in key regions
The Company resolutely implemented the major decisions and arrangements made by the CPC Central Committee
and the State Council and took the responsibility as a central enterprise revolving around strategic national planning
arrangements. Adopting the regional coordinated development strategies, the Company was deeply involved in the
investment and construction in key national regions including the coordinated development of the Beijing-Tianjin-Hebei
Region, the development of the Yangtze River Economic Belt, the construction of the GBA, the integrated development
of the Yangtze River Delta, and the ecological protection and high-quality development of the Yellow River Basin. During
the Reporting Period, the Company invested RMB134.3 billion in those regions, representing 91.4% of the Company’
s
overall investment.
6. PPP business
In accordance with the relevant national requirements on the regulated development of PPP business, and under the
guidance of relevant national policies, the Company has established and refined the risk management and control
system for PPP business, maintained reasonable control over the volume of PPP projects, in line with its commitment
to ensuring high-quality development of PPP business. At the end of June 2023, the Company had 446 PPP projects
under construction, with an equity investment amount of RMB660.71 billion. Among these PPP projects, one was newly
secured by the Company during the Reporting Period. It was classified as a municipal engineering project with an
equity investment amount of RMB886 million.
As of June 30, 2023, 253 PPP projects of the Company were in operation with an equity investment of approximately
RMB363.03 billion, accounting for 54.9% of the total. The projects currently in operation mostly involve municipal
roads, comprehensive pipeline networks, cultural and sports venues, indemnificatory housing projects and ecological
environmental protection related projects. In the first half of the year, the Company continued to strengthen the
operation and management of PPP projects to promote the high-quality development of PPP business. Firstly, it has
remained a vigilant goal keeper. The Company carried out PPP business in a prudent manner to avoid disorderly
expansion of investment scale at a time when the general direction of policymaking remains unclear. Secondly, the
Company stepped up cash flow investigation efforts. It conducted well-coordinated management on the full cycle of
PPP projects focusing on cash flow performance. Thirdly, the Company carried out in-depth research on payback
of investment and thoroughly reviewed the payback performance of PPP projects in operation, ensuring effective
protection of the investment income. As of the end of June 2023, PPP projects in operation delivered satisfactory
results in the operation performance assessment – in particular, all projects in the first half of the year passed the
operation performance assessment and the cumulative payback of equity return was RMB82.78 billion, indicating
reinforced accountability concerning investment returns.
(III) Operating status of the professional sectors

Since the rollout of the“specialization”strategy, the Company has fostered and developed a number of professional
companies with sophisticated management mechanisms, innovative capabilities and core competencies in their
respective specialized fields. The Company split its principal businesses into 11 professional sub-sectors, which
continued to maintain sound development momentum as a whole. The total value of newly signed contracts was
RMB384.96 billion, a year-on-year increase of 17.1%; revenue was RMB213.88 billion, a year-on-year increase of
4.8%; gross profit was RMB16.33 billion, a year-on-year increase of 6.0%; and operating profit was RMB8.33 billion, a
year-on-year increase of 1.7%.

s specialized division and layout became more rational, the synergetic and
coordination mechanism was more sophisticated, and the overall competitive edge became more prominent. Various
specialized sectors and related subsidiaries provided solid support for the Company’
s development in the full business
area, full life cycle, and whole industry chain capabilities. China State Decoration maintained its industry leading position
in terms of the scale of decoration and curtain wall business, became a pioneer of green and healthy decoration

technology in the industry, and has made smooth progress in the transformation platform of“commercialization and
industrialization”of assembled decorative parts and components. China Construction Steel Structure Co., Ltd. (中建钢
构) has topped the competitiveness ranking in China’
s construction steel structure industry for 11 consecutive years.
It has the largest market share in the high-end steel structure business, and was officially designated as a“National
Individual Champion Demonstration Enterprise in Manufacturing”
. The core propane dehydrogenation plant product
of China Construction Industrial & Energy Engineering Group Co., Ltd. has gained the largest market share in the
world for five consecutive years, and was recognized as a“National Individual Champion Product in Manufacturing”
,
outranking its Chinese peer companies in terms of its capacity of on-site large-scale tower and reactor manufacturing.
West Construction is a leading comprehensive service provider in the building materials industry in China, ranking
in the forefront of ready-mixed concrete industry in China. China Construction Science & Technology has made a
breakthrough in the“bottleneck”issue of the flexible control strategy of“photovoltaic, energy storage, direct current
and flexibility”technology, taking the lead in the industry in realizing a high proportion of distributed photovoltaic energy
consumption, and providing an important technical support for achieving the carbon neutrality in buildings.

Value of YoY Gross YoY Operating YoY
Names of Revenue for
Projects newly signed increase profit for increase profit for increase
sectors 2023 H1
contracts (%) 2023 H1 (%) 2023 H1 (%)
Installation 345.0 342.8 1.2 12.1 20.0 6.4 9.0
Steel structure 86.9 104.9 0.1 7.2 4.3 3.1 8.2
Cross-sector
Commercial
247.3 108.0 -8.7 10.3 -18.9 2.5 -53.2
concrete
Housing Decoration 316.6 285.4 21.3 22.5 18.4 9.7 5.7
construction Gardening 52.4 80.0 49.7 5.9 45.3 2.9 36.9
Municipal
1,172.8 408.9 0.4 37.7 -0.8 24.4 -5.6
projects
Railways 279.5 75.8 28.8 1.6 10.5 -1.1 /
Rail transit 264.7 193.0 -6.4 16.0 9.8 10.2 23.3
Infrastructure Roads and
710.9 457.2 1.7 43.2 1.8 22.4 1.4
bridges
Electricity 182.8 35.1 26.8 1.7 43.3 0.7 111.0
Port
190.6 47.6 18.1 5.1 37.4 2.0 42.3
engineering
Total 3,849.6 2,138.8 4.8 163.3 6.0 83.3 1.7
Gross profit margin (%) Operating profit margin (%)

Names of YoY change YoY change
Projects
sectors 2023 H1 2022 H1 (percentage 2023 H1 2022 H1 (percentage
points) points)
Installation 3.5 3.0 0.6 1.9 1.7 0.1
Steel structure 6.9 6.6 0.3 2.9 2.7 0.2
Cross-sector
Commercial
9.5 10.7 -1.2 2.3 4.5 -2.2
concrete
Housing Decoration 7.9 8.1 -0.2 3.4 3.9 -0.5
construction Gardening 7.4 7.6 -0.2 3.6 3.9 -0.3
Municipal projects 9.2 9.3 -0.1 6.0 6.4 -0.4
Railways 2.1 2.4 -0.3 -1.4 -2.5 /
Rail transit 8.3 7.1 1.2 5.3 4.0 1.3
Infrastructure Roads and
9.4 9.4 0.0 4.9 4.9 0.0
bridges
Electricity 4.9 4.3 0.6 2.1 1.2 0.8
Port engineering 10.7 9.2 1.5 4.2 3.5 0.7
Total 7.6 7.6 0.1 3.9 4.0 -0.1

32
(IV) Explanation on significant changes in profit arising from non-principal business
Applicable N/A
(V) Analysis of assets and liabilities

Applicable N/A
1. Assets and liabilities
Change of
Percentage of amounts as at
Percentage of
amount as at the end of the
Amount as at Amount as at amount as at
the end of the current period
Items the end of the the end of the the end of last Remarks
current period compared with
current period last period period to total
to total assets that as at the
assets (%)
(%) end of the
last year (%)
Total assets increased by RMB176.3 billion

compared with that as at the end of the last year,
mainly due to the increases in contract assets of

Total assets 2,829,157,158 100.0 2,652,903,306 100.0 6.6
RMB66.0 billion, accounts receivable of RMB31.7
billion, and cash and bank balances of RMB19.6
billion.
Cash and bank balances increased by RMB19.6

Cash and billion in the current period, mainly due to the net
354,805,058 12.5 335,254,102 12.6 5.8
bank balances cash inflow from financing activities in the current
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

period, and leading to an increase in capital deposits.
Notes receivable decreased by RMB400 million in the

Notes receivable 5,941,957 0.2 6,390,924 0.2 -7.0 current period, mainly due to the decrease in payment
via commercial acceptance bills by customers.
Accounts receivable increased by RMB31.7 billion

in the current period, mainly due to expansion in the
Accounts receivable 242,084,204 8.6 210,431,620 7.9 15.0
overall business volume resulting in an increase in
accounts receivable.
Accounts receivable financing decreased by RMB600

Accounts receivable million in the current period, mainly due to the
4,092,170 0.1 4,658,182 0.2 -12.2
financing increase in the use of bank acceptance bills endorsed
for payment to suppliers.
Other receivables increased by RMB13.5 billion in

the current period, mainly due to the increases in
Other receivables 87,048,190 3.1 73,584,067 2.8 18.3 advances receivable incurred for maintaining day-to-
day operation and deposits receivable and reserves
arising from the increase in business volume.
Inventories decreased by RMB6.7 billion in the current

Inventories 764,837,347 27.0 771,548,600 29.1 -0.9 period, mainly due to the completion and delivery of
real estate development projects in the current period.
Change of
Percentage of
assets (%)
(%) end of the
last year (%)
Contract assets increased by RMB66.0 billion in

the current period, mainly due to the increase in
Contract assets 328,513,256 11.6 262,511,324 9.9 25.1 completed but unsettled balance generated from
the accelerated progress of some housing and
infrastructure construction projects.
Other debt investments decreased by RMB100

million in the current period, mainly due to their
Other debt investments 187,820 0.01 272,924 0.01 -31.2
reclassification to other non-current assets due within
one year from the maturity date.
Long-term receivables increased by RMB8.7 billion

in the current period, mainly due to the increase in
Long-term receivables 117,782,695 4.2 109,091,602 4.1 8.0
owner’ s confirmation of rights for other infrastructure
construction projects.
Long-term equity investments increased by RMB4.7

Long-term equity
115,839,597 4.1 111,102,151 4.2 4.3 billion in the current period, mainly due to the increase
investment
in external investment.
Investments in other equity instruments increased by

Investments in other RMB1.2 billion in the current period, mainly due to the
5,840,758 0.2 4,610,471 0.2 26.7
equity instruments increase in the investments in some unlisted equity
instruments.
Investment properties increased by RMB700 million in

Investment property 148,331,411 5.2 147,675,206 5.6 0.4 the current period, mainly due to the purchase of new
investment properties in the current period.
Fixed assets increased by RMB1.2 billion in the

Fixed assets 51,018,372 1.8 49,844,411 1.9 2.4 current period, mainly due to the purchase of new
fixed assets in the current period.
Right-of-use assets decreased by RMB200 million

Right-of-use assets 6,699,728 0.2 6,934,438 0.3 -3.4 in the current period, mainly due to the depreciation
provision for right-of-use assets.
Construction in progress increased by RMB200 million

Construction in the current period, mainly due to the increase in
4,197,388 0.1 3,999,701 0.2 4.9
in progress original value in line with the accelerated construction
progress.
Other non-current assets increased by RMB18.1

billion in the current period, mainly due to the increase
Other non-current in unrecognized investment project payments in the
287,910,257 10.2 269,804,869 10.2 6.7
assets current period as a result of a further increase in
INTERIM REPORT 2023

output value with the advancement of the construction
of PPP projects.
33
34
Change of
Percentage of
assets (%)
(%) end of the
last year (%)
Total liabilities increased by RMB163.1 billion
compared with that as at the end of the last
year, mainly due to the increases in short-term
Total liabilities 2,135,578,501 75.5 1,972,516,396 74.4 8.3 borrowings of RMB42.6 billion, accounts payable
of RMB50.5 billion, contract liabilities of RMB21.7
billion, notes payable of RMB2.9 billion, other
current liabilities of RMB27.8 billion and long-
term borrowings of RMB25.4 billion.
Short-term borrowings increased by RMB42.6 billion
Short-term borrowings 120,749,335 4.3 78,154,159 2.9 54.5 mainly due to increased short-term borrowings to
replenish working capital and alleviate capital pressure
arising from the increase in business volume.
Contract liabilities increased by RMB21.7 billion
Contract liabilities 359,441,461 12.7 337,693,219 12.7 6.4 compared with that as at the end of the last year,
mainly due to the increase in advances for the pre-
sale of certain properties in the current period.
Long-term borrowings increased by RMB25.4 billion

Long-term borrowings 424,405,451 15.0 398,970,893 15.0 6.4 mainly due to the increases in business volume and
demand for daily working capital and capital for
investment and construction.
Lease liabilities decreased by RMB300 million
Lease liabilities 4,527,468 0.2 4,840,508 0.2 -6.5 mainly due to a decrease in the rental demand
for buildings and venues and the payment of the

corresponding lease expenses in the current period.
Employee benefits payable decreased by RMB2.5
billion compared with that as at the end of the last
year, mainly due to the fact that year-end bonuses
Employee benefits 7,855,210 0.3 10,329,539 0.4 -24.0 and other bonuses accrued at the end of the last year
payable were fully paid in the current period, resulting in a
significant decrease in outstanding salaries, bonuses,
allowances and subsidies payable compared with the
beginning of the year.
Notes payable increased by RMB2.9 billion compared
Notes payable 13,246,100 0.5 10,303,981 0.4 28.6 with that as at the end of the last year, mainly due to
the increase in the amount paid in the form of notes
to alleviate capital pressure.
Accounts payable increased by RMB50.5 billion
Accounts payable 636,263,437 22.5 585,744,273 22.1 8.6 mainly due to the increase in payables for services
and purchase of materials as a result of the expansion
of business in housing and infrastructure construction.
Other current liabilities increased by RMB27.8 billion
Other current liabilities 112,579,843 4.0 84,744,727 3.2 32.8 mainly due to the issuance of short-term financing
bonds to replenish working capital and satisfy capital
needs as a result of the increase in business volume.
Other explanation
None
2. Overseas assets
Applicable N/A
(1) Asset volume
Of which: As at the end of the Reporting Period, the overseas assets of the Company amounted to RMB191.7 billion,
accounting for 6.8% of the total assets.
(2) Relevant explanation on a higher proportion of overseas assets
Applicable N/A
Other explanation
During the Reporting Period, there were no material changes in the major assets of the Company. The above data on
overseas assets was not reviewed.
3. Restriction on major assets as at the end of the Reporting Period
Applicable N/A
For details, please refer to Note V. 70“Assets with restricted ownership or right to use”to the financial statements
under Section X“FINANCIAL REPORT”
.
4. Other explanation
Applicable N/A
As at the end of the Reporting Period, the Company’

s total interest-bearing liabilities were RMB766.7 billion,
representing an increase from the beginning of the year. This was mainly due to the increase in the Company’
s
business volume, and the corresponding increase in borrowings. As of the date of this Interim Report, the Company
publicly issued new ordinary bonds with a total nominal value of approximately RMB37.1 billion, which well satisfied
the need for funding arising from its rapid development as well as industrial restructuring. The Company’
s financing
structure was further optimized through increasing direct financing.
(VI) Analysis of investment

1. General analysis of external equity investment
Applicable N/A
The Company’
s external equity investment mainly includes stocks purchased from the secondary market for trading
purposes, and equities held in other listed or unlisted companies for non-trading purposes. Accounting items include
financial assets held for trading, investments in other equity instruments, long-term equity investments and other
non-current financial assets.
(1) Major equity investment
Applicable N/A
(2) Major non-equity investment
Applicable N/A

(3) Financial assets measured at fair value
Applicable N/A

Gains or
Amount Accumulated Disposal/
losses from Impairment Purchase Amount as
as of the changes in redemption
changes in provision for amount of Other of the end of
Asset category beginning of fair value amount of
fair value in the current the current changes the current
the current included in the current
the current period period period
period equity period
period
Shares 2,051,579 -3,854 -476,947 0 0 1,160,770 0 1,270,196
Others 10,805,863 -1,565 329,536 0 4,461,133 4,434,482 12,288 11,398,142
Total 12,857,442 -5,419 -147,411 0 4,461,133 5,595,252 12,288 12,668,338
Investment in securities
Applicable N/A

Carrying Gains or losses
Accumulated Gains or losses Carrying value
Initial value at the from changes Purchase Disposal
Source of changes in fair on investment at the end of Accounting
Securities type Stock code Abbreviation investment beginning of in fair value amount of the amount of the
capital value included in the current the current items
cost the current in the current current period current period
in equity period period
period period
HAINAN Debt for equity Financial assets
Stock 600515.SH 20,153 20,153 -3,854 0 0 0 0 16,299
AIRPORT swap held for trading
Investments in
Self-owned
Stock 600015.SH HUAXIA BANK 29,325 300,867 0 68,964 0 10,635 21,225 299,808 other equity
funds
instruments
Self-owned Other current
Stock 000617.SZ CNPCCCL 1,900,000 829,672 0 0 0 1,150,135 0 0
funds assets
MINMETALS Self-owned Other current
Stock 600390.SH 1,500,000 900,887 0 -545,911 0 0 0 954,089
CAPITAL funds assets
Total / / 3,449,478 / 2,051,579 -3,854 -476,947 0 1,160,770 21,225 1,270,196 /
Notes to securities investments:

① This table sets out the Company’s investment in stock securities including financial assets held for trading, other current assets, and
investments in other equity instruments.
② Gains or losses for the Reporting Period, with respect to financial assets held for trading, include the investment income and changes
in fair value during the holding period and investment gains from disposals during the Reporting Period; with respect to investments in
other equity instruments and other current assets, include investment gains during the holding period.
③ Other securities investment refers to investment in stock securities accounted for as financial assets held for trading, investments in other
equity instruments other than those listed above.
④ In addition to the table above, for other items included in financial assets held for trading and investments in other equity instruments,
please refer to Note V. 2 “Financial assets held for trading” and Note V. 15 “Investments in other equity instruments” to the financial
statements under Section X “FINANCIAL REPORT” and other relevant information.
Investment in private funds
Applicable N/A
Investment in derivatives
Applicable N/A

(VII) Major disposal of assets and equity interests

Applicable N/A
(VIII) Analysis of major controlling companies or companies with shareholding

Applicable N/A
1. Major subsidiaries acquired through incorporation or investment

Shareholding
Name Nature of business Registered capital Total assets Net assets Net profit
ratio (%)
COHL Investment holding 31,032,258 100.00 1,058,946,880 356,285,797 16,134,871
Real estate development
China Overseas Land & Investment HKD1,095,000,000 56.09 836,840,511 313,637,352 8,547,130
and operation
CSCI Construction and installation HKD1,500,000,000 64.81 211,449,879 60,631,889 4,654,115
China Overseas Property Property management HKD30,000,000 61.18 8,618,159 3,718,445 640,063
China Construction First Group
Construction and installation 10,000,000 100.00 110,414,254 26,016,730 2,285,641
Corporation Limited
China Construction Second
Engineering Bureau Ltd.
China Construction Third
Engineering Bureau Group Co., Construction and installation 5,087,865 100.00 316,080,603 73,481,951 6,710,146
Ltd.
China Construction Fourth
Construction and installation 8,000,000 100.00 159,858,341 19,302,943 98,469
Engineering Division Corp. Ltd.
China Construction Fifth
Engineering Division Corp., Ltd.
China Construction Sixth
Engineering Bureau Corp., Ltd.
China Construction Seventh
China Construction Eighth
Engineering survey and
China Southwest Architecture 383,310 100.00 8,279,603 2,751,047 245,573
design
Industrial renovation and
China State Decoration 1,000,000 100.00 20,573,135 1,685,390 42,468
decoration
China Construction Fangcheng Infrastructure construction 5,000,000 100.00 56,582,385 18,841,323 547,965
2. Major subsidiaries acquired through business combination under common control

Registered Shareholding
Name Nature of business Total assets Net assets Net profit
capital ratio (%)
Xinjiang
Construction and
Construction & 3,500,000 85.00 66,517,960 15,565,081 605,458
installation
Engineering
West
Construction materials 1,262,354 57.79 35,455,729 10,507,822 187,596
Construction
CSC Finance Finance 15,000,000 80.00 104,638,563 18,788,848 509,854

3. Major subsidiaries acquired through business combination not under common control

Registered Shareholding
Name Nature of business Total assets Net assets Net profit
capital ratio (%)
CSC Construction and
HKD100,000,000 45.87 10,160,365 2,155,965 376,931
Development installation
China
Construction
Harbour and Infrastructure
1,333,333 70.00 10,501,247 2,453,007 181,784
Channel construction business
Engineering
Bureau
For details, please refer to “1. Interests in subsidiaries” in Note VII “Interests in other entities” to the financial
statements under Section X“FINANCIAL REPORT”
.
(IX) Structured entities under the control of the Company

Applicable N/A
For details, please refer to“3. Interests in consolidated structured entities”in Note VII“Interests in other entities”to
the financial statements under Section X“FINANCIAL REPORT”
.
V. Other Disclosures
(I) Potential risks
Applicable N/A
1. Work safety, environmental protection and quality risks
In recent years, the Company has maintained work safety at a stable level, with a continuous enhancement of
ecological and environmental protection control and a steady improvement in engineering quality control. However, the
large number and multiplicity of construction projects inherently entail risks associated with work safety, environmental
protection, and construction quality. To tackle this, the Company has implemented the “Safety Management
Strengthening Year” initiative on a comprehensive scale in 2023 to ensure continuous regulation of ecological and
environmental practices at all levels, as well as effective engineering quality management, etc. The Company stressed
the need to promote development without compromising safety, environmental protection, or quality. The Company
prioritized and heightened the importance of work safety, environmental protection, and quality management. Efforts
are continuously being made to mitigate and prevent any risks associated with work safety, environmental protection
and quality.
2. Macro-economic risks
The current global landscape is undergoing changes that have been unprecedented in a century, ushering in a new
era of turbulence and transformation. The reform, development, and stability of China are still confronted with inherent
contradictions, and the triple whammy of shrinking demand, supply disruptions, and weakening expectations remains.
All these are weighing on the Chinese economy. The foundation of economic recovery remains fragile, and unexpected
factors may arise at any time. In response, the Company will strengthen macro-economic research, closely monitor
national and local investment and construction trends, respond adeptly to changes in market conditions, and make
every possible effort to contribute to stable economic growth. The Company will review and adjust strategic planning
accordingly, in alignment with the prevailing circumstances, such that the strategic plans will provide effective guidance
towards achieving corporate objectives. Regular quarterly operation analysis meetings will be held to promptly analyze
the macro-economic situation and identify solutions to address existing problems and challenges.

3. Cash flow risks

The cyclical cash flow fluctuations have intensified due to the macro-economic environment, making it increasingly
difficult to control operating cash flows. On the one hand, the increase in non-cash receipts in the upstream sector has
resulted in a spike in assets collateralized. On the other hand, there are mounting downstream payment obligations,
such as clearance of arrears owed to private enterprises and payment of overdue migrant rural workers’wages. The
Company will further optimize the cash flow control index system. Our efforts in this regard include strengthening
cash flow management, focusing on subsidiaries and projects with negative cash flows, tightening cash flow control in
investment and construction projects, and refining the cash flow incentive and constraint mechanisms. The Company
will focus on initial business planning and manage businesses by category and segment. It will also advance the
implementation of the above incentive and constraint mechanisms at lower levels to ensure that relevant performance
metrics dovetail with the annual budget targets.
4. Customer credit risks
Due to the economic downturn and industry regulations, individual domestic real estate companies are facing significant
spillover of default risks. The Company has implemented various management measures to keep customer credit
risks in check. These include improving the early warning mechanism for high-risk customers, enhancing the public
opinion supervision system for high-risk customers, and actively reducing the willingness to collaborate with real estate
customers. Furthermore, the Company has stepped up the management and collection of commercial paper and
accounts receivable to ensure that the increase in accounts receivable remains lower relative to the increase in revenue.
Measures such as halting or slowing down loss-making construction projects have been adopted to facilitate debt
recovery. Efforts have been made to effectively conduct comprehensive risk investigation reports and establish a regular
process for risk resolution, with a particular focus on continually enhancing the handling of risks facing key real estate
enterprises.
5. Operating efficiency risk
Due to the ongoing downturn in the real estate industry, on the one hand, the cost control measures imposed by
project owners have become more stringent, while the prices of raw materials and machinery have continued to rise.
This has squeezed the profit margins of contractors. On the other hand, there has been significant pressure on sales
payment collection among real estate projects in which the Company invested, which affects the profits from the
real estate business, a major source of revenue. The Company will enhance the implementation of the “integrated
business management”organizational system, improve lean management practices, optimize synergy mechanisms, and
systematically improve project profitability. The focus will be placed on sales payment collection as the core, in addition
to effective cash flow control, and real-time monitoring of real estate project performance to ensure stable and healthy
development of the investment business. The Company will also supervise its subsidiaries to improve operational
planning, build on operational and management capabilities, and conduct performance assessments for operations and
maintenance to ensure effective investment returns.
6. International business risks
International political and economic issues have led to political unrest, armed conflicts, debt defaults, and currency
depreciation in some countries and regions in which the Company operates, making it increasingly difficult for the
Company to secure new projects abroad. It has also significantly increased risks related to construction project
schedules, costs, and the safety of employees working abroad. In light of these risks, the Company will optimize and
adjust overseas market arrangements, tighten up risk assessments prior to project initiation, dynamically monitor project
performance, adopt special measures to improve the safety and security of overseas employees, implement compliance
management programs for overseas operations, establish a robust defense line to control market risks at source, and
enhance the management of overseas public safety and legal compliance. These efforts aim to facilitate the high-quality
development of the Company’ s overseas businesses.
The financial risks faced by the Company in its operating activities include market risks (mainly interest rate risks,
exchange rate risks and equity instrument investment price risks), credit risks and liquidity risks. With a focus on the
unpredictability of the financial market, the overall risk management plan of the Company seeks to reduce the potential
adverse impact of such risks on the financial performance. For details, please refer to Note VIII“Financial instruments
and related risks”to the financial statements under Section X“FINANCIAL REPORT” .
s goodwill and impairment, please refer to Note V. 22“Goodwill”to the financial statements
For details of the Company’
under Section X“FINANCIAL REPORT” .
(II) Other disclosures
Applicable N/A

SECTION IV CORPORATE GOVERNANCE
SECTION IV
CORPORATE GOVERNANCE
I. Overview of the General Meetings of Shareholders

Search index of
the designated
Date of disclosure
Session Date website for Resolutions
of resolutions
publishing
resolutions
Considered and approved 15 resolutions including
the 2022 Work Report of the Board of Directors of
China State Construction Engineering Corporation
Limited, the 2022 Work Report of Independent
Directors of China State Construction Engineering
Corporation Limited, the 2022 Work Report of the
2022 annual
May 19, 2023 www.sse.com.cn May 20, 2023 Board of Supervisors of China State Construction
general meeting
Engineering Corporation Limited, the Proposal on
2022 Annual Final Accounts Report of China State
Construction Engineering Corporation Limited and
the Proposal on 2022 Profit Distribution Plan of
Limited.
Preference shareholders with voting rights recovered request convening extraordinary general meeting
Applicable N/A
Description of general meetings
Applicable N/A
On May 19, 2023, the Company held the 2022 annual general meeting, at which 15 resolutions were considered
and approved, including the 2022 Work Report of the Board of Directors of China State Construction Engineering
Corporation Limited. These resolutions were disclosed on the website of the Shanghai Stock Exchange, China
Securities Journal, Shanghai Securities News, Securities Times and Securities Daily. For details, please refer to the
Announcement on Resolutions of 2022 Annual General Meeting of China State Construction Engineering Corporation
Limited (Announcement No.: 2023-031) published on May 20, 2023.
II. Changes in Directors, Supervisors and Officers of the Company

Applicable N/A
Name Position held Change
Ma Wangjun Independent director Elected
Shan Guangxiu Director Elected
Xu Wenrong Independent director Departed
Li Yongming Vice president Appointed
Huang Kesi Vice president Departed
Ma Zeping Vice president Departed
Zhou Yong Vice president Departed
Shan Guangxiu Vice president Departed
Explanation on changes in directors, supervisors and officers of the Company
Applicable N/A

Changes in directors: On May 17, 2023, the Board of Directors received a resignation report from Mr. Xu Wenrong,
an independent director of the Company. Considering his age, Mr. Xu Wenrong applied to resign as an independent
director of the Company and from the relevant positions on the special committees under the Board. The Company
held the 2022 annual general meeting on May 19, 2023, at which Mr. Ma Wangjun was elected as an independent
director of the Company. On August 21, 2023, the Company held the 2023 first extraordinary general meeting, at which
Ms. Shan Guangxiu was elected as a director of the Company.
Changes in supervisors: Nil.
Changes in officers: The Company held the 31st meeting of the third session of the Board of Directors on February
7, 2023, at which the Proposal on Huang Kesi’
s Cessation to be the Vice President of China State Construction
Engineering Corporation Limited was considered and approved. Mr. Huang Kesi ceased to be the vice president of the
Company due to his age. The Company held the 34th meeting of the third session of the Board of Directors on April
27, 2023, at which the Proposal on Appointment of Li Yongming as the Vice President of China State Construction
Engineering Corporation Limited and the Proposal on Ma Zeping’
s Cessation to be the Vice President of China State
Construction Engineering Corporation Limited were considered and approved. It was approved that Mr. Li Yongming
would serve as the Company’
s vice president. In addition, Mr. Ma Zeping ceased to be the vice president of the
Company due to his age. The Company held the 37th meeting of the third session of the Board of Directors on June
5, 2023, at which the Proposal on Mr. Zhou Yong’
s Cessation to be the Vice President of China State Construction
Engineering Corporation Limited was considered and approved. Mr. Zhou Yong ceased to be the vice president of the
Company due to job adjustments. The Company held the 41st meeting of the third session of the Board of Directors
on August 4, 2023, at which the Proposal on Shan Guangxiu’
s Cessation to be the Vice President of China State
Construction Engineering Corporation Limited was considered and approved. Ms. Shan Guangxiu ceased to be the vice
president of the Company due to job adjustments.
III. Proposed Profit Distribution or Reserve Capitalization Plan

Profit distribution or reserve capitalization plan proposed for the first half year
Whether to distribute profit or capitalize reserve Neither
Number of bonus shares per 10 shares 0
Amount of dividends distributed per 10 shares (RMB) (tax inclusive) 0
Number of shares capitalized per 10 shares 0
Explanation on proposed profit distribution or reserve capitalization plan
In the first half of 2023, the Company did not make any profit distribution or reserve capitalization.

IV. Equity Incentive Scheme, Employee Stock Ownership Plan or Other

Employee Incentive Schemes of the Company and Their Implications
(I) Relevant equity incentive matters disclosed in provisional announcements without further
progress or changes in subsequent implementation
Applicable N/A
Summary of matter Index for details
300,057,600 shares were unlocked as the first tranche in 2022 Announcement on the First Tranche of Unlocking in 2022 in
under Phase IV restricted A share incentive scheme, and the Respect of Phase IV Restricted A Share Incentive Scheme and
date of listing and trading was January 16, 2023. Listing of Shares published on January 10, 2023.
184,966,000 shares were unlocked as the third tranche in 2022 Announcement on the Third Tranche of Unlocking in 2022 in
under Phase III restricted A share incentive scheme, and the Respect of Phase III Restricted A Share Incentive Scheme and
date of listing and trading was January 19, 2023. Listing of Shares published on January 12, 2023.
It was considered and approved by the Company to repurchase
restricted shares that were subject to restriction on unlocking
from 148 participants involved in Phases III and IV restricted A
share incentive schemes. A total of 14,918,400 restricted shares
were repurchased, of which, the number of restricted A shares Announcement on Decrease in Registered Capital of the
under Phases III and IV were 5,874,000 shares and 9,044,400 Company after Repurchase and Cancellation of Part of Phases
shares, respectively. The repurchase of Phase III restricted A III and IV Restricted Shares and Notice to Creditors published
shares was based on RMB3.468 per share, and Phase IV based on May 20, 2023.
on the price of RMB3.06 per share. The total amount of funds
for the repurchase was RMB48,313,367.49 (including interest).
After all the repurchased shares are cancelled, the registered
capital of the Company will be reduced by RMB14,918,400.
The Company’s repurchase and cancellation of restricted
shares involved a total of 148 participants of the Company’ s
Phases III and IV restricted A share incentive schemes (including
33 participants who were involved in the repurchase and
cancellation of both the Company’ s Phases III and IV restricted
Announcement on Implementation of Repurchase and
shares). A total of 14,918,400 restricted shares were proposed
Cancellation of Part of Restricted Shares under the Equity
to be repurchased and cancelled (including 5,874,000 and
Incentive Scheme published on July 28, 2023.
9,044,400 restricted shares under Phases III and IV respectively).
After the completion of the repurchase and cancellation, the
registered capital and share capital of the Company will be
reduced by RMB14,918,400 (shares) to RMB41,919,514,444
(shares).
(II) Incentives not disclosed in provisional announcements or with subsequent progress

Information on equity incentives
Applicable N/A
Other explanation
Applicable N/A
Information on employee stock ownership plan
Applicable N/A
Other incentives
Applicable N/A

SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
SECTION V
ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
I. Environmental Information
(I) Explanation on environmental protection efforts of the highly polluting companies and their
key subsidiaries as announced by the environmental protection authority
Applicable N/A
(II) Explanation on environmental protection efforts of companies other than highly polluting
companies
Applicable N/A
1. Administrative penalties due to environmental issues
Applicable N/A

s subsidiaries received administrative penalties on 55 construction projects
due to environmental issues such as construction noise, dust, sewage and solid waste, resulting in a total fine of
approximately RMB3.4359 million. To date, all of the issues involved in the aforementioned administrative penalties
have been rectified.
2. Disclosure of other environmental information with reference to highly polluting companies
Applicable N/A
The Company attaches great importance to ecological environmental protection. During the Reporting Period, the
Company encountered no environmental emergencies. The impact of the production and operation activities of the
Company on the environment was mainly reflected in noise, dust and solid waste, most of which took place in the
course of construction. To minimize the impact on the environment, the Company, prior to the commencement of
a project, identified the environmental factors and prepared preliminary planning and schemes for environmental
protection and green construction. The Company was also equipped with, and regulated the operation of, various
pollution prevention facilities such as automatic spraying, vehicle washing, sedimentation tanks and acoustic sheds,
gave priority to new technologies and processes of energy conservation and environmental protection to reduce energy
consumption and pollutant discharge, so as to minimize the impact of production on the environment.
3. Reasons for not disclosing other environmental information
Applicable N/A
(III) Explanation on the subsequent progress or changes in the environmental information

disclosure during the Reporting Period
Applicable N/A
(IV) Relevant information that is conducive to protecting ecology, preventing pollution, and
fulfilling environmental responsibilities
Applicable N/A
Guided by President Xi Jinping’

s ideology on ecological civilization, the Company thoroughly implemented the strategic
decisions and arrangements concerning ecological environmental protection made by the CPC Central Committee and
the State Council, and strictly abided by the Environmental Protection Law of the People's Republic of China, Law of
the People's Republic of China on Energy Conservation and other laws and regulations. The Company always adhered
to the strategy of prioritizing ecological protection and green development, fulfilled its environmental responsibilities with
due diligence, and consistently strengthened environmental protection and energy conservation efforts.

1. Continuous management and control of ecological and environmental protection compliance. During
the Reporting Period, the Company organized activities such as ecological and environmental protection training,
observation and learning, and benchmarking exchanges. These efforts focused on improving the environmental
compliance awareness and compliance management and control capabilities of business personnel in units at all levels,
intending to further minimize violations of ecological and environmental protection laws and regulations.
2. In-depth investigation and rectification of ecological and environmental risks. Firmly upholding the
philosophy that“lucid waters and lush mountains are invaluable assets”
, the Company conducted in-depth investigation
and rectification of potential risks and hidden hazards focusing on key areas, key units, and key projects. As a result,
problems have been identified and resolved in a timely manner, effectively reducing major risks in ecological and
environmental protection.
3. Enhancement of green brand development. During the Reporting Period, the Company continued to step up
efforts in the R&D of green engineering science and technology to promote industrialized and intelligent construction
methods. We also vigorously promoted the application of energy-saving and environmental protection, greenfield and
low-carbon technologies to accelerate the transformation toward green production. The micro-ecological purification
beds for urban black-odor waters, a core technology developed by our subsidiary China Construction Fourth
Engineering Division Corp. Ltd., won the first prize of the Guangdong Province Environmental Protection Science and
Technology Award, and another subsidiary China Construction First Group Corporation Limited was recognized as the
Advanced Enterprise for Green and High-quality Development of Construction Industry in Xi’
an.
4. Active participation in external ecological restoration. The Company pushed forward ecological restoration
and governance relying on its business network covering the entire industrial chain, and integrating upstream and
downstream resources and green technologies. We undertook a series of typical environmental governance and
ecological restoration projects to continuously promote the construction of a“beautiful China”
. The innovative“4233”
ecological restoration and governance model was proposed for the Wuliangsuhai Watershed ecological restoration
project in Inner Mongolia. Under this model, the Company set up some 30 million grass pane sand fences in the desert,
planted 13.32 million Haloxylon saplings, paved 157 kilometers of roads in the desert, restored a mining area of 66.5
square kilometers, and reforested an area of 26,400 mu, which helped effectively improve the ecological environment.
(V) Measures taken to reduce carbon emissions during the Reporting Period and the effects
Applicable N/A
The Company fully implemented the new development philosophy focusing on the fulfilment of the “dual
carbon” targets, and developed “dual carbon” related businesses with productization, industrialization and
marketization-oriented thinking to extensively promote the “dual carbon” campaign in business practices while
exploring various ways of promoting eco-friendly production. In addition, the Company continued to promote the
integration of green development philosophy with enterprise production and operation. In pursuing growth standing as
a central enterprise, we resolutely gave priority to the efficient and intensive use of energy resources as well as green
and low-carbon development.
During the Reporting Period, the Company set up annual “dual carbon” special scientific and technological R&D
programs, covering seven research orientations including “construction technology for new zero-energy building”
,
“new solar-storage integrated building components” and “zero-carbon transformation technology for existing public
buildings”
. These programs were initiated to tackle issues concerning energy-saving and carbon reduction engineering
technologies and gradually develop a series of ultra-low energy consumption and zero-carbon building technology
systems as well as innovative products. The Company investigated the green and low-carbon operations of overseas
institutions, and selected 77 overseas projects of 23 subsidiaries to participate in overseas green and low-carbon
international cooperation projects. In addition, the Company actively explored the issuance of innovative bonds such
as technological innovation bonds and dual-carbon bonds and issued various green financial products worth a total
of RMB33.3 billion. The Company also obtained RMB35.5 billion green loans from banks, with its green financing
amounting to RMB68.8 billion.

The Company invested, constructed and operated a number of exemplary projects oriented to building products,
promoting and leading low-carbon development in the industry. The China Overseas Headquarters office building
invested by China Overseas, as the first 5A high-rise office building with near-zero energy consumption, is designed to
operate with zero carbon emission. The China Construction Binhu Design Headquarters designed by China Southwest
Architecture is a near-zero energy consumption building model project of China-US energy cooperation programs. The
building achieves near-zero energy consumption as a whole and zero energy consumption partially. The OPARK Centre
implemented by CSCI is the first zero-carbon model project in the world to achieve carbon neutrality in construction
and supply chain during the construction period, and has won the Champion Award of the United Nations Industrial
Development Organization’
s Global Call 2022, which sets a good example as to how to achieve carbon neutrality in
construction under the“3060”Carbon Neutrality Goal. China Construction Science & Technology, China Construction
Science and Industry and CSCI have developed and produced a number of innovative green modular products
relying on their exceptional assembly capabilities, opening up a new model for the field of green construction. West
Construction has realized technological innovation and application of low-carbon concrete and UHPC high-strength
concrete through the usage of low-carbon products, improvement of aggregate quality, and utilization of solid waste.
II. Information on Consolidating and Expanding the Results in Poverty

Alleviation, Rural Revitalization and Other Specific Tasks
Applicable N/A
(I) Planning of rural revitalization

Guided by the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Company fully
implemented the guiding principles adopted at the 20th National Congress of the CPC and duly executed the
decisions and arrangements made by the Central Committee of the CPC and the State Council. We provided targeted
and concrete assistance to Kangle County, Zhuoni County and Kang County in Gansu Province (referred to as the
“three counties in Gansu”
), and provided counterpart support to Changting County in Fujian Province. The Company
developed the 2023 Key Points of Rural Revitalization based on effective research, issued the Task List on Targeted
Poverty Alleviation and Precise Supporting Efforts in 2023, and held 4 rural revitalization work meetings to make
s advantage of the“whole
detailed plans for the rural revitalization throughout the year. Giving full play to the Company’
industrial chain”in the construction industry, the Company endeavored to drive rural revitalization in the assisted areas.
(II) Rural revitalization efforts

In the first half of 2023, officials of the Company at all levels made 144 visits to the assisted areas for inspections.
The top-level officials of the Company went to Kangle County, Zhuoni County and Changting County respectively to
inspect the progress of the assistance projects, and held seminars to discuss plans for rural revitalization with the
local Party leadership and government officials. The Company assigned seven temporarily appointed officials to the
three counties in Gansu to provide assistance on a rotational basis. It invested and raised a total of RMB45.2155
million to the three counties in Gansu and Changting County in Fujian Province, implemented 34 assistance projects,
trained 943 grassroots-level officials and technicians, and recruited and transferred 619 people for employment. It also
actively participated in the“Promoting Consumption among Central Enterprises to Welcome the Chinese New Year”
activity. Relying on its two e-commerce platforms, the Company supported more than 180 local agricultural product
cooperatives in the three counties in Gansu and Changting County in Fujian Province, and purchased and helped with
the sales of agricultural products worth RMB12.59 million.

The Company steadily promoted the“five aspects”of revitalization, striving to build a livable, business-friendly and
beautiful countryside. First, we focused on local advantages and characteristics to boost rural industries. The Company
invested a total of RMB20 million to promote the construction of the Changting County Zhongfu Revolutionary
Traditional Education Base, helping to enhance the red cultural and tourism brand. The Company also invested
more than RMB6 million in the construction of water plants in Kang County and Zhuoni County, and continued to
support the development and expansion of local specialty businesses such as mushroom and wood ear cultivation,
and cattle and sheep breeding to promote the development of ecotourism. Second, the Company improved the
effectiveness of talent development following the people-oriented principle. The Company held special training courses
on rural revitalization efforts of CSCEC at Tsinghua University for 104 Party leadership and government officials and
entrepreneurial leaders from the three counties in Gansu and Changting County in Fujian Province, in a bid to empower
and boost rural revitalization. It held training for 180 teachers in Linxia Hui Autonomous Prefecture to improve their
teaching skills. Third, the Company strengthened cultural education and promoted social etiquette and civility in rural
areas. We invested RMB2.10 million in the establishment of demonstration sites for civilized practice in the new era in
the three counties in Gansu, to improve the quality and efficiency of civilization practice sites in the new era. We also
donated RMB2.50 million to support the construction of Zhouni County Education Development Promotion Association,
helping to facilitate the high-quality development of rural education. Fourth, the Company continued the construction
of a beautiful countryside paying due attention to ecological protection as the top priority. The Company invested
more than RMB1 million in the renovation and improvement of the living environment of Kangle County to promote
the implementation of village planning as a part of rural revitalization in the three counties in Gansu. Furthermore, the
Company helped Changting County with the preparation of the urban planning to enhance the style and appearance
of the historical and cultural ancient city. Fifth, the Company strengthened rural governance and solidly promoted
organizational revitalization. We carried out paired assistance with 23 villages in the three counties in Gansu and
Changting County in Fujian Province. The Company invested RMB1.45 million in the construction of the Changba Police
Station Complex in Kang County. It also invested RMB2.15 million to promote the upgrading of village-level activity
venues in Kangle County, Zhuoni County and Changting County. Sixth, the Company took multiple measures to solve
the urgent problems and worries of the masses. The Company donated RMB600,000 to build village clinics in Kang
County, which helped alleviate the difficulties of the villagers in accessing medical services and other problems. The
Company also invested RMB600,000 to provide cochlear implants for six hearing-impaired people in the three counties
in Gansu, enabling them to hear again.
(III) Subsequent plan for assisting in rural revitalization

In the second half of the year, the Company will continue to earnestly implement the strategic decisions and
arrangements on targeted assistance made by the CPC Central Committee and the State Council. Following the
requirements of the annual work priorities, the Company will make full use of its advantages and make concerted
efforts to promote the implementation and effectiveness of local specialty projects. It will take various measures for
talent cultivation, continue to improve the local cultural and ecological environment and help improve rural governance.
Meanwhile, the Company will carry out various tasks of targeted assistance assigned to it on all fronts and do its part in
promoting the comprehensive implementation of rural revitalization strategies in the assisted areas.

SECTION VI
IMPORTANT MATTERS
I. Fulfillment of Commitments
(I) Commitments of the Company’s de facto controller, shareholders, related parties, acquirer, the Company, and other relevant
parties made during or subsisting in the Reporting Period
Applicable N/A
Have the Detailed cause Alternative plan
Is there a
Background of Time and term of commitments in case of failure in case of failure
Type of commitment Commitment party Details of commitment time limit for
commitment commitment been strictly and to timely fulfill to timely fulfill
fulfillment
timely fulfilled commitment commitment
The Agreement on Avoidance of Horizontal Competition with the Company
To resolve horizontal China State Construction was signed. Please refer to the Letter of Intent for the Initial Public Offering In the process of
No term No Yes N/A
competition Engineering of Shares by China State Construction Engineering Corporation Limited fulfillment
published by the Company on July 13, 2009.
For the land use rights and properties injected as contributions into the
To resolve defects in Company and included in the scope of assets valuation report, at request of
Commitments in relation to China State Construction In the process of
land and other property and with the cooperation from the Company, relevant procedures shall be No term No Yes N/A
initial public offering Engineering fulfillment
ownership completed for registration of the said land use rights and properties under
the existing name of the Company or its relevant subsidiaries.
For the real estate projects injected as contributions into the Company,
To resolve defects in
China State Construction whose revenue had been recognized before the establishment of the In the process of
land and other property No term No Yes N/A
Engineering Company, the land value-added tax payable in future final settlement shall be fulfillment
ownership
borne by China State Construction Engineering.
Issued a non-competition commitment, with the same contents as those
set out in the Entrusted Management Agreement, to China Overseas Land
To resolve horizontal & Investment, a holding subsidiary listed in Hong Kong. Please refer to the During the In the process of
CSCEC Yes Yes N/A
competition Announcement on the Signing of Entrusted Management Agreement between commitment term fulfillment
CSCEC and Its Holding Subsidiary China Overseas Land & Investment
published by the Company on February 11, 2014.
Issued a non-competition deed to China Overseas Property, a holding
subsidiary listed in Hong Kong, and please refer to the Listing Documents
Other commitments made To resolve horizontal During the In the process of
CSCEC – Listing by Way of Introduction of the Entire Issued Share Capital of the Yes Yes N/A
to minority shareholders of competition commitment term fulfillment
Company on the Main Board of The Stock Exchange of Hong Kong Limited
the Company
published by China Overseas Property on October 14, 2015.
Undertook to fulfill his/her duties diligently during his/her term of office as
an officer of the Company, properly handle the relationship between the
Officers who also hold Company and its controlling shareholder, live up to the trust of the Board of
During the In the process of
Others positions in China State Directors and all shareholders of the Company, defend the interests of the Yes Yes N/A
commitment term fulfillment
Construction Company and shareholders, and not to do anything that may jeopardize the
interests of the Company and its minority shareholders due to serving the
two entities concurrently.
INTERIM REPORT 2023

SECTION VI IMPORTANT MATTERS
47
II. Any Non-operating Occupation of Funds by the Controlling Shareholder

and Other Related Parties during the Reporting Period
Applicable N/A
III. Guarantees in Violation of Regulations

Applicable N/A
IV. Audit of this Interim Report

Applicable N/A
V. Changes and Handling of Matters Involved in Modified Audit Opinions in

the Previous Year’s Annual Report
Applicable N/A
VI. Matters Related to Insolvency/Reorganization

Applicable N/A
VII. Matters Related to Significant Litigation and Arbitration

There were significant litigations and arbitrations during the Reporting Period There was no significant litigation or
arbitration during the Reporting Period
VIII. Suspected Violations, Penalties and Rectifications of the Company and

Its Directors, Supervisors, Officers, Controlling Shareholder, and De
Facto Controller
Applicable N/A
IX. Explanation on the Integrity of the Company and Its Controlling

Shareholder and De Facto Controller during the Reporting Period
Applicable N/A

X. Material Related Party Transactions

(I) Related party transactions relating to ordinary course of business
1.
Matters disclosed in provisional announcements without further progress or changes in
subsequent implementation
Applicable N/A
Summary of matters Index for details
On December 12, 2022 and December 28, 2022, the Proposal on the Renewal
of the Comprehensive Services Framework Agreement between China State
Construction Engineering Corporation Limited and China State Construction
Engineering Corporation was considered and approved at the 28th meeting
of the third session of the Board of Directors, the 17th meeting of the third
session of the Board of Supervisors and the 2022 first extraordinary general
meeting of the Company.
The Company and China State Construction renewed the Comprehensive
Services Framework Agreement between China State Construction Engineering Announcement on the Resolutions of the 28th
Corporation and China State Construction Engineering Corporation Limited in Meeting of the Third Session of the Board of
respect of the related party transactions arising from the sales, procurement, Directors, Announcement on the Resolutions
commercial factoring services, financial leasing services, property leasing and of the 17th Meeting of the Third Session of the
other business between the Company, and China State Construction and its Board of Supervisors, and Announcement on
subsidiaries. During the term of the agreement in 2023, the sales between the Renewal of the Comprehensive Services
the Company and China State Construction and its subsidiaries shall not Framework Agreement between the Company and
exceed RMB100 million; procurement shall not exceed RMB5.8 billion; the China State Construction Engineering Corporation
maximum balance of commercial factoring services (excluding those from CSC and Daily Related Party Transactions published on
Finance) shall not exceed RMB300 million, and factoring interest and service December 13, 2022.
fee shall not exceed RMB20 million; the maximum balance of financial leasing
services (excluding those from CSC Finance) shall not exceed RMB100 million, Announcement on the Resolutions of the 2022
and financial leasing interest and service fee shall not exceed RMB6 million; First Extraordinary General Meeting published on
property leasing shall not exceed RMB100 million; other daily related party December 29, 2022.
transactions shall not exceed RMB100 million.
During the Reporting Period, the sales between the Company and China
State Construction and its subsidiaries was RMB20 million; the procurement
was RMB1.24 billion; no commercial factoring or financial leasing service
was performed; the property leasing was RMB10 million; other daily related
party transactions were RMB20 million. The amount of actual daily related
party transactions of the Company was within the scope as set forth in the
agreement.
On December 12, 2022 and December 28, 2022, the Proposal on the
Renewal of the Financial Services Framework Agreement between China State
Construction Finance Co., Ltd. and China State Construction Engineering
Corporation was considered and approved at the 28th meeting of the third
session of the Board of Directors, the 17th meeting of the third session of the
Board of Supervisors and the 2022 first extraordinary general meeting of the
Company.
CSC Finance, a subsidiary of the Company, and China State Construction
renewed the Financial Services Framework Agreement between China State Announcement on the Resolutions of the 28th
Construction Engineering Corporation and China State Construction Finance Meeting of the Third Session of the Board of
Co., Ltd. in respect of the related party transactions arising from the deposits, Directors, Announcement on the Resolutions
loans, financial and financing consultancy and other relevant financial services of the 17th Meeting of the Third Session of the
provided to China State Construction and its subsidiaries from CSC Finance. Board of Supervisors, and Announcement on the
During the term of the agreement, the daily balance cap of the deposits Renewal of the Financial Services Framework
(inclusive of accrued interest) to be placed by China State Construction and its Agreement between China State Construction
subsidiaries with CSC Finance shall not exceed RMB20.0 billion, with the daily Finance Co., Ltd. and China State Construction
balance of loans (inclusive of accrued interest) to be obtained not exceeding Engineering Corporation and Daily Related Party
the daily balance cap of the deposits (inclusive of accrued interest); the fees Transactions published on December 13, 2022.
to be charged by CSC Finance for providing other financial services to China
State Construction and its subsidiaries shall not exceed RMB300 million. Announcement on the Resolutions of the 2022
First Extraordinary General Meeting published on
During the Reporting Period, the actual performance complies with the December 29, 2022.
agreement, and actual daily balance cap of the deposits (inclusive of accrued
interest) placed by China State Construction and its subsidiaries with CSC
Finance was RMB10.53 billion, and the maximum daily loan balance (inclusive
of accrued interest) was RMB2.01 billion; the fees charged by CSC Finance
for providing other financial services to China State Construction and its
subsidiaries was RMB2 million. For details, please refer to “(V) Financial
business between the Company and the related financial companies, and
between the Company’ s holding financial companies and the related parties”
in“X. Material Related Party Transactions”under Section VI.

2.
Matters disclosed in provisional announcements but with further progress or changes in
Applicable N/A
3. Matters not disclosed in provisional announcements
Applicable N/A
(II) Related party transactions as a result of acquisition or disposal of assets or equity

1.
Applicable N/A
2.
Applicable N/A
Applicable N/A
4. Disclosure of performance achieved for the Reporting Period if with agreed-upon performance
targets
Applicable N/A
(III) Material related party transactions in joint external investment

1.
Applicable N/A
2.
Applicable N/A
Applicable N/A
(IV) Creditor’s rights and debts with related parties

1.
Applicable N/A
2.
Applicable N/A
Applicable N/A

(V) Financial business between the Company and the related financial companies, and
between the Company’s holding financial companies and the related parties
Applicable N/A
1. Deposit
Applicable N/A

Maximum daily Amount incurred during the current period
deposit limit Deposit interest
Related party Related relationship Opening balance Total deposits in the Total withdrawals in
(inclusive of rate range (%) Closing balance
accrued interest) current period the current period
Controlling shareholder
China State
and its directly or
Construction and its 20,000,000 0.455-1.5 2,446,747 14,181,146 6,099,425 10,528,468
indirectly controlled
subsidiaries
entities
Total / / / 2,446,747 14,181,146 6,099,425 10,528,468
2. Loan
Applicable N/A

Amount incurred during the current period
Loan interest rate
Related party Related relationship Loan amount Opening balance Total loans in the Total repayments in
range (%) Closing balance
current period the current period
Controlling shareholder Not exceeding the
China State
and its directly or maximum daily
Construction and its 3.0 2,001,833 30,167 30,333 2,001,667
indirectly controlled deposit limit (inclusive
subsidiaries
entities of accrued interest)
Total / / / 2,001,833 30,167 30,333 2,001,667
3. Credit facility or other financial business
Applicable N/A

Related party Related relationship Business type Total amount Actual amount
China State Controlling shareholder and its
Other financial
Construction and its directly or indirectly controlled 300,000 1,671
business
subsidiaries entities

4. Other explanation
Applicable N/A
The above related party transactions of the Company have been considered and approved at the 28th meeting of the
third session of the Board of Directors, the 17th meeting of the third session of the Board of Supervisors and the 2022
first extraordinary general meeting. For details, please refer to“(I) Related party transactions relating to ordinary course
of business”in“X. Material Related Party Transactions”under Section VI“IMPORTANT MATTERS”
.
(VI) Other material related party transactions

Applicable N/A
(VII) Miscellaneous
Applicable N/A
For related party transactions of the Company, please refer to Note X“Related party relationships and transactions”to
the financial statements under Section X“FINANCIAL REPORT”
.
XI. Material Contracts and Their Fulfillment

(I) Custody, contracting, and leasing
Applicable N/A

(II) Material Guarantees Fulfilled and Unfulfilled During the Reporting Period
Applicable N/A

Guarantees provided to external parties by the Company (excluding guarantees provided to subsidiaries)
Creation date Is the
Relationship Commencement Has the Is the Is there
Guaranteed of guarantee Expiry date of Type of Principal Collateral Overdue guarantee Related
Guarantor between guarantor Guaranteed party date of guarantee guarantee counter
amount (execution date guarantee guarantee debt (if any) amount provided to the relationship
and the Company guarantee been fulfilled? overdue? guarantee?
of agreement) related party?
China State Construction Engineering Wuhan Communications Investment Group December 24, Joint and several
Within the Company 3,500,000 April 21, 2015 May 23, 2027 Normal Nil No No 0 Yes No Others
Corporation Limited Limited Company 2014 liability guarantee
Chongqing Jiayi Property Development
November 20, November 20, November 20, Joint and several
China Overseas Holdings Limited Holding subsidiary Company Limited (重庆嘉益房地产开发有 116,300 Normal Nil No No 0 No Yes Joint venture
2020 2020 2025 liability guarantee
限公司)
Chongqing Jiayi Property Development Joint and several
China Overseas Holdings Limited Holding subsidiary 340,000 March 15, 2022 March 15, 2022 March 15, 2027 Normal Nil No No 0 No Yes Joint venture
Company Limited liability guarantee
Xiamen Yueqin Real Estate Co., Ltd. February 28, February 28, Joint and several
China Overseas Holdings Limited Holding subsidiary 419,700 February 28, 2023 Normal Nil No No 0 No Yes Associate
(厦门悦琴房地产有限公司) 2023 2028 liability guarantee
Guangzhou Bizhen Real Estate
December 11, December 11, December 8, Joint and several
China Overseas Holdings Limited Holding subsidiary Development Co., Ltd. (广州碧臻房地产开 51,279 Normal Nil No No 0 No Yes Associate
发有限公司)
Zhuzhou China Overseas Grand Oceans
September 28, Joint and several
China Overseas Holdings Limited Holding subsidiary Properties Co., Ltd. (株洲中海宏洋地产有 59,700 March 31, 2022 March 31, 2022 Normal Nil No No 0 No Yes Associate
2027 liability guarantee
限公司)
Zhuzhou China Overseas Grand Oceans September 29, September 29, September 28, Joint and several
China Overseas Holdings Limited Holding subsidiary 121,125 Normal Nil No No 0 No Yes Associate
Properties Co., Ltd. 2021 2021 2026 liability guarantee
Changsha Yida Chuangzhi Real Estate
Joint and several
China Overseas Holdings Limited Holding subsidiary Development Co., Ltd. (长沙亿达创智置业 171,010 April 20, 2020 April 20, 2020 April 20, 2026 Normal Nil No No 0 No Yes Joint venture
liability guarantee
发展有限公司)
December 4, December 4, December 4, Joint and several
China Overseas Holdings Limited Holding subsidiary Infinite Sun Limited 1,119,148 Normal Nil No No 0 No Yes Joint venture
January 25, December 4, Joint and several
China Overseas Holdings Limited Holding subsidiary Infinite Sun Limited 257,145 January 25, 2022 Normal Nil No No 0 No Yes Joint venture
2022 2024 liability guarantee
January 30, December 4, Joint and several
China Overseas Holdings Limited Holding subsidiary Infinite Sun Limited 281,720 January 30, 2023 Normal Nil No No 0 No Yes Joint venture
December 1, Joint and several
China Overseas Holdings Limited Holding subsidiary Marble Edge Investments Limited 810,475 June 1, 2020 June 1, 2020 Normal Nil No No 0 No Yes Joint venture
China Overseas Holdings Limited Holding subsidiary Marble Edge Investments Limited 143,568 May 12, 2022 May 12, 2022 Normal Nil No No 0 No Yes Joint venture
China Overseas Holdings Limited Holding subsidiary Marble Edge Investments Limited 113,441 February 9, 2023 February 9, 2023 Normal Nil No No 0 No Yes Joint venture
January 27, Joint and several
China Overseas Holdings Limited Holding subsidiary Dragon Star H.K. Investments Limited 928,534 July 27, 2020 July 27, 2020 Normal Nil No No 0 No Yes Joint venture
January 17, January 27, Joint and several
China Overseas Holdings Limited Holding subsidiary Dragon Star H.K. Investments Limited 125,569 January 17, 2022 Normal Nil No No 0 No Yes Joint venture
January 11, January 27, Joint and several
China Overseas Holdings Limited Holding subsidiary Dragon Star H.K. Investments Limited 115,248 January 11, 2023 Normal Nil No No 0 No Yes Joint venture
November 11, November 11, October 30, Joint and several
China Overseas Holdings Limited Holding subsidiary Ultra Keen Holdings Limited 1,745,958 Normal Nil No No 0 No Yes Joint venture
January 31, October 30, Joint and several
China Overseas Holdings Limited Holding subsidiary Ultra Keen Holdings Limited 215,642 January 31, 2022 Normal Nil No No 0 No Yes Joint venture
January 19, October 30, Joint and several
China Overseas Holdings Limited Holding subsidiary Ultra Keen Holdings Limited 301,815 January 19, 2023 Normal Nil No No 0 No Yes Joint venture
INTERIM REPORT 2023

Joint and several
China Overseas Holdings Limited Holding subsidiary Grand Ample Ltd. 892,669 June 22, 2021 June 22, 2021 June 22, 2024 Normal Nil No No 0 No Yes Associate
liability guarantee
53
54
China Overseas Holdings Limited Holding subsidiary Grand Ample Ltd. 156,026 January 10, 2022 June 22, 2024 Normal Nil No No 0 No Yes Associate
China Overseas Holdings Limited Holding subsidiary Grand Ample Ltd. 128,160 January 11, 2023 June 22, 2024 Normal Nil No No 0 No Yes Associate
Joint and several
China Overseas Holdings Limited Holding subsidiary Asia Power Development Limited 1,199,970 May 27, 2022 May 27, 2022 May 27, 2026 Normal Nil No No 0 No Yes Joint venture
liability guarantee
China Overseas Holdings Limited Holding subsidiary Asia Power Development Limited 378,401 January 27, 2023 May 27, 2026 Normal Nil No No 0 No Yes Joint venture
Chongqing CSCEC Hailong Two Rivers October 29, October 29, Joint and several
China Overseas Holdings Limited Holding subsidiary Construction Technology Co., Ltd. (重庆中 97,300 October 29, 2021 Normal Nil No No 0 No Yes Joint venture
建海龙两江建筑科技有限公司)
Chongqing CSCEC Hailong Two Rivers January 27, Joint and several
China Overseas Holdings Limited Holding subsidiary 4,088 January 27, 2022 June 16, 2024 Normal Nil No No 0 No Yes Joint venture
Construction Technology Co., Ltd. 2022 liability guarantee
Shanghai Yongnianli Real Estate September 28, September 28, September 27, Joint and several
China Overseas Holdings Limited Holding subsidiary Development Co., Ltd. (上海永年里房地产 39,200 Normal Nil No No 0 No No Others
开发有限公司)
Shanghai Yongnianli Real Estate November 10, November 10, September 27, Joint and several
China Overseas Holdings Limited Holding subsidiary 126,800 Normal Nil No No 0 No No Others
Development Co., Ltd. 2022 2022 2034 liability guarantee
Shanghai Yongnianli Real Estate December 19, December 19, September 27, Joint and several
China Overseas Holdings Limited Holding subsidiary 26,860 Normal Nil No No 0 No No Others
Development Co., Ltd. 2022 2022 2034 liability guarantee
Shanghai Yongnianli Real Estate September 27, Joint and several
China Overseas Holdings Limited Holding subsidiary 20,000 February 9, 2023 February 9, 2023 Normal Nil No No 0 No No Others
Development Co., Ltd. 2034 liability guarantee
China Overseas Holdings Limited Holding subsidiary 1,801 March 20, 2023 March 20, 2023 Normal Nil No No 0 No No Others
China Overseas Holdings Limited Holding subsidiary 11,000 June 9, 2023 June 9, 2023 Normal Nil No No 0 No No Others
China Overseas Holdings Limited Holding subsidiary 1,900 June 20, 2023 June 20, 2023 Normal Nil No No 0 No No Others
Anhui Bengwu Expressway Investment

Joint and several
China Overseas Holdings Limited Holding subsidiary Management Co., Ltd. (安徽蚌五高速公路 238,000 March 17, 2023 March 17, 2023 March 20, 2041 Normal Nil No No 0 No Yes Joint venture
liability guarantee
投资管理有限公司)
Changchun Hairun Rongcheng Real Estate January 12, Joint and several
China Overseas Holdings Limited Holding subsidiary Development Co., Ltd. (长春海润融城房地 45,663 January 12, 2023 March 24, 2026 Normal Nil No No 0 No Yes Joint venture
产开发有限公司)
Guangdong Haichao Technology Industry October 31, October 31, Joint and several
China Overseas Holdings Limited Holding subsidiary Development Co., Ltd.(广东海潮科技产业 39,163 October 31, 2022 Normal Nil No No 0 No Yes Joint venture
发展有限公司)
Guangdong Haichao Technology Industry January 29, October 24, Joint and several
China Overseas Holdings Limited Holding subsidiary 39,557 January 29, 2023 Normal Nil No No 0 No Yes Joint venture
Development Co., Ltd. 2023 2041 liability guarantee
Hefei Binhu Financial Town Management December 29, Joint and several
China Overseas Holdings Limited Holding subsidiary 28,250 January 4, 2023 January 4, 2023 Normal Nil No No 0 No Yes Associate
Co., Ltd. 2035 liability guarantee
Wuhan Optics Valley Science Island
China Construction Third Engineering Holding subsidiary September 13, September 13, September 15, Joint and several
Construction and Development Co., Ltd. (武 150,000 Normal Nil No No 0 No Yes Joint venture
Bureau Group Co., Ltd. 2022 2022 2040 liability guarantee
汉光谷科学岛建设发展有限公司)
China Construction Third Engineering Holding subsidiary Wuhan Optics Valley Science Island January 13, January 13, Joint and several
373,857 January 13, 2023 Normal Nil No No 0 No Yes Joint venture
Bureau Group Co., Ltd. Construction and Development Co., Ltd. 2023 2041 liability guarantee
Guangzhou Fuchuang Real Estate
China Construction Eighth December 30, Joint and several
Holding subsidiary Development Co., Ltd. (广州孚创房地产开 646,000 August 5, 2021 August 5, 2021 Normal Nil No No 0 No Yes Associate
Engineering Division Corp., Ltd. 2024 liability guarantee
发有限公司)
China Construction Eighth Guangzhou Fuchuang Real Estate December 28, December 28, Joint and several
Holding subsidiary 510,000 January 6, 2030 Normal Nil No No 0 No Yes Associate
Engineering Division Corp., Ltd. Development Co., Ltd. 2021 2021 liability guarantee
China Construction Eighth Guangzhou Fuchuang Real Estate Joint and several
Holding subsidiary 102,000 April 3, 2023 April 3, 2023 January 6, 2030 Normal Nil No No 0 No Yes Associate
Engineering Division Corp., Ltd. Development Co., Ltd. liability guarantee
China Construction Eighth Suzhou Fuyuan Real Estate Co., Ltd. (苏州 December 29, December 29, Joint and several
Holding subsidiary 96,900 May 31, 2024 Normal Nil No No 0 No Yes Associate
Engineering Division Corp., Ltd. 孚元置业有限公司) 2020 2020 liability guarantee
China Construction Eighth Joint and several
Holding subsidiary Suzhou Fuyuan Real Estate Co., Ltd. Normal Nil No No 0 No Yes Associate
Engineering Division Corp., Ltd. 153,000 January 5, 2022 January 5, 2022 January 4, 2028 liability guarantee
China Construction (South Pacific) Joint and several
Holding subsidiary Fernvale Lane Pte Ltd. 147,500 June 4, 2020 June 4, 2020 March 3, 2025 Normal Nil No No 0 No Yes Associate
Development Co Pte Ltd liability guarantee
Total amount of guarantees provided during the Reporting Period (excluding guarantees provided to
2,600,513
subsidiaries)
Total balance of guarantees as at the end of the Reporting Period (A) (excluding guarantees provided to
16,591,442
subsidiaries)
Guarantees provided by the Company to subsidiaries
Total amount of guarantees provided to subsidiaries during the Reporting Period 26,176,425
Total balance of guarantees provided to subsidiaries as at the end of the Reporting Period (B) 279,917,046
Total amount of guarantees provided by the Company (including guarantees provided to subsidiaries)
Total amount of guarantees (A+B) 296,508,488
Total amount of guarantees as a percentage of the net assets of the Company attributable to the parent
74.94
company (%)
Of which:
Amount of guarantees provided to shareholders, de facto controller and their related parties (C) 0
Amount of debt guarantees provided directly or indirectly to guaranteed parties with an asset-liability ratio of
229,378,896
over 70% (D)
Total amount of guarantees exceeding 50% of net assets attributable to the parent company (E) 98,678,449
Total of the above three classes of guarantees (C+D+E) 328,057,345
Explanation on contingent joint and several liability for undue guarantees Nil
As at the end of the Reporting Period, the total guarantee of the Company amounted to RMB296.5 billion, comprising RMB202.8 billion in financing guarantee and RMB93.7 billion in operating guarantee. The balance of the Company’s external guarantees (excluding guarantees to
Explanation on guarantees controlled subsidiaries and mortgage guarantees to small owners) amounted to RMB16.6 billion, and the balance of guarantees provided by the Company for property purchasers amounted to RMB123.1 billion.
COHL holds a 2% stake in Shanghai Yongnianli Real Estate Development Co., Ltd., which does not constitute joint control or significant influence. Shanghai Yongnianli Real Estate Development Co., Ltd. is not a joint venture or associate of the Company.
INTERIM REPORT 2023

55
(III) Other Material Contracts

Applicable N/A
1. Major domestic business contracts during the Reporting Period

Value of Type of
No. Name of Contract Signing Party
contract contract
China State Construction Engineering Corporation Limited, China Construction
Infrastructure Co., Ltd., China Construction First Group Corporation Limited, China
General Contract for the PPP Project of Guangxi Congjiang-Rong’an-Lipu
Construction Second Engineering Bureau Ltd., China Construction Fifth Engineering Infrastructure
1 Highway (Rong’an to Yangshuo Section via Yongfu) (广西从江-融安-荔浦公路(融 160.87
安经永福至阳朔段)PPP 项目施工总承包合同)
Division Corp., Ltd., China Construction Sixth Engineering Bureau Corp., Ltd., China construction
Construction Seventh Engineering Division Corp., Ltd., China Construction Eighth
General Contract for Civil Construction and Site Section Construction Project of
China State Construction Engineering Corporation Limited, China Construction Eighth Infrastructure
2 Jinan Urban Rail Transit Line 7 Phase I (济南城市轨道交通7号线一期工程土建及 135.64
场段工程施工总承包合同)
Engineering Division Corp., Ltd. construction
General Contract for EPC Project of Photovoltaic New Energy Industrial Park in
China Construction Eighth Engineering Division Corp., Ltd., China Construction Eighth Infrastructure
3 Jinghe New City (Phase I) (泾河新城光伏新能源产业园项目(一期)EPC工程总承包 123.52
合同)
Engineering Bureau Western Development Co., Ltd. (中建八局西部发展有限公司) construction
General Contract for Phase I Project of the Rural Revitalization Fine Chemical
Infrastructure
4 Industry Demonstration Industrial Park in Gulei (古雷乡村振兴精细化工富民示范 China Construction Fourth Engineering Division Corp., Ltd. 91.25
产业园一期项目工程总承包合同)
construction
General Contract for the Deyang Section of the General Contracting for the
China State Construction Engineering Corporation Limited, China Construction Third Infrastructure
5 Construction of Chengdu-Deyang Line of Municipal (Suburban) Railway Project (市 87.06
域(郊)铁路成都至德阳线工程施工总承包项目德阳标段施工总承包合同)
Engineering Bureau Group Co., Ltd. construction
General Contract for Survey, Design and Construction of the Bay Area
China Construction Third Engineering Bureau Group Co., Ltd., China Construction Eighth Housing
6 International Innovation Center Project (湾区国际创新中心项目勘察设计施工总承 77.18
包合同)
Engineering Division Corp., Ltd. construction
General Contract for Plot N3N4N5N6 of the New Generation Industrial Park Housing
Project of Bilibili (哔哩哔哩新世代产业园项目 N3N4N5N6 地块施工总承包合同)
7 China Construction Third Engineering Bureau Group Co., Ltd. 76.19
construction
Construction Contract for the PPP Project involving Pipeline Renovation of Mixture
China State Construction Engineering Corporation Limited, China Construction
of Rainwater and Sewage in Central Urban Area and Urban Waterlogging Control
Infrastructure Co., Ltd., China Construction First Group Corporation Ltd., China Infrastructure
8 in Drainage Zoning of Lashan River and Xingji River in Jinan, Shandong (山东省济 75.71
南市中心城区雨污合流管网改造和城市内涝治理腊山河与兴济河排水分区 PPP
Construction Fifth Engineering Division Corp., Ltd., China Construction Eighth Engineering construction
项目建设工程施工合同)
Division Corp., Ltd.
China Construction Eighth Engineering Division Corp., Ltd., China Construction Third
Engineering Bureau Group Co., Ltd., China Construction Fourth Engineering Division
General Contract for Terminal Area Project of Airport Engineering of Fuzhou Corp., Ltd., China Construction Third Engineering Group South China Co., Ltd. (中
建三局集团华南有限公司), CSCEC Strait Construction and Development Co., Ltd.,
Infrastructure
9 Changle International Airport Phase II Expansion Project (福州长乐国际机场二期 60.92
扩建工程机场工程航站区工程施工总承包合同)
construction
China Construction Eighth Engineering Division General Contracting Construction Co.,
Ltd. (中建八局总承包建设有限公司), Construction & Development Co., Ltd. of China
Construction Fourth Engineering Bureau Construction Development Co., Ltd.
General Construction Contract for Project of Xiangshan Science and Technology Housing
10 The First Company of China Eighth Engineering Bureau Ltd. 51.93
Park (象山科技园项目施工总承包工程合同) construction
General Engineering Contract for Comprehensive Logistics Park Project in Central Housing
11 China Construction Fifth Engineering Division Corp. Ltd. 49.35
District (Phase I and II) (中心城区综合物流园项目(一、二期)工程总承包合同) construction
General Contract for Fengtang Project (Bao’an A308-126) Plot 13-02 (凤塘项目 Housing
(宝安 A308-126)13-02 地块施工总承包工程合同)
12 China Construction Fourth Engineering Division Corp., Ltd. 48.00
construction
General Contract for Phase I Project of Science and Technology Innovation
Infrastructure
13 Intelligent Manufacturing Industrial Park Infrastructure (Section 2) in Jinyi New Area China Construction Eighth Engineering Division Corp., Ltd. 47.43
construction
(金义新区科创智造产业园基础设施配套一期工程(二标段)项目工程总承包合同)
(EPC) Contract for the Expansion Project of LONGi New Energy Technology
Industrial Park in Zero Carbon Industrial Park of Mengsu Economic Development Housing
14 China Construction Eighth Engineering Division Corp., Ltd. 42.58
Zone (蒙苏经济开发区零碳产业园隆基新能源科技产业园扩建项目(EPC模式)合 construction
同)
Civil Engineering Contract for the Nuclear Island of Units 3 and 4 of Phase II of
Infrastructure
15 Guangdong Taipingling Nuclear Power Plant (广东太平岭核电厂二期3、4号机组 China Construction Second Engineering Bureau Ltd. 42.50
核岛土建工程合同)
construction
Construction Contract of Phase II Photovoltaic Module Project with an Annual Housing

16 China Construction Fourth Engineering Division Corp., Ltd. 37.26
Output of 15GW (年产15GW光伏电池组件项目二期工程建设工程施工合同) construction
Unit Price Contract for Section JBTJ-3 of the Civil Construction Project of Jinan China State Construction Engineering Corporation Limited, China Construction Eighth
Infrastructure
17 Connection Line of the New Tianjin-Weifang High-Speed Railway (新建津潍高铁 Engineering Division Corp., Ltd., China State Construction Railway Investment & 36.85
济南联络线土建工程JBTJ-3标段施工单价承包合同)
construction
Engineering Group Co., Ltd.
General Contract for Design-Procurement-Construction (EPC) of Guilin New Area
Housing
18 Vocational Education Campus (桂林新区职业教育校区设计-采购-施工(EPC)工程 China Construction Eighth Engineering Division Corp., Ltd. 35.43
总承包合同)
construction

Value of Type of
No. Name of Contract Signing Party
contract contract
General (EPC) Contract for the Survey, Design and Construction of Plot
Housing
19 CPPQ-A4-3 (Changling•Yaju Construction Project) in Huangpu District (黄埔区 The First Construction Co., Ltd. of China Construction Third Engineering Bureau 35.16
CPPQ-A4-3 地块项目(长岭•雅居建设项目)勘察设计施工总承包(EPC)合同)
construction
General (EPC) Contract for Infrastructure Supporting Project of Intelligent

Networked New Energy Vehicle Industrial Park in Longxing New Town, Liangjiang Housing
20 China Construction Eighth Engineering Division Corp., Ltd. 35.00
New Area (两江新区龙兴新城智能网联新能源汽车产业园基础设施配套项目EPC construction
总承包合同)
General Contract for the Design and Construction of Digital Economy Industrial Housing
21 China Construction First Group Corporation Limited 34.30
Park Project (数字经济产业园工程设计施工总承包合同) construction
Civil Construction Contract for Units 1# and 2# Nuclear Island and its BOP of
Pressurized Water Reactor Expansion Phase I Project of Huaneng Shidao Bay Infrastructure
22 China Construction Second Engineering Bureau Ltd. 34.26
Nuclear Power Development Co., Ltd. (华能石岛湾核电开发有限公司压水堆扩建 construction
一期工程 1#、2#机组核岛及其BOP土建施工合同)
EPC Contract for Phases II to IV of the Photovoltaic Industrial Park and
China Construction Fifth Engineering Division Corp., Ltd., The Second Construction Housing
23 Supporting Road Engineering in Langya District, Chuzhou (滁州市琅琊区光伏产 33.76
业园二～四期及配套道路工程设计采购施工总承包合同)
Engineering Co., Ltd. of China Construction Fifth Engineering Bureau construction
General Contract for Comprehensive Treatment and Green Industry China Construction Eighth Engineering Division Corp., Ltd., Southwest Construction
Transformation EOD Project of Key Coal Mining Subsidence Areas in Qijiang Engineering Co., Ltd. of China Construction Eighth Engineering Bureau (中建八局西南 Infrastructure
建设工程有限公司), Liang Jiang Construction Co., Ltd. of China Construction Eighth
24 33.50
District, Chongqing (重庆市綦江区全国重点采煤沉陷区综合治理及绿色产业转型 construction
EOD 项目工程总承包合同) Engineering Bureau (中建八局两江建设有限公司)
General Contract for the Construction of Shantytown Renovation Project (Plots 02
Housing
25 and 03) of Nanhua Village at Nan Yuan Subdistrict, Futian District (福田区南园街 China Construction Third Engineering Bureau Group Co., Ltd. 32.70
道南华村棚户区改造项目(02、03 地块)施工总承包工程合同)
construction
General Contract for EPC Project of Yixin New Energy Power Battery Production China Construction Second Engineering Bureau Ltd., China Southwest Architectural Housing
26 32.10
Base in Zhejiang (浙江义欣新能源动力电池生产基地项目EPC工程总承包合同) Design and Research Institute Corp., Ltd. construction
General (EPC) Contract for the Survey and Construction of Longkou Science and The First Construction Engineering Co., Ltd. of China Construction Eighth Engineering Housing
27 31.82
Technology Center Project (龙口科创中心项目勘察+工程总承包(EPC)合同) Bureau construction
General Contract for EPC Project of Jinghe Green Energy Clean Energy Industrial
China Construction Eighth Engineering Division Corp., Ltd., China Construction Third Infrastructure
28 Development Center (Industrial Development Engine Zone) Project (泾河绿能清洁 31.75
能源产业发展中心(产业发展引擎区)项目EPC工程总承包合同)
Engineering Bureau Group Co., Ltd. construction
Construction Contract for the First Section of General Contracting for the
New Construction Phase II Project of Collaborative Innovation Park at Jiangsu
Housing
29 University of Technology in Wujin Green Building Industrial Cluster Zone (江苏理工 China Construction Eighth Engineering Division Corp., Ltd. 30.72
学院武进绿建区协同创新园新建工程二期项目施工总承包一标段建设工程施工合
construction
同)
General Construction Contract for Landsea New Town Project (朗诗新城项目施 Housing
工总承包合同)
30 CSCEC4 Civil Engineering Co., Ltd. 30.00
construction
Construction Contract of New Energy Industrial Base and Supporting Facilities
Housing
31 Construction project in Wanzhi District (湾沚区新能源产业基地及配套设施建设工 China Construction Fourth Engineering Division Corp., Ltd. 30.00
程施工合同)
construction
Note: The contracts listed above are mainly sourced from the statistics of the contracts actually entered into by the Company as at the end of the
Reporting Period.
2. Major overseas business contracts during the Reporting Period
Unit: 100 million dollars Currency: USD

Value of
No. Name of Contract Signing Party Type of Contract
Contract
Contract for Site A Project of New Acute
1 China State Construction Engineering (Hong Kong) Limited 21.76 Housing construction
Hospital at Kai Tak Development Area
Singapore Office of China State Construction Engineering
2 Punggol Extension P103-Section 4.31 Infrastructure construction
Corporation Limited (中国建筑股份新加坡办事处)
China State Construction Engineering Corporation (Middle
3 CAVALLI CASA TOWER 2.40 Housing construction
East) (L.L.C)
Note: The contracts listed above are mainly sourced from the statistics of the contracts actually entered into by the Company as of the end of the
Reporting Period.

3. Newly-signed comprehensive credit facility contracts
Unit: 100 million yuan/dollars Currency: RMB/USD

Comprehensive
Name of comprehensive
No. Credit grantor Accredited party credit facility Credit period
credit facility contract
limit
Bank of China Limited (Beijing BOC China State Construction April 17, 2023
1 Credit facility limit contract RMB38.5 billion
Tower Sub-branch) Engineering Corporation Limited – April 10, 2024
BNP Paribas (China) Limited, Beijing China State Construction May 10, 2023
2 Credit facility limit contract USD0.15 billion
Branch Engineering Corporation Limited – permanent
Beijing Tsinghua East Road Sub-branch China State Construction May 25, 2023
3 Credit facility limit contract RMB4.7 billion
of China Guangfa Bank Co., Ltd. Engineering Corporation Limited – February 21, 2025
4. Newly-signed strategic cooperation and business cooperation agreements

No. Name of contract Signing date Contents of contract
Based on the overall planning of the People’ s Government
Strategic Cooperation of Zhangzhou, CSCEC’ s development and the principle of
Framework Agreement “complementary advantages, shared resources, mutual
between the People’ s benefit and win-win cooperation” , the two parties established
1 Government of Zhangzhou February 8, 2023 a long-term strategic partnership. The cooperation will mainly
and China State Construction cover: transportation infrastructure construction, urban
Engineering Corporation construction and development, ecological and environmental
Limited protection infrastructure construction, novel infrastructure
construction; and innovative industrial fields.
Based on the overall planning of the People’ s Government
Strategic Cooperation of Kunming, CSCEC’ s development and the principle of
Agreement between the “complementary advantages, shared resources, mutual
People’ s Government of benefit, enhanced cooperation and shared development” , the
2 February 16, 2023
Kunming and China State two parties established a long-term strategic partnership. The
Construction Engineering cooperation will mainly cover: urban infrastructure construction,
Corporation Limited water conservancy engineering, integrated urban development
and renewal and novel infrastructure construction.
Based on the overall planning of the ACWA Power, CSCEC’ s
development and the principle of“equality and mutual benefit,
Strategic Cooperation
Agreement between ACWA
complementary advantages, mutual respect and mutual trust” ,
3 Power and China State May 10, 2023
the two parties established a long-term strategic partnership.
Construction Engineering
The cooperation will mainly cover: joint project development,
Corporation Limited
general contracting cooperation and financing cooperation.
Based on the overall planning of China Anneng Construction
Strategic Cooperation Group Corporation Limited, CSCEC’s development and
Agreement between China the principle of “complementary advantages, long-term
Anneng Construction Group cooperation, win-win development as well as solidarity
4 Corporation Limited and May 12, 2023 and cooperation” , the two parties established a long-term
China State Construction strategic partnership. The cooperation will mainly cover:
Engineering Corporation market expansion and major project construction, innovative
Limited development, joint construction, cooperation in emergency
rescue and emergency industry, etc.
XII. Explanation on Other Material Matters

Applicable N/A

XIII. Index of Information Disclosure

During the Reporting Period, the Company published 74 documents on the website of the Shanghai Stock Exchange
(www.sse.com.cn), and related announcements were also published in the China Securities Journal, Shanghai
Securities News, Securities Daily, and Securities Times.
Date of
No. Matter
Disclosure
CSCEC: Announcement on the First Tranche of Unlocking in 2022 in Respect of Phase IV Restricted A
1 January 10, 2023
Share Incentive Scheme and Listing of Shares
CSCEC: Legal Opinions of King & Wood Mallesons on Relevant Matters regarding First Tranche of
2 Unlocking in 2022 in Respect of Phase IV Restricted A Share Incentive Scheme of China State Construction January 10, 2023
Engineering Corporation Limited
CSCEC: Legal Opinions of King & Wood Mallesons on Relevant Matters regarding Third Tranche of
3 Unlocking in 2022 in Respect of Phase III Restricted A Share Incentive Scheme of China State Construction January 12, 2023
CSCEC: Announcement on the Third Tranche of Unlocking in 2022 in Respect of Phase III Restricted A
4 January 12, 2023
Share Incentive Scheme and Listing of Shares
5 CSCEC: Briefings on Business from January to December 2022 January 13, 2023
6 CSCEC: Announcement on Significant Project February 1, 2023
CSCEC: Independent Opinions of Independent Directors on Huang Kesi’
s ceasing to be the Company’
s
7 February 8, 2023
Vice President
8 CSCEC: Announcement on Resolutions of the 31st Meeting of the Third Session of the Board of Directors February 8, 2023
9 CSCEC: Announcement on the Resignation of the Company’
s Senior Management February 8, 2023
10 CSCEC: Briefings on Business in January 2023 February 16, 2023
11 CSCEC: Announcement on Significant Project February 28, 2023
12 CSCEC: Briefings on Business from January to February 2023 March 13, 2023
13 CSCEC: Announcement on Significant Project March 30, 2023
14 CSCEC: Announcement on Resolutions of the 32nd Meeting of the Third Session of the Board of Directors March 31, 2023
15 CSCEC: 2022 Investor Protection Work Report March 31, 2023
CSCEC: Report on the Performance of Duties of the Audit and Risk Committee of the Board of Directors for
16 March 31, 2023
2022
17 CSCEC: Announcement on Resolutions of the 19th Meeting of the Third Session of the Board of Supervisors March 31, 2023
18 CSCEC: 2022 Work Report of Independent Directors March 31, 2023
19 CSCEC: Announcement on Convening 2022 Annual Results Meeting April 11, 2023
CSCEC: Independent Opinions of Independent Directors on 2022 Internal Control Evaluation Report of the
20 April 18, 2023
Company
CSCEC: Independent Opinions of Independent Directors on Re-appointment of the Company’
s Accounting
21 April 18, 2023
Firm for 2023
22 CSCEC: 2022 Annual Financial Statements and Audit Report April 18, 2023
CSCEC: Accounting Firm’
s Special Report on Occupation of Funds by Controlling Shareholder and Other
23 April 18, 2023
Related Parties
24 CSCEC: Special Explanation of the Accounting Firm on Related Transactions Involving Finance Companies April 18, 2023
25 CSCEC: Accounting Firm’
s Audit Report on the Company’
s Internal Control April 18, 2023
26 CSCEC: Announcement on Resolutions of the 20th Meeting of the Third Session of the Board of Supervisors April 18, 2023
27 CSCEC: 2022 Internal Control Evaluation Report April 18, 2023
28 CSCEC: Annual Report 2022 April 18, 2023
29 CSCEC: 2022 Sustainability Report April 18, 2023
CSCEC: Independent Opinions of Independent Directors on the Concurrent Appointment of Some Officers
30 April 18, 2023
of the Company as Officers of the Controlling Shareholder
CSCEC: Opinions of Independent Directors on Prior Approval of Re-appointment of the Company’
s
31 April 18, 2023
Accounting Firm for 2023
CSCEC: Independent Opinions of Independent Directors on the Remuneration of the Company’
s Senior
32 April 18, 2023
Management
33 CSCEC: Briefings on Business from January to March 2023 April 18, 2023
CSCEC: Independent Opinions of Independent Directors on the Company’
s Provision for Asset Impairment
34 April 18, 2023
for 2022

Date of
No. Matter
Disclosure
35 CSCEC: Announcement on Re-appointment of Accounting Firm for 2023 April 18, 2023
36 CSCEC: Summary of Annual Report 2022 April 18, 2023
CSCEC: Independent Opinions of Independent Directors on the Company’
s Related Party Transactions
37 April 18, 2023
involving China State Construction Finance Co., Ltd. in 2022
CSCEC: Special Explanation and Independent Opinions of Independent Directors on the Company’
s
38 April 18, 2023
External Guarantees for 2022
39 CSCEC: Report on Sustained Evaluation on Risks of China State Construction Finance Co., Ltd. April 18, 2023
40 CSCEC: Announcement on Resolutions of the 33rd Meeting of the Third Session of the Board of Directors April 18, 2023
CSCEC: Independent Opinions of Independent Directors on Proposed Additional External Guarantee Amount
41 April 18, 2023
of the Company in 2023
42 CSCEC: Independent Opinions of Independent Directors on the 2022 Profit Distribution Plan of the Company April 18, 2023
43 CSCEC: Announcement on Profit Distribution for 2022 April 18, 2023
44 CSCEC: Announcement on Proposed Additional External Guarantee Amount in 2023 April 18, 2023
45 CSCEC: Announcement on Asset Impairment Provision for 2022 April 18, 2023
46 CSCEC: Report of Q1 2023 April 28, 2023
47 CSCEC: Announcement on Resolutions of the 34th Meeting of the Third Session of the Board of Directors April 28, 2023
48 CSCEC: Announcement on Significant Project April 28, 2023
49 CSCEC: Announcement on Resolutions of the 21st Meeting of the Third Session of the Board of Supervisors April 28, 2023
50 CSCEC: Announcement on the Appointment of the Company’
s Vice President April 28, 2023
51 CSCEC: Notice on Convening the 2022 Annual General Meeting April 28, 2023
s Senior Management April 28, 2023
CSCEC: Independent Opinions of Independent Directors on the Appointment of Li Yongming as the
53 April 28, 2023
Company’ s Vice President
CSCEC: Independent Opinions of Independent Directors on Ma Zeping’
s Cessation to be the Company’
s
54 April 28, 2023
Vice President
55 CSCEC: Announcement on Addition of Provisional Proposals for the 2022 Annual General Meeting May 9, 2023
56 CSCEC: Statement of Independent Director Nominees May 9, 2023
57 CSCEC: Statement of Independent Director Candidates May 9, 2023
58 CSCEC: Announcement on Resolutions of the 35th Meeting of the Third Session of the Board of Directors May 9, 2023
CSCEC: Independent Opinion of the Independent Directors on the Nomination of Independent Directors
59 May 9, 2023
Candidates for the Third Session of the Board of Directors of the Company
60 CSCEC: Information on the 2022 Annual General Meeting May 13, 2023
61 CSCEC: Announcement on Resignation of Independent Director May 18, 2023
62 CSCEC: Announcement on Resolutions of the 2022 Annual General Meeting May 20, 2023
CSCEC: Announcement on Decrease in Registered Capital of the Company after Repurchase and
63 May 20, 2023
Cancellation of Part of Phases III and IV Restricted Shares and Notice to Creditors
CSCEC: Legal Opinions of King & Wood Mallesons on the 2022 Annual General Meeting of China State
64 May 20, 2023
Construction Engineering Corporation Limited
65 CSCEC: Briefings on Business from January to April 2023 May 20, 2023
66 CSCEC: Regulations on External Guarantee Management (Revised in May 2023) May 20, 2023
67 CSCEC: Announcement on Resolutions of the 36th Meeting of the Third Session of the Board of Directors May 24, 2023
68 CSCEC: Announcement on Significant Project May 27, 2023
s Senior Management June 6, 2023
70 CSCEC: Announcement on Resolutions of the 37th Meeting of the Third Session of the Board of Directors June 6, 2023
CSCEC: Independent Opinions of Independent Directors on Mr. Zhou Yong’
s Cessation to be the
71 June 6, 2023
Company’ s Vice President
72 CSCEC: Briefings on Business from January to May 2023 June 17, 2023
73 CSCEC: Announcement on Implementing Rights and Interests Distribution for 2022 June 21, 2023
74 CSCEC: Announcement on Significant Project June 29, 2023

SECTION VII
CHANGES IN SHARES AND SHAREHOLDERS
I. Changes in Share Capital

(I) Table of changes in shares
1. Table of changes in shares
As at the end of the Reporting Period, the changes in the Company’

s share capital structure are as follows:
Unit: Share(s)
Before the change Increase/decrease (+,-) After the change
Percentage Issue of Bonus Conversion Percentage
Number Others Subtotal Number
(%) new shares issue from reserve (%)
I. Shares subject to trading moratorium 1,099,066,000 2.62 -485,023,600 -485,023,600 614,042,400 1.46
1. State-owned shares
2. Shares held by state-owned legal persons
3. Shares held by other domestic shareholders 1,099,066,000 2.62 -485,023,600 -485,023,600 614,042,400 1.46
Including: Shares held by domestic non-state-
owned legal persons
Shares held by domestic natural persons 1,099,066,000 2.62 -485,023,600 -485,023,600 614,042,400 1.46
4. Shares held by foreign shareholders
Including: Shares held by overseas legal persons
Shares held by overseas natural persons
II. Circulating shares not subject to trading moratorium 40,835,366,844 97.38 485,023,600 485,023,600 41,320,390,444 98.54
1. RMB ordinary shares 40,835,366,844 97.38 485,023,600 485,023,600 41,320,390,444 98.54
2. Domestic listed foreign shares
3. Overseas listed foreign shares
4. Others
III. Total number of shares 41,934,432,844 100 0 0 41,934,432,844 100.00
INTERIM REPORT 2023

SECTION VII CHANGES IN SHARES AND SHAREHOLDERS
61
2. Explanation on changes in shares
Applicable N/A
As at the end of the Reporting Period, there were two changes in the Company’
s shares, which were caused by the
Company’
s unlocking of restricted shares, repurchase and cancellation of some restricted shares. The details are as follows:
(1) The Company completed the unlocking of the first tranche of 300,057,600 restricted shares in 2022 under the
Phase IV restricted A share incentive scheme, converting circulating shares subject to trading moratorium to circulating
shares not subject to trading moratorium. The total share capital of the Company amounted to 41,934,432,844 shares.
For details, please refer to the Announcement on the First Tranche of Unlocking in 2022 in Respect of Phase IV
Restricted A Share Incentive Scheme and Listing of Shares published by the Company on January 10, 2023.
(2) The Company completed the unlocking of the third tranche of 184,966,000 restricted shares in 2022 under the
Phase III restricted A share incentive scheme, converting circulating shares subject to trading moratorium to circulating
shares not subject to trading moratorium. The total share capital of the Company amounted to 41,934,432,844 shares.
For details, please refer to the Announcement on the Third Tranche of Unlocking in 2022 in Respect of Phase III
Restricted A Share Incentive Scheme and Listing of Shares published by the Company on January 12, 2023.
3. The impact, if any, of changes in shares between the end of the Reporting Period and the date of disclosure
of this Interim Report on financial indicators such as earnings per share and net asset per share
Applicable N/A
Between the end of the Reporting Period and the date of disclosure of this Interim Report, there was one change in the
Company's shares, which was attributable to the repurchase and cancellation of partial restricted shares. The Company
completed the repurchase from the participants and cancellation of 14,918,400 restricted shares that were not eligible
for unlocking. After the completion of the repurchase and cancellation, the registered capital (and share capital) of the
Company was decreased by RMB14,918,400 (and 14,918,400 shares) to RMB41,919,514,444 (and 41,919,514,444
shares). For details, please refer to the Announcement on Implementation of Repurchase and Cancellation of Part of
Restricted Shares under the Equity Incentive Scheme published by the Company on July 28, 2023. The impact of the
above changes in the Company’
s shares on the relevant financial indicators is as follows:
Unit: Yuan Currency: RMB

Financial indicators Restricted shares cancellations considered Restricted shares cancellations not considered
Earnings per share 0.70 0.70
Net asset per share 9.37 9.36
4. Other disclosures that the Company deemed necessary or were required by securities regulatory
authorities
Applicable N/A
(II) Changes in shares subject to trading moratorium

Applicable N/A
Unit: Share(s)
Number of shares Number of new Number of shares
Number of Shares
subject to trading shares subject to subject to trading Date of release
released from trading Reason for the
Name of shareholder moratorium at the trading moratorium moratorium as at the from trading
moratorium for the trading moratorium
beginning of the for the Reporting end of the Reporting moratorium
Reporting Period
Reporting Period Period Period
Participants of restricted During the trading
1,099,066,000 -485,023,600 0 614,042,400 /
share incentive scheme moratorium period
Total 1,099,066,000 -485,023,600 0 614,042,400 / /
For details, please refer to“2. Explanation on changes in shares”in“(I) Table of changes in shares”in“I. Changes in
Share Capital”under Section VII“CHANGES IN SHARES AND SHAREHOLDERS”
.

II. Shareholders
(I) Total number of shareholders
Total number of ordinary shareholders as at the end of the Reporting Period 403,661
Total number of preference shareholders with voting rights restored as at the end of the Reporting Period /
(II) Shareholding of top 10 shareholders, top 10 shareholders of circulating shares (or shares
not subject to trading moratorium) as at the end of the Reporting Period
Unit: Share(s)
Shareholding of the top 10 shareholders
Number of Pledged or frozen
Increase/ Number of shares
shares held
decrease during held as at the end Percentage Nature of
Name of shareholder (full name) subject
the Reporting of the Reporting (%) Status Number shareholder
to trading
Period Period
moratorium
China State Construction Engineering State-owned
0 23,630,695,997 56.35 0 Nil 0
Corporation legal person
Hong Kong Securities Clearing Company
-329,771,299 1,838,206,362 4.38 0 Nil 0 Others
Limited
China Securities Finance Corporation
0 1,258,300,898 3.00 0 Nil 0 Others
Limited
State-owned
Central Huijin Asset Management Ltd. 0 583,327,120 1.39 0 Nil 0
legal person
China Life Insurance Company Limited –
Traditional – General Insurance Products – 129,999,865 256,037,583 0.61 0 Nil 0 Others
005L – CT001 Hu
National Social Security Fund Portfolio 413 0 197,990,036 0.47 0 Nil 0 Others
Industrial & Commercial Bank of China –
Securities
SSE 50 Exchange Traded Open-end Index 1,066,700 180,720,963 0.43 0 Nil 0
investment fund
Securities Investment Fund
Bank of Communications Co., Ltd. – E
Securities
Fund SSE 50 Index Enhanced Securities 8,999,960 131,093,386 0.31 0 Nil 0
investment fund
Investment Fund
Bank of Ningbo Co., Ltd. – Zhongtai
Securities
Xingyuan Value Selected Flexible Allocation -49,104,602 112,399,642 0.27 0 Nil 0
investment fund
Mixed Securities Investment Fund
Bank of Communications Co., Ltd. – GF
Securities
CSI Infrastructure Project Traded Open-end -21,896,040 112,079,100 0.27 0 Nil 0
investment fund
Index ETF Securities Investment Fund

Shareholdings of the top 10 holders of shares not subject to trading moratorium

Number of Class and number of shares
circulating shares
Name of shareholder
not subject to Class Number
trading moratorium
China State Construction Engineering Corporation 23,630,695,997 RMB ordinary shares 23,630,695,997
Hong Kong Securities Clearing Company Limited 1,838,206,362 RMB ordinary shares 1,838,206,362
China Securities Finance Corporation Limited 1,258,300,898 RMB ordinary shares 1,258,300,898
Central Huijin Asset Management Ltd. 583,327,120 RMB ordinary shares 583,327,120
China Life Insurance Company Limited – Traditional –
256,037,583 RMB ordinary shares 256,037,583
General Insurance Products – 005L – CT001 Hu
National Social Security Fund Portfolio 413 197,990,036 RMB ordinary shares 197,990,036
Industrial & Commercial Bank of China – SSE 50
Exchange Traded Open-end Index Securities Investment 180,720,963 RMB ordinary shares 180,720,963
Fund
Bank of Communications Co., Ltd. – E Fund SSE 50 Index
131,093,386 RMB ordinary shares 131,093,386
Enhanced Securities Investment Fund
Bank of Ningbo Co., Ltd. – Zhongtai Xingyuan Value
Selected Flexible Allocation Mixed Securities Investment 112,399,642 RMB ordinary shares 112,399,642
Fund
Bank of Communications Co., Ltd. – GF CSI Infrastructure
Project Traded Open-end Index ETF Securities Investment 112,079,100 RMB ordinary shares 112,079,100
Fund
Descriptions on special repurchase accounts among the
N/A
top 10 shareholders
Descriptions on entrusting, being entrusted with or waiving
N/A
voting rights by the above shareholders
There is no related relationship or action in concert between China
State Construction Engineering Corporation, the largest shareholder
Descriptions on the related relationship or acts in concert
of the Company, and any other shareholders mentioned above. The
of the above shareholders
Company is not aware of any related relationship among the above
shareholders, or whether they are parties acting in concert.
Descriptions on the preference shareholders with voting
N/A
rights restored and number of shares held
Number of shares held by the top 10 holders of shares subject to trading moratorium and trading conditions
Applicable N/A
(III) Strategic investors or general legal persons becoming the top 10 shareholders as a result
of new share placement
Applicable N/A

III. Directors, Supervisors and Officers

(I) Changes in shareholdings of incumbent and resigned directors, supervisors and officers
during the Reporting Period
Applicable N/A
Unit: 0,000 shares

Number
Number of
of shares Changes in
shares held
held at the shares during Reason for
Name Position at the end of
beginning of the Reporting changes
the Reporting
the Reporting Period
Period
Period
Zheng Xuexuan Chairman 50.4 50.4 0 /
Zhang Zhaoxiang Director President 0 0 0 /
Shan Guangxiu Director 122.046 122.046 0 /
Ma Wangjun Independent director 0 0 0 /
Jia Chen Independent director 0 0 0 /
Sun Chengming Independent director 0 0 0 /
Li Ping Independent director 0 0 0 /
Chairman of the Board
Shi Zhiping 23.8 23.8 0 /
of Supervisors
Li Jianbo Supervisor 44.8 44.8 0 /
Tian Shifang Supervisor 15.4 15.4 0 /
Employee representative
Lv Xiaogang 16.7 16.7 0 /
supervisor
Qu Hongguang 0 0 0 /
supervisor
Vice president
Wang Yunlin Chief financial officer 0 0 0 /
General counsel
Zhao Xiaojiang Vice president 0 0 0 /
Reduction of
Li Yongming Vice president 153.0 48.0 -105.0 shareholding before
becoming an officer
Secretary to the Board
Xue Keqing 201.9 201.9 0 /
of Directors
Former independent
Xu Wenrong 0 0 0 /
director
Ma Zeping Former vice president 50.4 50.4 0 /
Zhou Yong Former vice president 83.7 83.7 0 /
Huang Kesi Former vice president 134.716 134.716 0 /
Other explanation
Applicable N/A
During the Reporting Period, Mr. Li Yongming was appointed as the vice president of the Company with effect from
April 27, 2023, as considered and approved at the 34th meeting of the third session of the Board of Directors of the
Company. Prior to his appointment as vice president, Mr. Li Yongming reduced his shareholding in the Company by
1,050,000 shares and there were no matters that should have been disclosed but were not disclosed.

(II) Stock options granted to directors, supervisors and officers during the Reporting Period
Applicable N/A
Unit: 0,000 shares

Number of Number
Number of
restricted of newly
restricted
shares granted
shares
held at the restricted Unlocked Locked
Name Position held at the
beginning shares shares shares
end of the
of the during the
Reporting
Reporting Reporting
Period
Period Period
Zheng Xuexuan Chairman 0 0 0 0 0
Director
Zhang Zhaoxiang 0 0 0 0 0
President
Shan Guangxiu Director 16 0 16 0 0
Ma Wangjun Independent director 0 0 0 0 0
Jia Chen Independent director 0 0 0 0 0
Sun Chengming Independent director 0 0 0 0 0
Li Ping Independent director 0 0 0 0 0
Chairman of the Board of
Shi Zhiping 0 0 0 0 0
Supervisors
Li Jianbo Supervisor 0 0 0 0 0
Tian Shifang Supervisor 0 0 0 0 0
Lv Xiaogang 0 0 0 0 0
supervisor
Qu Hongguang 0 0 0 0 0
supervisor
Vice president
Wang Yunlin Chief financial officer 0 0 0 0 0
General counsel
Zhao Xiaojiang Vice president 0 0 0 0 0
Li Yongming Vice president 85 0 37 48 48
Secretary to the Board of
Xue Keqing 88 0 40 48 48
Directors
Former independent
Xu Wenrong 0 0 0 0 0
director
Ma Zeping Former vice president 0 0 0 0 0
Zhou Yong Former vice president 16 0 16 0 0
Huang Kesi Former vice president 16 0 16 0 0
Total / 221 0 125 96 96
(III) Other explanation

Applicable N/A
IV. Changes in Controlling Shareholders or De Facto Controller

Applicable N/A

SECTION VIII INFORMATION ON PREFERENCE SHARES
SECTION VIII
INFORMATION ON PREFERENCE SHARES
Applicable N/A

SECTION IX INFORMATION ON BONDS
SECTION IX
INFORMATION ON BONDS
I. Enterprise Bonds, Corporate Bonds and Non-financial Enterprise Debt

Financing Instruments
Applicable N/A
(I) Enterprise bonds

Applicable N/A
(II) Corporate bonds

Applicable N/A
1. Basic information of corporate bonds
The Company’
s countermeasures to the risks of termination of listing and trading of bonds
Applicable N/A
Outstanding bonds overdue
Applicable N/A
Explanation on debts overdue
Applicable N/A
2.
The triggering and implementation of the issuer’s or investor’s option clauses and investor
protection clauses
Applicable N/A
3. Adjustment of credit rating results
Applicable N/A
Other explanation
Nil
4. The implementation and changes of guarantees, debt repayment plans and other debt repayment
protection measures during the Reporting Period and their impact
Applicable N/A
Other explanation
Nil

5. Explanation of other information of corporate bonds
Applicable N/A
The issuance of subsisting corporate bonds by subsidiaries as at the date of this Interim Report is as follows:
Issuance of Subsisting Corporate Bonds by Subsidiaries

Interest Principal
Issue size/ Interest rate
No. Name of bond Abbreviation Date of issuance commencement Maturity date repayment and
current size (%)
date interest payment
5.35% USD guaranteed notes due in 2042 of China Overseas Land &
1 CHINA OVS N4211 November 15, 2012 November 15, 2012 November 15, 2042 2,175,690.00 5.35 Normal
Investment Ltd.
2 CHINA OVS N2310 October 29, 2013 October 29, 2013 October 29, 2023 3,626,150.00 5.375 Normal
Investment Ltd.
3 CHINA OVS N4310 October 29, 2013 October 29, 2013 October 29, 2043 3,626,150.00 6.375 Normal
Investment Ltd.
4 CHINA OVS N2405 May 8, 2014 May 8, 2014 May 8, 2024 5,076,610.00 5.95 Normal
Investment Ltd.
5 CHINA OVS N3406 June 11, 2014 June 11, 2014 June 11, 2034 3,626,150.00 6.45 Normal
Investment Ltd.
2016 corporate bonds (Tranche 1) of China Overseas Property Group
6 16 China Overseas 01 August 22, 2016 August 23, 2016 August 23, 2026 1,900,000.00 3.60 Normal
Co., Ltd. publicly issued
3.5% USD guaranteed notes due in 2027 of China State Construction
7 CSCEC II N2707 July 5, 2017 July 5, 2017 July 5, 2027 3,626,150.00 3.50 Normal
3.875% USD guaranteed notes due in 2027 of China State Construction
8 CSCFIN II N2711 November 29, 2017 November 29, 2017 November 29, 2027 1,813,075.00 3.875 Normal
International Holdings Limited
9 CHINA OVS N2804 April 26, 2018 April 26, 2018 April 26, 2028 5,439,225.00 4.75 Normal
Investment Ltd.
2019 corporate bonds (Tranche 1) (Variety 2) of China Overseas
10 19 China Overseas 02 January 23, 2019 January 24, 2019 January 24, 2026 1,500,000.00 3.75 Normal
Property Group Co., Ltd. publicly issued to qualified investors
3.45% USD medium-term notes due in 2029 of China Overseas Land &
11 CHINA OVS N2907 July 15, 2019 July 15, 2019 July 15, 2029 3,263,535.00 3.45 Normal
Investment Ltd.
2.9% HKD medium-term notes due in 2025 of China Overseas Land &
12 CHINA OVS N2501 July 15, 2019 July 15, 2019 January 15, 2025 1,850,900.00 2.90 Normal
Investment Ltd.
13 CHINA OVS N2911 November 27, 2019 November 27, 2019 November 27, 2029 2,132,176.20 3.05 Normal
Investment Ltd.
4% perpetual bonds of China State Construction International Holdings
14 CSCFIN III SGPS December 3, 2019 December 3, 2019 December 3, 2024 3,626,150.00 4.00 Normal
Limited
2.375% USD medium-term notes due in 2025 of China Overseas Land
15 CHINA OVS N2503 March 2, 2020 March 2, 2020 March 2, 2025 2,175,690.00 2.375 Normal
& Investment Ltd.
Investment Ltd.
3.125% USD medium-term notes due in 2035 of China Overseas Land
& Investment Ltd.
INTERIM REPORT 2023

69
70
Interest Principal
current size (%)
2020 renewable corporate bonds (Tranche 1) of China Construction
18 20 China Construction G1 Y1 September 4, 2020 September 7, 2020 September 7, 2023 1,500,000.00 4.30 Normal
First Group Corporation Limited publicly issued
19 20 China Construction G1 Y2 September 23, 2020 September 24, 2020 September 24, 2023 1,500,000.00 4.40 Normal
First Group Corporation Limited publicly issued
20 20 CCSI Y1 October 26, 2020 October 27, 2020 October 26, 2023 900,000.00 5.60 Normal
Science and Industry Corporation Ltd. publicly issued
21 20 China Overseas 03 November 6, 2020 November 9, 2020 November 9, 2023 2,400,000.00 3.40 Normal
Development Group Co., Ltd. publicly issued to professional investors
22 20 CCSI Y2 December 22, 2020 December 23, 2020 December 22, 2023 600,000.00 5.80 Normal
Science and Industry Corporation Ltd. publicly issued
3.4% perpetual bonds of China State Construction International
23 CSC FIN SGPSB June 8, 2021 June 8, 2021 June 8, 2026 3,626,150.00 3.40 Normal
Holdings Limited
24 21 China Overseas 01 June 11, 2021 June 15, 2021 June 15, 2024 2,000,000.00 3.25 Normal
25 21 China Overseas 02 June 11, 2021 June 15, 2021 June 15, 2026 1,000,000.00 3.55 Normal
26 21 China Overseas 04 July 9, 2021 July 12, 2021 July 12, 2025 2,000,000.00 3.25 Normal
27 21 China Overseas 06 August 6, 2021 August 9, 2021 August 9, 2028 1,500,000.00 3.25 Normal
28 21 China Construction G1 Y1 November 10, 2021 November 12, 2021 November 12, 2024 1,000,000.00 3.48 Normal
First Group Corporation Limited publicly issued to professional investors

2021 renewable corporate bonds (Tranche 1) (Variety 1) of China
31 Construction Fangcheng Investment & Development Group Co., Ltd. 21 Fangcheng Y1 December 7, 2021 December 8, 2021 December 8, 2023 500,000.00 3.80 Normal
publicly issued to professional investors
2021 renewable corporate bonds (Tranche 1) (Variety 2) of China
32 Construction Fangcheng Investment & Development Group Co., Ltd. 21 Fangcheng Y2 December 7, 2021 December 8, 2021 December 8, 2024 1,200,000.00 4.25 Normal
publicly issued to professional investors
33 21 China Overseas 09 December 17, 2021 December 20, 2021 December 20, 2024 1,300,000.00 2.98 Normal
34 21 China Overseas 10 December 17, 2021 December 20, 2021 December 20, 2026 800,000.00 3.38 Normal
Interest Principal
current size (%)
2021 green renewable corporate bonds of China Construction Science
35 G CCST Y1 December 24, 2021 December 28, 2021 December 28, 2024 300,000.00 4.3 Normal
& Technology Group Co., Ltd. publicly issued to professional investors
36 22 China Overseas 01 April 6, 2022 April 7, 2022 April 7, 2025 2,000,000.00 3.05 Normal
37 22 China Overseas 02 April 6, 2022 April 7, 2022 April 7, 2027 1,000,000.00 3.50 Normal
2022 corporate bonds (Tranche 1) of China Construction Capital
38 22 Capital Holding 01 April 27, 2022 April 27, 2022 April 27, 2025 1,000,000.00 3.3 Normal
Holdings Co., Ltd. publicly issued to professional investors
39 22 China Overseas 03 May 9, 2022 May 10, 2022 May 10, 2025 1,500,000.00 2.75 Normal
40 22 China Overseas 04 May 9, 2022 May 10, 2022 May 10, 2027 1,500,000.00 3.48 Normal
41 22 China Overseas 05 September 19, 2022 September 20, 2022 September 20, 2025 1,000,000.00 2.40 Normal
42 22 China Overseas 06 September 19, 2022 September 20, 2022 September 20, 2027 500,000.00 3.15 Normal
2023 corporate bonds (Tranche 1) of China Construction Fangcheng
45 Investment & Development Group Co., Ltd. publicly issued to 23 Fangcheng 01 March 24, 2023 March 28, 2023 March 28, 2026 800,000.00 3.38 Normal
professional investors
2023 technology and innovation renewable corporate bonds (Tranche 1)
46 of China Construction Second Engineering Bureau Ltd. publicly issued China Construction G2 YK01 June 16, 2023 June 20, 2023 June 20, 2026 1,700,000.00 3.32 Normal
to professional investors
2023 green corporate bonds (Tranche 1) of China State Construction
23 China Construction
47 International Investments Limited publicly issued to professional August 18, 2023 August 22, 2023 August 22, 2026 1,100,000.00 2.88 Normal
International Investments G1
investors
INTERIM REPORT 2023

71
72
(III) Debt financing instruments of non-financial enterprises in the interbank bond market
Applicable N/A
1. Basic information of debt financing instruments of non-financial enterprises

Arrangement Whether there
Interest Method of principal
Date of Interest rate Venue of to ensure the Trading is a risk of
No. Name of bond Abbreviation Code commencement Maturity date Balance repayment and interest
issuance (%) trading suitability of mechanism termination of
date payment
investors (if any) the listing
2023 medium-term notes Payment of interest on
Bidding, quotation,
(Tranche 1) of China State an annual basis with Inter-bank bond
1 23 CSCEC MTN001 102300386 June 19, 2023 June 21, 2023 June 21, 2026 3,000,000.00 3.24 / inquiry and No
Construction Engineering redemption option on market
agreement
Corporation Limited redemption date

Bidding, quotation,
2 23 CSCEC MTN002 102381653 July 11, 2023 July 13, 2023 July 13, 2026 3,000,000.00 3.14 / inquiry and No
agreement
Bidding, quotation,
3 23 CSCEC MTN003 102382053 August 10, 2023 August 14, 2023 August 14, 2026 3,000,000.00 3.08 / inquiry and No
agreement
For relevant details, please refer to Note V. 46“Other equity instruments”and Note XIII.“Events after the balance sheet date”to the financial statements under
Section X“FINANCIAL REPORT”and other relevant information.

The Company’
s countermeasures to the risks of termination of listing and trading of bonds
Applicable N/A
Outstanding bonds overdue
Applicable N/A
Explanation on debts overdue
Applicable N/A
2.
The triggering and implementation of the issuer’s or investor’s option clauses and investor
protection clauses
Applicable N/A
3. Adjustment of credit rating results
Applicable N/A
Other explanation
Nil
4. The implementation and changes of guarantees, debt repayment plans and other debt repayment
protection measures during the Reporting Period and their impact
Applicable N/A
Other explanation
Nil

74
5. Explanation of other information of debt financing instruments of non-financial enterprises
Applicable N/A
The issuance of debt financing instruments of subsisting non-financial institutions by subsidiaries as at the date of this Interim Report is as follows:
Issuance of Subsisting Debt Financing Instruments of Non-financial Institutions by Subsidiaries

Repayment
Interest
Issue size/ Interest of principal
No. Name of bond Abbreviation Date of issuance commencement Maturity date
current size rate (%) and interest
date
payment
1 Tranche 1 of medium-term note of China Construction First Group Corporation Limited in 2018 (Variety II) 18 China Construction First Group MTN001B December 5, 2018 December 7, 2018 December 7, 2023 500,000.00 5.50 Normal
2 Tranche 1 of medium-term note of China Construction Communications Engineering Group Co., Ltd. in 2019 19 China Construction Communications MTN001 April 10, 2019 April 12, 2019 April 12, 2024 300,000.00 4.75 Normal
3 Tranche 1 of medium-term note of China Construction Eighth Engineering Division Corp., Ltd. in 2020 20 China Construction Eighth Division MTN001 June 11, 2020 June 15, 2020 June 11, 2025 2,000,000.00 4.04 Normal
4 Tranche 1 of medium-term note of China Construction Sixth Engineering Bureau Corp., Ltd. in 2020 20 China Construction Sixth Bureau MTN001 September 3, 2020 September 7, 2020 September 7, 2023 600,000.00 5.60 Normal
5 Tranche 1 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2020 20 China Construction Second Bureau MTN001 September 29, 2020 September 30, 2020 September 30, 2023 1,500,000.00 4.80 Normal
6 Tranche 1 of medium-term note of China Construction Fourth Engineering Division Corp., Ltd. in 2020 20 China Construction Fourth Division MTN001 October 19, 2020 October 21, 2020 October 21, 2023 1,500,000.00 5.10 Normal
7 Tranche 2 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2020 20 China Construction Second Bureau MTN002 October 26, 2020 October 28, 2020 October 28, 2023 1,000,000.00 4.78 Normal
8 Tranche 1 of RMB medium-term note of China State Construction International Investments Limited in 2020 20 China Construction Investments MTN001 October 26, 2020 October 28, 2020 October 28, 2023 500,000.00 3.45 Normal
9 Tranche 2 of medium-term note of China Construction Sixth Engineering Bureau Corp., Ltd. in 2020 20 China Construction Sixth Bureau MTN002 October 27, 2020 October 29, 2020 October 29, 2023 700,000.00 5.00 Normal
10 Tranche 2 of medium-term note of China Construction Third Engineering Bureau Group Co., Ltd. in 2020 20 China Construction Third Bureau MTN002 October 27, 2020 October 28, 2020 October 28, 2023 1,500,000.00 4.50 Normal
11 Tranche 1 of medium-term note of CSCEC Strait Construction and Development Co., Ltd. in 2020 20 CSCEC Strait MTN001 November 3, 2020 November 5, 2020 November 5, 2023 1,000,000.00 4.85 Normal
12 Tranche 2 of medium-term note of China Construction Fourth Engineering Division Corp., Ltd. in 2020 20 China Construction Fourth Division MTN002 November 3, 2020 November 5, 2020 November 5, 2023 2,500,000.00 5.05 Normal

13 Tranche 3 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2020 20 China Construction Second Bureau MTN003 November 4, 2020 November 6, 2020 November 6, 2023 1,000,000.00 4.60 Normal
14 Tranche 3 of medium-term note of China Construction Third Engineering Bureau Group Co., Ltd. in 2020 (Variety II) 20 China Construction Third Bureau MTN003B November 11, 2020 November 12, 2020 November 12, 2023 1,200,000.00 4.45 Normal
15 Tranche 4 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2020 (Variety II) 20 China Construction Second Bureau MTN004B November 25, 2020 November 27, 2020 November 27, 2023 1,000,000.00 4.89 Normal
16 Tranche 1 of medium-term note of China Overseas Development Group Co., Ltd. in 2020 20 China Overseas Development MTN001 December 10, 2020 December 14, 2020 December 14, 2023 1,500,000.00 3.60 Normal
17 Tranche 1 of medium-term note of China Construction Third Engineering Bureau Group Co., Ltd. in 2020 20 China Construction Third Bureau MTN001 December 21, 2020 December 22, 2020 December 22, 2023 2,000,000.00 4.70 Normal
18 Tranche 1 of medium-term note of China Overseas Development Group Co., Ltd. in 2021 21 China Overseas Development MTN001 January 13, 2021 January 15, 2021 January 15, 2024 1,500,000.00 3.35 Normal
19 Tranche 1 of medium-term note of China Construction Eighth Engineering Division Corp., Ltd. in 2021 21 China Construction Eighth Division MTN001 March 19, 2021 March 23, 2021 March 19, 2024 3,000,000.00 4.48 Normal
20 Tranche 1 of medium-term note of China State Construction International Investments Limited in 2021 21 China Construction Investments MTN001 May 27, 2021 May 31, 2021 May 31, 2024 1,000,000.00 3.52 Normal
21 Tranche 1 of medium-term note of China West Construction Group Co., Ltd. in 2021 21 China West Construction MTN001 August 18, 2021 August 20, 2021 August 20, 2024 700,000.00 3.35 Normal
22 Tranche 1 of medium-term note of China Construction Industrial & Energy Engineering Group Co., Ltd. in 2021 21 China Construction Industrial & Energy MTN001 August 20, 2021 August 24, 2021 August 24, 2024 300,000.00 4.96 Normal
Repayment
Interest
date
payment
23 Tranche 1 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2021 21 China Construction Second Bureau MTN001 August 30, 2021 September 1, 2021 September 1, 2024 1,500,000.00 3.56 Normal
24 Tranche 1 of medium-term note of China Construction Fifth Engineering Division Corp., Ltd. in 2021 21 China Construction Fifth Division MTN001 September 27, 2021 September 28, 2021 September 28, 2024 2,000,000.00 3.80 Normal
25 Tranche 1 of medium-term note of China Construction Fourth Engineering Division Corp., Ltd. in 2021 21 China Construction Fourth Division MTN001 October 25, 2021 October 27, 2021 October 27, 2024 1,000,000.00 4.30 Normal
26 Tranche 2 of medium-term note of China Construction Fourth Engineering Division Corp., Ltd. in 2021 21 China Construction Fourth Division MTN002 November 15, 2021 November 17, 2021 November 17, 2024 2,000,000.00 4.18 Normal
27 Tranche 1 of medium-term note of China Construction Seventh Engineering Division Corp., Ltd. in 2021 21 China Construction Seventh Division MTN001 November 17, 2021 November 19, 2021 November 19, 2024 1,500,000.00 3.60 Normal
28 Tranche 2 of medium-term note of China Construction Fifth Engineering Division Corp., Ltd. in 2021 21 China Construction Fifth Division MTN002 November 24, 2021 November 26, 2021 November 26, 2024 2,500,000.00 3.60 Normal
29 Tranche 2 of medium-term note of China West Construction Group Co., Ltd. in 2021 21 China West Construction MTN002 December 1, 2021 December 3, 2021 December 3, 2024 600,000.00 4.30 Normal
32 Tranche 1 of medium-term note of China Construction Infrastructure Co., Ltd. in 2021 21 China Construction MTN001 December 9, 2021 December 13, 2021 December 13, 2024 500,000.00 3.80 Normal
33 Tranche 3 of medium-term note of China Construction Fourth Engineering Division Corp., Ltd. in 2021 (Variety I) 21 China Construction Fourth Division MTN003A December 20, 2021 December 20, 2021 December 20, 2026 1,000,000.00 3.30 Normal
34 Tranche 3 of medium-term note of China Construction Fourth Engineering Division Corp., Ltd. in 2021 (Variety II) 21 China Construction Fourth Division MTN003B December 20, 2021 December 20, 2021 December 20, 2026 1,000,000.00 3.95 Normal
35 Tranche 2 of medium-term note of China State Construction International Investments Limited in 2021 21 China Construction Investments MTN002 December 27, 2021 December 29, 2021 December 29, 2024 1,500,000.00 3.10 Normal
36 Tranche 1 of medium-term note of China Overseas Development Group Co., Ltd. in 2022 (Variety I) 22 China Overseas Development MTN001A January 12, 2022 January 14, 2022 January 14, 2025 1,800,000.00 2.88 Normal
37 Tranche 1 of medium-term note of China Overseas Development Group Co., Ltd. in 2022 (Variety II) 22 China Overseas Development MTN001B January 12, 2022 January 14, 2022 January 14, 2027 1,200,000.00 3.25 Normal
38 Tranche 2 of green medium-term note of China Overseas Development Group Co., Ltd. in 2022 22 China Overseas Development MTN002 (green) February 21, 2022 February 23, 2022 February 23, 2027 1,000,000.00 3.22 Normal
39 Tranche 1 of green medium-term note of China State Construction International Investments Limited in 2022 22 China Construction Investments MTN001 (green) March 31, 2022 April 2, 2022 April 2, 2025 960,000.00 2.98 Normal
40 Tranche 2 of medium-term note of China State Construction International Investments Limited in 2022 22 China Construction Investments MTN002 April 25, 2022 April 27, 2022 April 27, 2025 1,500,000.00 3.09 Normal
41 Tranche 3 of medium-term note of China Overseas Development Group Co., Ltd. in 2022 (Variety I) 22 China Overseas Development MTN003A May 25, 2022 May 27, 2022 May 27, 2025 2,000,000.00 2.63 Normal
42 Tranche 3 of medium-term note of China Overseas Development Group Co., Ltd. in 2022 (Variety II) 22 China Overseas Development MTN003B May 25, 2022 May 27, 2022 May 27, 2027 1,000,000.00 3.10 Normal
43 Tranche 4 of medium-term note of China Overseas Development Group Co., Ltd. in 2022 22 China Overseas Development MTN004 July 21, 2022 July 25, 2022 July 25, 2027 2,000,000.00 3.26 Normal
44 Tranche 3 of medium-term note of China State Construction International Investments Limited in 2022 22 China Construction Investments MTN003 August 17, 2022 August 19, 2022 August 19, 2027 1,040,000.00 2.70 Normal
45 Tranche 5 of medium-term note of China Overseas Development Group Co., Ltd. in 2022 22 China Overseas Development MTN005 October 25, 2022 October 27, 2022 October 27, 2027 1,000,000.00 2.85 Normal
46 Tranche 1 of medium-term note of China Construction Seventh Engineering Division Corp., Ltd. in 2022 22 China Construction Seventh Division MTN001 October 26, 2022 October 28, 2022 October 28, 2025 1,500,000.00 2.79 Normal
47 Tranche 6 of green medium-term note of China Overseas Development Group Co., Ltd. in 2022 22 China Overseas Development MTN006 (green) December 12, 2022 December 14, 2022 December 14, 2027 2,000,000.00 2.70 Normal
48 Tranche 7 of green medium-term note of China Overseas Development Group Co., Ltd. in 2022 22 China Overseas Development MTN007 (green) December 12, 2022 December 14, 2022 December 14, 2027 1,000,000.00 2.70 Normal
Tranche 2 of ultra-short term financing bonds of China Construction Communications Engineering Group Co., Ltd.
49 23 China Construction Communications SCP002 March 2, 2023 March 3, 2023 August 30, 2023 300,000.00 3.20 Normal
in 2023
50 Tranche 1 of medium-term note of China Construction Seventh Engineering Division Corp., Ltd. in 2023 23 China Construction Seventh Division MTN001 April 18, 2023 April 20, 2023 April 20, 2026 1,500,000.00 3.20 Normal
51 Tranche 1 of medium-term note of China Construction Fifth Engineering Division Corp., Ltd. in 2023 23 China Construction Fifth Division MTN001 April 17, 2023 April 19, 2023 April 19, 2026 1,700,000.00 3.55 Normal
INTERIM REPORT 2023

75
76
Repayment
Interest
date
payment
Tranche 1 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2023 (Technology 23 China Construction Second Bureau MTN001
52 April 14, 2023 April 18, 2023 April 18, 2026 2,000,000.00 3.55 Normal
Innovative Notes) (Technology Innovative Notes)
Tranche 2 of medium-term note of China Construction Second Engineering Bureau Ltd. in 2023 (Technology 23 China Construction Second Bureau MTN002
53 April 25, 2023 April 27, 2023 April 27, 2026 2,000,000.00 3.54 Normal
Innovative Notes) (Technology Innovative Notes)
54 Tranche 1 of green medium-term note of China West Construction Group Co., Ltd. in 2023 23 China West Construction MTN001 (green) April 19, 2023 April 21, 2023 April 21, 2026 1,000,000.00 3.4 Normal
55 Tranche 3 of ultra-short term financing bonds of China Construction Second Engineering Bureau Ltd. in 2023 23 China Construction Second Bureau SCP003 May 30, 2023 May 31, 2023 November 24, 2023 2,000,000.00 2.12 Normal
56 Tranche 4 of ultra-short term financing bonds of China Construction Second Engineering Bureau Ltd. in 2023 23 China Construction Second Bureau SCP004 June 12, 2023 June 13, 2023 October 17, 2023 3,000,000.00 1.99 Normal
57 Tranche 3 of ultra-short term financing bonds of China Construction First Group Corporation Limited in 2023 23 China Construction First Group SCP003 June 30, 2023 July 3, 2023 September 22, 2023 3,000,000.00 2.07 Normal
Tranche 4 of ultra-short term financing bonds of China Construction Third Engineering Bureau Group Co., Ltd. in
58 23 China Construction Third Bureau SCP004 June 30, 2023 July 3, 2023 September 25, 2023 3,000,000.00 2.15 Normal
2023
Tranche 5 of ultra-short term financing bonds of China Construction Third Engineering Bureau Group Co., Ltd. in
59 23 China Construction Third Bureau SCP005 June 30, 2023 July 3, 2023 September 25, 2023 2,000,000.00 2.15 Normal
2023
60 Tranche 9 of ultra-short term financing bonds of China Construction Eighth Engineering Division Corp., Ltd. in 2023 23 China Construction Eighth Division SCP009 August 16, 2023 August 17, 2023 September 22, 2023 2,000,000.00 1.82 Normal
Tranche 10 of ultra-short term financing bonds of China Construction Eighth Engineering Division Corp., Ltd. in
61 23 China Construction Eighth Division SCP010 August 22, 2023 August 23, 2023 September 22, 2023 1,000,000.00 1.84 Normal
2023
For relevant details, please refer to Note V. 35“Non-current liabilities due within one year”
, Note V. 36“Other current liabilities”
, Note V. 38“Bonds repayable”
and Note XIII.“Events after the balance sheet date”to the financial statements under Section X“FINANCIAL REPORT”and other relevant information.
(IV) Loss in the Company’s consolidated statement during the Reporting Period exceeding 10% of its net assets at the end of the
previous year

Applicable N/A
(V) Key accounting data and financial indicators

Applicable N/A

Increase/decrease
as at the end of the
End of the Reason for the
Major indicators End of last year Reporting Period as
Reporting Period change
compared to the end
of last year (%)
Decrease by 4.1 Increase in current
Current ratio (%) 127.1 131.2
percentage points liabilities
Increase by 1.4 Increase in quick
Quick ratio (%) 66.4 65.0
percentage points assets
Increase by 1.1 Increase in total
Gearing ratio (%) 75.5 74.4
percentage points liabilities
Increase/decrease
The Reporting Corresponding for the Reporting
Reason for the
Period (January period of last Period as compared
change
to June) year to the same period
last year (%)
Net profit attributable to shareholders
Increase by 6.2 Increase in operating
of the Company after deducting 26,434,416 24,882,496
percentage points profit
non-recurring profit or loss
Decrease by 0.01
Debt-to-EBITDA ratio 0.09 0.10 Increase in total debts
percentage point
Increase in interest
Interest coverage ratio 3.8 4.4 Decrease by 0.6 time
expenses
Decrease in net cash
Cash interest coverage ratio 1.3 -2.7 / outflow from operating
activities
Increase in interest
EBITDA interest coverage ratio 4.2 4.8 Decrease by 0.6 time
expenses
Loan repayment ratio (%) 100.0 100.0 / /
Interest repayment ratio (%) 100.0 100.0 / /
II. Convertible Corporate Bonds

Applicable N/A

SECTION X FINANCIAL REPORT
SECTION X
FINANCIAL REPORT
I. Review Report
Applicable N/A
Please refer to the attached Review Report.
II. Financial Statements

Please refer to the attached Financial Statements.
Chairman: Zheng Xuexuan
Date of approval by the Board of Directors for submission: August 29, 2023
Amendments
Applicable N/A

CONTENT
Reviewed Financial Statements
For the six-month period ended 30 June 2023
Pages
80 REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
INTERIM REVIEWED FINANCIAL STATEMENTS
81 Consolidated balance sheet
83 Consolidated income statement
85 Consolidated statement of changes in equity
87 Consolidated statement of cash flows
89 Company balance sheet
91 Company income statement
92 Company statement of changes in equity
94 Company statement of cash flows
96 Notes to the financial statements
288 Supplementary information
288 1. Statement of non-recurring profit or loss
288 2. Return on net assets and earnings per share

REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
Ernst & Young Hua Ming (2023) Zhuan Zi No. 61398485_A16
China State Construction Engineering Corporation Limited
To the Shareholders of China State Construction Engineering Corporation Limited:
We have reviewed the interim financial statements of China State Construction Engineering Corporation Limited., which
comprise the consolidated and company statements of financial position as at 30 June 2023, and the consolidated and
company statements of profit or loss and other comprehensive income, the consolidated and company statements of
changes in equity and the consolidated and company statements of cash flows for the six-month period then ended,
and the notes to the financial statements. The preparation of these financial statements is the responsibility of the
Company’s management. Our responsibility is to express a report on review of these financial statements based on our
review.
We conducted our review in accordance with China Certified Public Accountant Review Standard No. 2101 – Review
of Financial Statements. This Standard requires us to plan and perform the review to obtain limited assurance about
whether these financial statements are free from material misstatements. A review is limited primarily to procedures as
enquiry of entity’s personnel and analytical review procedures applied to the financial information and thus provides less
assurance than an audit. We have not performed an audit, and therefore we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial
statements are not prepared in accordance with the requirements of Accounting Standards for Business Enterprises
and cannot present fairly, in all material respects, the consolidated and company financial position as at 30 June 2023,
and operating performance and cash flows for the six-month period ended 30 June 2023.
Ernst & Young Hua Ming LLP Chinese Certified Public Accountant: Zhou Ying
Chinese Certified Public Accountant: Shen Yan
China Beijing 29 August 2023

CONSOLIDATED BALANCE SHEET
(All amounts in RMB Thousand Yuan unless otherwise stated)

ASSETS Note V 30 June 2023 31 December 2022

Current assets
Cash and bank balances 1 354,805,058 335,254,102
Financial assets held for trading 2 16,299 20,153
Notes receivable 3 5,941,957 6,390,924
Accounts receivable 4 242,084,204 210,431,620
Accounts receivable financing 5 4,092,170 4,658,182
Prepayments 6 34,839,329 37,223,161
Other receivables 7 87,048,190 73,584,067
Inventories 8 764,837,347 771,548,600
Contract assets 9 328,513,256 262,511,324
Current portion of non-current assets 10 51,401,415 49,254,042
Other current assets 11 136,890,587 123,911,880
Total current assets 2,010,469,812 1,874,788,055
Non-current assets
Debt investments 12 23,668,529 22,545,039
Other debt investments 187,820 272,924
Long-term receivables 13 117,782,695 109,091,602
Long-term equity investments 14 115,839,597 111,102,151
Investments in other equity instruments 15 5,840,758 4,610,471
Other non-current financial assets 16 1,577,202 1,565,153
Investment properties 17 148,331,411 147,675,206
Fixed assets 18 51,018,372 49,844,411
Construction in progress 19 4,197,388 3,999,701
Right of use assets 20 6,699,728 6,934,438
Intangible assets 21 30,046,728 26,203,627
Goodwill 22 2,410,208 2,339,280
Long-term prepaid expenses 23 1,309,330 1,288,110
Deferred tax assets 24 21,867,323 20,838,269
Other non-current assets 25 287,910,257 269,804,869
Total non-current assets 818,687,346 778,115,251
TOTAL ASSETS 2,829,157,158 2,652,903,306
The accompanying notes form an integral part of these financial statements.

CONSOLIDATED BALANCE SHEET (continued)

LIABILITIES AND SHAREHOLDERS’ EQUITY Note V 30 June 2023 31 December 2022

Current liabilities
Short-term borrowings 27 120,749,335 78,154,159
Notes payable 28 13,246,100 10,303,981
Accounts payable 29 636,263,437 585,744,273
Advances from customers 30 823,171 729,857
Contract liabilities 31 359,441,461 337,693,219
Employee benefits payable 32 7,855,210 10,329,539
Taxes and surcharges payable 33 59,997,918 65,864,695
Other payables 34 135,162,808 137,554,165
Current portion of non-current liabilities 35 135,854,679 118,183,943
Other current liabilities 36 112,579,843 84,744,727
Total current liabilities 1,581,973,962 1,429,302,558
Non-current liabilities
Long-term borrowings 37 424,405,451 398,970,893
Bonds payable 38 90,766,988 103,797,195
Lease liabilities 39 4,527,468 4,840,508
Long-term payables 40 12,154,326 14,992,672
Long-term employee benefits payable 41 1,599,530 1,667,930
Provisions 42 4,673,698 4,317,563
Deferred income 43 451,037 416,592
Deferred tax liabilities 24 10,426,116 9,537,504
Other non-current liabilities 44 4,599,925 4,672,981
Total non-current liabilities 553,604,539 543,213,838
TOTAL LIABILITIES 2,135,578,501 1,972,516,396
Shareholders’ equity
Paid-in capital 45 41,934,433 41,934,433
Other equity instruments 46 3,002,663 10,000,000
Including: Perpetual bonds 3,002,663 10,000,000
Capital reserve 47 11,945,658 11,808,020
Less: Treasury shares (1,880,038) (1,880,038)
Other comprehensive income 48 (2,398,256) (1,953,749)
Special reserve 49 682,460 305,176
General risk reserve 2,206,700 2,185,029
Surplus reserve 50 14,349,125 14,349,125
Retained earnings 51 325,813,731 307,574,145
Total equity attributable to the shareholders 395,656,476 384,322,141
Non-controlling interests 297,922,181 296,064,769
Total shareholders’ equity 693,578,657 680,386,910
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,829,157,158 2,652,903,306
The financial statements have been signed by:
Chairman: Zheng Xuexuan Chief Finance Officer: Wang Yunlin Head of the Finance Department: Xie Song

CONSOLIDATED INCOME STATEMENT

For the six-month For the six-month

period ended period ended
Note V 30 June 2023 30 June 2022
(restated)
Revenue 52 1,113,313,056 1,061,226,623
Less: Cost of sales 52 1,006,700,356 952,784,722
Taxes and surcharges 53 4,169,851 5,840,098
Selling and distribution expenses 54 3,292,830 2,974,529
General and administrative expenses 55 17,036,089 16,526,567
Research and development expenses 56 19,370,215 19,300,793
Finance expenses 57 10,212,426 9,149,326
Including: Interest expenses 9,366,243 8,032,674
Interest income 2,219,103 1,787,949
Add: Other income 58 466,699 624,175
Investment income 59 1,970,655 3,610,427
Including: Share of profit of associates and joint ventures 2,035,687 2,351,273
Losses from derecognition of financial assets
(863,570) (1,077,422)
measured at amortised cost
Losses arising from changes in fair value 60 (799) (27,192)
Credit impairment losses 61 (4,588,834) (7,030,558)
Asset impairment losses 62 (1,623,880) (1,607,023)
Gains on disposal of assets 50,921 190,455
Operating profit 48,806,051 50,410,872
Add: Non-operating income 63 927,781 1,827,991
Less: Non-operating expenses 64 99,475 205,508
Profit before income taxes 49,634,357 52,033,355
Less: Income tax expenses 66 9,624,726 10,847,754
Profit 40,009,631 41,185,601
Including: Net profit of the merged party under business
combination under common control before the – 13,526
combination
Classified by continuity of operations
Profit from continuing operations 40,009,631 41,185,601
Classified by ownership of the equity
Profit attributable to owners of the parent 28,972,340 28,513,926
Profit attributable to non-controlling interests 11,037,291 12,671,675

CONSOLIDATED INCOME STATEMENT (continued)


(restated)
Other comprehensive income, net of tax (1,084,968) (2,922,903)
Attributable to owners of the parents 48 (548,178) (3,650,592)
Other comprehensive income that will not be reclassified to
264,074 (181,992)
profit or loss
Remeasurement gains or losses of a defined benefit plan 30 (20)
Changes in fair value of investments in other equity instruments 264,044 (181,972)
Other comprehensive income that may be reclassified to
(812,252) (3,468,600)
profit or loss
Shares of other comprehensive income that will be
reclassified subsequently into profit or loss by the (244,161) (109,178)
investee under equity method
Changes in fair value of other debt investments (25,892) (41,620)
Exchange differences on translation of foreign currency
(542,199) (3,317,802)
financial statements
Attributable to non-controlling interests 48 (536,790) 727,689
Total comprehensive income 38,924,663 38,262,698
Including:
Attributable to owners of the parent 28,424,162 24,863,334
Attributable to non-controlling interests 10,500,501 13,399,364
Earnings per share 67
Basic earnings per share (RMB/share) 0.70 0.68
Diluted earnings per share (RMB/share) 0.70 0.68

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to shareholders of the Company

Other equity Less: Other Total
instruments Capital Treasury comprehensive Special General risk Surplus Retained Non-controlling shareholders
Paid-in capital Perpetual bonds reserve shares incomes reserves reserves reserves earnings Subtotal interests equity
I. Balance at the beginning of the period 41,934,433 10,000,000 11,808,020 (1,880,038) (1,953,749) 305,176 2,185,029 14,349,125 307,574,145 384,322,141 296,064,769 680,386,910
II. Changes for the period
1. Total comprehensive income – – – – (548,178) – – – 28,972,340 28,424,162 10,500,501 38,924,663
2. Owners’ contributions and reductions in capital
(1) Capital deductions by shareholders – – – – – – – – – – (1,813,715) (1,813,715)
(2) Capital contributions by the holders of other equity instruments – 3,000,000 – – – – – – – 3,000,000 7,400,000 10,400,000
(3) Capital deductions by the holders of other equity instruments – (10,000,000) – – – – – – – (10,000,000) (7,696,350) (17,696,350)
(4) Amount of share payments included in shareholders’ equity – – 163,136 – – – – – – 163,136 1,349 164,485
(5) Effect on changes in shareholding of subsidiaries – – – – – – – – – – 68,103 68,103
(6) Acquisition of subsidiary – – – – – – – – – – 61,922 61,922
(7) Other – – (25,498) – – – – – (7,918) (33,416) (11,506) (44,922)
3. Profit distribution
(1) Appropriation to general risk reserve – – – – – – 21,671 – (21,671) – – –
(2) Profit distribution to shareholders – – – – – – – – (10,596,831) (10,596,831) (4,565,696) (15,162,527)
(3) Profit distribution to holders of other equity instruments – 2,663 – – – – – – (2,663) – (2,099,061) (2,099,061)
4. Transfer within equity
(1) Other comprehensive income transferring to retained earnings – – – – 103,671 – – – (103,671) – – –
5. Special reserve
(1) Extraction for the period – – – – – 23,090,973 – – – 23,090,973 91,678 23,182,651
(2) Use for the period – – – – – (22,713,689) – – – (22,713,689) (79,813) (22,793,502)
III. Balance at the end of the period 41,934,433 3,002,663 11,945,658 (1,880,038) (2,398,256) 682,460 2,206,700 14,349,125 325,813,731 395,656,476 297,922,181 693,578,657
INTERIM REPORT 2023

85
86
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
For the six-month period ended 30 June 2022 (restated)
Attributable to shareholders of the Company

Other equity Less: Other Total
instruments Capital Treasury comprehensive Special General risk Surplus Retained Non-controlling shareholders
Paid-in capital Perpetual bonds reserve shares incomes reserves reserves reserves earnings Subtotal interests equity
I. Balance at the end of prior year 41,948,168 10,000,000 11,260,535 (3,485,347) (613,252) 123,239 1,741,579 12,843,667 270,081,501 343,900,090 295,802,219 639,702,309
Add: Business combination under common control – – 1,441,741 – – – – – 285,950 1,727,691 249,058 1,976,749
II. Balance at the beginning of the period 41,948,168 10,000,000 12,702,276 (3,485,347) (613,252) 123,239 1,741,579 12,843,667 270,367,451 345,627,781 296,051,277 641,679,058
III. Changes for the period
1. Total comprehensive income – – – – (3,650,592) – – – 28,513,926 24,863,334 13,399,364 38,262,698
(1) Capital contributions by shareholders – – 104,800 – – – – – – 104,800 3,676,299 3,781,099
(2) Capital deductions by the holders of other equity instruments – – – – – – – – – – (5,547,518) (5,547,518)
(3) Amount of share payments included in shareholders’ equity – – 352,851 – – – – – – 352,851 26,128 378,979
(4) Effect on changes in shareholding of subsidiaries – – 153,053 – – – – – – 153,053 107,691 260,744
(5) Buyback and cancellation of locked restricted shares (7,309) – (16,796) 24,105 – – – – – – – –
(6) Acquisition of subsidiary – – – – – – – – – – 2,542,012 2,542,012

(7) Other – – (36,184) – – – – – 2,308 (33,876) (2,581) (36,457)
(1) Appropriation to general risk reserve – – – – – – 29,803 – (29,803) – – –
(2) Profit distribution to shareholders – – – – – – – – (10,485,215) (10,485,215) (5,509,973) (15,995,188)
(3) Profit distribution to holders of other equity instruments – – – – – – – – (317,300) (317,300) (2,917,555) (3,234,855)
(1) Other comprehensive income transferring to retained earnings – – – – (35,078) – – – 35,078 – – –
5. Special reserve
(1) Extraction for the period – – – – – 16,185,929 – – – 16,185,929 74,230 16,260,159
(2) Use for the period – – – – – (16,182,080) – – – (16,182,080) (66,965) (16,249,045)
IV. Balance at the end of the period 41,940,859 10,000,000 13,260,000 (3,461,242) (4,298,922) 127,088 1,771,382 12,843,667 288,086,445 360,269,277 301,832,409 662,101,686

CONSOLIDATED STATEMENT OF CASH FLOWS


(restated)
I. Cash flows from operating activities
Cash receipts from sales of goods and rendering of services 1,098,358,810 1,019,484,932
Refund of taxes and surcharges 1,343,452 4,072,843
Cash receipts relating to other operating activities 68 26,887,563 34,087,871
Sub-total cash flows from operating activities 1,126,589,825 1,057,645,646
Cash payments for goods and services 990,812,934 985,136,416
Cash payments to and on behalf of employees 65,584,056 60,030,078
Payments of taxes and surcharges 45,434,559 45,057,044
Cash payments relating to other operating activities 68 35,318,329 36,486,198
Sub-total cash flows used in operating activities 1,137,149,878 1,126,709,736
Net cash flows used in operating activities 69 (10,560,053) (69,064,090)
II. Cash flows from investing activities
Cash receipts from disposal of investments 1,602,891 3,343,922
Cash receipts from returns on investments 792,210 1,640,355
Net cash receipts from disposal of fixed assets, intangible assets
901,288 438,283
and other long-term assets
Net cash receipts from disposal of subsidiaries and other
– 217,600
business units
Net cash receipts from acquisition of subsidiaries and other
– 1,202,525
business units
Cash receipts relating to other investing activities 68 15,824,866 16,478,991
Sub-total cash flows from investing activities 19,121,255 23,321,676
Cash payments to acquire fixed assets, intangible assets and
8,102,014 16,111,574
other long-term assets
Cash payments for investments 6,190,754 5,698,134
Net cash payments to acquire subsidiaries and other business
48,827 –
units
Cash payments relating to other investing activities 68 11,071,722 9,337,623
Sub-total cash flows used in investing activities 25,413,317 31,147,331
Net cash flows used in investing activities (6,292,062) (7,825,655)

CONSOLIDATED STATEMENT OF CASH FLOWS (continued)


(restated)
III. Cash flows from financing activities
Cash receipts from capital contributions 10,627,209 3,676,299
Including: Cash receipts from capital contributions from
7,627,209 3,676,299
non-controlling shareholders of subsidiaries
Cash receipts from borrowings 241,476,207 290,961,702
Cash receipts from issuance of bonds 13,892,143 27,960,000
Cash receipts relating to other financing activities 68 7,433,043 19,833,462
Sub-total cash flows from financing activities 273,428,602 342,431,463
Repayments of borrowings 174,562,648 198,129,623
Cash payments for distribution of dividends or profit and
31,146,159 29,192,056
interest expenses
Including: Dividends or profit paid to non-controlling
4,045,305 3,231,813
shareholders of subsidiaries
Other cash payments relating to financing activities 68 31,133,681 17,003,488
Sub-total cash flows used in financing activities 236,842,488 244,325,167
Net cash flows from financing activities 36,586,114 98,106,296
IV. Effect of foreign exchange rate changes on cash and cash
830,582 274,538
equivalents
V. Net increase in cash and cash equivalents 20,564,581 21,491,089
Add: Cash and cash equivalents at the beginning of the period 313,000,191 302,071,051
VI. Cash and cash equivalents at the end of the period 69 333,564,772 323,562,140

COMPANY BALANCE SHEET

ASSETS Note XV 30 June 2023 31 December 2022

Current assets
Cash and bank balances 18,454,895 20,029,597
Including: Deposited in financial company 3,650,874 3,759,894
Notes receivable 23,223 23,376
Accounts receivable 1 23,965,076 24,745,860
Accounts receivable financing 76,969 65,550
Prepayments 7,492,258 7,408,728
Other receivables 2 27,760,898 24,582,358
Inventories 539,404 132,987
Contract assets 17,161,939 14,514,926
Current portion of non-current assets 1,712,727 1,818,947
Other current assets 4,859,479 4,688,909
Total current assets 102,046,868 98,011,238
Non-current assets
Debt investments 8,151,384 9,170,625
Long-term receivables 803,225 653,489
Long-term equity investments 3 221,909,742 216,923,658
Investments in other equity instruments 684,545 620,008
Other non-current financial assets 280,861 282,427
Investment properties 475,487 487,913
Fixed assets 1,063,280 1,005,720
Construction in progress 118,033 98,486
Right of use assets 570,395 656,546
Intangible assets 107,440 116,030
Long-term prepaid expenses 38,165 50,000
Deferred tax assets 1,820,333 1,625,028
Other non-current assets 6,564,584 6,167,158
Total non-current assets 242,587,474 237,857,088
TOTAL ASSETS 344,634,342 335,868,326

COMPANY BALANCE SHEET (continued)

LIABILITIES AND SHAREHOLDERS’ EQUITY 30 June 2023 31 December 2022

Current liabilities
Short-term borrowings 29,616,378 20,917,854
Accounts payable 55,650,110 55,843,707
Contract liabilities 12,574,840 11,634,516
Employee benefit payable 219,276 414,569
Taxes payable 2,135,086 2,722,102
Other payables 50,794,153 46,957,924
Current portion of non-current liabilities 17,516,892 17,305,991
Other current liabilities 4,660,415 3,951,737
Total current liabilities 173,167,150 159,748,400
Non-current liabilities
Long-term borrowings 22,574,000 19,610,000
Lease liabilities 487,713 558,645
Long-term payables 9,300,706 9,598,952
Long-term employee benefit payable 106,300 113,510
Provisions 201,240 15,965
Deferred income 2,354 2,354
Total non-current liabilities 32,672,313 29,899,426
TOTAL LIABILITIES 205,839,463 189,647,826
Shareholders’ equity
Paid-in capital 41,934,433 41,934,433
Other equity instruments 3,002,663 10,000,000
Including: Perpetual bonds 3,002,663 10,000,000
Capital reserve 30,703,414 30,538,929
Less: Treasury shares (1,880,038) (1,880,038)
Other comprehensive income 23,562 (228,173)
Special reserve 39,310 35,061
Surplus reserve 14,349,125 14,349,125
Retained earnings 50,622,410 51,471,163
Total shareholders’ equity 138,794,879 146,220,500
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 344,634,342 335,868,326

COMPANY INCOME STATEMENT
COMPANY INCOME STATEMENT


Note XV 30 June 2023 30 June 2022
Revenue 4 29,960,874 38,430,927
Less: Cost of sales 4 28,512,823 36,069,290
Taxes and surcharges 26,303 41,103
Selling and distribution expenses 1,094 –
General and administrative expenses 576,622 599,840
Research and development expenses 62,773 56,265
Finance expenses 1,073,808 409,043
Including: Interest expenses 1,011,730 956,886
Interest income 86,165 91,876
Add: Other income 5,413 5,438
Investment income 5 10,408,840 10,223,126
Including: Share of losses of associates and joint ventures (125,865) (136,067)
Losses from derecognition of financial assets
(2,903) (715)
measured at amortised cost
Losses arising from changes in fair value (1,565) (11,893)
Credit impairment losses (430,418) (638,012)
Asset impairment reversal/(losses) 1,971 (18,986)
Gains on disposal of assets 325 168
Operating profit 9,692,017 10,815,227
Add: Non-operating income 1,994 2,065
Less: Non-operating expenses 29,786 144,554
Profit before income taxes 9,664,225 10,672,738
Less: Income tax expenses (86,516) (65,862)
Profit 9,750,741 10,738,600
Including: Profit from continuing operations 9,750,741 10,738,600
Other comprehensive income, net of tax 251,735 (77,063)
Other comprehensive income that will not be reclassified to
20 30,223
profit or loss
Remeasurement gains or losses of a defined benefit plan 20 10
Changes in fair value of investments in other equity instruments – 30,213
Other comprehensive income that may be reclassified to
251,715 (107,286)
profit or loss
Shares of other comprehensive losses that will be reclassified
subsequently into profit or loss by the investee under equity 730 (106)
method
Exchange differences on translation of foreign currency financial
250,985 (107,180)
statements
Total comprehensive income 10,002,476 10,661,537

92
COMPANY STATEMENT OF CHANGES IN EQUITY
Other equity
instruments Other Total
Perpetual Less: Treasury comprehensive Surplus Retained shareholders’
Paid-in capital bonds Capital reserves shares incomes Special reserves reserves earnings equity
I. Balance at the beginning of the period 41,934,433 10,000,000 30,538,929 (1,880,038) (228,173) 35,061 14,349,125 51,471,163 146,220,500
1. Total comprehensive income – – – – 251,735 – – 9,750,741 10,002,476
(1) Amount of share payments included in
– – 164,485 – – – – – 164,485
shareholders’ equity
(2) Capital contributions by the holders of other

– 3,000,000 – – – – – – 3,000,000
equity instruments
(3) Capital deductions by the holders of other
– (10,000,000) – – – – – – (10,000,000)
equity instruments
(1) Profit distribution to shareholders – – – – – – – (10,596,831) (10,596,831)
(2) Profit distribution to holders of other equity
– 2,663 – – – – – (2,663) –
instruments

4. Special reserve
(1) Extraction for the period – – – – – 444,432 – – 444,432
(2) Use for the period – – – – – (440,183) – – (440,183)
III. Balance at the end of the period 41,934,433 3,002,663 30,703,414 (1,880,038) 23,562 39,310 14,349,125 50,622,410 138,794,879

COMPANY STATEMENT OF CHANGES IN EQUITY (continued)
Other equity
instruments Other Total
Perpetual Less: Treasury comprehensive Surplus Retained shareholders’
Paid-in capital bonds Capital reserves shares incomes Special reserves reserves earnings equity
I. Balance at the beginning of the period 41,948,168 10,000,000 29,824,590 (3,485,347) (693,172) – 12,843,667 48,665,500 139,103,406
1. Total comprehensive income – – – – (77,063) – – 10,738,600 10,661,537
2. Owners’ contributions and reduction in
capital
(1) Amount of share payments included in
– – 318,879 – – – – – 318,879
shareholders’ equity
(2) Buyback and cancellation of locked
(7,309) – (16,796) 24,105 – – – – –
restricted shares
(1) Profit distribution to shareholders – – – – – – – (10,485,215) (10,485,215)
(2) Profit distribution to holders of other
– – – – – – – (317,300) (317,300)
equity instruments
4. Special reserve
(1) Extraction for the period – – – – – 373,083 – – 373,083
(2) Use for the period – – – – – (373,083) – – (373,083)
(1) Other comprehensive income transferring
– – – – (39,332) – – 39,332 –
to retained earnings
III. Balance at the end of the period 41,940,859 10,000,000 30,126,673 (3,461,242) (809,567) – 12,843,667 48,640,917 139,281,307
INTERIM REPORT 2023

93
COMPANY STATEMENT OF CASH FLOWS


30 June 2023 30 June 2022
I. Cash flows from operating activities
Cash receipts from sales of goods and rendering of services 30,877,858 36,268,913
Refund of taxes and surcharges 60,638 6,580
Cash receipts relating to other operating activities 2,687,115 743,536
Sub-total cash flows from operating activities 33,625,611 37,019,029
Cash payments for goods and services 30,004,075 35,712,311
Cash payments to and on behalf of employees 1,262,275 1,217,211
Payments of taxes and surcharges 1,182,270 1,706,273
Cash payments relating to other operating activities 642,598 1,256,727
Sub-total cash flows used in operating activities 33,091,218 39,892,522
Net cash flows from/(used in) operating activities 534,393 (2,873,493)
II. Cash flows from investing activities
Cash receipts from disposal of investments 20,000 267,853
Cash receipts from returns on investments 10,123,247 7,307,815
Net cash receipts from disposal of fixed assets, intangible assets and other long-
816 385
term assets
Cash receipts relating to other investing activities 1,157,638 892,806
Sub-total cash flows from investing activities 11,301,701 8,468,859
Cash payments to acquire fixed assets, intangible assets and other long-term
251,453 112,703
assets
Cash payments for investments 5,080,040 2,421,163
Cash payments relating to other investing activities 54,743 2,739,350
Sub-total cash flows used in investing activities 5,386,236 5,273,216
Net cash flows from investing activities 5,915,465 3,195,643

COMPANY STATEMENT OF CASH FLOWS (continued)


30 June 2023 30 June 2022
III. Cash flows from financing activities
Cash receipts from capital contributions 3,000,000 –
Cash receipts from borrowings 29,200,000 22,500,000
Sub-total cash flows from financing activities 32,200,000 22,500,000
Repayments of borrowings 18,036,000 15,011,000
Cash payments for distribution of dividends or profit and interest expenses 12,516,989 11,401,635
Other cash payments relating to financing activities 10,108,436 273,886
Sub-total cash flows used in financing activities 40,661,425 26,686,521
Net cash flows used in financing activities (8,461,425) (4,186,521)
IV. Effect of foreign exchange rate changes on cash and cash equivalents 355,833 530,310
V. Net decrease in cash and cash equivalents (1,655,734) (3,334,061)
Add: Cash and cash equivalents at the beginning of the period 19,809,626 21,698,933
VI. Cash and cash equivalents at the end of the period 18,153,892 18,364,872

NOTES TO THE FINANCIAL STATEMENTS

I. General Information Please refer to Note VI for details of significant

subsidiaries included in the consolidation scope in the
China State Construction Engineering Corporation current period. The Group does not have any significant
Limited (“the Company”) was established as a joint subsidiaries newly included in the consolidation scope
stock limited company under the People’s Republic of or excluded from the consolidation scope in the current
China (“PRC”) laws and regulations in accordance with year.
the approval of Guo Zi Gai Ge [2007] No. 1495 issued
by State-owned Assets Supervision and Administration II. Basis of Preparation of the
Commission of the State Council (“SASAC”) on 6 Financial Statements
December 2007. The founder-members of the Company
are China State Construction Engineering Corporation These financial statements have been prepared in
(“CSCEC”), China National Petroleum Corporation, accordance with the Accounting Standards for Business
Baosteel Group Corporation and Sinochem Corporation Enterprises – Basic Standard and specific accounting
(the latter three are called by “other founder-members”). standards, implementation guidance, interpretations,
other relevant regulations issued subsequently by the
In November 2017, after approval by SASAC, CSCEC Ministry of Finance (the “MOF”) (hereinafter collectively
was transformed from a wholly people-owned referred to as “ASBEs”).
enterprise to a wholly state-owned company. After the
transformation, the Company’s name was changed The financial statements have been presented on a going
to China State Construction Engineering Co., Ltd. concern basis.
(“CSCEC”), and its contributor was SASAC who The financial statements have been prepared under the
represents the State Council. historical cost convention, except for certain financial
The Company was established on 10 December 2007 in instruments. If the assets are impaired, corresponding
Beijing, PRC, and its head quarter is situated in Beijing, provisions for impairment shall be made according to
PRC. The parent company and the ultimate parent relevant requirements.
company of the Company is CSCEC. The Company
was listed on Shanghai Stock Exchange (“A shares”) for
III. Significant Accounting Policies
trading in July 2009. As at 30 June 2023, total share and Estimates
capital of the Company was approximately RMB41.9 Specific accounting policies and estimates were decided
billion at the par value of RMB1.00 per share. As at 30 by the Group according to the characteristics of its
June 2023, CSCEC held approximately 23,630,700,000 production and operation, mainly including measurement
shares, representing 56.35% of the total share capital. of expected credit losses on receivables and contract
The approved scope of business of the Company assets, valuation method of inventories, recognition and
and its subsidiaries (together “the Group”) includes measurement of revenue.
survey, design, construction, installation, consultation, 1. Statement of compliance with ASBEs
development, decoration service, manufacturing,
wholesale, retail and imports and exports. The The consolidated and company financial statements
core operations include: offering a full range of present fairly and fully the financial position of the Group
construction-related services to foreign and domestic and the Company as at 30 June 2023, and the financial
civil engineering and building construction such as performance and the cash flows for the six-month period
construction, installation and consultation, investment ended 30 June 2023 in accordance with ASBEs.
and construction of infrastructure projects, foreign and 2. Accounting period
domestic real estate investment and development,
architecture and infrastructure construction survey The accounting year of the Group is from 1 January to
and design, decoration engineering, landscape 31 December of each calendar year.
engineering design and construction, industrial
3. Functional currency
investment, contracting for foreign projects in PRC,
import and export, production and distribution of The Group’s reporting and presentation currency is
construction materials and other non-metal mineral Renminbi (“RMB”). Unless otherwise specified, all are
products, construction-related metalwork and tools and expressed in thousands of RMB.
construction engineering and drilling equipment, and
Each subsidiary, joint venture or associate of the Group
financial business such as lending and borrowing within
determines its own functional currency based on the
the Group.
primary economic environment in which it operates. In
These financial statements are authorised for issue by preparation of the financial statements, their functional
the Company’s Board of Directors on 29 August 2023. currencies are translated into RMB.

III. Significant Accounting Policies Where a business combination not involving enterprises
and Estimates (continued) under common control is achieved through multiple
transactions in stages, the long-term equity investments
4. Business combinations held in the acquiree before the acquisition date are
Business combinations are classified into business remeasured at fair value at the acquisition date, with
combinations involving entities under common control any difference between the fair value and the carrying
and business combinations not involving entities under amount included in investment income for the current
common control.
period. Where the long-term equity investments held
Business combinations involving entities under in the acquiree before the acquisition date relates to
common control other comprehensive income measured under the
A business combination involving entities under common equity method, the accounting treatment shall be
control is a business combination in which all of the conducted on the same basis as the direct disposal of
combining entities are ultimately controlled by the same related assets or liabilities by the invested entity, other
party or parties both before and after the combination, changes in shareholders’ equity except net profit or
and that control is not transitory.
loss, other comprehensive income and profit distribution
The assets and liabilities (including goodwill arising from shall be transferred to income for the period in which
the ultimate controlling party’s acquisition of the entity the acquisition date falls. Where the equity instrument
being absorbed) that are obtained by the absorbing investments are held in the acquiree before the
entity in a business combination involving entities under
acquisition date, accumulated changes in the fair value of
common control shall be measured on the basis of
their carrying amounts in the financial statements of the other comprehensive income of those equity instrument
ultimate controlling party at the combination date. The investment before the acquisition date are transferred to
difference between the carrying amount of the net assets retained earnings.
obtained and the carrying amount of the consideration
paid for the combination (or the aggregate face value 5. Consolidated financial statements
of shares issued as consideration) shall be adjusted
The scope of the consolidated financial statements,
to share premium under capital reserve. If the capital
premium is not sufficient to absorb the difference, any which include the financial statements of the Company
excess shall be adjusted against retained earnings. and all of its subsidiaries, is determined on the basis of
control. Subsidiary refers to the entity controlled by the
Business combinations not involving entities
Company (including the divisible parts of the enterprises,
under common control
the invested units, and the structured entities controlled
A business combination not involving entities under by the Company, etc).
common control is a business combination in which all
of the combining entities are not ultimately controlled In the preparation of the consolidated financial
by the same party or parties both before and after the statements, where the accounting policies of a subsidiary
combination. are different from those of the Company have made
The acquirer shall measure the acquiree’s identifiable adjustments to the financial statements of the subsidiary
assets, liabilities and contingent liabilities acquired in based on the Company’s own accounting policies,
the business combination at their fair values on the Where the accounting period of a subsidiary is different
acquisition date. Goodwill is initially recognised and from that of the Company, the Company has adjusted
measured at cost, being the excess of the aggregate
the financial statements of the subsidiary based on
of the fair value of the consideration transferred (or the
fair value of the equity securities issued) and any fair the Company’s own accounting period. All intra-group
value of the Group’s previously held equity interest in the assets, liabilities, equity, income, expenses and cash
acquiree over the Group’s interest in the fair value of the flows relating to transactions between members of the
acquiree’s net identifiable assets. After initial recognition, Group are eliminated in full on consolidation.
goodwill is measured at cost less any accumulated
impairment losses. Where the aggregate of the fair Where the loss for the current period attributable to non-
value of the consideration transferred (or the fair value controlling interests of a subsidiary exceeds the non-
of the equity securities issued) and any fair value of the controlling interests of the opening balance of equity of
Group’s previously held equity interest in the acquiree the subsidiary, the excess shall still be allocated against
is lower than the Group’s interest in the fair value of the
the non-controlling interests.
acquiree’s net identifiable assets, the Group reassesses
the measurement of the fair value of the acquiree’s For subsidiaries acquired through business combinations
identifiable assets, liabilities and contingent liabilities and not involving entities under common control, the financial
the fair value of the consideration transferred (or the fair
value of the equity securities issued), together with the performance and cash flows of the acquiree shall be
fair value of the Group’s previously held equity interest consolidated from the date on which the Group obtains
in the acquiree. If after that reassessment, the aggregate control, and continue to be consolidated until the date
of the fair value of the consideration transferred (or the such control ceases. While preparing the consolidated
fair value of the equity securities issued) and the Group’s financial statements, the Group shall adjust the
previously held equity interest in the acquiree is still subsidiary’s financial statements, on the basis of the fair
lower than the Group’s interest in the fair value of the
values of the identifiable assets, liabilities and contingent
acquiree’s net identifiable assets, the Group recognises
the remaining difference in profit or loss. liabilities recognised on the acquisition date.

III. Significant Accounting Policies 8. Foreign currency transactions and

and Estimates (continued) foreign currency translation
5. Consolidated financial statements The Group translates foreign currency transactions into
its functional currency.
(continued)
Foreign currency transactions are initially recorded,
For subsidiaries acquired through business combinations
on initial recognition in the functional currency using
involving entities under common control, the financial the spot exchange rates prevailing at the dates of
performance and cash flows of the entity being absorbed transactions in which the transactions occur. Monetary
shall be consolidated from the beginning of the period items denominated in foreign currencies are translated
in which the combination occurs. While preparing the at the spot exchange rates ruling at the balance sheet
comparative financial statements, adjustments are made date. Differences arising on settlement or translation of
to related items in the financial statements for the prior monetary items are recognised in profit or loss, with the
period as if the reporting entity after the combination has exception of those relating to foreign currency borrowings
been in existence since the date the ultimate controlling specifically for the construction and acquisition of
party first obtained the control. qualifying assets, which are capitalised in accordance
with the guidance for capitalisation of borrowing costs.
The Group reassesses whether or not it controls an Non-monetary items that are measured in terms of
investee if any changes in facts and circumstances historical cost in a foreign currency are translated using
indicate that there are changes to one or more of the the exchange rates at the dates of the initial transactions,
three elements of control. and the amount denominated in the functional currency is
not changed. Non-monetary items measured at fair value
A change in the non-controlling interests, without a loss in a foreign currency are translated using the exchange
of control, is accounted for as an equity transaction. rates at the date when the fair value was measured. The
resulting exchange differences are recognised in profit or
If the accounting treatment of a transaction is
loss or other comprehensive income depending on the
inconsistent in the financial statements at the Group level nature of the non-monetary items.
and at the Company or its subsidiary level, adjustment
will be made from the perspective of the Group. For foreign operations, the Group translates their
functional currency amounts into RMB when preparing
6. Classification of joint arrangement and the financial statements as follows: as at the balance
joint operation sheet date, the assets and liabilities are translated using
the spot exchange rates at the balance sheet date,
A joint arrangement is classified as either a joint
and equity items other than “unappropriated profit” are
operation or a joint venture. A joint operation is a joint translated at the spot exchange rates at the dates of
arrangement whereby the joint operators have rights to transactions; revenue and expense items in profit or loss
the assets, and obligations for the liabilities, relating to are translated using the average exchange rates (unless
the arrangement. A joint venture is a joint arrangement this average rate is not a reasonable approximation of the
whereby the joint operators have rights to the net assets cumulative effect of the rates prevailing on the transaction
of the arrangement. dates, in which case income and expenses are translated
using the spot exchange rates prevailing on the dates
A joint operator recognises the following items in relation of the transactions). The resulting exchange differences
to its interest in a joint operation: its solely-held assets are recognised in other comprehensive income. On
and its share of any assets held jointly; its solely-assumed disposal of a foreign operation, the component of other
liabilities and its share of any liabilities incurred jointly; comprehensive income relating to that particular foreign
its revenue from the sale of its share of the output operation is recognised in profit or loss. If the disposal
arising from the joint operation; its share of the revenue only involves a portion of a particular foreign operation,
from the sale of the output by the joint operation; its the component of other comprehensive income relating
solely-incurred expenses and its share of any expenses to that particular foreign operation is recognised in profit
or loss on a pro-rata basis.
incurred jointly.
Foreign currency cash flows and the cash flows of
7. Cash and cash equivalents foreign subsidiaries are translated using the average
Cash comprises the Group’s cash on hand and bank exchange rates (unless this average rate is not a
deposits that can be readily withdrawn on demand. Cash reasonable approximation of the cumulative effect of
equivalents are short-term, highly liquid investments that the rates prevailing on the transaction dates, in which
case cash flows are translated using the spot exchange
are readily convertible into known amounts of cash, and
rates prevailing on the dates of cash flows). The effect of
are subject to an insignificant risk of changes in value.
exchange rate changes on cash is separately presented
as an adjustment item in the statement of cash flows.

III. Significant Accounting Policies Classification and measurement of financial

and Estimates (continued) assets
9. Financial instruments The classification of financial assets at initial recognition

depends on the financial asset’s contractual cash flow
A financial instrument is any contract that gives rise to
characteristics and the Group’s business model for
a financial asset of one entity and a financial liability or
managing them: financial assets at amortised cost,
equity instrument of another entity.
financial assets at fair value through other comprehensive
Recognition and derecognition income and financial assets at fair value through profit
or loss. All affected related financial assets will be
The Group recognises a financial asset or a financial
reclassified only if the Group changes its business model
liability when it becomes a party to the contractual
for managing financial assets.
provisions of a financial instrument.
Financial assets are measured at fair value on initial
A financial asset (or, where applicable, a part of a
recognition, but accounts receivable or notes receivable
financial asset or part of a group of similar financial
arising from the sale of goods or rendering of services
assets) is primarily derecognised (i.e., removed from the
that do not contain significant financing components or
Group’s consolidated balance sheet) when:
for which the Group has applied the practical expedient
(1) the rights to receive cash flows from the financial of not adjusting the effect of a significant financing
asset have expired; or component due within one year, are initially measured at
the transaction price.
(2) the Group has transferred its rights to receive
cash flows from the financial asset, or has For financial assets at fair value through profit or loss,
assumed an obligation to pay the received cash relevant transaction costs are directly recognised in profit
flows in full without material delay to a third party or loss, and transaction costs relating to other financial
under a “pass-through” arrangement; and either assets are included in the initial recognition amounts.
(a) has transferred substantially all the risks and
The subsequent measurement of financial assets
rewards of the financial asset, or (b) has neither
depends on their classification as follows:
transferred nor retained substantially all the risks
and rewards of the asset, but has transferred Debt investments measured at amortised cost
control of the financial asset. The Group measures financial assets at amortised cost
A financial liability is derecognised when the obligation if both of the following conditions are met: the financial
under the liability is discharged, cancelled, or expired. asset is held within a business model with the objective
When an existing financial liability is replaced by another to hold financial assets in order to collect contractual
from the same lender on substantially different terms, or cash flows; the contractual terms of the financial asset
the terms of an existing liability are substantially modified, give rise on specified dates to cash flows that are solely
such an exchange or modification is treated as a payments of principal and interest on the principal
derecognition of the original liability and a recognition of amount outstanding. Financial assets at amortised cost
a new liability, and the difference between the respective are subsequently measured using the effective interest
carrying amounts is recognised in profit or loss. method and are subject to impairment. Gains and
losses are recognised in profit or loss when the asset is
Regular way purchases and sales of financial assets
derecognised, modified or impaired.
are recognised and derecognised using trade date
accounting. Regular way purchases and sales are
purchases or sales of financial assets that require delivery
within the period generally established by regulation or
convention in the marketplace. The trade date is the date
that the Group committed to purchase or sell a financial
asset.

III. Significant Accounting Policies Classification and measurement of financial

and Estimates (continued) liabilities
9. Financial instruments (continued) Except for the financial guarantee contracts issued
and the financial liabilities caused by financial assets
Classification and measurement of financial
that do not qualify for derecognition or by continuing
assets (continued)
involvement in transferred assets, the Group’s financial
Debt investments at fair value through other liabilities are, on initial recognition, classified into financial
comprehensive income liabilities at fair value through profit or loss, or financial
liabilities at amortised cost. For financial liabilities at fair
The Group measures debt investment held at fair
value through profit or loss, relevant transaction costs
value through other comprehensive income if both of
are directly recognised in profit or loss, and transaction
the following conditions are met: the financial asset
costs relating to financial liabilities at amortised cost are
is held within a business model with the objective of
included in the initial recognition amounts.
both holding to collect contractual cash flows and
selling; the contractual terms of the financial asset give The subsequent measurement of financial liabilities
rise on specified dates to cash flows that are solely depends on their classification as follows:
payments of principal and interest on the principal
Financial liabilities at fair value through profit or loss
amount outstanding. Interest income is recognised
using the effective interest method. The interest income, Financial liabilities at fair value through profit or loss
impairment losses and foreign exchange revaluation consist of financial liabilities held for trading (including
are recognised in profit or loss. The remaining fair value derivative instruments that are financial liabilities) and
changes are recognised in other comprehensive income. those designated upon initial recognition as at fair
Upon derecognition, the cumulative fair value change value through profit or loss. Financial liabilities held for
recognised in other comprehensive income is recycled to trading (including derivative instruments that are financial
profit or loss. liabilities) are subsequently measured at fair value. All
changes in fair value of such financial liabilities are
Equity investments at fair value through other
recognised in profit or loss. Financial liabilities designated
comprehensive income
at fair value through profit or loss are subsequently
The Group can elect to classify irrevocably its equity measured at fair value and gains or losses are recognised
investments which are not held for trading as equity in profit or loss, except for the gains or losses arising
investments designated at fair value through other from the Group’s own credit risk which are presented in
comprehensive income. Only the relevant dividend other comprehensive income. If gains or losses arising
income (excluding the dividend income explicitly from the Group’s own credit risk which are presented
recovered as part of the investment cost) is recognised in other comprehensive income will lead to or expand
in profit or loss. Subsequent changes in the fair value accounting mismatch in profit or loss, the Group will
are included in other comprehensive income, and no include all the changes in fair value (including the amount
impairment allowance is made. When the financial affected by changes in the Group’s own credit risk) of
asset is derecognised, the accumulated gains or losses such financial liabilities in profit or loss.
previously included in other comprehensive income are
Financial liabilities at amortised cost
transferred from other comprehensive income to retained
earnings. For such financial liabilities, the effective interest rate
method is adopted and the subsequent measurement is
Financial assets at fair value through profit or loss
carried out according to the amortised cost.
The financial assets other than the above financial assets
Impairment of financial assets
measured at amortised cost and financial assets at fair
value through other comprehensive income are classified Based on the expected credit losses (“ECLs”), the
as financial assets at fair value through profit or loss. Group recognises an allowance for ECLs for the financial
Such financial assets are subsequently measured at fair assets measured at amortised cost, debt investments
value with net changes in fair value recognised in profit at fair value through other comprehensive income, lease
or loss. receivables, contract assets, and financial guarantee
contracts.

III. Significant Accounting Policies groupings of contract assets. The groupings of contract
and Estimates (continued) assets are as follows:
9. Financial instruments (continued) Grouping 1 Engineering projects

Grouping 2 Real estate projects
Impairment of financial assets (continued)
Grouping 3 Unmatured warranties
For accounts receivable and contract assets excluding Grouping 4 Investments not confirmed by projects owner
significant financing components, the Group applies the
Grouping 5 Primary land development projects
simplified approach to recognise a loss allowance based
on lifetime ECLs. Grouping 6 Other contract assets
For accounts receivable and contract assets including Based on the exposure at default and the lifetime ECLs
significant financing components and lease receivable,
rate, the Group calculates the ECLs of contract assets
the Group applies the simplified approach to recognise a
loss allowance based on lifetime ECLs. that are classified into groupings with consideration to
historical credit losses experience, current conditions and
Except for financial assets which apply the simplified
approach as mentioned above, the Group assesses forecasts of future economic conditions.
whether the credit risks of other financial assets and For long-term receivables arising from sales of goods
financial guarantee contracts has increased significantly
since initial recognition at each end of the reporting or rendering of services in the ordinary course of
period. If the credit risk has not increased significantly the activities, such as receivables for BT projects,
since initial recognition (stage 1), the loss allowance is receivables for primary land development, advances
measured at an amount equal to 12-month ECLs by the for demolition, and receivables for other infrastructure
Group and the interest income is calculated according
projects, the Group calculates the ECLs through default
to the carrying amount and the effective interest rate;
if the credit risk has increased significantly since initial risk exposure and the lifetime ECLs rate, on the basis of
recognition but are not credit-impaired (stage 2), the loss historical credit loss experience, the current conditions
allowance is measured at an amount equal to lifetime and forecasts of future economic conditions. Based on
ECLs by the Group and the interest income is calculated
the exposure at default and the 12-month/lifetime ECLs
according to the carrying amount and the effective
interest rate; if such financial assets are credit-impaired rate, the Group calculates the ECLs of other long-term
after initial recognition (stage 3), the loss allowance is receivables with consideration of historical credit loss
measured at an amount equal to lifetime ECLs by the experience, the current conditions and forecasts of future
Group and the interest income is calculated according to
economic conditions.
the amortised cost and the effective interest rate. If the
credit risk of financial instruments is low at the end of the In the case where the ECLs of other receivables
reporting period, the Group assumes that the credit risk
individually assessed cannot be evaluated with
has not increased significantly since initial recognition.
reasonable cost, the Group divides other receivables into
The Group assesses the expected credit loss of financial
certain groupings based on credit risk characteristics,
instruments based on individual and portfolio. Taking
into account the credit risk characteristics of different and calculates the ECLs for the groupings. The groupings
customers, the Group evaluates the expected credit loss of other receivables are as follows:
of accounts receivable and contract assets on the basis
Grouping 1 Guarantees, deposits and reserves receivables
of ageing portfolio.
Grouping 2 Advances receivable
In case the ECLs of individually assessed accounts Grouping 3 Other receivables
receivable and contract assets cannot be evaluated with
reasonable cost, the Group divides accounts receivable The Group, on the basis of the exposure at default and
and contract assets into certain groupings based on
the 12-month/lifetime ECLs rate, calculates the ECLs
credit risk characteristics, and calculates the ECLs of
the groupings of accounts receivable. The groupings of of other receivables that are classified into groupings
accounts receivable are as follows: with consideration to historical credit loss experience,
Due from government, authorities and central the current conditions and forecasts of future economic
Grouping 1
state-owned enterprises conditions.
Grouping 2 Due from overseas and enterprises
Grouping 3 Due from other customers The Group’s judgement criteria for a significant increase
of credit risk, the definitions of credit-impaired assets are
The Group, with consideration to historical credit loss
disclosed in Note VIII. 3.
experience, current conditions and forecasts of future
economic conditions, prepares the cross-reference
between the ageing of accounts receivable and the
lifetime ECLs rates, and calculates the ECLs of the

III. Significant Accounting Policies Continuing involvement that takes the form of a
and Estimates (continued) guarantee over the transferred financial asset is
measured at the lower of the original carrying amount
9. Financial instruments (continued) of the financial asset and the guarantee amount.
Impairment of financial assets (continued) The guarantee amount is the maximum amount of
consideration that the Group could be required to repay.
The factors reflected in the Group’s method of measuring
the expected credit losses of financial instruments 10. Inventories
include: the unbiased probability weighted average
The inventories include inventories of raw materials,
amount determined by evaluating a series of possible
work in progress, finished goods, turnover materials,
results, the time value of money, and the reasonable and
reliable information about past events, current conditions properties under development and completed properties
and future economic conditions that can be obtained for sale, etc.
without unnecessary extra costs or efforts on the balance Inventories are initially carried at cost. Cost of inventories
sheet date. comprises all costs of purchase, laid down cost, costs of
When the Group no longer reasonably expects to be conversion and other costs.
able to recover all or part of the contractual cash flows Cost is determined using the first-in first-out or weighted
of a financial asset, the Group directly writes down the
average method when raw materials, turnover materials,
carrying amount of the financial asset.
work in progress and finished goods are delivered. The
Offsetting of financial instruments cost of finished goods and work in progress comprises
raw materials, direct labour and systematically allocated
Financial assets and financial liabilities are offset and the
production overhead based on the normal production
net amount is reported in the balance sheet if there is a
capacity.
currently enforceable legal right to offset the recognised
amounts; and there is an intention to settle on a net Properties under development and completed properties
basis, or to realise the assets and settle the liabilities for sale mainly include costs for acquiring the land use
simultaneously. rights, expenditures of basic facilities, expenditures
Financial guarantee contracts of construction and installation work, borrowing costs
incurred before the completion of development and
Financial guarantee contracts are those contracts that other related expenses during the development process.
require a payment to be made by the issuer to reimburse
Properties under development will be carried forward to
the holder for a loss it incurs because the specified
the completed properties for sale according to the actual
debtor fails to make a payment when due in accordance
cost after the completion of the project, completed
with the terms of a debt instrument. Financial guarantee
properties for sale are measured at actual cost.
contracts are measured, on initial recognition, at
fair value. For financial guarantee contracts that are Turnover materials are amortised based upon numbers of
not designated as financial liabilities at fair value usage.
through profit or loss, they are, after initial recognition,
subsequently measured at the higher of: (i) the amount The Group adopts the perpetual inventory system.
of provisions for ECLs at the balance sheet date, and At the end of the reporting period, inventories are
(ii) the amount initially recognised less the cumulative stated at the lower of cost and net realisable value. The
amortisation recognised in accordance with the guidance inventories are written down below cost to net realisable
for revenue recognition.
value and the write-down is recognised in profit or
Transfer of financial assets loss if the cost is higher than the net realisable value.
Net realisable value is the estimated selling price in the
A financial asset is derecognised when the Group has
ordinary course of business less the estimated costs of
transferred substantially all the risks and rewards of
completion and the estimated costs necessary to make
the asset to the transferee. A financial asset is not
the sale and relevant taxes. For inventories with large
derecognised when the Group retains substantially all the
risks and rewards of the financial asset. quantity and low values, provision for decline in value
is made based on categories of inventories, and other
When the Group has neither transferred nor retained inventories are written down item by category. Items of
substantially all the risks and rewards of the financial inventories relating to the same product line that have
asset, it either (i) derecognises the financial asset and the same or similar end uses or purposes, are produced
recognises the assets and liabilities created in the and marketed in the same geographical area, and cannot
transfer when it has not retained control of the asset; or
be practicably evaluated separately from other items in
(ii) continues to recognise the transferred asset to the
that product line, are grouped and written down on an
extent of the Group’s continuing involvement, in which
aggregate basis.
case, the Group also recognises an associated liability.

III. Significant Accounting Policies comprehensive income is transferred to retained earnings

and Estimates (continued) when accounting by cost method. For a long-term equity
investment acquired otherwise than through a business
11. Long-term equity investments combination, the initial investment cost is determined as
Long-term equity investments include equity investments follows: for a long-term equity investment acquired by
in subsidiaries, joint ventures and associates. cash, the initial investment cost is the actual purchase
price paid and direct costs, taxes and other necessary
A long-term equity investment is initially measured expenditures directly attributable to the acquisition of
at its initial investment cost on acquisition. For a the long-term equity investment; for a long-term equity
long-term equity investment acquired through a business investment acquired by the issue of equity securities, the
combination involving entities under common control, initial investment cost is the fair value of the securities
the initial investment cost of the long-term equity issued; for a long-term equity investment acquired
investment is the acquirer’s share of the carrying value through exchange of non-monetary assets, the initial
of shareholder’s equity of the party being absorbed at investment cost is determined in accordance with
the combination date. For the difference between the Accounting Standard for Business Enterprises No. 7
initial investment cost and the book value of the merger – Exchange of Non-monetary Assets ; for a long-term
consideration, the capital reserve shall be adjusted (if equity investment acquired through debt restructuring,
it is not enough to offset, the retained earnings shall the initial investment cost is determined in accordance
be offset); for other comprehensive income before with Accounting Standard for Business Enterprises
the merger date, the accounting treatment shall be No. 12 – Debt Restructuring .
conducted on the same basis as the direct disposal
of relevant assets or liabilities by the investee. The For a long-term equity investment where the Company
shareholder’s equity recognised due to changes in can exercise control over the investee, the long-term
other shareholders’ equity of the investee other than net investment is accounted for using the cost method in
profit and loss, other comprehensive income and profit the Company’s individual financial statements. Control
distribution shall be transferred to the current profit and is achieved when the Group is exposed, or has rights,
loss when the investment is disposed of; among them, to variable returns from its involvement with the investee
the long-term equity investment after disposal shall and has the ability to affect those returns through its
be carried forward proportionally, and that converted power over the investee.
into financial instruments after disposal shall be carried Under the cost method, the long-term equity investment
forward in full. For a long-term equity investment is measured at its initial investment cost. When additional
through a business combination not involving entities investment is made or the investment is recouped,
under common control, the initial investment cost of the the cost of long-term equity investment is adjusted
long-term equity investment is the cost of combination accordingly. Cash dividends or profit distributions
(for a business combination not involving entities under declared by the investee are recognised as investment
common control achieved in stages that involves multiple income in profit or loss.
exchange transactions, the initial investment cost is
carried at the aggregate of the carrying amount of the The equity method is adopted when the Group has
acquirer’s previously held equity interest in the acquiree joint control, or exercises significant influence over
and the new investment cost incurred on the acquisition the investee. Joint control is the contractually agreed
date), the cost of combination is the aggregate of the sharing of control of an arrangement, which exists only
fair values, at the acquisition date, of the assets given, when decisions about the relevant activities require
liabilities incurred or assumed, and equity securities the unanimous consent of the parties sharing control.
issued by the acquirer; For other comprehensive income Significant influence is the power to participate in the
held before the acquisition date and recognised by the financial and operating policy decisions of the investee,
equity method, the accounting treatment shall be carried but is not control or joint control with other parties over
out on the same basis as the direct disposal, relevant those policies.
assets or liabilities by the investee, and the shareholder’s Under the equity method, where the initial investment
equity recognised due to changes in other shareholders’ cost of a long-term equity investment exceeds the
equity of the investee other than net profit and loss, Group’s interest in the fair value of the investee’s
other comprehensive income and profit distribution, identifiable net assets at the acquisition date, no
When the investment is disposed, it is transferred to adjustment is made to the initial investment cost. Where
the current profit and loss; among them, the long-term the initial investment cost is less than the Group’s
equity investment after disposal is carried forward interest in the fair values of the investee’s identifiable net
proportionally, and the financial instrument converted assets at the acquisition date, the difference is charged
after disposal is carried forward in full; the accumulated to profit or loss, and the cost of the long-term equity
fair value change of the equity investment held before the investment is adjusted accordingly.
purchase date as a financial instrument included in other
III. Significant Accounting Policies amounts previously recognised in other comprehensive

and Estimates (continued) income are accounted for on the same basis as would
have been required if the investee had directly disposed
11. Long-term equity investments of the related assets or liabilities and reclassified to profit
(continued) or loss on a pro-rata basis. Equity previously recognised
Under the equity method, after it has acquired a resulting from the investee’s equity changes other than
long-term equity investment, the Group recognises profit or loss, other comprehensive income and profit
its share of the investee’s profit or loss, as well as its distribution is reclassified to profit or loss on a pro-rata
share of the investee’s other comprehensive income, basis.
as investment income or loss and other comprehensive 12. Investment properties
income, and adjusts the carrying amount of the
investment accordingly. The Group recognises its share Investment properties are properties held to earn rental
of the investee’s profit or loss after making appropriate income and/or for capital appreciation. Investment
adjustments to the investee’s profit or loss based on properties include land use rights leased out, land use
the fair value of the investee’s identifiable assets at rights held for transfer upon capital appreciation, and
the acquisition date, using the Group’s accounting buildings leased out.
policies and periods. Unrealised profits and losses from An investment property is measured initially at cost. If the
transactions with its joint ventures and associates are economic benefits relating to an investment property will
eliminated to the extent of the Group’s investments probably flow in and the cost can be reliably measured,
in the associates or joint ventures (except for assets subsequent costs incurred for the property are included
that constitute a business) (however, any loss arising in the cost of the investment property. Otherwise,
from such transactions which are attributable to an subsequent costs are recognised in profit or loss as
impairment loss shall be recognised at its entirety). The incurred.
carrying amount of the investment is reduced based
on the Group’s share of any profit distributions or cash The Group uses the cost model for the subsequent
dividends declared by the investee. The Group’s share of measurement of its investment properties. Buildings and
net losses of the investee is recognised to the extent that land use rights are depreciated or amortised according
the carrying amount of the investment together with any to their service life and estimated net residual values rate.
long-term interests that in substance form part of its net 13. Fixed assets
investment in the investee is reduced to zero, except that
the Group has the obligations to assume further losses. A fixed asset is recognised only when the economic
The Group’s share of the investee’s equity changes, benefits associated with the asset will probably flow into
other than those arising from the investee’s profit or the Group and the cost of the asset can be measured
loss, other comprehensive income or profit distribution, reliably. Subsequent expenditures incurred for a fixed
is recognised in the Group’s equity, and the carrying asset that meets the recognition criteria shall be included
amount of the long-term equity investment is adjusted in the cost of the fixed asset, and the carrying amount
accordingly. of the component of the fixed asset that is replaced
shall be derecognised. Otherwise, such expenditures are
Upon disposal of a long-term equity investment, the recognised in profit or loss as incurred.
difference between the proceeds actually received
and the carrying amount is recognised in profit or Fixed assets are initially measured at cost. The cost of
loss. For a long-term equity investment accounted for a purchased fixed asset comprises the purchase price,
using the equity method, when the Group discontinues relevant taxes and any directly attributable expenditure
using the equity method due to disposal, all amounts for bringing the asset to working condition for its
previously recognised in other comprehensive income intended use.
are accounted for on the same basis as would have
In addition to the safety production expenses extracted,
been required if the investee had directly disposed of the
depreciation of fixed assets is calculated using the
related assets or liabilities. Equity previously recognised
straight-line method. The useful lives, estimated net
resulting from the investee’s equity changes other than
residual value rates and annual depreciation rates of
profit or loss, other comprehensive income and profit
each category of the fixed assets are as follows:
distribution is reclassified to profit or loss in its entirety.
When the Group continues to use the equity method, the
Estimated net Annual depreciation

Useful life residual value rate rate
Buildings 8 to 35 years 0% to 5% 2.71% to 12.50%
Machinery and equipment 5 to 14 years 0% to 5% 6.79% to 20.00%
Motor vehicles 3 to 10 years 0% to 5% 9.50% to 33.33%
Office equipment, temporary facilities and others 5 to 10 years 0% to 5% 9.50% to 20.00%
The Group reviews the useful life and estimated net residual value of a fixed asset and the depreciation method applied
at least at each year end, and make adjustments if necessary.

III. Significant Accounting Policies Capitalisation of borrowing costs is suspended during

and Estimates (continued) periods in which the acquisition, construction or
production of a qualifying asset is suspended abnormally
14. Construction in progress
by activities other than those necessary to get the
The cost of construction in progress is determined asset ready for its intended use or sale, when the
according to the actual expenditures incurred for the suspension is for a continuous period of more than 3
construction, including all necessary construction months. Borrowing costs incurred during these periods
expenditures incurred during the construction period, are recognised as an expense in profit or loss until the
borrowing costs that shall be capitalised before the
acquisition, construction or production is resumed.
construction is ready for its intended use, and other
relevant expenditures. 16. Right-of-use assets
Construction in progress is transferred to fixed assets At the commencement date of the lease, the Group
when it is ready for its intended use. recognises its right to use the leased asset within the
15. Borrowing costs lease term as the right to use assets at cost. The cost
of right of use assets includes: the initial measurement
The borrowing costs that are directly attributable to the
amount of the lease liability; For the lease payment paid
acquisition, construction or production of a qualifying
on or before the beginning of the lease term, if lease
asset are capitalised. The amounts of other borrowing
costs incurred are recognised as an expense in the incentive exists, the relevant amount of lease incentive
period in which they are incurred. Qualifying assets are used shall be deducted; Initial direct expenses incurred
assets that necessarily take a substantial period of time by the lessee; The estimated cost incurred by the lessee
of acquisition, construction or production to get ready for for dismantling and removing the leased asset, restoring
their intended use or sale. the site where the leased asset is located or restoring the
leased asset to the condition agreed in the lease terms.
The capitalisation of borrowing costs commences only
when all of the following conditions are satisfied: If the Group remeasures lease liabilities due to changes
in lease payments, the carrying amount of the right of
(1) expenditures for the asset have been incurred; use assets shall be adjusted accordingly. The Group
(2) borrowing costs have been incurred; and subsequently depreciates the right of use assets by using
the straight-line method. If the ownership of the leased
(3) activities that are necessary to acquire, construct
asset is obtained at the expiration of the lease term by
or produce the asset for its intended use or sale
have been undertaken. reasonable anticipation, the group accrues depreciation
within the remaining service life of the leased asset. If the
Capitalisation of borrowing costs ceases when the ownership of the leased asset cannot be obtained at the
qualifying asset being acquired, constructed or produced
expiration of the lease term by reasonable anticipation,
gets ready for its intended use or sale. Any borrowing
the group accrues depreciation within the shorter of the
costs subsequently incurred are recognised in profit or
lease term and the remaining service life of the leased
loss.
asset.
During the capitalisation period, the amount of interest
eligible for capitalisation for each accounting period shall 17. Intangible assets
be determined as follows:
An intangible asset shall be recognised only when it is
(1) where funds are borrowed specifically for the probable that the economic benefits associated with the
purpose of obtaining a qualifying asset, the asset will flow to the Group and the cost of the asset can
amount of interest eligible for capitalisation is the be measured reliably. Intangible assets are measured
actual interest costs incurred on that borrowing initially at cost. However, intangible assets acquired
for the period less any bank interest earned from in a business combination not involving entities under
depositing the borrowed funds before being used
common control with a fair value that can be measured
on the asset or any investment income on the
reliably are recognised separately as intangible assets
temporary investment of those funds; or
and initially measured at the fair value at the date of
(2) where funds are borrowed generally for the acquisition.
purpose of obtaining a qualifying asset, the
amount of interest eligible for capitalisation is The useful life of an intangible asset is determined
determined by applying a weighted average according to the period over which it is expected to
interest rate on the general borrowings to the generate economic benefits for the Group. An intangible
weighted average of the excess of the cumulative asset is regarded as having an indefinite useful life when
expenditures on the asset over the expenditures there is no foreseeable limit to the period over which the
on the asset funded by the specific borrowings. asset is expected to generate economic benefits for the
Group.
III. Significant Accounting Policies ability to measure reliably the expenditure attributable
and Estimates (continued) to the intangible asset during the development phase.
Expenditure on the development phase which does not
17. Intangible assets (continued) meet these above criteria is recognised in profit or loss
Land use rights that are purchased by the Group are when incurred.
accounted for as intangible assets. Buildings, such as 18. Impairment of assets
plants that are developed and constructed by the Group,
and relevant land use rights are accounted for as fixed The Group determines the impairment of assets, other
assets and intangible assets, respectively. Payments for than the impairment of inventories, contract assets and
the land and buildings purchased are allocated between contract cost assets, deferred tax assets, and financial
the land use rights and the buildings; they are accounted assets, by using the following methods: The Group
for as fixed assets if they cannot be reasonably allocated. assesses at the end of the reporting period whether
there is any indication that an asset may be impaired.
The Group is involved in a number of service franchising If any indication exists that an asset may be impaired,
arrangements. The Group carries out infrastructure the Group estimates the recoverable amount of the
projects for the licensor in accordance with the asset and performs impairment testing; Goodwill arising
preconditions set by the licensor in exchange for the from a business combination an intangible asset with
right to operate the relevant assets. Prescribed in the an indefinite useful life and intangible assets that have
contract after the completion of the infrastructure, the not been ready for their intended use are tested for
Group engaged in business has rights to access the impairment at least at each year end, irrespective of
service object for a certain period of time of charge whether there is any indication that the asset may be
with uncertain amount, those rights do not constitute impaired.
an unconditional charge right which can collect the
certain amount of money or other financial assets, and The recoverable amount of an asset is the higher of its
is attributed to intangible assets. The Group will present fair value less costs to sell and the present value of the
the franchise acquired under such franchise arrangement future cash flows expected to be derived from the asset.
as an intangible asset on its balance sheet. Upon The Group estimates the recoverable amount on an
completion of the relevant infrastructure project under the individual basis unless it is not possible to estimate the
franchise arrangement, the franchise shall be amortised recoverable amount of the individual asset, in which case
on a straight-line basis during the franchise period. the recoverable amount is determined for the asset group
to which the asset belongs. Identification of an asset
An intangible asset with a finite useful life is amortised group is based on whether major cash inflows generated
using the straight-line method over its useful life. For an by the asset group are largely independent of the cash
intangible asset with a finite useful life, the Group reviews inflows from other assets or asset groups.
the useful life and amortisation method at least at each
year end and makes adjustment if necessary. When the recoverable amount of an asset or asset group
is less than its carrying amount, the carrying amount
The Group classifies the expenditures on an internal is reduced to the recoverable amount by the Group.
research and development project into expenditure The reduction in the carrying amount is treated as an
on the research phase and expenditure on the impairment loss and recognised in profit or loss. An
development phase. Expenditure on the research phase impairment allowance loss of the asset is recognised
is recognised in profit or loss as incurred. Expenditure accordingly.
on the development phase is capitalised only when
the Group can demonstrate all of the following: (i) the For the purpose of impairment testing, the carrying
technical feasibility of completing the intangible asset so amount of goodwill acquired in a business combination
that it will be available for use or sale; (ii) the intention is allocated from the acquisition date on a reasonable
to complete the intangible asset and use or sell it; (iii) basis, to each of the related asset groups unless it is
how the intangible asset will generate probable future impossible to allocate to the related asset groups, in
economic benefits (among other things, the Group can which case it is allocated to each of the related sets
demonstrate the existence of a market for the output of of asset groups. Each of the related asset groups or
the intangible asset or the intangible asset itself or, if it sets of asset groups is an asset group or a set of asset
is to be used internally, the usefulness of the intangible groups that is expected to benefit from the synergies of
asset); (iv) the availability of adequate technical, financial the business combination and shall not be larger than a
and other resources to complete the development and reportable segment determined by the Group.
the ability to use or sell the intangible asset; and (v) the

III. Significant Accounting Policies Post-employment benefits (defined contribution

and Estimates (continued) plan)
18. Impairment of assets (continued) The employees of the Group participate in a pension
When testing an asset group (a set of asset groups) scheme and unemployment insurance managed by the
to which goodwill has been allocated for impairment, if local government, and an enterprise pension fund, the
there is any indication of impairment, the Group firstly corresponding expenses shall be included in the cost of
tests the asset group (set of asset groups), excluding related assets or profit or loss.
the amount of goodwill allocated, for impairment, i.e.,
the Group determines and compares the recoverable Post-employment benefits (defined benefit plan)
amount with the related carrying amount and recognises The Group operates a defined benefit pension plan
any impairment loss. After that, the Group tests the
which requires contributions to be made to a separately
asset group (set of asset groups), including goodwill,
administered fund. The benefits are unfunded. The cost
for impairment, the carrying amount of the related
asset group (set of asset groups) is compared to its of providing benefits under the defined benefit plan is
recoverable amount. If the carrying amount of the asset determined using the projected unit credit method.
group (set of asset groups) is higher than its recoverable
Remeasurements arising from the defined benefit
amount, the amount of the impairment loss is firstly used
pension plan, comprising actuarial gains and losses, the
to reduce the carrying amount of the goodwill allocated
to the asset group (set of asset groups), and then used effect of the asset ceiling (excluding amounts included
to reduce the carrying amount of other assets (other than in net interest on the net defined benefit liability) and
the goodwill) within the asset group (set of asset groups), the return on plan assets (excluding amounts included
on a pro-rata basis of the carrying amount of each asset. in net interest on the net defined benefit liability), are
Once the above impairment loss is recognised, it cannot recognised immediately in the balance sheet with a
be reversed in subsequent accounting periods. corresponding debit or credit to equity through other
comprehensive income in the period in which they occur.
19. Long-term prepaid expenses
Remeasurements are not reclassified to profit or loss in
Long-term prepaid expenses include the expenditure subsequent periods.
for improvements to fixed assets held under operating
leases, and other expenditures that have been incurred Past service costs are recognised in profit or loss at the
but should be recognised as expenses over more earlier of the date of the plan amendment and the date
than one year in the current and subsequent periods. that the Group recognises restructuring-related costs or
Long-term prepaid expenses are amortised on the termination benefits.
straight-line basis over the expected beneficial period and
are presented at actual expenditure net of accumulated Net interest is calculated by applying the discount rate
amortisation. to the net defined benefit liability or asset. The Group
20. Employee benefits recognises the following changes in the net defined
benefit obligation under administrative expenses, and
Employee benefits refer to all forms of consideration
finance expenses in the income statement: service costs
or compensation other than share-based payments
comprising current service costs, past service costs,
given by the Group in exchange for services rendered
by employees or for termination of employment. gains and losses on settlements; net interest comprising
Employee benefits include short-term employee benefits, interest income on plan assets, interest costs on the
post-employment benefits, termination benefits and other defined benefit obligation and interest on the effect of the
long-term employee benefits. Benefits given by the Group asset ceiling.
to an employee’s spouse, children and dependents,
family members of deceased employees and other Termination benefits
beneficiaries are also employee benefits. The Group provides termination benefits to employees
Short-term employee benefits and recognises an employee benefits liability for
termination benefits, with a corresponding charge to
The short-term employee benefits actually occurred
are recognised as a liability in the accounting period in profit or loss, at the earlier of when the Group can no
which the service is rendered by the employees, with a longer withdraw the offer of those benefits resulting
corresponding charge to the profit or loss for the current from an employment termination plan or a curtailment
period or the cost of relevant assets. proposal and when the Group recognise costs involving
the payment of termination benefits.

III. Significant Accounting Policies guaranteed residual value changes, the index or ratio
and Estimates (continued) used to determine the lease payment amount changes,
the evaluation results or actual exercise of the purchase
20. Employee benefits (continued) option, renewal option or termination option change, the
Group remeasures the lease liabilities according to the
Early retirement benefits
present value of the changed lease payments.
The Group offers early retirement benefits to those
employees who accept early retirement arrangements.
22. Provisions
The early retirement benefits refer to the salaries and An obligation related to a contingency shall be
social security contributions to be paid to and for the recognised by the Group as a provision when all of the
employees who accept voluntary retirement before the following conditions are satisfied, except for contingent
statutory retirement age, as approved by management. considerations and contingent liabilities assumed in
The Group pays early retirement benefits to those early a business combination not involving entities under
retired employees from the early retirement date until common control:
the normal retirement date. The Group accounts for
the early retirement benefits in accordance with the (1) the obligation is a present obligation of the Group;
treatment for termination benefits, in which the salaries (2) it is probable that an outflow of economic benefits
and social security contributions to be paid to and for from the Group will be required to settle the
the early retired employees from the off-duty date to the obligation; and
normal retirement date are recognised as liabilities with a
corresponding charge to the profit or loss for the current (3) a reliable estimate can be made of the amount of
period. The differences arising from the changes in the the obligation.
respective actuarial assumptions of the early retirement A provision is initially measured at the best estimate of
benefits and the adjustments of benefit standards are the expenditure required to settle the related present
recognised in profit or loss in the period in which they obligation, taking into account factors pertaining to a
occur. contingency such as the risks, uncertainties and time
The termination benefits expected to be settled within value of money as a whole. Provisions are reviewed at
one year since the balance sheet date are classified as each balance sheet date. Where there is clear evidence
current liabilities. that the carrying amount of a provision does not reflect
the current best estimate, the carrying amount is
21. Lease liabilities adjusted to the current best estimate.
At the commencement date of the lease, the Group The expected credit losses of financial guarantees are
measures the lease liability at the present value of the listed as provisions.
lease payments that are not paid at that date, except
for short-term leases and leases of low-value assets. 23. Share-based payments
The lease payment include: fixed payments (including A share-based payment is classified as either an
in-substance fixed payments), less any lease incentives equity-settled share-based payment or a cash-settled
receivable, variable lease payments that depend on an share-based payment. An equity-settled share-based
index or a rate, amounts expected to be payable by the payment is a transaction in which the Group receives
lessee under residual value guarantees, the exercise services and uses shares or other equity instruments as
price of a purchase option if the lessee is reasonably consideration for settlement.
certain to exercise that option, and payments of penalties
for terminating the lease, if the lease term reflects the An equity-settled share-based payment in exchange for
lessee exercising an option to terminate the lease. services received from employees is measured at the fair
value of the equity instruments granted to the employees.
In calculating the present value of the lease payments, If such equity-settled share-based payment could vest
the Group uses the interest rate implicated in the lease immediately, related costs or expenses at an amount
as the discount rate. If that rate cannot be readily equal to the fair value on the grant date are recognised,
determined, the Group uses the lessee’s incremental with a corresponding increase in capital reserve; if such
borrowing rate. The Group calculates the interest equity-settled share-based payment could not vest
expenses of the lease liability in each period during the until the completion of services for a vesting period,
lease term using the constant periodic rate of interest, or until the achievement of a specified performance
and recognises such interest expenses in profit or loss, condition, the Group at each balance sheet date during
except those recognised in the costs of the related the vesting period recognises the services received for
asset as required. Variable lease payments that are not the current period as related costs and expenses, with a
included in the measurement of the lease liabilities are corresponding increase in capital reserve, at an amount
recognised in profit or loss as incurred, except those equal to the fair value of the equity instruments at the
recognised in the costs of the related asset as required. grant date, based on the best estimate of the number
After the commencement date of the lease, the Group of equity instruments expected to vest, which is made
shall increase the carrying amount of lease liability to on the basis of the latest available information such as
reflect interest on the lease liability and reduce the the changes in the number of covered employees. The
carrying amount of lease liability to reflect the lease fair value of the Share Options was determined by the
payments made. When the actual fixed payment Binomial Options Pricing Model, as stated in Note XI.
amount changes, the expected payable amount of the

III. Significant Accounting Policies 25. Revenue from contracts with customers
and Estimates (continued) Revenue from contracts with customers is recognised
when the Group has fulfilled its performance obligations
23. Share-based payments (continued)
in the contracts, that is, when the customer obtains
No cost or expense is recognised for share payments control of relevant goods or services. Control of relevant
that are ultimately unexercised due to non-market goods or services refers to the ability to direct the use of
conditions and/or term of service conditions not being the goods, or the provision of the services, and obtain
substantially all of the remaining benefits from the goods
met. Where a market condition or non-viable option
or services.
condition is specified in the share-based payment
agreement, it is deemed to be a viable option provided Revenue from construction contracts
that all other performance conditions and/or term of The revenue from construction contracts between the
service conditions are satisfied, regardless of whether Group and the customer usually includes performance
the market condition or non-viable option condition is obligations of housing construction and infrastructure
satisfied. construction. Because the Group’s performance creates
or enhances an asset that the customer controls
Where the terms of an equity-settled share-based award as the asset is created or enhanced, the revenue is
are modified, as a minimum an expense is recognised recognised over time only if the Group can reasonably
as if the terms had not been modified. In addition, an measure its progress towards the complete satisfaction
expense is recognised for any modification that increases of the performance obligation. The Group uses the
the total fair value of the share-based payments, or is input method and determines the progress towards
the complete satisfaction of the rendering of services
otherwise beneficial to the employee as measured at the
on the basis of costs incurred. If the progress towards
date of modification.
the complete satisfaction of the performance obligation
Where an equity-settled share-based award is cancelled, cannot be reasonably measured, but the Group
expects to recover the costs incurred in satisfying the
it is treated as if it had vested on the date of cancellation,
performance obligation, the revenue is recognised only to
and any expense not yet recognised for the award is
the extent of the costs incurred until such time that the
recognised immediately. This includes any award where Group can reasonably measure the progress towards the
non-vesting conditions within the control of either the complete satisfaction of the performance obligation.
Group or the employee are not met. However, if a
Revenue from sales of real estate
new award is substituted for the cancelled award, and
is designated as a replacement on the date that it is The Group’s revenue from real estate development
granted, the cancelled and new awards are treated as if business is recognised when the control over properties
is transferred to the customer. According to the terms
they were a modification of the original award.
under the sales contract and laws and regulations
24. Other equity instruments applicable to the contract, the control over properties
can be transferred within a certain period of time or at a
Upon the maturity of the perpetual bonds issued by certain point of time. Where goods produced during the
the Group, the Group has the right to extend the term Group’s performance of the contract are irreplaceable
indefinitely. For the coupon interest of the perpetual and the Group is entitled to collect payments for the
bonds, the Group has the right to defer payment. When part of the performance that has been completed so far
the perpetual bonds are in the same order of repayment during the entire contract period, revenue is recognised
as ordinary bonds and other debts issued by the issuer, within a certain period of time based on the progress
of performance obligation fulfilment during the contract
the Group considers whether the repayment order results
period, and the progress of performance obligation
in the expection of contractual obligation of holder to pay
fulfilment is determined based on the proportion of
cash or other financial assets to issuer cautiously. For contract costs incurred for the fulfilled performance
the perpetual bonds classified as equity instruments, the obligations to the estimated total contract costs.
Group has no contractual obligation to pay cash or other Otherwise, revenue is recognised when the customer
financial assets. obtains the physical ownership of goods or the legal
ownership of completed properties and the Group
obtains the present right to receive payment and
probably recovers the contract consideration.

III. Significant Accounting Policies Warranties

and Estimates (continued) The Group provides a warranty in connection with
25. Revenue from contracts with customers the sale of a good or the construction of an asset in
(continued) accordance with the contract and the relevant laws and
regulations, etc. For an assurance-type warranty that
Revenue from design services provides the customer the assurance that the goods
Due to the reason that the design services provided by sold or the assets built complies with agreed-upon
the Group during the performance of contracts have specifications, the Group accounts for the warranty in
irreplaceable uses, and the Group has the right to receive accordance with Notes III.22. For a service-type warranty
payments for the completed portions of the projects that provides a customer with a service in addition to the
during the entire contract period. Therefore, such assurance that the product complies with agreed-upon
services are accounted for as performance obligations to specifications, the Group accounts for it as a separate
be fulfilled within certain periods of time, and revenue is performance obligation. On the basis of the relative
recognised based on the performance schedule, unless proportion between the stand-alone selling price of
the performance of the contract cannot be reasonably the good and the service-type warranty, a portion of
determined. The Group determines the performance the transaction price is allocated to the service-type
progress for the services rendered by using the input warranty and revenue is recognised when a customer
method. Where the performance of the contract cannot
obtained control of the good. When assessing whether
be reasonably determined, revenue is recognised at the
a service-type warranty provides a customer with a
amount of costs incurred if it is predicted that the costs
separate service in addition to the assurance that the
can be compensated till the performance progress can
be reasonably determined. good complies with agreed-upon specifications, the
Group considers whether the warranty is required by
Contracts for the sale of goods law, the length of the warranty coverage period and the
A contract for the sale of goods between the Group nature of the tasks that the Group promises to perform,
and the customer usually only includes the performance etc.
obligation to transfer the goods. The revenue is Principal/agent
recognised at transfer control point in time based on the
following indicators, which include: a present right to The Group judges whether the identity of the group is a
payment for goods, the transfer of significant risks and principal or an agent when the transaction is conducted
rewards of ownership of goods, the transfer of legal title based on whether the Group has control over the product
to goods, the transfer of physical possession of goods, or service before transferring to the customer. Under the
the customer’s acceptance of goods. circumstance that the Group controls goods or services
Variable consideration before goods or services are transferred to the customer,
the Group is a principal and recognises revenue in the
Some of the Group’s contracts with customers include gross amount of consideration received or receivable.
arrangements of variable consideration. The Group Otherwise, the Group is an agent and recognises
determines the best estimate of variable consideration revenue in the amount of any fee or commission to which
by using the expected value method or the most likely it expects to be entitled from the customer. The amount
amount method. However, the transaction price including is the net amount of the gross consideration received or
variable consideration is only to the extent that it is highly receivable after paying the other party the consideration
probable that a significant reversal in the amount of received in exchange for the goods or services to be
cumulative revenue recognised will not occur when the
provided by that party or determined by the agreed-upon
uncertainty associated with the variable consideration is
amount or proportion of commissions, etc.
subsequently resolved.
Significant financing components Recognition of revenue from Public-Private
Partnership (“PPP”)
When the contract contains a significant financing
component, the Group determines the transaction Public-Private-Partnership project contracts refers to the
price based on an amount that reflects the price that a contract established by the Group and the government
customer would have paid for the goods or services in for PPP project cooperation in accordance with laws and
cash at the time of obtaining the control of the goods regulations, and the contract shall meet the following
or services, and amortises the difference between the features at the same time (hereinafter referred to as
transaction price and the consideration promised in the “double features”):
contract under the effective interest method within the
(1) The Group provides public products and services
contract period using the discount rate that discounts
the nominal amount of the contract consideration to the on behalf of the government by using PPP project
current selling price of the goods or services. The Group assets during the contractually agreed operation
does not consider the effects of a significant financing period;
component in the contract if it is expected that the (2) The Group is compensated for the public goods
period between when the customer obtains control of the and services it provides for the period agreed in
goods or services and when the customer pays for such the contract.
goods or services will be one year or less.

III. Significant Accounting Policies After PPP assets reach working condition, the social
and Estimates (continued) capital party should recognise revenue for operation of
25. Revenue from contracts with customers PPP projects in accordance with “Accounting Standards
(continued) for Business Enterprises No. 14 – Revenue”.
Recognition of revenue from Public-Private Recognition of revenue from Build-Transfer
Partnership (“PPP”) (continued) (“BT”)
The following conditions shall be met at the same time For construction services rendered by the Group, related
(hereinafter referred to as “double controls”): revenue and costs are recognised during the stage of
(1) The government controls or regulates the type, construction according to the construction contract.
object and price of public goods and services that Revenue from construction services is measured at the
the Group must provide in the use of PPP project consideration received or receivable by the Group. The
assets; Group recognises contract assets when recognising
revenue, and accounts for any significant financing
(2) When the PPP project contract is terminated,
component in the contractual arrangement. The contract
the government party controls the significant
assets are transferred to financial assets when the Group
residual interests of the PPP project assets
obtains the right to unconditionally collect consideration
through ownership, income rights or other forms
and is deducted against long-term receivables after the
of control.
Group receives the payment from the project owner.
The social capital party who provides multiple service
26. Contract assets and contract liabilities
(e.g., providing construction service for PPP project and
operation and maintenance service after the construction The Group presents contract assets or contract liabilities
is complete) based on PPP contract, recognises depending on the relationship between the satisfaction of
revenues and costs of construction service in accordance its performance obligations and the customer’s payment
with construction contract. Revenue from construction in the balance sheet. The Group offsets the contract
service is measured by consideration collected or entitled assets and contract liabilities under the same contract
to charge and recognise contact assets at the same and presents the net amount.
time. Contract assets
In accordance with the PPP contract, during the A contract asset is the right to consideration in exchange
operation of PPP project, the Group, entitled to collect for goods or services that the Group has transferred to
certain cash flows (or other financial assets), should a customer, and that right is conditioned on something
recognise revenue and receivables simultaneously when other than the passage of time.
the social capital party has the right to collect such
For details of how the Group measures and accounts for
consideration (a right is only determined by the passage
the ECLs of a contract asset, refer to Notes III.9.
of time), in accordance with “Accounting Standards
for Business Enterprises No. 22 – Recognition and Contract liabilities
Measurement of Financial Instruments”.
A contract liability is the obligation to transfer goods or
In accordance with the PPP contract, during the services to a customer for which the Group has received
operation of PPP project, the Group is entitled to collect consideration or an amount of consideration is due from
cash flows from parties who received public products the customer, such as an amount of consideration that
and services with uncertain amount, and such right an entity has received before the transfer of the promised
doesn’t constitute an unconditional right to collect cash. goods or services.
The Group should recognise the consideration or the
revenue recognised from construction activity of PPP
assets as intangible assets when the PPP assets reach
working condition, in accordance with “Accounting
Standards for Business Enterprises No. 6 – Intangible
Assets”.

III. Significant Accounting Policies 28. Government grants

and Estimates (continued) Government grants are recognised when all attaching
27. Contract cost assets conditions will be complied with and the grants will
be received. If a government grant is in the form of
The Group’s contract cost assets include the costs
a transfer of a monetary asset, it is measured at the
to obtain and fulfil a contract and are classified as
amount received or receivable. If a government grant
inventories, other current assets and other non-current
is in the form of a transfer of a non-monetary asset,
assets by liquidity.
it is measured at fair value; if fair value is not reliably
The Group recognises as an asset the incremental costs determinable, it is measured at a nominal amount.
of obtaining a contract with a customer if the Group
According to the government documents, those used
expects to recover those costs, unless the amortisation
for the purposes of purchase, construction or other
period of the asset is one year or less.
formations of long-term assets shall be regarded as the
Other than the costs which are capitalised as inventories, government grants related to assets; if the government
fixed assets and intangible assets, etc., costs incurred documents are not clear, the judgment shall be made
to fulfil a contract with a customer are capitalised as an on the basis of the basic conditions that must be met
asset if all of the following criteria are met: to obtain the grants. The government grants related
to assets shall be those based on the purchase,
(1) the costs relate directly to a contract or to an
construction or other formations of long-term assets, and
anticipated contract, including direct labour, direct
the others shall be regarded as the government grants
materials, overheads (or similar expenses), costs
related to income.
that are explicitly chargeable to the customer and
other costs that are incurred only because an The group adopts the total method to measure
entity entered into the contract; government grants.
(2) the costs generate or enhance resources of the A government grant related to income is accounted for
Group that will be used in satisfying performance as follows: (i) if the grant is a compensation for related
obligations in the future; and expenses or losses to be incurred in subsequent periods,
the grant is recognised as deferred income, and released
(3) the costs are expected to be recovered.
in profit or loss over the periods in which the related
The contract cost asset is amortised and charged to costs are recognised; or (ii) if the grant is a compensation
profit or loss on a systematic basis that is consistent with for related expenses or losses already incurred, it is
the pattern of the revenue to which the asset related is recognised immediately in profit or loss.
recognised.
A government grant relating to an asset shall be offset
The Group accrues provisions for impairment and against the carrying amounts of relevant assets, or
recognises impairment losses to the extent that the recognised as deferred income and amortised in profit
carrying amount of a contract cost asset exceeds: or loss over the useful life of the related asset by annual
(1) the remaining amount of consideration that the instalments in a systematic and rational way (however,
entity expects to receive in exchange for the a government grant measured at a nominal amount is
goods or services to which the asset relates; less recognised directly in profit or loss). Where the assets
are sold, transferred, retired or damaged before the end
(2) the costs that are expected to be incurred to of their useful lives, the rest of the remaining deferred
transfer those related goods or services. income is released to profit or loss for the period in
which the relevant assets are disposed of.
Where the Group receives loans granted at a

below-market rate of interest from a lending bank funded
with financial interest subsidies, the initial carrying
amount of the borrowings is the actual proceeds
received, and the calculation of the borrowing costs shall
be based on the principal and the below-market rate of
interest.

III. Significant Accounting Policies At the end of the reporting period, deferred tax assets
and Estimates (continued) and liabilities are measured at the tax rates that are
expected to apply to the period when the asset is
29. Deferred Income tax
realised or the liability is settled, in accordance with the
Deferred tax is provided using the balance sheet liability requirements of tax laws. The measurement of deferred
method, on all temporary differences at the end of the tax assets and deferred tax liabilities reflects the tax
reporting period between the tax bases of assets and consequences that would follow from the manner in
liabilities and their carrying amounts, and temporary which the Group expects, at the end of the reporting
differences between the tax bases and the carrying period, to recover the assets or settle the liabilities.
amounts of the items, which have a tax base according
to related tax laws but are not recognised as assets and The carrying amount of deferred tax assets is reviewed at
liabilities. the end of the reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profit
Deferred tax liabilities are recognised for all taxable will be available in future periods to allow the deferred tax
temporary differences, except:
assets to be utilised. Unrecognised deferred tax assets
(1) when the taxable temporary difference arises are reassessed at the end of the reporting period and
from the initial recognition of goodwill, or an asset are recognised to the extent that it has become probable
or liability in a transaction that is not a business that sufficient taxable profit will be available to allow all or
combination and, at the time of transaction, part of the deferred tax asset to be recovered.
affects neither accounting profit nor taxable profit
Deferred tax assets and deferred tax liabilities are offset
or loss; and
if and only if the Group has a legally enforceable right to
(2) in respect of taxable temporary differences set off current tax assets and current tax liabilities, and
associated with investments in subsidiaries, the deferred tax assets and deferred tax liabilities relate
associates and joint ventures, when the timing of to income taxes levied by the same taxation authority
the reversal of the temporary differences can be on either the same taxable entity or different taxable
controlled and it is probable that the temporary
entities which intend either to settle current tax liabilities
differences will not be reversed in the foreseeable
and assets on a net basis, or to realise the assets and
future.
settle the liabilities simultaneously, in each future period
Deferred tax assets are recognised for all deductible in which significant amounts of deferred tax liabilities or
temporary differences, and the carryforward of unused assets are expected to be settled or recovered.
tax losses and any unused tax credits. Deferred tax
30. Leases
assets are recognised to the extent that it is probable
that taxable profit will be available against which the At inception of a contract, an entity shall assess whether
deductible temporary differences, the carryforward of the contract is, or contains, a lease. A contract is, or
unused tax losses and unused tax credits can be utilised, contains, a lease if the contract conveys the right to
except: control the use of an identified asset for a period of time
(1) when the deductible temporary difference arises in exchange for consideration.
from the initial recognition of an asset or liability in As lessee
a transaction that is not a business combination
and, at the time of the transaction, affects neither Except for short-term leases and leases for which
the accounting profit nor taxable profit or loss; the underlying asset is of low value, the Group shall
and recognise right of use assets and lease liabilities. For the
general accounting treatment refers to Note III.16 and
(2) in respect of the deductible temporary differences
Note III.21.
associated with investments in subsidiaries,
associates and joint ventures, deferred tax For a contract that contains a lease component and one
assets are only recognised to the extent that it is or more additional lease or non-lease components, the
probable that the temporary differences will be Group shall allocate the consideration in the contract
reversed in the foreseeable future and taxable according to stand-alone selling prices.
profit will be available against which the temporary
differences can be utilised in the future.

III. Significant Accounting Policies back transactions doesn’t constitute a sale, the Group,
and Estimates (continued) as a lessee, continues to recognise the transferred asset,
and recognises a financial liability which equals to the
30. Leases (continued) transfer proceeds and accounts for the financial liability
in accordance with Note III.9.
As lessee (continued)
31. Share repurchase
Short-term leases and leases of low-value assets
Considerations and transaction costs paid for repurchase
The Group considers a lease that, at the commencement of our equity instruments should be accounted for
date of the lease, has a lease term of 12 months or a deduction from equity. In addition to share-based
less, and does not contain any purchase option as a payment, the issuance (including refinancing),
short-term lease; and a lease for which the value of the repurchase, sales or cancellations of own equity
individual underlying asset is not more than RMB30,000 instruments shall be treated as changes in equity.
when it is new as a lease of low-value assets. If the
Group subleases an asset, or expects to sublease an 32. Profit distribution
asset, the head lease does not qualify as a lease of
The cash dividend is recognised as a liability upon
a low-value asset. The Group does not recognise the
approval in the general meeting of shareholders.
right-of-use assets and lease liabilities for short-term
leases and of low-value assets. The Group recognises 33. Safety production expenses
lease payments on short-term leases and leases of
Safety production expenses provided according to the
low-value assets in the costs of the related asset or profit
regulations are included in costs of related products or
or loss on a straight-line basis over the lease term.
profit or loss, and credited to the special reserves. They
As lessor are treated differently when being utilised: (i) the special
reserves are debited for those expenditure with the
A lease is classified as a finance lease if it transfers
expense nature; or (ii) the cumulative expenditures are
substantially all the risks and rewards incidental to
capitalised as a fixed asset for those expenditure to be
ownership of an underlying asset, except that a lease
capitalised when the working condition for the intended
is classified as an operating lease at the inception date.
use is reached, and at the same time, special reserves
The Group, as an intermediate lessor, classifies the
are debited with the full depreciation of the fixed asset of
sublease by reference to the right-of-use asset arising
the same amount.
from the head lease. For a contract that contains a
lease component and one or more additional lease or 34. Fair value measurement
non-lease components, the Group shall allocate the
The Group measures part of its debt instruments and
consideration in the contract according to stand-alone
equity investments at fair value at each end of the
selling prices.
reporting period. Fair value is the price that would be
As lessor of an operating lease received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the
Rent income under an operating lease is recognised on
measurement date.
a straight-line basis over the lease term, through profit or
loss. Variable lease payments that are not included in the All assets and liabilities for which fair value is measured
measurement of lease receivables are charged to profit or disclosed in the financial statements are categorised
or loss as incurred. The Group shall add initial direct within the fair value hierarchy based on the lowest level
costs incurred in obtaining an operating lease to the input that is significant to the fair value measurement as
carrying amount of the underlying asset and recognise a whole:
those costs as an expense over the lease term on the
Level 1 Based on quoted prices (unadjusted) in active
same basis as the lease income.
markets for identical assets or liabilities;
Sale and leaseback transactions
Level 2 Based on valuation techniques for which the
The Group assess and determine whether the assets lowest level input that is significant to the fair value
transferred in sale and lease back transactions is sales measurement is observable, either directly or indirectly;
activity in accordance with Note III. 25.
Level 3 Based on valuation techniques for which the
As a seller-lessee lowest level input that is significant to the fair value
measurement is unobservable.
For assets transferred in sale and lease back
transactions constitutes a sale, the Group, as a For assets and liabilities that are measured at fair value in
seller-lessee, measures the right-of-use asset arising the financial statements on a recurring basis, the Group
from the leaseback at the proportion of the previous determines whether transfers have occurred between
carrying amount of the asset that relates to the right of levels in the hierarchy by reassessing categorisation on
use retained, and recognises only the amount of any each balance sheet date.
gain or loss that relates to the rights transferred to the
buyer-lessor. For assets transferred in sale and lease

III. Significant Accounting Policies appreciation can be sold or leased separately, the Group
and Estimates (continued) measures that part separately. If not, the property will be
classified as investment property only if the part used for
35. Significant accounting judgements and producing goods, providing labor services or operation
estimates and management is not significant. When determining
The preparation of the financial statements requires whether the importance of auxiliary services is sufficient
management to make judgements, estimates and to make the property not meet the recognition conditions
assumptions that affect the reported amounts of revenue, of investment property, the Group will make a separate
expenses, assets and liabilities, and their accompanying judgment based on individual property benchmark.
disclosures, and the disclosure of contingent liabilities at
Determination method of construction contract
the end of the reporting period. Uncertainty about these
assumptions and estimates could result in outcomes performance schedule
that could require a material adjustment to the carrying The Group determines the performance progress of the
amounts of the assets or liabilities affected in the future. construction contract according to the input method.
Judgements Specifically, the Group determines the performance
progress according to the proportion of the accumulated
In the process of applying the Group’s accounting actual construction cost in the estimated total cost.
policies, management has made the following The accumulated actual cost includes the direct cost
judgements which have a significant effect on the and indirect cost incurred in the process of the Group
amounts recognised in the financial statements:
transferring goods to customers. The construction
Operating leases – the Group as lessor contract price with the customer is determined based
on the construction cost. The proportion of the actual
The Group has entered into lease agreements on its construction cost to the estimated total cost can truly
investment property portfolio. The Group has determined reflect the performance progress of the construction
these leases to be operating leases, based on an service. In view of the long lifetime of the construction
evaluation of the terms and conditions of the agreements, contract and the possibility of spanning several
that it retains almost all the significant risks and rewards accounting periods, the Group will review and revise the
of ownership of these properties. budget with the progress of the construction contract,
Division of investment properties and inventories and adjust the revenue recognition amount accordingly.
The properties constructed by the group may be used Business model

for sale, rent earning and/or capital appreciation. At The classification of financial assets at initial recognition
the initial stage of construction, the Group classifies depends on the Group’s business model for managing
the property into inventory or investment property financial assets. When determining the business
according to the holding purpose. During the period model, the Group considers the methods to include
under construction, the properties used for sale after evaluation and report financial asset performance to
completion are classified as inventories-properties under key management, the risks affecting the performance
development and included in current assets, and the of financial assets and the risk management, and the
properties used to earn rent and/or capital appreciation manner in which the relevant management receives
after completion are classified as investment properties remuneration. When assessing whether the objective
in progress and included in non-current assets. After is to collect contractual cash flows, the Group needs
completion, the properties used for sale are transferred to analyse and judge the reason, timing, frequency and
to inventories-completed properties for sale, while the value of the sale before the maturity date of the financial
properties used to earn rent and/or capital appreciation assets.
are transferred to investment properties.
Contractual cash flow characteristics
Division of investment properties and fixed assets
The classification of financial assets at initial recognition
The Group determines whether the property it holds depends on the financial asset’s contractual cash flow
meets the definition of investment property and characteristics, and the judgements on whether the
establishes relevant standards when making judgments. contractual cash flows are solely payments of principal
The Group classifies the property held for earning rent or and interest on the principal amount outstanding,
capital appreciation, or both (including buildings under including when assessing the modification of the time
construction or development for future use for rental). value of money, the judgement on whether there is any
The Group will consider whether the cash flow generated significant difference from the benchmark cash flow
by the property is largely independent of other assets and whether the fair value of the prepayment features
held by the group. Some properties are used to earn is insignificant for financial assets with prepayment
rent or capital appreciation, and the remaining part is features, etc.
used to produce goods, provide services or operation
and management. If the part used to earn rent or capital

III. Significant Accounting Policies will be released after the properly buyer has completed
and Estimates (continued) the house ownership certificate and completed the
real estate mortgage registration procedures. The
35. Significant accounting judgements and Group only needs to provide guarantee to the bank
estimates (continued) for the outstanding mortgage loan of the buyer within
Judgements (continued) the guarantee period. The bank will only claim against
the Group if the buyer defaults and fails to repay the
Whether a contract is, or contains, a lease
mortgage loan.
The Group signed the lease agreement on equipments
According to the Group’s historical experience in selling
for some engineering construction projects. The Group
similar developed products, the Group believes that
believes that, based on the agreement, there is no
during the period of phased joint liability guarantee, the
identified asset, or the supplier has the substantive right
ratio of the Group’s guarantee liability to the bank due
to substitute the underlying asset throughout the period
to the buyer’s failure to repay the mortgage loan is very
of use. Therefore, the agreement does not contain a
low, and the Group can claim the advance payment paid
lease, and the Group treats it as acceptance of a service.
by the buyer for undertaking the guarantee of phased
Revenue from sales of real estate joint liability. In the case of non-repayment by the buyer,
the Group can avoid loss by giving priority to the relevant
According to the accounting policies described in Note
property according to the relevant purchase contract.
III. 25, the Group’s revenue from real estate development
Therefore, the Group believes that the financial guarantee
business is recognised when the control over properties
has no significant impact on the recognition of sales
is transferred to the customer. According to the terms
revenue of development products.
under the sales contract and laws and regulations
applicable to the contract, the control over properties Equity instruments
can be transferred within a certain period of time or at a
Equity instruments such as perpetual bonds issued by
certain point of time. Where goods produced during the
the Group do not need to be settled by the Group’s own
Group’s performance of the contract are irreplaceable
equity instruments, excluding the contractual obligations
and the Group is entitled to collect payments for the
to deliver cash or other financial assets to other parties,
part of the performance that has been completed so far
or to exchange financial assets or financial liabilities
during the entire contract period, revenue is recognised
with other parties under potential adverse conditions.
over a certain period of time based on the progress of
Therefore, the Group calculates them as other equity
performance obligation fulfilment during the contract
instruments.
period. Otherwise, revenue is recognised when the
customer obtains the physical ownership of goods or Estimation uncertainty
the legal ownership of completed properties, and the
The key assumptions concerning the future and other
Group obtains the present right to receive payment and
key sources of estimation uncertainty at the end of the
probably recovers the contract consideration.
reporting period, that have a significant risk of causing
Due to the restriction of real estate sales contract, the a material adjustment to the carrying amounts of assets
Group’s properties generally have no alternative use. and liabilities within the future accounting periods, are
However, whether the Group has the enforcement right described below.
to collect the part that has been completed so far and
Impairment of financial instruments and contract assets
use the method of recognising income over a period
of time depends on the agreement of each contract The Group uses the expected credit loss model to
term and the relevant law applicable to the contract. In assess the impairment of financial instruments and
order to assess whether the Group has obtained the contract assets. The Group is required to perform
enforcement right on the part that has been performed, significant judgements and estimations and take into
the Group reviews its contract terms, relevant local laws, account all reasonable and supportable information,
and takes into account the opinions of local regulatory including forward-looking information. When making
authorities when necessary, and needs to make a lot of such judgements and estimates, the Group infers the
judgments. expected changes in the debtor’s credit risk based
on historical repayment data combined with economic
When the Group signs a sales contract with a properly
policies, macroeconomic indicators, industry risks and
buyer, according to the requirements of some banks,
other factors. The different estimates may impact the
if the buyer needs to obtain a mortgage loan from the
impairment assessment, and the impairment allowance
bank to pay the house money, the Group will enter into
may also not be representative of the actual impairment
a tripartite mortgage guarantee loan agreement with the
buyer and the bank. The Group will provide phased joint loss in the future.
liability guarantee for mortgage loans issued by banks to
the properly buyer. The phased joint liability guarantee

III. Significant Accounting Policies Recognition of revenue and expenses from construction
and Estimates (continued) and service contracts requires management to make
relevant estimates. If losses are expected to occur in
35. Significant accounting judgements and construction and service contracts, such losses should
estimates (continued) be recognised as current costs. The management of
Estimation uncertainty (continued) the Group estimates the possible losses based on the
construction and service contract budget. Due to the
Impairment of non-current assets other than financial characteristics of housing construction, infrastructure
assets (other than goodwill) construction, and design businesses, the date at
which the contract activity is entered into and the date
The Group assesses whether there are any indications
when the activity is completed usually fall into different
of impairment for all non-current assets other than
accounting periods. The Group reviews and revises the
financial assets at the end of the reporting period.
estimates of both contract revenue and contract costs in
Intangible assets with indefinite useful lives are tested
each contract budget as the contract progresses.
for impairment annually and at other times when such
an indication exists. Other non-current assets other Deferred tax assets
than financial assets are tested for impairment when
there are indications that the carrying amounts may Deferred tax assets are recognised for all unused tax
not be recoverable. An impairment exists when the losses to the extent that it is probable that taxable profit
carrying amount of an asset or asset group exceeds will be available against which the losses can be utilised.
its recoverable amount, which is the higher of its fair Significant judgement from the management is required
value less costs of disposal and the present value of the to determine the amount of deferred tax assets that can
future cash flows expected to be derived from it. The be recognised, based upon the likely timing and level of
calculation of the fair value less costs of disposal based future taxable profits together with future tax planning
on available data from binding sales transactions in an strategies.
arm’s length transaction of similar assets or observable Land appreciation tax
market prices less incremental costs for disposing of
the assets. When the calculations of the present value The Group is required to pay land appreciation tax in
of the future cash flows expected to be derived from an accordance with tax laws on the value-added portion
asset or asset group are undertaken, management must of property sales. The provision for land appreciation
estimate the expected future cash flows from the asset tax is the best estimate made by the management
or asset group and choose a suitable discount rate in based on the understanding of relevant tax laws and
order to calculate the present value of those cash flows. regulations. The actual land appreciation tax liability
must be determined by the tax authority when the
Impairment of goodwill land appreciation tax is settled. The Group has not
The Group determines whether goodwill is impaired at yet determined its land appreciation tax settlement
least on an annual basis. This requires an estimation of and taxation plans for certain real estate development
the value in use of the cash-generating units to which projects with tax authorities. The final land appreciation
the goodwill has been allocated. Testing the value in use tax calculation result may be different from the amount
requires the Group to make an estimate of the expected initially recorded, and any difference will affect the land
future cash flows from the cash-generating units and also appreciation tax expenditure and related provision
to choose a suitable discount rate in order to calculate amount during the period when the difference is realised.
the present value of those cash flows. Confirmation and allocation of properties under
Fair value of unlisted equity investments development
For a part of unlisted equity investments, the Group The cost of real estate construction is recorded as
adopts the market approach to estimate the fair value, inventory during the construction period, and will be
which involves choosing comparable companies and carried forward to the income statement after real
market multiples and estimating the liquidity discount estate sales revenue is confirmed. Before the final
rate. Therefore, it is subject to uncertainty. For all the settlement of project costs and other related real estate
other unlisted equity investments, the Group estimates development costs, such costs need to be estimated
the fair value through the expected cash flows discounted by the management of the Group based on budgeted
at current rates applicable for items with similar terms costs and development progress. The Group’s real
and risk characteristics. This valuation requires the Group estate development is generally carried out in stages,
to make estimates about expected future cash flows, and the cost directly related to the development of a
credit risk, volatility and discount rates, and hence they certain period is recorded as the cost of that period.
are subject to uncertainty. The common costs of different stages are allocated to
each stage according to the saleable area. If the final
Construction and service contracts settlement of the project cost and the related cost
allocation are different from the initial estimate, the
increase or decrease of the project cost and other costs
will affect the profit and loss in the future years.

III. Significant Accounting Policies year. These actuarial valuations involve assumptions
and Estimates (continued) made on discount rates, retirement benefit inflation rates
and other factors. In view of its long-term nature, the
35. Significant accounting judgements and above estimates are uncertain.
estimates (continued)
Useful lives and residual values of fixed assets
Estimation uncertainty (continued)
After considering the residual value of the fixed assets,
Inventory impairment the Group accrues depreciation within the estimated
The Group’s inventory is measured at the lower of useful life. The Group regularly reviews the estimated
cost and net realisable value. The net realisable value useful life and residual value of related assets to
of inventory refers to the estimated selling price of the determine the amount of depreciation expenses that will
inventory minus the estimated cost, estimated selling be included in each reporting period. The useful life and
expenses and relevant taxes and fees at the time of residual value of assets are determined by the Group
completion. The management’s calculation of the net based on the past experience of similar assets and
realisable value of inventories involves the estimation of combined with expected technological changes. If the
estimated selling prices, estimated costs to be incurred previous estimate changes significantly, the depreciation
by the time of completion, estimated selling expenses expense will be adjusted in the future period.
and relevant taxes. Changes in these estimates will affect Lessee’s incremental borrowing rate
the book value of inventories and the profit and loss of
future changes. If the interest rate implicit in the lease cannot be readily
determined, the Group measures the lease liability at the
Measurement of defined benefit obligations present value of the lease payments discounted using
The Group recognised the supplementary allowances the lessee’s incremental borrowing rate. According to the
and benefits paid to certain retired and early retirement economic environment, the Group takes the observable
employees as liabilities. The amount of these welfare interest rate as the reference basis for determining the
expenses and liabilities are determined using actuarial incremental borrowing rate, then adjusts the observable
valuations conducted by independent professional interest rate based on its own circumstances, underlying
actuaries. Independent professional actuaries evaluate assets, lease terms and amounts of lease liabilities to
the actuarial status of the Group’s retirement plan every determine the applicable incremental borrowing rate.
IV. Taxation
1. Main taxes and rates
Value-added tax – Taxable income is calculated at the corresponding tax rate as output tax, and the value-added tax
is calculated on the basis of the difference after deducting the input tax allowed to be deducted in
the current period. The applicable tax rates of the Group for the six-month period ended 30 June
2023 included 13%, 9%, 6%, 5% and 3%.
According to the “Regulations on Issues Related to the Pilot Reform of Business Tax to Value-
Added Tax” issued by the Ministry of Finance and the State Administration of Taxation in 2016, the
Group calculates tax payable at 3% and 5% of taxable income for old projects in the construction
industry based on simple tax calculation methods and in the real estate development industry,
respectively.
City maintenance and – Calculated and paid at 7% or 5% of the actual turnover tax construction tax paid.
construction tax
Corporate income tax – The Group’s corporate income tax in Mainland China is calculated and paid at 25% of the taxable
income (except for the tax incentives described in Note IV.2). The corporate income tax in Hong
Kong, China is calculated and paid at 16.5% of the taxable income. For other overseas regions,
the taxable income shall be 0% to 35% of the taxable income.
Education surcharge – Calculated and paid at 3% of the actual turnover tax paid.
Land appreciation tax – If the Group transfers land use rights and the property rights of buildings or other attachments on
the ground for a fee, the land appreciation tax is calculated and paid at a four-tier progressive tax
rate of 30% to 60%.
Real estate tax – Real estate tax is levied at 1.2% of the original value of the property or 12% of the rental income.

IV. Taxation (continued)

2. Preferential tax treatments
The corporate income tax preferences enjoyed by the Group are as follows:
(1) Preferential tax treatment for key high and new technological enterprises encouraged and
supported by the state
According to the income tax law and other relevant regulations, the Group’s subsidiaries recognised as key high and
new technological enterprises encouraged and supported by the state are as follows:
Certificate of High and
New Technological Effective
Company name Enterprises tax rate
Tianjin China Construction International Engineering Design Co., Ltd. GR202212004105 15%
China Construction 7th Bureau No.4 Construction Co., Ltd. GR202261000473 15%
China Construction Xinyue Construction Engineering Co., Ltd. GR202244007078 15%
China Construction Second Bureau Hebei Construction Co., Ltd. GR202213004738 15%
China Construction Eighth Bureau Zhejiang Construction Co., Ltd. GR202233009838 15%
Beijing Jingang Changdao Engineering Construction Co., Ltd. GR202211008426 15%
China Construction Eighth Engineering Bureau Decoration Curtain Wall Co., Ltd. GR202232012957 15%
China Architecture Shanghai Design & Research Institute Co., Ltd. GR202131003421 15%
China Construction Third Engineering Design Co., Ltd. GR202242001692 15%
China Construction Third Engineering Bureau Installation Engineering Co., Ltd. GR202242002833 15%
China Construction Third Engineering Bureau Intelligent Technology Co., Ltd. GR202142003113 15%
Liaoning traffic engineering Co., Ltd. GR202121000707 15%
China Construction Third Engineering Bureau infrastructure construction investment Co., Ltd. GR202142004991 15%
China Construction Third Engineering Bureau Group Co., Ltd. GR202242002413 15%
China Construction Third Engineering Bureau First Construction Engineering Co., Ltd. GR202142002193 15%
China State Construction Fourth Engineering Bureau Group Co., Ltd. GR202244002938 15%
China Construction Eighth Engineering Bureau Testing Technology Co., Ltd. GR202211006171 15%
Zhongjian Hailong Technology Co., Ltd. GR202144205013 15%
Anhui Hailong Construction Industry Co., Ltd. GR202134004805 15%
Shandong Hailong Construction Technology Co., Ltd. GR202237005327 15%
Zhonghai Construction Co., Ltd. GR202244203757 15%
Shenzhen Xinghai Electromechanical Engineering Co., Ltd. GR202144204632 15%
China Construction Steel Wuhan Co., Ltd. GR202242005943 15%
China Construction Fourth Engineering Bureau Construction Development Co., Ltd. GR202235100237 15%
China Construction Third Engineering Group South China Co., Ltd. GR202244013374 15%
China Construction Third Engineering Group Beijing Co., Ltd. GR202211003712 15%
China Construction Third Engineering Bureau Green Industry Investment Co., Ltd. GR202242006156 15%


2. Preferential tax treatments (continued)
The corporate income tax preferences enjoyed by the Group are as follows: (continued)
supported by the state (continued)
new technological enterprises encouraged and supported by the state are as follows: (continued)

Hubei China Construction Third Bureau Construction Engineering Technology Co., Ltd. GR202242000742 15%
China Construction Aolian Decoration Engineering Co., Ltd. GR202244207198 15%
Shanghai Haida Communication Co., Ltd. GR202131000679 15%
China Construction Port and Shipping Bureau Group Co., Ltd. GR202131001570 15%
China Construction Sixth Engineering Bureau Construction and Development Co., Ltd. GR202112001037 15%
China Construction Sixth Engineering Bureau Co., Ltd. GR202212003407 15%
China Construction Sixth Engineering Bureau Decoration Engineering Co., Ltd. GR202231002194 15%
China Construction Bridge Co., Ltd. GR202251101476 15%
China Construction Sixth Engineering Bureau Water Conservancy and Hydropower Construction
GR202112001611 15%
Group Co., Ltd.
Huanan Construction Co., Ltd. of China Construction Sixth Engineering Bureau GR202144207418 15%
China Construction Zhongyuan Architectural Design Institute Co., Ltd. GR202241003089 15%
China Construction Seventh Engineering Bureau Co., Ltd. GR202241001707 15%
China Construction Strait Construction Development Co., Ltd. GR202235001605 15%
China Construction Technology Henan Co., Ltd. GR202241000224 15%
China Construction Steel Structure Guangdong Co., Ltd. GR202144011432 15%
China Construction Steel Structure Engineering Co., Ltd. GR202144205230 15%
China Construction Science and Technology Group Smart Parking Technology Co., Ltd. GR202244200933 15%
China Construction Science and Engineering Group Operations Management Co., Ltd. GR202244207907 15%
China Construction Railway Investment Testing Co., Ltd. GR202121002182 15%
China Construction Railway Investment and Construction Group Co., Ltd. GR202111005102 15%
China Municipal Engineering Northwest Design & Research Institute Co., Ltd. GR202162000417 15%
China Construction Fourth Engineering Bureau First Construction Co., Ltd. GR202144000186 15%
China Construction Fourth Engineering Bureau Installation Engineering Co., Ltd. GR202252000123 15%
Guangdong Zhongjian New Building Components Co., Ltd. GR202144001673 15%
China Construction Fourth Engineering Bureau Third Construction Co., Ltd. GR202152000142 15%
China Construction Fourth Engineering Bureau Sixth Construction Engineering Co., Ltd. GR202234000052 15%
China Construction Fourth Engineering Bureau South China Construction Co., Ltd. GR202244003699 15%
China Construction Fifth Engineering Bureau Building Energy Saving Technology Co., Ltd. GR202143003490 15%
China Construction No. 2 Curtain Wall Decoration Co., Ltd. GR202143000237 15%



China Construction Fifth Engineering Bureau Decorative Curtain Wall Co., Ltd. GR202143002509 15%
The Third Construction Engineering Co., Ltd. of China Construction Fifth Engineering Bureau GR202143001620 15%
China State Construction Technology Hunan Co., Ltd. GR202143000481 15%
China Construction Fifth Engineering Bureau East China Construction Co., Ltd. GR202231001316 15%
China Construction Fifth Engineering Bureau Civil Engineering Co., Ltd. GR202243000667 15%
China Construction Fifth Engineering Bureau Garden Co., Ltd. GR202143002615 15%
China Construction Fifth Engineering Bureau South China Construction Co., Ltd. GR202244201874 15%
China Construction Underground Space Co., Ltd. GR202251005258 15%
China State Construction Xinjiang Construction Group Fifth Construction Engineering Co., Ltd. GR202265000206 15%
China Construction Xinjiang Construction Engineering Group First Construction Engineering Co., Ltd. GR202265000227 15%
China State Construction Xinjiang Construction Engineering (Group) Co., Ltd. GR202165000046 15%
China State Construction Xinjiang Construction Engineering Civil Engineering Co., Ltd. GR202165000059 15%
China Construction Western Construction Building Materials Science Research Institute Co., Ltd. GR202251003078 15%
China State Construction West Construction Hunan Co., Ltd. GR202243000326 15%
China Construction Commodity Concrete Co., Ltd. GR202142000108 15%
China Construction West Construction New Material Technology Co., Ltd. GR202251004147 15%
Henan Zhongjian Western Construction Co., Ltd. GR202141003468 15%
Xinjiang Construction Engineering Quality and Safety Testing Center (Co., Ltd.) GR202265000205 15%
China Construction Xinke Decoration Engineering Co., Ltd. GR202211000432 15%
CSCEC (Tianjin) Industrial Construction Engineering Co., Ltd. GR202112003765 15%
China Construction First Engineering Bureau Huajiang Construction Co., Ltd. GR202111002519 15%
The Second Construction Engineering Co., Ltd. of China Construction First Engineering Bureau GR202111000744 15%
China Construction Municipal Engineering Co., Ltd. GR202111000695 15%
Beijing Construction Engineering Quality Sixth Testing Institute Co., Ltd. GR202211002384 15%
China Construction First Engineering Bureau (Group) Co., Ltd. GR202111000630 15%
The Fifth Construction Engineering Co., Ltd. of China Construction First Engineering Bureau GR202111000242 15%
Beijing Zhongjian Architectural Design Institute Co., Ltd. GR202211007788 15%
China Building Decoration Group Co., Ltd. GR202211008320 15%
China State Construction Curtain Wall Co., Ltd. GR202242008622 15%



China Construction Oriental Decoration Co., Ltd. GR202131000852 15%
The Third Construction Engineering Co., Ltd. of China Construction Second Engineering Bureau GR202111006398 15%
China Construction Second Engineering Bureau First Construction Engineering Co., Ltd. GR202111000524 15%
China Construction Second Engineering Bureau Installation Engineering Co., Ltd. GR202111000676 15%
CSCEC Jiuhe Development Group Co., Ltd. GR202211004893 15%
China Construction Second Engineering Bureau Civil Engineering Group Co., Ltd. GR202111008514 15%
China Construction Zhonghuan New Energy Co., Ltd. GR202232014683 15%
Nanjing Huajian Testing Technology Co., Ltd. GR202232014332 15%
China State Construction Electronic Engineering Co., Ltd. GR202211000245 15%
China Construction Industrial & Energy Engineering Group Co., Ltd. GR202132010981 15%
Guangxi Construction Co., Ltd. of China Construction Eighth Engineering Bureau GR202145001083 15%
The Second Construction Engineering Co., Ltd. of China Construction Eighth Engineering Bureau GR202137002542 15%
Shandong Zhongjian Construction Checking Testing Co., Ltd. GR202137004126 15%
China Construction Eighth Engineering Bureau Third Construction Co., Ltd. GR202132007163 15%
China Construction Engineering Construction Development (Beijing) Co., Ltd. GR202211008826 15%
China Construction Town Planning and Development Co., Ltd. GR202011006190 15%
China Construction Cultural Tourism Development Co., Ltd. GR202111007441 15%
China Construction Eighth Engineering Bureau Fourth Construction Co., Ltd. GR202137101123 15%
China Construction Eighth Engineering Division. Co., Ltd. GR202231009889 15%
Investment Construction Co., Ltd. of China Construction Eighth Engineering Division (Shandong) GR202137000714 15%
China Construction Eighth Engineering Bureau (Xiamen) Construction Co., Ltd. GR202135100676 15%
China Construction Eighth Engineering Bureau Decoration Engineering Co., Ltd. GR202131000520 15%
China Construction Eighth Engineering Bureau South China Construction Co., Ltd. GR202144014361 15%
Northwest Construction Co., Ltd. of China Construction Eighth Engineering Bureau GR202161002076 15%
China Construction Eighth Engineering Bureau Technology Construction Co., Ltd. GR202131000014 15%
China Construction Eighth Bureau Development and Construction Co., Ltd. GR202237102146 15%
China Construction Eighth Engineering Bureau New Construction Engineering Co., Ltd. GR202231001001 15%
China Construction Eighth Engineering Bureau Environmental Protection Technology Co., Ltd. GR202231004662 15%
China Construction Communications Construction Group Co., Ltd. GR202111000067 15%
China Construction Integrated Technology Co., Ltd. GR202111008263 15%



China State Construction Engineering Industry Technology Research Institute Co., Ltd. GR202111005533 15%
Hong Kong Huayi Design Consultants (Shenzhen) Co., Ltd. GR202044204944 15%
Shenzhen Xinghai Internet of Things Technology Co., Ltd. GR202044200845 15%
China Construction Science and Industry Group Co., Ltd. GR202044202198 15%
China Construction Fourth Engineering Bureau Fifth Construction Engineering Co., Ltd. GR202044204395 15%
China Construction Fourth Engineering Bureau Civil Engineering Co., Ltd. GR202044205254 15%
Shenzhen Overseas Decoration Engineering Co., Ltd. GR202044206222 15%
China Construction Lighting Co., Ltd. GR202044200342 15%
The Second Construction Engineering Co., Ltd. of China Construction Second Engineering Bureau GR202044203757 15%
China State Construction Technology (Shenshan Special Cooperation Zone) Co., Ltd. GR202044204908 15%
China State Construction Technology Group Co., Ltd. GR202044206081 15%
China Construction Second Engineering Bureau sunshine Intelligent Manufacturing Co., Ltd. GR202044010624 15%
China Construction Technology (Jinan) Co., Ltd. GR202037001173 15%
The First Construction Engineering Co., Ltd. of China Construction Eighth Engineering Bureau GR202037003064 15%
China Architecture Southwest Design & Research Institute Co., Ltd. GR202051002428 15%
Southwest Construction Co., Ltd. of China Construction Eighth Engineering Bureau GR202051003475 15%
CSCEC Wuzhou Engineering Equipment Co., Ltd. GR202032006648 15%
Beijing Zhongjian Building Research Institute Co., Ltd. GR202011006430 15%
China Construction First Engineering Bureau Group Decoration Engineering Co., Ltd. GR202011004486 15%
China Construction Engineering Design Group Corporation Limited. GR202011003894 15%
China Construction Second Engineering Bureau Co., Ltd. GR202011005634 15%
Jiangsu Tianyu Design and Research Institute Co., Ltd. GR202032011349 15%
China Construction Eighth Engineering Bureau Rail Transit Construction Co., Ltd. GR202032012507 15%
Second Construction Co., Ltd. of China Construction Third Engineering Division GR202042002204 15%
Third Construction Co., Ltd. of China Construction Third Engineering Division GR202042001764 15%
China State Construction Technology Wuhan Co., Ltd. GR202042001219 15%
China Construction Port Group Co., Ltd. GR202037100401 15%
China State Construction Technology (Fuzhou) Co., Ltd. GR202035000126 15%
China State Construction Northeast Architectural Design Institute (Xiamen) Co., Ltd. GR202035100542 15%
China State Construction Zhongxin Engineering Co., Ltd. GR202037101613 15%



CSCEC Xinjiang Installation Engineering Co., Ltd. GR202065000255 15%
Chongqing Xinda Engineering Testing Technology Co., Ltd. GR202051101356 15%
China State Construction Northeast Architectural Design Institute Co., Ltd. GR202021001043 15%
China Construction Dongshe Geotechnical Engineering Co., Ltd. GR202021001224 15%
China Construction Sixth Bureau First Construction Co., Ltd. GR202012001086 15%
China Construction First Engineering Bureau Group Construction & Development Co., Ltd. GR202011001749 15%
The Third Construction Engineering Co., Ltd. of China Construction First Engineering Bureau GR202011002605 15%
China State Construction Intelligent Technology Co., Ltd. GR202011001520 15%
China State Construction Technology (Beijing) Co., Ltd. GR202011001695 15%
China State Construction Xinjiang Construction Group Third Construction Engineering Co., Ltd. GR202065000046 15%
Xinjiang Institute of Building Research (Limited Liability Company) GR202065000035 15%
Guizhou Zhongjian Architectural Research and Design Institute Co., Ltd. GR202052000333 15%
China Construction Fifth Engineering Bureau Installation Engineering Co., Ltd. GR202043002082 15%
China State Construction Fifth Engineering Bureau Co., Ltd. GR202043000761 15%
China Construction Southwest Survey and Design Institute Co., Ltd. GR202051000142 15%
China Construction Third Engineering Bureau Urban Construction Co., Ltd. GR202022000413 15%
China Construction Second Engineering Bureau Decoration Engineering Co., Ltd. GR202011000990 15%
China Construction Ecological Environment Group Co., Ltd. GR202011000210 15%
China Construction Infrastructure Co., Ltd. GR202011000318 15%
China Construction Urban Construction Development Co., Ltd. GR202211005977 15%
Yili West Construction Co., Ltd. GR202265000427 15%
China Construction Integrated Construction (Henan) Co., Ltd. GR202241004488 15%
Shenzhen Haizhichuang Technology Co., Ltd. GR202244205917 15%
Heshan Tianshan Metal Material Products Co., Ltd. GR202244000911 15%
Guangdong Hailong Construction Technology Co., Ltd. GR202244015556 15%
China Construction Railway Investment Rail Transit Construction Co., Ltd. GR202244011548 15%
China Construction Second Bureau No.4 Construction Engineering Co., Ltd. GR202212003723 15%
Beijing China Construction Engineering Consulting Co., Ltd. GR202211008448 15%


(2) Preferential tax policy related with Western Development Strategies

Company name Effective tax rate
Chongqing Jinsha Yangtze River Bridge Construction and Development Co., Ltd. 15%
China Construction Steel Structure Sichuan Co., Ltd. 15%
CSCEC Wuzhou Infrastructure Investment Co., Ltd. 15%
CSCEC Zunyi Xinpu Construction Development Co., Ltd. 15%
Chongqing Maohe Infrastructure Construction Co., Ltd. 15%
Haidong Underground Tube Construction and Operation Management Co., Ltd. 15%
Chongqing Kaizhou China Construction Tube Installation Co., Ltd. 15%
China Construction Tunnel Construction Co., Ltd. 15%
Shaanxi China Construction Northwest Engineering Supervision Co., Ltd. 15%
China Northwest design and Research Institute Co., Ltd. 15%
Sichuan Southwest Construction Management and Consulting Co., Ltd. 15%
CSCEC Southwest Consulting Company Limited 15%
Shihezi Tube Construction and Investment Co., Ltd. 15%
Sichuan West Construction Xingcheng Building Materials Co., Ltd. 15%
Chengdu West Construction Xiangtou New Material Co., Ltd. 15%
Chongqing China Construction West Construction Co., Ltd. 15%
CSCEC West Construction southwest Co., Ltd. 15%
Yunnan China Construction West Construction Co., Ltd. 15%
Meishan China Construction West Construction Co., Ltd. 15%
Chengdu West Construction Sancha Lake building materials Co., Ltd. 15%
China Construction West Construction North Co., Ltd. 15%
Kashgar West Construction Co., Ltd. 15%
CSCEC western construction Xinjiang Co., Ltd. 15%
Gansu China Construction West Construction Co., Ltd. 15%
Yanqi Xiqingjiyuan Construction Co., Ltd. 15%
Xinjiang West Construction Qingsong Co., Ltd. 15%
Shihezi Western Construction Co., Ltd. 15%
Guiyang Zhongjian West Construction Co., Ltd. 15%
Nanning China Construction West Construction Co., Ltd. 15%
Guangxi China Construction West Construction Co., Ltd. 15%
CSCEC Rongcheng building materials Chengdu Co., Ltd. 15%
China Construction Technology Mianyang Co., Ltd. 15%


(2) Preferential tax policy related with Western Development Strategies (continued)
Company name Effective tax rate

China Construction Xi’an Sponge City Construction Investment Co., Ltd. 15%
China Construction Fourth Bureau (Sichuan) Construction Co., Ltd. 15%
China Construction Bairun Commercial Concrete Chongqing Co., Ltd. 15%
Leshan Xijian Suxing Building Materials Co., Ltd. 15%
Hami West Construction Co., Ltd. 15%
Qinghai Zhengping Jiaxi Highway Construction Co., Ltd. 15%
Xi’an xingchu Construction Co., Ltd. 15%
China Construction Communications Engineering (Xizang) Co., Ltd. 15%
Ya’an west land and sea Construction Engineering Management Co., Ltd. 15%
CSCEC Silk Road Xi’an Construction and Operation Co., Ltd. 15%
China Railway Construction (Chengdu) Co., Ltd. 15%
China Construction Fifth Bureau (Ganzhou) Engineering Construction Co., Ltd. 15%
Chengdu Zhonghai Property Management Co., Ltd. 15%
Xi’an Zhonghai Property Management Co., Ltd. 15%
Xinjiang Zhonghai Property Management Co., Ltd. 15%
Haina Wanshang Property Management Limited 15%
Sichuan Southwest Construction Engineering Consulting Co., Ltd. 15%
Kunming Haixiang Real Estate Development Co., Ltd. 15%
Kunming Haijia Real Estate Development Co., Ltd. 15%
Chongqing Xinyue Real Estate Co., Ltd. 15%
Chongqing Jinjiahai Real Estate Development Co., Ltd. 15%
Chongqing Zhonghai Hai Painting Real Estate Development Co., Ltd. 15%
Chongqing Xinyi Real Estate Co., Ltd. 15%
Chongqing Xinyang Real Estate Co., Ltd. 15%
Chongqing Xinchi Real Estate Co., Ltd. 15%
Hohhot Zhonghai Property Service Co., Ltd. 15%
Chengdu City Investment Zhonghai Property Management Co., Ltd. 15%
Chongqing Haitou Property Management Co., Ltd. 15%
Chongqing Zhonghai Haihui Property Management Co., Ltd. 15%
Note: According to the Notice Concerning the Continuation of the Western Development Enterprise Income Tax Policies (Ministry of
Finance Notice No. 23 of 2020), the eligible enterprises are entitled 15% preferential income tax rate.

V. Notes to the Consolidated Financial Statements

1. Cash and bank balances
30 June 2023 31 December 2022
Cash on hands 112,898 128,867
Cash at banks 346,897,952 328,536,332
Other cash and bank balances 7,794,208 6,588,903
Total 354,805,058 335,254,102
Other cash and bank balances represents deposits for bank acceptance notes, guarantee deposits and deposits for
migrant workers’ wages, etc.
As at 30 June 2023, the amount of fixed deposit with maturity of more than 3 months in the Group’s bank deposits is
RMB1,760,000 thousand (31 December 2022: RMB715,000 thousand).
Restricted cash and bank balances mainly represents reserves with Central Bank, deposits for bank acceptance notes,
guarantee deposits, pre-sale supervision fund, mortgage deposits and salary deposits for migrant workers. As at 30
June 2023, the restricted cash and bank balances is RMB19,480,286 thousand (31 December 2022: RMB21,538,911
thousand).
As at 30 June 2023, the offshore deposits of the Group amounted to RMB31,846,692 thousand (31 December 2022:
RMB35,751,807 thousand). The amount deposited abroad and restricted in remittance recovery is RMB1,958,792
thousand (31 December 2022: RMB2,727,915 thousand).
Bank current deposits earn interest income at the bank’s current deposit interest rate. Short term time deposits are
made for varying periods of between one day and one year depending on the immediate cash requirements of the
Group, and earn interest at the respective short term time deposit rates.
2. Financial assets held for trading

Financial assets at fair value through profit or loss
Equity investments (Note 1) 16,299 20,153
Note 1: The fair value of an investment in equity instrument held for trading is determined based on the closing price of the last trading
day of the current period of the stock exchange in which the instrument trades.
3. Notes receivable
Commercial acceptance bills 5,994,423 6,455,791
Less: Impairment allowance (52,466) (64,867)
Total 5,941,957 6,390,924

V. Notes to the Consolidated Financial Statements (continued)

3. Notes receivable (continued)
The pledged notes receivable are as follows:
Commercial acceptance bills 38,900 64,736
As at 30 June 2023 and 31 December 2022, the notes receivable that were pledged by the Group to banks for
borrowings are presented in details in Note V. 70.
Notes receivable and impairment provisions disclosed by category:

30 June 2023
Gross carrying amount Impairment allowance Carrying
Amount Ratio (%) Amount Ratio (%) value
Impairment of individually accrued 613,389 10.23 30,970 5.05 582,419

Impairment of collectively accrued by
5,381,034 89.77 21,496 0.40 5,359,538
credit risk portfolio
Total 5,994,423 100.00 52,466 0.88 5,941,957
31 December 2022
Impairment of individually accrued 684,853 10.61 41,776 6.10 643,077

5,770,938 89.39 23,091 0.40 5,747,847
Total 6,455,791 100.00 64,867 1.00 6,390,924
Regardless of whether there is a significant financing component or not, the impairment provision of the Group’s notes
receivables are measured based on the lifetime ECL.
Commercial acceptance bills which had not matured but had been endorsed to other parties are as follows:
Derecognised Recognised Derecognised Recognised
Commercial acceptance bills – 2,833,858 – 2,985,517
For the six-month period ended 30 June 2023, the amount of the bill turned into accounts receivable due to the
drawer’s failure to perform the contract or the group’s initiative to return the bill is RMB85,755 thousand (2022:
RMB2,339,074 thousand).


4. Accounts receivable
(1) The ageing of accounts receivable is analysed as follows:
Within 1 year 182,924,844 163,872,112
1-2 years 49,389,903 44,799,267
2-3 years 24,231,153 16,856,351
3-4 years 10,456,149 9,754,016
4-5 years 8,218,602 6,823,066
Over 5 years 8,383,076 6,261,543
Sub-total 283,603,727 248,366,355
Less: Impairment allowance (41,519,523) (37,934,735)
Total 242,084,204 210,431,620
(2) Provision for impairment:
Accounts receivable and impairment allowance are disclosed by category:

30 June 2023
Impairment of individually accrued 100,968,526 35.60 22,916,491 22.70 78,052,035
182,635,201 64.40 18,603,032 10.19 164,032,169
Total 283,603,727 100.00 41,519,523 14.64 242,084,204
31 December 2022
Impairment of individually accrued 91,210,378 36.72 21,844,067 23.95 69,366,311
157,155,977 63.28 16,090,668 10.24 141,065,309
Total 248,366,355 100.00 37,934,735 15.27 210,431,620
As at 30 June 2023, impairment allowance of accounts receivable individually accrued is as follows:

Impairment Expected credit
Carrying amount allowance loss ratio Reasons
Company 1 1,609,792 227,651 14.14% Recovery possibility
Company 2 1,543,000 1,543,000 100.00% Recovery possibility
Company 5 954,775 109,172 11.43% Recovery possibility
Other 94,382,983 20,721,579 21.95% Recovery possibility
Total 100,968,526 22,916,491


4. Accounts receivable (continued)
(2) Provision for impairment: (continued)
As at 31 December 2022, impairment allowance of accounts receivable individually accrued is as follows:

Impairment Expected credit
Carrying amount allowance loss ratio Reasons
Company 2 1,543,000 1,543,000 100.00% Recovery possibility
Other 84,574,582 19,195,485 22.70% Recovery possibility
Total 91,210,378 21,844,067
The accounts receivable with impairment allowance collectively accrued by credit risk portfolio are as follows:
Portfolio 1:
Estimated Estimated
gross carrying Expected Lifetime gross carrying Expected Lifetime
amount at credit loss expected amount at credit loss expected
default ratio (%) credit loss default ratio (%) credit loss
Within 1 year 34,982,875 2.00 698,649 28,829,427 2.00 575,757
1-2 years 10,115,751 5.00 505,788 8,740,694 5.00 437,035
2-3 years 2,858,427 15.00 428,764 3,000,543 15.00 450,081
3-4 years 2,124,003 30.00 637,201 1,504,956 30.00 451,487
4-5 years 636,512 45.00 286,431 655,213 45.00 294,846
Over 5 years 566,399 100.00 566,399 464,331 100.00 464,331
Total 51,283,967 3,123,232 43,195,164 2,673,537
Portfolio 2:
Estimated Estimated
Within 1 year 2,433,229 6.00 146,017 3,437,067 6.00 206,258
1-2 years 768,965 12.00 92,276 381,619 12.00 45,794
2-3 years 212,595 25.00 53,149 193,490 25.00 48,373
3-4 years 91,144 45.00 41,015 197,553 45.00 88,899
4-5 years 228,619 70.00 160,033 150,166 70.00 105,117
Over 5 years 100,150 100.00 100,150 140,766 100.00 140,766
Total 3,834,702 592,640 4,500,661 635,207


(2) Provision for impairment: (continued)
Portfolio 3:
Estimated Estimated
Within 1 year 86,575,431 4.50 3,894,740 71,884,831 4.50 3,233,859
1-2 years 21,017,894 10.00 2,101,789 20,882,232 10.00 2,088,223
2-3 years 9,379,965 20.00 1,875,758 6,622,900 20.00 1,324,414
3-4 years 4,243,665 40.00 1,697,466 5,151,576 40.00 2,060,630
4-5 years 2,806,198 65.00 1,824,028 2,410,901 65.00 1,567,086
Over 5 years 3,493,379 100.00 3,493,379 2,507,712 100.00 2,507,712
Total 127,516,532 14,887,160 109,460,152 12,781,924
The movements in impairment allowance for accounts receivable are as follows:

Opening balance Provision Reversal Write-off Other movements Closing balance
37,934,735 9,849,968 (6,445,013) (18,179) 198,012 41,519,523
2022
33,239,590 21,559,382 (14,839,522) (246,155) (1,778,560) 37,934,735
The major amounts reversal or collection for the six-month period ended 30 June 2023 are as follows:
Basis and rationality
for determining the Amount of
Reasons for reversal provision for impairment reversal Way of reversal
Company 1 Recover project funds Individually accrued 114,955 Cash
Company 2 Recover project funds Collectively accrued 62,556 Cash
Company 3 Recover project funds Individually accrued 60,558 Cession
Company 4 Recover project funds Individually accrued 53,155 Cession
Individually and collectively
Others Recover project funds 6,104,045 Cash or reversal
accrued
Total 6,445,013


(3) As at 30 June 2023, the five largest accounts receivable according to customers are analysed as follows:
Amount of Percentage of
Impairment total accounts
Amount allowance receivable
Total amount of the five largest accounts receivable 7,920,285 2,229,132 2.79%
As at 31 December 2022, the five largest accounts receivable according to customers are analysed as follows:
Amount of Percentage of
Impairment total accounts
Total amount of the five largest accounts receivable 8,791,233 2,180,852 3.54%
For the six-month period ended 30 June 2023, the amount of accounts receivable and contract assets derecognised
by the Group due to the transfer of financial assets was RMB23,214,760 thousand (2022: RMB61,208,013 thousand),
and the related expenses were RMB863,570 thousand (2022: RMB2,153,251 thousand).
As at 30 June 2023 and 31 December 2022, accounts receivable that were pledged by the Group to banks for
5. Accounts receivable financing

Bank acceptance bills 4,092,170 4,658,182
The Group discounts and endorses some bank acceptance bills according to the needs of daily capital management.
Therefore, bank acceptance bills are classified as financial assets measured at fair value and their changes included in
other comprehensive income.
Accounts receivable financing that has been endorsed or discounted on the balance sheet date but not overdue are as
follows:
Derecognised Recognised Derecognised Recognised
Bank acceptance bills 264,551 654,168 1,246,298 1,322,082
As at 30 June 2023 and 31 December 2022, the Group measured impairment allowance based on the expected credit
loss of the entire lifetime. The bank acceptance bills held by the assessment was not subject to significant credit risk,
and the amount of expected credit loss was not significant.
6. Prepayments
The ageing analysis of prepayments is as follows:
Carrying amount Ratio (%) Carrying amount Ratio (%)
Within 1 year 30,787,100 88.37 31,772,261 85.36
1-2 years 2,373,295 6.81 4,518,940 12.14
2-3 years 850,661 2.44 595,982 1.60
Over 3 years 828,273 2.38 335,978 0.90
Total 34,839,329 100.00 37,223,161 100.00
As at 30 June 2023, prepayments aged more than 1 year amounted to RMB4,052,229 thousand (31 December 2022:
RMB5,450,900 thousand), mainly including advances to subcontractors and prepayments for land use rights, where the
project is not completed, or land has not been obtained.


6. Prepayments (continued)
As at 30 June 2023, the five largest prepayments to suppliers are as follows:
Percentage of
Amount total balance
Total amount of the five largest prepayments to suppliers 10,115,290 29.03%
As at 31 December 2022, the five largest prepayments to suppliers are as follows:

Percentage of
Amount total balance
Total amount of the five largest prepayments to suppliers 10,898,498 29.28%
7. Other receivables
Other receivables 87,048,190 73,584,067
The ageing analysis of other receivables is as follows:

Within 1 year 68,167,438 58,670,492
1 to 2 years 13,392,516 10,147,845
2 to 3 years 5,468,031 4,697,506
3 to 4 years 3,544,104 3,915,904
4 to 5 years 3,006,938 2,529,849
Over 5 years 2,418,995 1,780,768
Sub-total 95,998,022 81,742,364
Total 87,048,190 73,584,067
Natures of other receivables are as follows:

Deposits and petty cash receivable 21,788,098 16,405,471
Advances receivable 36,418,428 32,021,771
Receivables from related parties (Note X. 7) 4,710,649 5,593,651
Deposit receivable 4,267,659 4,702,770
Others 28,813,188 23,018,701
Sub-total 95,998,022 81,742,364
Total 87,048,190 73,584,067


7. Other receivables (continued)
Changes in impairment allowance recognised for the future 12-month ECLs and lifetime ECLs on other receivables are
as follows:

Stage 3
Stage 1 Credit-impaired financial
12-month expected assets (Lifetime
credit losses expected credit losses) Total
Opening balance of the period 2,455,380 5,702,917 8,158,297
Provision 1,292,189 757,018 2,049,207
Reversal (1,046,031) (208,088) (1,254,119)
Write-off (2,350) (6,261) (8,611)
Others 2,517 2,541 5,058
Closing balance of the period 2,701,705 6,248,127 8,949,832
2022
Stage 3
Stage 1 Credit-impaired financial
12-month expected assets (Lifetime
credit losses expected) credit losses Total
Opening balance of the year 2,051,818 5,041,770 7,093,588
Provision 1,561,342 1,135,598 2,696,940
Reversal (1,221,707) (476,526) (1,698,233)
Write-off (11,829) (74,077) (85,906)
Others 75,756 76,152 151,908
Closing balance of the year 2,455,380 5,702,917 8,158,297
The major amounts reversal or collection for the six-month period ended 30 June 2023 is as follows:
The basis and Amount of
Reasons for reversal/ rationality for the reversal/
collection provision of bad debt collection Way of collection
Company 1 Receivable collected Combined accrual 21,567 Cash
Others Receivable collected, etc. Combined accrual 1,154,287 Cash or reversal
Total 1,254,119


As at 30 June 2023, other receivables from the five largest customers are as follows:
Impairment
% of total allowance
Amount balance Nature Ageing amount
Company 1 918,000 0.96 Account current 2 to 3 years, 3 to 4 years 209,400
Company 2 855,292 0.89 Account current Within 1 year, 1 to 2 years 67,556
Company 4 634,631 0.66 Cash deposit Within 1 year 177
Company 5 515,838 0.54 Account current 1 to 2 years 44,926
Total 3,574,083 3.73 324,010
As at 31 December 2022, other receivables from the five largest customers are as follows:
Impairment
% of total allowance
Amount balance Nature Ageing amount
Company 2 918,000 1.12 Account current 2 to 3 years, 3 to 4 years 209,400
Company 4 626,814 0.77 Cash deposit 1 to 2 years 1,880
Total 3,986,086 4.88 308,950
8. Inventories
Carrying Impairment Carrying Impairment
amount provision Net value amount provision Net value
Properties under development 572,273,072 (5,569,101) 566,703,971 601,559,471 (5,041,972) 596,517,499
Completed properties for sale 172,519,497 (2,088,278) 170,431,219 150,927,611 (1,704,555) 149,223,056
Raw materials 21,364,313 (880) 21,363,433 19,849,281 (880) 19,848,401
Work in progress 1,449,319 – 1,449,319 1,506,507 – 1,506,507
Finished goods 4,426,318 (5,383) 4,420,935 4,187,585 (7,550) 4,180,035
Others 468,470 – 468,470 273,102 – 273,102
Total 772,500,989 (7,663,642) 764,837,347 778,303,557 (6,754,957) 771,548,600
As at 30 June 2023 and 31 December 2022, the inventories that were pledged by the Group to banks for borrowings
are presented in details in Note V. 70.


8. Inventories (continued)
The details of properties under development are as follows:
Estimated
Date of Estimated completion 30 June 31 December
Project Name commencement completion time investment 2023 2022
Jianguo East Road 69th Street December 2022 December 2025 35,754,365 27,194,168 21,582,926
Beijing Fuhuali November 2022 October 2024 13,088,490 11,419,651 10,897,285
Beijing Daji Critical Reform Project January 2003 December 2025 33,966,945 10,668,762 11,466,640
Yangpu Project June 2022 December 2024 9,300,000 8,307,245 7,953,446
Guangzhou Asian Games City November 2011 October 2025 18,160,463 8,192,446 17,062,620
Top scientists community 02 and 03 Group Project June 2021 June 2024 10,680,000 7,745,594 7,168,690
Shanghai Hongkou District Duolun Road Project November 2015 March 2028 12,000,000 7,611,632 7,473,286
Guanggang No.234 Plot March 2022 December 2023 11,193,700 7,002,012 6,897,955
Dalian CITIC Harbour City January 2013 May 2028 10,000,000 6,967,904 6,831,337
Heyingyunji December 2021 December 2023 7,783,465 6,773,227 6,548,586
Zhonghai Huanyu Shidai Residence March 2021 November 2024 15,380,153 6,725,833 9,291,741
Sun Palace August 2022 April 2025 8,615,930 6,218,415 6,079,577
Lake light August 2022 April 2024 8,856,524 6,123,972 5,977,119
Herui 3rd yard December 2022 December 2024 6,613,520 5,687,997 5,541,428
Zhonghai Huideli Mansion March 2022 December 2024 8,103,847 5,613,983 5,488,250
CSCEC Tianfu Residence September 2020 December 2024 7,659,000 5,434,739 4,470,503
CSCEC Yipin Xuefu Residence March 2022 June 2024 6,296,730 5,428,470 5,400,243
Zhonghai Jianqiao July 2020 December 2027 22,200,054 5,387,000 5,151,745
China Construction LuMing Mansion Project June 2021 September 2024 7,129,000 5,238,474 4,999,969
Zhonghai Xinchuan Huafu September 2022 November 2024 6,433,782 5,134,472 4,689,335
246 Xiangshan’s Island Project December 2020 June 2025 6,687,242 4,970,145 4,701,208
CSCEC Yipin Xuefu Residence West District February 2022 June 2024 6,000,000 4,919,081 4,863,852
No. 6066, 6067 and other plots projects October 2021 December 2024 7,684,640 4,909,955 4,667,716
Zhonghai Chunlang Garden April 2021 December 2023 5,514,270 4,815,159 4,903,312
Xiamen Xueshili Project December 2022 August 2024 5,687,120 4,707,894 2,219,985
Zhonghai Guanyuan project January 2022 June 2024 5,200,000 4,648,025 4,600,083
Jiangbei district 2021 G15 December 2021 October 2023 5,343,490 4,622,369 4,396,094
Haizhu Nanzhou Road Project March 2021 October 2023 5,757,869 4,550,996 4,133,501
Cuilanyunjing February 2022 December 2023 5,476,440 4,545,158 4,671,204
Zhonghai Yunzhu Lake Residence July 2021 December 2023 5,316,020 4,421,073 4,178,865
Suzhou high tech Zone headquarters base residence April 2022 March 2024 5,800,000 4,408,406 4,203,976
Zhonghai Liyue Shangchen Courtyard October 2021 December 2023 4,868,567 4,265,566 4,104,069
Zhonghai Flower Bay September 2021 December 2023 6,222,670 4,179,286 5,033,112
Dongguan Zhonghai Qirui garden November 2021 September 2023 4,754,784 4,124,057 3,946,175


The details of properties under development are as follows: (continued)
Estimated
Date of Estimated completion 30 June 31 December
Project Name commencement completion time investment 2023 2022
Beijing Huideli May 2022 October 2023 6,089,037 4,103,703 4,658,138
Huizhili March 2022 June 2024 4,932,926 4,091,879 3,711,573
Zhonghai Huanyu Longchen February 2022 April 2024 4,756,310 4,048,453 3,898,327
Unit FXC1-0016, Fengxian new town Commercial
August 2021 March 2024 5,855,000 4,044,393 3,508,931
housing project of plot 27-06
Xihongmen Project July 2022 June 2024 5,289,020 4,043,770 3,801,914
Shanghai Shenggang academy B0701 Project July 2021 December 2023 4,897,830 3,980,415 3,530,708
Huashanlongcheng Project July 2014 July 2024 50,021,918 3,886,180 7,148,368
Zhonghai Wenhuali March 2022 December 2023 4,072,346 3,864,991 4,036,210
Guanjiang Jiayuan September 2022 December 2024 5,836,330 3,851,041 3,600,644
Tianjin Park City May 2013 December 2028 16,813,110 3,730,616 3,588,152
Time Realm Garden March 2023 September 2025 4,812,540 3,701,251 3,397,424
Changzhou hongken project January 2021 December 2024 5,270,948 3,532,224 3,507,282
Jiefangnan Road Plot 32 to 34 December 2022 April 2025 4,481,120 3,390,326 1,506,081
CSCEC Bo Residence September 2018 December 2024 7,744,760 3,288,191 2,889,348
Xi’an Gaoxin District 127 acres Poject February 2023 May 2025 5,700,000 3,278,613 –
Spring Scenery Yayuan Project April 2021 September 2024 4,176,570 3,274,153 3,060,978
Taihu Lake Star Residential Project October 2021 August 2024 3,650,750 3,217,263 2,841,767
Suzhou Gaoxin Nanda Supporting Project March 2022 November 2023 5,500,000 3,205,761 3,179,533
Zhonghai New City 485 Plot November 2022 April 2025 5,926,373 3,199,891 2,739,225
Beijing Chaoyang Cuigezhuang Naixi Village 318 Plot September 2022 December 2024 3,599,920 3,186,573 3,154,078
Shenyang Huideli July 2020 October 2023 4,268,144 3,181,755 3,270,258
Xi’an Yuhuazhai Project October 2022 June 2026 6,418,130 3,144,908 1,904
Ningbo Fuhuali December 2022 December 2024 4,784,260 3,122,609 2,977,701
Zhonghai Lufu July 2022 December 2024 4,080,166 3,053,277 2,840,380
Gucheng 626 Plot Chang’anyu Project March 2023 December 2024 3,900,979 3,003,087 1,423,994
The Big Mansion Project December 2020 October 2025 13,947,382 2,971,062 2,976,845
Zhonghai Yuanjing April 2021 October 2024 3,898,065 2,948,244 2,813,343
Suzhou Hushuguan Project December 2021 June 2025 5,000,000 2,939,693 2,802,090
Chengdu Zhonghai Tianfu Plot 3 and 4 July 2018 October 2027 19,048,137 2,909,182 2,877,906
Others 249,116,402 290,220,536
Total 572,273,072 601,559,471


The details of completed properties held for sale are as follows:

Balance at the Balance at the
Completion time of beginning of end of the
Project Name the latest phase the period Additions Deductions period
Guangzhou Asian Games City June 2023 1,969,566 10,300,742 (38,565) 12,231,743
Hong Kong Kai Tak 6575 Plot Project December 2022 7,008,432 179,515 (1,057,158) 6,130,789
Zhongjian Jinxiu World April 2023 3,629,494 236,676 (648,552) 3,217,618
Nanjing Xiyuan Mansion January 2023 597,028 3,810,780 (1,629,560) 2,778,248
Zhonghai Jincheng International November 2021 2,370,916 8,536 (108,091) 2,271,361
Zhonghai Huanyu Mansion June 2023 587,793 3,353,129 (1,697,893) 2,243,029
Tianjin city park project December 2022 2,563,538 – (335,262) 2,228,276
Zhonghai Shangxuefu phase 2 December 2022 2,329,523 – (157,791) 2,171,732
Beijing Company Rice Field Project January 2023 – 4,982,146 (2,864,165) 2,117,981
Shenzhen Zhonghai Minzhi Project December 2022 3,957,517 25,214 (1,869,264) 2,113,467
Guanwenlan Project June 2023 – 3,040,150 (1,035,819) 2,004,331
Jilin Changchun Zhonghai Shengshi City D September 2022 2,084,792 – (223,494) 1,861,298
Shijiazhuan Zhonghai Huideli June 2023 – 2,686,398 (886,827) 1,799,571
Technology City Project June 2023 1,126,145 1,136,545 (512,360) 1,750,330
Kunming Zhonghai Universe World Plot 11 December 2020 1,821,987 125,078 (198,271) 1,748,794
Fengtai Zaojia Village September 2022 2,386,136 453,029 (1,101,725) 1,737,440
Yunlujiuli II Phase December 2021 2,094,227 – (397,277) 1,696,950
Zhonghai Universe Times June 2023 1,698,477 38,964 (179,331) 1,558,110
Zhonghai Xi Garden December 2021 1,612,353 – (60,554) 1,551,799
Jianyue Xinyuan March 2023 – 1,530,885 – 1,530,885
Changxindian Plot C March 2023 1,805,076 23,502 (352,040) 1,476,538
Xin zhi yuan jing September 2022 1,804,433 – (332,121) 1,472,312
Huashanlong City June 2023 266,632 4,282,222 (3,110,581) 1,438,273
Zhonghai Longwan peninsula Garden A June 2023 1,528,483 807,104 (903,804) 1,431,783
Zhonghai Universe World four Period December 2022 1,525,930 – (125,050) 1,400,880
Zhengzhou Zhonghai Hubinshijia June 2023 133,903 1,294,409 (62,993) 1,365,319
No.9 Mansion December 2019 1,423,456 – (64,997) 1,358,459
Haizhu Shigang Road Plot Project June 2023 – 2,594,801 (1,281,572) 1,313,229
Chongqin Kafu Project March 2023 867,089 691,349 (246,442) 1,311,996
Jin’an Lake No.3 Yard June 2023 – 1,988,665 (694,890) 1,293,775
Jiangsu 2017-WG-40 Plot January 2022 1,992,720 – (749,602) 1,243,118
Taiyuan Zhonghai international community May 2023 910,762 1,682,280 (1,373,830) 1,219,212
Zhonghai Mingdeli June 2023 – 1,347,111 (149,764) 1,197,347
Banshan Yunjing June 2023 – 1,252,912 (71,021) 1,181,891
Shenzhou Peninsula Second Bay June 2023 526,323 1,314,791 (659,916) 1,181,198


The details of completed properties held for sale are as follows: (continued)
For the six-month period ended 30 June 2023 (continued)

Lingguan No.1 April 2023 276,870 1,422,390 (545,308) 1,153,952
Guangzhou Zhonghai Li Mansion August 2022 1,218,682 – (74,877) 1,143,805
Zhonghai Erqi Binjiang (business zone) November 2022 1,116,086 – – 1,116,086
Huandong Times May 2023 – 2,246,689 (1,158,060) 1,088,629
Taiyuan Lihuabei Project May 2023 – 1,620,245 (546,045) 1,074,200
Zhonghairuyuan March 2022 1,408,025 – (334,775) 1,073,250
Shadong project March 2023 – 1,930,565 (877,866) 1,052,699
Jilin Changchun Zhonghai Shengshi City C September 2022 1,044,550 4,952 (11,997) 1,037,505
Zhonghai New City No.1 Mansion I June 2023 1,012,028 367 (5,821) 1,006,574
Dalian CITIC Harbour City December 2022 1,513,483 – (507,575) 1,005,908
Zhonghai Songhu Huating June 2022 431,242 967,211 (399,433) 999,020
Harbin Zhonghai Yunlu Mansion I March 2023 – 2,374,313 (1,379,391) 994,922
Zhongjian Meixi Shangjun September 2022 991,202 – (14,514) 976,688
Dalian Zhonghai Park Uptown Project October 2022 2,063,727 – (1,107,863) 955,864
Eastlight June 2023 1,058,180 142,509 (279,623) 921,066
Fangsilu Project June 2023 205,027 1,161,429 (452,653) 913,803
3 Eco-Health City, Chengdu November 2018 868,240 35,816 (35,292) 868,764
Luzhou Mansion June 2023 – 1,013,402 (180,814) 832,588
Zhongjian Huafu-B Plot-Real Estate June 2022 1,442,998 – (619,176) 823,822
Wuxi Jiangyang Yuecheng River September 2022 880,116 – (80,351) 799,765
Zhongjian Guanhu Mansion December 2022 862,492 – (79,832) 782,660
CSCEC International Innovation and
June 2023 423,838 351,171 (4,204) 770,805
Wisdom City
Wuhan Zhonghai guanggudonglu
December 2022 375,140 2,071,771 (1,684,681) 762,230
Project Phase I and II
Hangzhou Royal Road Plot 1, 2012-2013 October 2018 750,130 – (1,550) 748,580
Tongxin Lake Plot A June 2023 25,956 1,785,500 (1,075,133) 736,323
Zhonghai Yunzhu November 2020 975,881 – (243,410) 732,471
Zhonghai Yunchuan Yuanjing November 2022 1,125,957 8,422 (405,922) 728,457
Chengdu Zhonghai Huanyunju April 2023 390,177 1,863,569 (1,526,995) 726,751
Harbin Zhonghai Tianyu December 2021 994,443 – (278,880) 715,563
Shougang Garden II September 2022 688,023 5,349 (4,963) 688,409
Zhonghai Lixianghu Geneva Project December 2013 741,107 – (56,747) 684,360
Yantai Zhonghai Chang’an Yunjin June 2023 290,131 1,042,534 (650,050) 682,615
Hefei China Construction Industrial Base June 2022 691,909 – (14,308) 677,601
Dongqing Road South Project June 2023 – 1,831,075 (1,156,708) 674,367


The details of completed properties held for sale are as follows: (continued)

Zhonghai Yonghexi’an Mansion December 2022 752,324 – (78,083) 674,241
Comprehensive Reform Zone Yangzhuang
June 2022 1,128,936 – (462,956) 665,980
Project 1#
Zhongjian Jinxiu world B、C block March 2023 660,449 228,146 (223,078) 665,517
Kowloon peak June 2019 822,718 – (167,190) 655,528
Zhonghai Wansongjiuli June 2021 832,673 – (178,408) 654,265
Zhonghai Yunzhu December 2019 693,044 – (38,789) 654,255
Zhongjian Binshui Garden December 2022 1,505,798 – (873,732) 632,066
No.0056 Plot Project June 2023 696,323 972,171 (1,042,398) 626,096
Guangzhou Zhonghai Zuo’an Lanting
September 2021 820,557 – (196,479) 624,078
Project
Zhonghai Hongzhu Project December 2019 554,613 65,644 (7,078) 613,179
Plot 116 Project June 2023 755,642 238,915 (384,768) 609,789
Yunqi Garden, Yunshang Garden,
April 2022 621,270 – (16,045) 605,225
Yunzhen Garden
Dalian Zhonghai Wanjin Mansion September 2022 636,473 – (32,339) 604,134
Jinan CSCEC Guoxitai Phase II February 2023 450,405 751,086 (613,355) 588,136
Changchun Zhonghai Jincheng October 2021 877,971 – (291,468) 586,503
Nanchang Zhonghai Universal World March 2019 638,171 – (54,409) 583,762
Zhongjian Luxi lan’an March 2023 534,410 41,561 – 575,971
Tianjin City Park June 2023 463,746 223,178 (113,836) 573,088
Konggang Lanting Bueaty B June 2022 573,264 2,145 (17,706) 557,703
537 Greenwich Senior Apartment Project June 2022 689,784 – (133,807) 555,977
Qingdao Universe World June 2023 593,196 – (42,306) 550,890
Others 61,137,473 47,284,697 (53,338,240) 55,083,930
Total 150,927,611 120,873,755 (99,281,869) 172,519,497
Movements in the carrying amount of inventories are as follows:

Balance at the Balance at
beginning of the end of
the period Additions Deductions the period
Properties under development 601,559,471 98,689,389 (127,975,788) 572,273,072
Completed properties for sale 150,927,611 120,873,755 (99,281,869) 172,519,497
Raw materials 19,849,281 294,931,706 (293,416,674) 21,364,313
Work in progress 1,506,507 1,963,692 (2,020,880) 1,449,319
Finished goods 4,187,585 23,179,772 (22,941,039) 4,426,318
Others 273,102 4,148,683 (3,953,315) 468,470
Total 778,303,557 543,786,997 (549,589,565) 772,500,989


Movements in the carrying amount of inventories are as follows: (continued)
2022
Balance at the Balance at
beginning of the end of
the year Additions Deductions the year
Properties under development 568,518,817 316,366,194 (283,325,540) 601,559,471
Completed properties for sale 112,087,777 260,907,604 (222,067,770) 150,927,611
Raw materials 21,070,777 614,265,827 (615,487,323) 19,849,281
Work in progress 926,326 3,049,995 (2,469,814) 1,506,507
Finished goods 4,781,195 50,937,822 (51,531,432) 4,187,585
Others 149,472 8,582,342 (8,458,712) 273,102
Total 707,534,364 1,254,109,784 (1,183,340,591) 778,303,557
Movements in the impairment provision of inventories are as follows:
1 January Increase during the period Decrease during the period 30 June
2023 Accrual Others Reversal Write-off 2023
Properties under development 5,041,972 470,528 56,601 – – 5,569,101
Completed properties for sale 1,704,555 510,532 11,745 (104,915) (33,639) 2,088,278
Raw materials 880 – – – – 880
Finished goods 7,550 – 24 (2,191) – 5,383
Total 6,754,957 981,060 68,370 (107,106) (33,639) 7,663,642
2022
1 January Increase during the year Decrease during the year 31 December
2022 Accrual Others Reversal Write-off Others 2022
Properties under development 3,184,784 1,441,565 415,623 – – – 5,041,972
Completed properties for sale 873,390 1,067,788 80,117 (291,212) (25,528) – 1,704,555
Raw materials 21,110 880 – (4,111) – (16,999) 880
Finished goods 2,971 4,520 59 – – – 7,550
Total 4,082,255 2,514,753 495,799 (295,323) (25,528) (16,999) 6,754,957
Reasons for reversal and

The basis for net realisable value write-off during the period
Expected selling price less estimated costs to
Properties under development
be incurred at completion, the estimated Net realisable value increased
Completed properties for sale
selling expenses and the relevant taxes and or sales realised
Raw materials etc.
fees


9. Contract assets
Receivables for construction project 252,250,633 193,324,278
Unconfirmed investment payment 224,431,669 220,578,461
Project quality warranty 128,043,915 110,188,617
Franchise rights not yet in operation 13,491,699 11,087,255
Primary land development 10,141,386 9,513,644
Others 3,472,337 3,185,013
Sub-total 631,831,639 547,877,268
Less: Provision for impairment allowance of contract assets (12,059,673) (11,311,279)
Sub-total 619,771,966 536,565,989
Less: Contract assets disclosed within the other non-current assets (Note V. 25) (278,134,598) (263,334,996)
Less: Contract assets disclosed within the intangible assets (Note V. 21) (13,124,112) (10,719,669)
Total 328,513,256 262,511,324
Original value of current contract assets 336,830,383 269,902,884
Provision for impairment allowance of current contract assets (8,317,127) (7,391,560)
The Group provides construction services to customers and recognises revenue and contract assets over a period of
time. These contract assets are transferred to accounts receivable after the formation of unconditional payment rights,
or to intangible assets after reaching the predetermined usable state.
Changes in provision for impairment of contract assets are as follows:

11,311,279 1,873,608 (1,124,360) (13,423) 12,569 12,059,673
2022
8,841,709 4,843,733 (2,202,417) (1,208) (170,538) 11,311,279
The changes in the impairment allowance of the current part of contract assets are as follows:

7,391,560 1,621,879 (692,130) (13,423) 9,241 8,317,127
2022
6,095,002 3,319,629 (1,813,081) (1,208) (208,782) 7,391,560


9. Contract assets (continued)
Whether the contract assets have significant financing components or not, the provisions for impairment is measured
according to the expected credit loss of the whole duration.
30 June 2023
Gross carrying amount Provision for bad debts
Withdrawal
Amount Ratio (%) Amount ratio (%)
Impairment of individually accrued 58,900,522 17.49 6,613,702 11.23
277,929,861 82.51 1,703,425 0.61
Total 336,830,383 100.00 8,317,127 2.47
31 December 2022
Gross carrying amount Provision for bad debts
Withdrawal
Amount Ratio (%) Amount ratio (%)
Impairment of individually accrued 57,492,327 21.30 6,091,220 10.59
212,410,557 78.70 1,300,340 0.61
Total 269,902,884 100.00 7,391,560 2.74
As at 30 June 2023, contract assets individually assessed for expected credit losses are as follows:
ECLs rate
Impairment for the entire
Carrying amount allowance lifetime (%) Reasons
Company 1 858,496 39,213 4.57 Note
Company 2 420,545 50,863 12.09 Note
Company 3 392,507 199,355 50.79 Note
Company 4 297,409 46,469 15.62 Note
Company 5 261,390 79,948 30.59 Note
Others 56,670,175 6,197,854 10.94 Note
Total 58,900,522 6,613,702
As at 31 December 2022, contract assets individually assessed for expected credit losses are as follows:
ECLs rate
Impairment for the entire
Carrying amount allowance lifetime (%) Reasons
Company 1 781,310 32,665 4.18 Note
Company 2 385,994 170,524 44.18 Note
Company 3 358,580 146,744 40.92 Note
Company 4 259,695 79,940 30.78 Note
Company 5 232,345 46,469 20.00 Note
Others 55,474,403 5,614,878 10.12 Note
Total 57,492,327 6,091,220
Note: The Group provides construction services to customers above. Due to the shortage of funds of the customers, the Group
expected some contract assets are difficult to be settled and impairment allowance is provided accordingly.
The terminated contract assets by the Group are presented in detail in Note V. 4.
As at 30 June 2023 and 31 December 2022, the contract assets that were pledged by the Group to banks for
borrowings are presented in detail in Note V. 70.


10. Current portion of non-current assets
Current portion of long-term receivables (Note V. 13) 43,993,873 41,729,496
Current portion of debt investments (Note V. 12) 6,857,532 6,920,385
Current portion of other debt investments 55,230 –
Others 494,780 604,161
Total 51,401,415 49,254,042
11. Other current assets

Input VAT to be credited 53,223,862 46,987,300
Prepaid taxes 58,913,424 47,007,377
Receivables from related parties (Note X. 7) 11,048,987 15,065,951
Short term debt investment measured at amortization cost 4,469,367 5,162,736
Others 11,111,229 11,363,641
Sub-total 138,766,869 125,587,005
Less: Provision for impairment allowance (1,876,282) (1,675,125)
Total 136,890,587 123,911,880
12. Debt investments

30 June 2023
Gross carrying Provision for Carrying
amount impairment amount
Loans receivable from related parties (Note X. 7) 26,415,896 (94,797) 26,321,099
Entrusted loans 369,100 (3,645) 365,455
Including: Entrusted loans from related parties (Note X. 7) 362,519 (3,625) 358,894
Others 4,052,191 (212,684) 3,839,507
Sub-total 30,837,187 (311,126) 30,526,061
Less: Debt investments of non-current assets due within
7,064,044 (206,512) 6,857,532
one year (Note V. 10)
Total 23,773,143 (104,614) 23,668,529
31 December 2022
Gross carrying Provision for Carrying
amount impairment amount
Loans receivable from related Parties (Note X. 7) 24,647,313 (95,197) 24,552,116
Entrusted loans 498,116 (3,999) 494,117
Including: Entrusted loans from related parties (Note X. 7) 357,867 (3,578) 354,289
Others 4,631,706 (212,515) 4,419,191
Sub-total 29,777,135 (311,711) 29,465,424
Less: Debt investments of non-current assets due within
7,126,817 (206,432) 6,920,385
one year (Note V. 10)
Total 22,650,318 (105,279) 22,545,039


13. Long-term receivables
Receivables from BT projects 60,898,112 63,201,890
Receivables from infrastructure construction projects 44,331,477 30,163,780
Receivables from PPP projects 28,401,359 28,455,821
Primary land development 26,566,802 28,402,595
Project quality warranty 3,175,676 2,474,659
Receivables from related parties (Note X. 7) 19,923 22,130
Others 860,939 379,164
Sub-total 164,254,288 153,100,039
Less: impairment allowance (2,477,720) (2,278,941)
Sub-total 161,776,568 150,821,098
Less: due within 1 year (Note V. 10) (43,993,873) (41,729,496)
Total 117,782,695 109,091,602
As at 30 June 2023 and 31 December 2022, the Group pledged long-term receivables to banks as guarantees for
obtaining loans, please refer to Note V. 70.
14. Long-term equity investments

Joint ventures 54,646,691 52,430,699
Associates 61,489,176 58,967,722
Sub-total 116,135,867 111,398,421
Less: Impairment allowance for long-term equity investment (296,270) (296,270)
Total 115,839,597 111,102,151

146
14. Long-term equity investments (continued)
(a) Joint ventures

Movement during the period
Investment Other Impairment
Opening Increase/ income/(losses) comprehensive allowance at
balance of (decrease) in under equity income Declaration of Closing balance the end of
the period investment method adjustment cash dividends Others (Note 1) of the period the period
Guiheng Investment Co., Ltd. 2,602,988 – 183,177 – – – 2,786,165 –
Guizhou Zhengxi Expressway Investment Management Co., Ltd. 2,648,612 37,652 424 (47,869) – 48,225 2,687,044 –
Xiamen Haimao Real Estate Co., Ltd. 2,123,718 – 137,847 38,699 – (8,763) 2,291,501 –
China Overseas Polytec Real Estate (Foshan) Co.,Ltd. 1,973,348 – 14,602 – – – 1,987,950 292,462
Guizhou Leirong Expressway Investment Management Co., Ltd. 1,887,917 – – (63,249) – 64,600 1,889,268 –
Zunyi Nanhuan Expressway Development Co., Ltd. 1,627,878 – 78,572 – – – 1,706,450 –
CSCEC New Urbanization (Xinjiang) Investment Co., Ltd. 1,237,693 – 35,054 – – – 1,272,747 –
CSCEC Jianxin No. 9 Urbanization Investment Private Equity Fund. 1,284,305 – – – – – 1,284,305 –
Beijing Chenxing International Convention and Exhibition Co., Ltd. 1,199,964 – – – – – 1,199,964 –
Anhui Bengwu Expressway Investment Management Co., Ltd. 1,053,999 – 138,889 (42,334) – 42,665 1,193,219 –

CSCEC Road & Bridge Group Co., Ltd. 1,180,162 – 2,369 1,471 – (24,063) 1,159,939 –
Qingdao Haijie Real Estate Co., Ltd. 1,086,711 – 28,551 – – – 1,115,262 –
Nanjing Second Yangtze River Bridge Co., Ltd. 1,132,353 – 64,313 (14,057) (177,281) 26,715 1,032,043 –
Shanghai Lingang New District Jingang Dongjiu Real Estate Co., Ltd. 901,164 – (2,484) – – – 898,680 –
Shanghai Linbo Haihui City Construction and Development Co., Ltd. 866,975 13,878 (7,088) (26,313) – 32,862 880,314 –
Liupanshui urban pipe gallery construction and Development Investment
837,191 – (30,000) – – – 807,191 –
Co., Ltd.
China Overseas South Airlines Construction and Development Co., Ltd. 805,592 – 800 – – – 806,392 –
Beijing Nanyue Real Estate Development Co., Ltd. 745,496 – (5,845) – – – 739,651 –
Chongqing Zhongjian Erhengxian Infrastructure Construction Co., Ltd. 727,422 – 20,541 – – – 747,963 –
Xinggui Investment Co., Ltd. 600,182 – 21,528 – – – 621,710 –
Zhengzhou Zhongjian Zhicheng Comprehensive Pipe Gallery
572,617 4,296 (1,817) – – – 575,096 –
Construction Management Co., Ltd.
Others 25,334,412 1,387,778 147,232 (64,951) (243,636) 403,002 26,963,837 1,358
Joint ventures sub-total 52,430,699 1,443,604 826,665 (218,603) (420,917) 585,243 54,646,691 293,820
Note 1: Other changes are mainly caused by changes in the scope of consolidation this period, changes in equity of the invested party other than other comprehensive income, and
changes in exchange rates.

(b) Associates
Opening Increase/ profits/(losses) comprehensive allowance at
balance of (decrease) under equity income Declaration of Closing balance the end of
the period investment method adjustment cash dividends Others (Note 1) of the period the period
China Overseas Grand Oceans Group Ltd. 11,866,092 – 681,263 (215,058) (215,084) 20,397 12,137,610 –
Anhui Guoyuan Trust Co., Ltd. 3,412,091 – 128,172 – – – 3,540,263 –
Jiqing Express Railway Co., Ltd. 2,202,251 – (4,223) – – – 2,198,028 –
CCCC Jijiao Expressway Investment & Development Co., Ltd. 1,919,604 – (23,682) – – – 1,895,922 –
Everbright Securities Co., Ltd. 1,698,124 – – – – (37,137) 1,660,987 –
Yunnan Huali expressway investment and Development Co., Ltd. 1,583,764 – (47,259) – – – 1,536,505 –
Nantong Ring Expressway Co., Ltd. 888,624 592,416 – – – – 1,481,040 –
Shandong Ningliang Expressway Co., Ltd. 1,123,848 – (35,106) – – – 1,088,742 –
Anhui Guoyuan Investment Co., Ltd. 1,018,967 – 12,222 – – – 1,031,189 –
Sanmenxia National Highway 310 South Moving Project Construction
1,086,106 – (69,133) – – – 1,016,973 –
Management Co., Ltd.
Taizhongyin Railway Co., Ltd. 966,483 – 21,752 – – – 988,235 –
Shenzhen Zhaohang Real Estate Co., Ltd. 917,003 – (26) 8,012 – (8,012) 916,977 –
Suzhou Fuyuan Real Estate Co., Ltd. 906,007 – (4,405) – – – 901,602 –
Jinmao Investment (Changsha) Co., Ltd. 830,690 – 8,667 – – – 839,357 –
Fast Shift Investments Limited 787,304 – 4,981 – – 27,033 819,318 –
Xiamen Yueqin Hailian Construction and Development Co., Ltd. 799,144 – (2,193) – – – 796,951 –
China State Construction Xi’an Urban Construction Investment Co., Ltd. 676,919 – 31,571 – – – 708,490 –
Guangzhou Fuchuang Real Estate Development Co., Ltd. 626,280 – – – – – 626,280 –
Chongqing Jinke Zhaoji Real Estate Development Co., Ltd. 622,939 – 59 – – – 622,998 –
Tianjin Zhonghai Haixin Real Estate Co., Ltd. 614,799 – (4,275) 6,781 – (6,781) 610,524 –
Shanghai Jiasheng Real Estate Development Co., Ltd. 587,526 (98,000) (3,891) – – – 485,635 –
Other 23,833,157 1,388,737 514,528 (128,528) (145,899) 123,555 25,585,550 2,450
Associates sub-total 58,967,722 1,883,153 1,209,022 (328,793) (360,983) 119,055 61,489,176 2,450
Total 111,398,421 3,326,757 2,035,687 (547,396) (781,900) 704,298 116,135,867 296,270
INTERIM REPORT 2023

Note 1: Other changes are mainly caused by changes in the scope of consolidation this period, changes in equity of the invested party other than other comprehensive income, and
147
148
2022
(a) Joint ventures

Movement during the year
Opening Increase/ profits/(losses) comprehensive allowance at
balance of (decrease) under equity income Declaration of Closing balance the end of
the year investment method adjustment cash dividends Others (Note 1) of the year the year
Guizhou Zhengxi Expressway Investment Management Co., Ltd. 2,422,996 – 224,812 (15,705) – 16,509 2,648,612 –
Guiheng Investment Co., Ltd. 2,612,784 – (9,796) (172,911) – 172,911 2,602,988 –

Xiamen Haimao Real Estate Co., Ltd. 1,824,133 – 338,284 (38,699) – – 2,123,718 –
China Overseas Polytec Real Estate (Foshan) Co.,Ltd. 1,908,276 – 65,072 (34,960) – 34,960 1,973,348 292,462
Guizhou Leirong Expressway Investment Management Co., Ltd. 1,321,507 547,808 – (45,607) – 64,209 1,887,917 –
Zunyi Nanhuan Expressway Development Co., Ltd. 1,545,576 – 82,302 – – – 1,627,878 –
CSCEC Jianxin No. 9 Urbanization Investment Private Equity Fund. 1,248,043 36,262 – – – – 1,284,305 –
CSCEC New Urbanization (Xinjiang) Investment Co., Ltd. 1,154,265 22,018 61,410 – – – 1,237,693 –
Beijing Chenxing International Convention and Exhibition Co., Ltd. 1,199,964 – – – – – 1,199,964 –
CSCEC Road & Bridge Group Co., Ltd. 1,149,729 – 34,283 (433) – (3,417) 1,180,162 –

Nanjing Second Yangtze River Bridge Co., Ltd. 1,202,302 – 110,596 219,467 (214,739) (185,273) 1,132,353 –
Qingdao Haijie Real Estate Co., Ltd. 1,761,322 (793,760) 119,149 – – – 1,086,711 –
Anhui Bengwu Expressway Investment Management Co., Ltd. 1,045,167 – – (43,873) – 52,705 1,053,999 –
Shanghai Lingang New District Jingang Dongjiu Real Estate Co., Ltd. 909,040 – (7,876) – – – 901,164 –
Shanghai Linbo Haihui City Construction and Development Co., Ltd. 883,409 14,073 (13,848) (9,503) – (7,156) 866,975 –
Liupanshui urban pipe gallery construction and Development Investment
854,001 – (16,810) – – – 837,191 –
Co., Ltd.
China Overseas South Airlines Construction and Development Co., Ltd. 812,302 – (6,709) (4,499) – 4,498 805,592 –
Beijing Nanyue Real Estate Development Co., Ltd. 766,668 – (21,172) – – – 745,496 –
Chongqing Zhongjian Erhengxian Infrastructure Construction Co., Ltd. 686,780 – 40,642 – – – 727,422 –
Xinggui Investment Co., Ltd. 595,813 – 4,369 49,101 – (49,101) 600,182 –
Zhengzhou Zhongjian Zhicheng Comprehensive Pipe Gallery
495,325 75,319 1,973 – – – 572,617 –
Others 22,667,894 2,707,194 862,099 (516,937) (800,011) 414,173 25,334,412 1,358
Joint ventures sub-total 49,067,296 2,608,914 1,868,780 (614,559) (1,014,750) 515,018 52,430,699 293,820
Note 1: Other changes are mainly caused by changes in the scope of consolidation this year, changes in equity of the invested party other than other comprehensive income, and

2022 (continued)
(b) Associates
Opening Investment Other Impairment
balance of Increase/ profits/(losses) comprehensive allowance at
the year (decrease) under equity income Declaration of Closing balance the end of
(restated) investment method adjustment cash dividends Others (Note 1) of the year the year
China Overseas Grand Oceans Group Ltd. 11,008,526 340,494 1,248,519 (543,189) (413,767) 225,509 11,866,092 –
Anhui Guoyuan Trust Co., Ltd. 3,208,922 – 242,404 30,301 (61,537) (7,999) 3,412,091 –
Jiqing Express Railway Co., Ltd. 2,262,313 – (60,062) – – – 2,202,251 –
CCCC Jijiao Expressway Investment & Development Co., Ltd. 1,650,377 296,304 (27,077) – – – 1,919,604 –
Everbright Securities Co., Ltd. 1,498,311 – 97,179 – (35,761) 138,395 1,698,124 –
Yunnan Huali expressway investment and Development Co., Ltd. 1,561,094 – 22,670 – – – 1,583,764 –
Shandong Ningliang Expressway Co., Ltd. 1,033,900 – 89,948 – – – 1,123,848 –
Sanmenxia National Highway 310 South Moving Project Construction
1,263,227 – (177,121) – – – 1,086,106 –
Anhui Guoyuan Investment Co., Ltd. 1,012,527 – 16,066 (66) (9,828) 268 1,018,967 –
Taizhongyin Railway Co., Ltd. 933,707 – 32,776 – – – 966,483 –
Shenzhen Zhaohang Real Estate Co., Ltd. – 925,007 8 (8,012) – – 917,003 –
Suzhou Fuyuan Real Estate Co., Ltd. 945,284 – (39,277) – – – 906,007 –
Nantong Ring Expressway Co., Ltd. 888,624 – – – – – 888,624 –
Jinmao Investment (Changsha) Co., Ltd. 808,297 – 22,393 – – – 830,690 –
Xiamen Yueqin Hailian Construction and Development Co., Ltd. – 814,500 (15,356) – – – 799,144 –
Fast Shift Investments Limited 1,025,572 – 57,247 – (373,665) 78,150 787,304 –
China State Construction Xi’an Urban Construction Investment Co., Ltd. 628,013 – 48,906 – – – 676,919 –
Guangzhou Fuchuang Real Estate Development Co., Ltd. 636,062 – (9,782) – – – 626,280 –
Chongqing Jinke Zhaoji Real Estate Development Co., Ltd. 622,466 – 473 – – – 622,939 –
Tianjin Zhonghai Haixin Real Estate Co., Ltd. – 588,800 (943) (6,781) – 33,723 614,799 –
Shanghai Jiasheng Real Estate Development Co., Ltd. 984,889 (392,000) (5,363) – – – 587,526 –
Other 20,108,799 4,335,256 1,047,277 (208,034) (348,680) (1,101,461) 23,833,157 2,450
Associates sub-total 52,080,910 6,908,361 2,590,885 (735,781) (1,243,238) (633,415) 58,967,722 2,450
Total 101,148,206 9,517,275 4,459,665 (1,350,340) (2,257,988) (118,397) 111,398,421 296,270
INTERIM REPORT 2023

Note 1: Other changes are mainly caused by changes in the scope of consolidation this year, changes in equity of the invested party other than other comprehensive income, and
149

The movements in provision for impairment of long-term equity investments are as follows:

Opening balance Increase during Decrease during Closing balance
of the period the period the period of the period
China Overseas Polytec Real Estate (Foshan)
292,462 – – 292,462
Co., Ltd.
Others 3,808 – – 3,808
Total 296,270 – – 296,270
2022
of the year the year the year of the year
China Overseas Polytec Real Estate (Foshan)
292,462 – – 292,462
Co., Ltd.
Others 1,358 2,450 – 3,808
Total 293,820 2,450 – 296,270
15. Investments in other equity instruments

Equity investments
Listed equity investments 299,808 300,867
Unlisted equity investments 5,540,950 4,309,604
Total 5,840,758 4,610,471

Equity investments
Cost
Unlisted equity investments 5,131,626 3,959,989
Cumulative changes in fair value
Unlisted equity investments 409,324 349,615
Total 5,840,758 4,610,471


15. Investments in other equity instruments (continued)
Reasons
Dividend income of the period designated
Changes in as fair value
fair value Equity measurement
accumulated instruments with changes
to other derecognised Equity included in other
comprehensive in the current instruments comprehensive
income Fair value period still held income
Listed equity investments 68,964 299,808 – 21,225 Non-tradable
Unlisted equity investments 409,324 5,540,950 5 15,266 Non-tradable
Total 478,288 5,840,758 5 36,491
2022
Reasons
Dividend income of the year designated
Changes in as fair value
fair value Equity measurement
accumulated instruments with changes
to other derecognised Equity included in other
comprehensive in the current instruments comprehensive
income Fair value year still held income
Listed equity investments 59,388 300,867 40,111 19,594 Non-tradable
Unlisted equity investments 349,615 4,309,604 60 46,668 Non-tradable
Total 409,003 4,610,471 40,171 66,262
For the six-month period ended 30 June 2023, the Group disposed of RMB1,614,061 thousand of other equity
instrument investment (2022: RMB1,277,806 thousand), and a total amount of RMB103,671 thousand has been
transferred from other comprehensive income to retained earnings. (2022: RMB97,017 thousand).
16. Other non-current financial assets
Financial assets measured at fair value and the change of
1,577,202 1,565,153
which is included in the profit or loss of the current period
17. Investment properties

Subsequent measurement under the cost model:
Investment
properties in
Buildings Land use rights progress Total
Cost
Opening balance 86,033,747 30,747,274 46,148,884 162,929,905
Increase in the current period 1,372,676 416,637 3,158,311 4,947,624
Internal transfer 6,688,557 5,957,462 (12,646,019) –
Decrease in the current period (2,403,477) (347,149) – (2,750,626)
Closing balance 91,691,503 36,774,224 36,661,176 165,126,903
Accumulated depreciation and amortisation
Opening balance (11,907,161) (3,294,977) – (15,202,138)
Increase in the current period (1,422,117) (498,115) – (1,920,232)
Decrease in the current period 345,646 33,793 – 379,439
Closing balance (12,983,632) (3,759,299) – (16,742,931)
Provision for impairment
Opening and closing balance (52,561) – – (52,561)
Net book value
At the end of the period 78,655,310 33,014,925 36,661,176 148,331,411
At the beginning of the period 74,074,025 27,452,297 46,148,884 147,675,206


17. Investment properties (continued)
Subsequent measurement under the cost model: (continued)
2022
Investment
properties in
Buildings Land use rights progress Total
Cost
Opening balance 73,848,542 24,065,540 37,173,830 135,087,912
Increase in the current year 8,989,083 3,393,240 18,528,906 30,911,229
Internal transfer 4,658,190 4,530,219 (9,188,409) –
Decrease in the current year (1,462,068) (1,241,725) (365,443) (3,069,236)
Closing balance 86,033,747 30,747,274 46,148,884 162,929,905
Accumulated depreciation and amortisation
Opening balance (9,690,375) (2,646,395) – (12,336,770)
Increase in the current year (2,453,015) (786,387) – (3,239,402)
Decrease in the current year 236,229 137,805 – 374,034
Closing balance (11,907,161) (3,294,977) – (15,202,138)
Provision for impairment
Opening balance (54,344) – – (54,344)
Increase in the current year (7,897) – – (7,897)
Decrease in the current year 9,680 – – 9,680
Closing balance (52,561) – – (52,561)
Net book value
At the end of the year 74,074,025 27,452,297 46,148,884 147,675,206
At the beginning of the year 64,103,823 21,419,145 37,173,830 122,696,798
The investment property is leased out to a third party or a related party under an operating leases.


17. Investment properties (continued)
For the six-month period ended 30 June 2023, the Group changed the use of buildings with a book value of
RMB1,681,415 thousand (original price: RMB1,920,041 thousand) for self-use and transferred them to fixed assets
accounting from the date of change of use; for the year of 2022, the Group changed the use of buildings with a book
value of RMB69,250 thousand (original price: RMB120,784 thousand) for self-use and transferred them to fixed assets
at the date of change of use.
For the six-month period ended 30 June 2023, the Group transferred the investment properties with a book value of
RMB18,196 thousand (original price: RMB20,984 thousand) to inventories accounting; for the year of 2022, the Group
transferred the investment properties with a book value of RMB54,668 thousand (original price: RMB61,150 thousand)
to inventories.
For the six-month period ended 30 June 2023, the Group changed the use of inventories with a book value of
RMB832,809 thousand (original price: RMB832,809 thousand) to lease, and transferred the inventories to investment
properties accounting from the date of change of use; for the year of 2022, the Group changed the use of inventories
with a book value of RMB11,524,550 thousand (original price: RMB11,524,550 thousand) to lease, and transferred the
inventories to investment properties at the date of change of use.
For the six-month period ended 30 June 2023, the Group changed the use of fixed assets with a book value of
RMB138,394 thousand (original price: RMB168,468 thousand) to lease, and transferred the fixed assets to investment
properties accounting from the date of change of use; for the year of 2022, the Group changed the use of fixed assets
with a book value of RMB1,218,160 thousand (original price: RMB1,239,195 thousand) to lease, and transferred from
fixed assets to investment properties at the date of change of use.
For the six-month period ended 30 June 2023, the Group’s construction in progress with a book value of RMB441,125
thousand (original price: RMB441,125 thousand) was aimed to lease, and transferred to investment properties
accounting from the date of change of use; for the year of 2022, the Group’s construction in progress with a book
value of RMB90,227 thousand (original price: RMB90,227 thousand) was used for leasing, which was changed to
investment properties.
For the six-month period ended 30 June 2023, the Group disposed the investment properties with a book value of
RMB590,895 thousand with a disposal income of RMB322,451 thousand; for the year of 2022, the Group disposed the
investment properties with a book value of RMB1,099,522 thousand with a disposal income of RMB3,324 thousand.
As at 30 June 2023 and December 31 2022, refers to Note V. 70 for details of the Group’s mortgage of investment
properties to the bank as guarantees for obtaining loans.


18. Fixed assets
Office
equipment,
temporary
Machinery and Motor facilities and
Buildings equipment vehicles others Total
Cost
Opening balance of the period 42,917,648 19,593,731 3,278,600 24,487,000 90,276,979
Purchases 523,004 487,540 130,064 1,237,294 2,377,902
Transfers from construction in progress
201,712 172,534 809 369,448 744,503
(Note V. 19)
Other addition 2,508,182 235,809 64,505 177,571 2,986,067
Disposals or retirements (129,516) (262,494) (191,217) (293,701) (876,928)
Other decrease (828,431) (163,895) (55,769) (118,731) (1,166,826)
Closing balance of the period 45,192,599 20,063,225 3,226,992 25,858,881 94,341,697
Accumulated depreciation
Opening balance of the period (7,678,223) (11,601,328) (2,202,318) (18,692,301) (40,174,170)
Depreciation accrued during the period (652,034) (654,640) (126,885) (1,737,579) (3,171,138)
Other additions (399,900) (212,650) (48,417) (169,343) (830,310)
Disposals or retirements 22,839 231,870 176,437 284,138 715,284
Other decrease 190,468 73,915 35,930 95,558 395,871
Closing balance of the period (8,516,850) (12,162,833) (2,165,253) (20,219,527) (43,064,463)
Impairment allowance
Opening balance of the period (228,592) (29,706) (65) (35) (258,398)
Impairment accrued during the period – (678) – – (678)
Other additions (117) – – – (117)
Disposals or retirements – 331 – – 331
Closing balance of the period (228,709) (30,053) (65) (35) (258,862)
Net book value
At the end of the period 36,447,040 7,870,339 1,061,674 5,639,319 51,018,372
At the beginning of the period 35,010,833 7,962,697 1,076,217 5,794,664 49,844,411


18. Fixed assets (continued)
2022
Office
equipment,
temporary
Machinery and Motor facilities and
Buildings equipment vehicles others Total
Cost
Opening balance of the year 35,831,179 18,090,593 3,227,927 21,313,004 78,462,703
Purchases 1,286,050 1,734,489 294,562 3,166,825 6,481,926
Transfers from construction in progress
2,052,191 283,814 438 1,116,262 3,452,705
(Note V. 19)
Other addition 5,451,789 474,161 42,582 32,540 6,001,072
Disposals or retirements (606,822) (787,548) (254,904) (804,185) (2,453,459)
Other decrease (1,096,739) (201,778) (32,005) (337,446) (1,667,968)
Closing balance of the year 42,917,648 19,593,731 3,278,600 24,487,000 90,276,979
Accumulated depreciation
Opening balance of the year (6,570,680) (10,560,216) (2,129,147) (15,484,186) (34,744,229)
Depreciation accrued during the year (1,114,934) (1,409,286) (272,834) (4,019,520) (6,816,574)
Other additions (205,290) (393,796) (41,653) (143,754) (784,493)
Disposals or retirements 163,761 625,659 217,461 756,794 1,763,675
Other decrease 48,920 136,311 23,855 198,365 407,451
Closing balance of the year (7,678,223) (11,601,328) (2,202,318) (18,692,301) (40,174,170)
Opening balance of the year (228,305) (9,033) (353) (35) (237,726)
Impairment accrued during the year (950) (22,586) (506) (356) (24,398)
Other additions (287) – (62) (136) (485)
Disposals or retirements 950 1,913 794 492 4,149
Other decrease – – 62 – 62
Closing balance of the year (228,592) (29,706) (65) (35) (258,398)
Net book value
At the end of the year 35,010,833 7,962,697 1,076,217 5,794,664 49,844,411
At the beginning of the year (restated) 29,032,194 7,521,344 1,098,427 5,828,783 43,480,748
Operating leased fixed assets are as follows:
As at 30 June 2023, the fixed assets with a book value of RMB107,465 thousand, and a cost of RMB216,793 thousand
were leased out under operating leases (31 December 2022: a book value of RMB110,165 thousand, and a cost of
RMB210,303 thousand).
As at 30 June 2023 and 31 December 2022, the fixed assets that were pledged by the Group to banks for borrowings
are presented in detail in Note V. 70.


19. Construction in progress
Carrying Impairment Net book Carrying Impairment Net book
amount allowance value amount allowance value
Construction in progress 4,448,799 (251,411) 4,197,388 4,250,969 (251,268) 3,999,701
Changes of significant projects of construction in progress are as follows:

Transfer
Opening to fixed Other Closing Proportion
Budgeted balance of assets transferred balance of Source of of investment
amount the period Additions (Note V. 18) out (Note) the period funds to budget (%)
Zhangjiang Project B07-9 Office Building Project 3,000,000 806,872 57,614 – – 864,486 Self-funding 29
Self-funding
K05-01 Office building project 960,000 371,050 128,071 – – 499,121 52
and loan
Self-funding
Wanning Jinxin Grand Hyat 1,340,814 324,976 84 – – 325,060 91
and loan
The Second Office Low-carbon Transformation
293,360 – 270,084 – – 270,084 Self-funding 92
Projects
Decoration Project of Headquarters Building
of China Construction Northeast Design and 298,000 266,897 2,017 – – 268,914 Self-funding 90
Research Institute Co., Ltd.
Chonghe Bay Engineering Real Estate General
213,333 209,066 – – – 209,066 Self-funding 98
Contracting Project
Self-funding
Shenzhen Shantou Green Industrial Park Project 417,148 172,765 465 – – 173,230 98
and loan
Self-funding
CSCEC Algeria headquarters building project 282,849 235,200 16,096 – (134,885) 116,411 89
and loan
Self-funding
Others N/A 1,864,143 1,125,347 (744,503) (522,560) 1,722,427 N/A
and loan
Total 4,250,969 1,599,778 (744,503) (657,445) 4,448,799
2022
Transfer
Opening to fixed Other Closing Proportion
Budgeted balance of assets transferred balance of Source of of investment
amount the year Additions (Note V. 18) out (Note) the year funds to budget (%)
Zhangjiang Project B07-9 Office Building Project 3,000,000 – 806,872 – – 806,872 Self-funding 27
Self-funding
K05-01 Office building project 960,000 185,765 185,285 – – 371,050 39
and loan
Self-funding
Wanning Jinxin Grand Hyat 1,340,814 988,298 237,257 (900,579) – 324,976 91
and loan
Xi’an Jinxiu Tiandi Area A Office Building Project 337,643 – 270,112 – – 270,112 Self-funding 80
Decoration Project of Headquarters Building
of China Construction Northeast Design and 298,000 633 266,264 – – 266,897 Self-funding 90
Research Institute Co., Ltd.
Self-funding
CSCEC Algeria headquarters building project 282,849 182,553 52,647 – – 235,200 83
and loan
Chonghe Bay Engineering Real Estate General
213,333 168,409 40,657 – – 209,066 Self-funding 98
Contracting Project
Self-funding
Shenzhen Shantou Green Industrial Park Project 417,148 245,255 967 – (73,457) 172,765 98
and loan
Self-funding
Others N/A 2,183,128 2,297,048 (2,552,126) (334,019) 1,594,031 N/A
and loan
Total 3,954,041 4,157,109 (3,452,705) (407,476) 4,250,969
Note: Other transferred out mainly includes the conditions that construction in progress is used for leasing after completing and
transferred to Long-term prepaid expenses.


19. Construction in progress (continued)
Changes of significant projects of construction in progress are as follows: (continued)

Accumulated Including:
amount of Interest Capitalisation
interest capitalised rate during the
Progress capitalised during the period period (%)
K05-01 Office building project 52% 37,076 18,650 4.50
Shenzhen Shantou Green Industrial Park Project 98% 24,904 – –
Others N/A 4,241 2,985 N/A
Total 66,221 21,635
2022
Accumulated Including:
amount of Interest Capitalisation
interest capitalised rate during the
Progress capitalised during the year year (%)
Shenzhen Shantou Green Industrial Park Project 98% 24,904 964 3.95
K05-01 Office building project 39% 18,426 15,982 4.50
CSCEC Algeria headquarters building project 83% 4,576 660 1.95
Others N/A 769 – N/A
Total 48,675 17,606
As at 30 June 2023 and 31 December 2022, the construction in progress that were pledged by the Group to banks for
Impairment allowance of construction in progress:

Opening balance of Increase during Closing balance of
the period the period the period Reasons
251,268 143 251,411 The book value is higher than the recoverable amount
2022
Opening balance of Increase during Closing balance
the year the year of the year Reasons
250,945 323 251,268 The book value is higher than the recoverable amount


20. Right of use assets
Machinery and Motor Other
Buildings equipment vehicles equipments Total
Cost
Opening balance of the period 8,854,596 1,433,888 28,568 192,324 10,509,376
Increase during the period 1,236,704 169,491 5,858 13,110 1,425,163
Decrease during the period (1,129,296) (95,055) (4,389) (1,504) (1,230,244)
Closing balance of the period 8,962,004 1,508,324 30,037 203,930 10,704,295
Accumulated amortisation
Opening balance of the period (2,747,966) (676,340) (15,328) (135,304) (3,574,938)
Increase during the period (1,129,033) (122,875) (3,795) (14,136) (1,269,839)
Decrease during the period 802,980 34,813 913 1,504 840,210
Closing balance of the period (3,074,019) (764,402) (18,210) (147,936) (4,004,567)
Net book value
Closing balance of the period 5,887,985 743,922 11,827 55,994 6,699,728
Opening balance of the period 6,106,630 757,548 13,240 57,020 6,934,438
2022
Machinery and Motor Other
Buildings equipment vehicles equipments Total
Cost
Opening balance of the year 6,292,463 1,381,301 21,174 160,503 7,855,441
Increase during the year 3,099,882 353,075 11,533 34,529 3,499,019
Decrease during the year (537,749) (300,488) (4,139) (2,708) (845,084)
Closing balance of the year 8,854,596 1,433,888 28,568 192,324 10,509,376
Opening balance of the year (1,414,414) (492,121) (9,832) (45,525) (1,961,892)
Increase during the year (1,679,590) (396,099) (8,250) (91,258) (2,175,197)
Decrease during the year 346,038 211,880 2,754 1,479 562,151
Closing balance of the year (2,747,966) (676,340) (15,328) (135,304) (3,574,938)
Net book value
Closing balance of the year 6,106,630 757,548 13,240 57,020 6,934,438
Opening balance of the year 4,878,049 889,180 11,342 114,978 5,893,549


21. Intangible assets
Land use Franchise
rights rights Software Others Total
Cost
Opening balance of the period 9,287,536 22,353,949 1,246,298 754,813 33,642,596
Increase during the period 1,055,772 3,051,509 54,329 67,702 4,229,312
Decrease during the period (37,772) – (38,940) (1,545) (78,257)
Closing balance of the period 10,305,536 25,405,458 1,261,687 820,970 37,793,651
Opening balance of the period (1,389,012) (1,909,443) (736,897) (398,029) (4,433,381)
Increase during the period (135,307) (135,554) (62,107) (33,240) (366,208)
Decrease during the period 23,931 – 33,657 666 58,254
Closing balance of the period (1,500,388) (2,044,997) (765,347) (430,603) (4,741,335)
Opening and closing balance of
(1,685,473) (1,320,115) – – (3,005,588)
the period
Net book value
Closing balance of the period 7,119,675 22,040,346 496,340 390,367 30,046,728
Opening balance of the period 6,213,051 19,124,391 509,401 356,784 26,203,627
2022
Land use Franchise
rights rights Software Others Total
Cost
Opening balance of the year 8,038,945 19,267,856 1,083,526 692,337 29,082,664
Increase during the year 1,457,057 4,091,571 172,876 87,205 5,808,709
Decrease during the year (208,466) (1,005,478) (10,104) (24,729) (1,248,777)
Closing balance of the year 9,287,536 22,353,949 1,246,298 754,813 33,642,596
Opening balance of the year (1,244,721) (1,735,836) (621,286) (361,730) (3,963,573)
Increase during the year (193,332) (248,763) (123,230) (60,208) (625,533)
Decrease during the year 49,041 75,156 7,619 23,909 155,725
Closing balance of the year (1,389,012) (1,909,443) (736,897) (398,029) (4,433,381)
Opening balance of the year (1,618,900) (952,660) – – (2,571,560)
Increase during the year (66,573) (367,586) – – (434,159)
Decrease during the year – 131 – – 131
Closing balance of the year (1,685,473) (1,320,115) – – (3,005,588)
Net book value
Closing balance of the year 6,213,051 19,124,391 509,401 356,784 26,203,627
Opening balance of the year 5,175,324 16,579,360 462,240 330,607 22,547,531


21. Intangible assets (continued)
As at 30 June 2023, the franchise rights in the construction period of contract assets RMB13,124,112 thousand are
listed as Intangible assets – franchise rights (31 December 2022: RMB10,719,669 thousand).
As at 30 June 2023 and 31 December 2022, the intangible assets that were pledged by the Group to banks for
22. Goodwill
Opening balance Other movements Closing balance
The invested entity of the period (Note) of the period
China Overseas Land & Investment Ltd. 1,490,421 50,810 1,541,231
China State Construction Development Holdings Limited 508,344 17,330 525,674
Plaza Construction LLP 105,374 2,788 108,162
Finqnciere Groupe Betom 59,407 – 59,407
China Construction Sixth Engineering Division Water Conservancy and
42,797 – 42,797
Hydropower Construction Group
China Construction Zhonghuan New Energy Co., Ltd. (Original name:CSCEC
40,103 – 40,103
Zhong Huan Engineering Co., Ltd.)
Yueyang Hecheng Construction Investment 27,027 – 27,027
China State Construction Built Port Group 15,583 – 15,583
Xinjiang Zhongjian West Construction Cement Manufacturing Co., Ltd. 14,601 – 14,601
China Construction Sixth Bureau (Qingdao) Construction Engineering Co.,
13,142 – 13,142
Ltd. (Original name:Dezhou Haoyu Investment Co., Ltd.)
China Construction Third Engineering Bureau Construction Engineering Co.,
11,563 – 11,563
Ltd. Civil Air Defense Construction Design Institute
Yunnan Changkun Hydropower Base Construction Management Co., Ltd. 11,163 – 11,163
Liaoning Road & Bridge Construction Group 10,562 – 10,562
Chongqing Zhonghai Investment Co., Ltd. 11,104 379 11,483
Others 30,624 5 30,629
Sub-total 2,391,815 71,312 2,463,127
Less: Impairment allowance 52,535 52,919
Total 2,339,280 2,410,208


22. Goodwill (continued)
2022
The invested entity of the year (Note) of the year
China Overseas Land & Investment Ltd. 1,375,252 115,169 1,490,421
China State Construction Development Holdings Limited 469,063 39,281 508,344
Plaza Construction LLP 96,465 8,909 105,374
Finqnciere Groupe Betom 59,407 – 59,407
China Construction Sixth Engineering Division Water Conservancy and
42,797 – 42,797
Hydropower Construction Group
China Construction Zhonghuan New Energy Co., Ltd. (Original name:CSCEC
40,103 – 40,103
Zhong Huan Engineering Co., Ltd.)
Yueyang Hecheng Construction Investment 27,027 – 27,027
China State Construction Built Port Group 15,583 – 15,583
13,142 – 13,142
China Construction Third Engineering Bureau Construction Engineering Co.,
11,563 – 11,563
Ltd. Civil Air Defense Construction Design Institute
Yunnan Changkun Hydropower Base Construction Management Co., Ltd. 11,163 – 11,163
Liaoning Road & Bridge Construction Group 10,562 – 10,562
Others 92,585 (61,961) 30,624
Sub-total 2,289,559 102,256 2,391,815
Less: Impairment allowance 51,665 52,535
Total 2,237,894 2,339,280
Changes in impairment allowance of goodwill are as below:

of the period (Note) of the period
13,142 – 13,142
Chongqing Zhonghai Investment Co., Ltd. 11,104 – 11,104
China Construction Zhonghuan New Energy Co., Ltd. (Original
12,031 – 12,031
name:CSCEC Zhong Huan Engineering Co., Ltd.)
Others 1,657 384 2,041
Total 52,535 384 52,919


22. Goodwill (continued)
Changes in impairment allowance of goodwill are as below: (continued)
2022
of the year (Note) of the year
13,142 – 13,142
China Construction Zhonghuan New Energy Co., Ltd. (Original
12,031 – 12,031
name:CSCEC Zhong Huan Engineering Co., Ltd.)
Others 1,645 12 1,657
Total 51,665 870 52,535
Note: Other movements are mainly due to changes in exchange rates.
The group allocates the book value of goodwill to the asset group or portfolio that can benefit from the synergy of
business combination, and carries out impairment test on this basis.
The goodwill obtained from business combination has been allocated to the following asset groups or portfolio for
impairment test:
Asset group-China Overseas Land & Investment
Asset group-State Construction Development
The measurement basis and main assumptions of the recoverable amount of the above asset groups are as follows:
Asset Group-China Overseas Land & Investment
The recoverable amount of China Overseas Land & Investment is determined by the present value of the expected
future cash flow of the asset group portfolio according to the cash flow forecast based on the five-year financial budget
approved by the management. The discount rate used for cash flow forecast is 9.5%, and the growth rate of cash flow
of China Overseas Land & Investment after 5 years is 3.0%.
Asset Group-State Construction Development
The recoverable amount of State Construction Development shall be the net amount of the fair value of the asset group
minus the disposal expenses.
The carrying amount of goodwill is apportioned to the asset group or portfolio as follows:
China Overseas Land State Construction
& Investment Development Total
30 June 31 December 30 June 31 December 30 June 31 December
2023 2022 2023 2022 2023 2022
Carrying amount of goodwill 1,541,231 1,490,421 525,674 508,344 2,066,905 1,998,765


23. Long-term prepaid expenses
Opening Closing
balance of Other balance of
the period Increase Amortisation decrease the period
Expenditure on improvement of leased fixed assets 590,894 139,572 (98,899) (1,030) 630,537
Others 697,216 110,862 (125,311) (3,974) 678,793
Total 1,288,110 250,434 (224,210) (5,004) 1,309,330
2022
Opening Closing
balance of Other balance of
the year Increase Amortisation decrease the year
Expenditure on improvement of leased fixed assets 497,571 272,260 (178,770) (167) 590,894
Others 645,648 372,147 (266,446) (54,133) 697,216
Total 1,143,219 644,407 (445,216) (54,300) 1,288,110
24. Deferred tax assets/liabilities

Deferred tax assets and liabilities without taking into consideration the offsetting of balances:
Deductible Deductible
temporary temporary
differences and Deferred tax differences and Deferred tax
losses assets losses assets
Deferred tax assets
Impairment allowance of assets 63,742,802 10,269,757 55,232,889 9,755,897
Elimination of intra group unrealised profit 11,809,375 2,399,150 9,270,681 1,850,124
Accrued expenses 21,922,026 5,323,106 22,195,727 5,394,162
Accrued liabilities 3,198,710 552,150 2,628,236 482,981
Deductible losses 18,473,114 4,458,448 16,712,358 4,181,507
Tax differences on lease liabilities 7,497,968 1,546,902 7,092,352 1,433,132
Others 4,423,163 1,078,114 4,383,044 1,072,272
Total 131,067,158 25,627,627 117,515,287 24,170,075


24. Deferred tax assets/liabilities (continued)
Deferred tax assets and liabilities without taking into consideration the offsetting of balances: (continued)
Taxable Taxable
temporary Deferred tax temporary Deferred tax
differences liabilities differences liabilities
Deferred tax liabilities
Depreciation of fixed assets 272,958 44,702 334,834 60,620
Depreciation of investment properties 7,936,527 1,984,132 6,679,785 1,669,946
Fair value adjustment of business combinations
involving enterprises not under common 24,421,936 6,096,023 23,322,873 5,821,068
control
Gain from special restructuring of subsidiaries
1,179,437 294,859 1,179,437 294,859
(Note 1)
Withholding tax for dividends (Note 2) 3,104,636 155,232 2,978,567 148,928
Revenue from BT/PPP projects 11,574,370 2,866,291 10,307,967 2,576,973
Tax differences on right of use assets 6,871,932 1,363,093 6,613,463 1,315,859
Others 5,556,948 1,382,088 3,988,262 981,057
Total 60,918,744 14,186,420 55,405,188 12,869,310
Note 1: According to Notice of the Ministry of Finance and the State Administration of Taxation on Enterprise Income Tax Treatment
of Enterprise Reorganization (Cai Shui [2009] No. 59), deferred tax liabilities are recognised by the Company and other related
subsidiaries for the difference between tax base and accounting base of equity investment arising from reorganization of West
Construction.
Note 2: According to the arrangement between Mainland China and Hong Kong Special Administrative Region over income taxes to
avoid double taxation and tax evasion, signed between Mainland China and Hong Kong, withholding tax for dividends are
provided by domestic subsidiaries, domestic associates and domestic joint ventures of the subsidiaries of China Overseas Land
& Investment and China State Construction International Holdings Limited (“China State Construction International”) for profit
estimated to be distributed to the subsidiaries of China Overseas Land & Investment and China State Construction International
at the tax rate of 5%.
Deferred tax assets and deferred tax liabilities that are presented at the net amount after offsetting:
Offsetting Net amount Offsetting Net amount
amount after offsetting amount after offsetting
Deferred tax assets 3,760,304 21,867,323 3,331,806 20,838,269
Deferred tax liabilities 3,760,304 10,426,116 3,331,806 9,537,504
Deductible temporary differences and deductible tax losses for which deferred tax assets are not recognised are listed
as follows:
Deductible temporary differences 24,375,849 23,357,459
Deductible tax losses 25,507,523 23,381,631
Total 49,883,372 46,739,090
Deductible tax losses that are not recognised as deferred tax assets will expire in the following years:
2023 997,110 1,462,151
2024 2,928,640 3,237,977
2025 3,629,653 4,034,114
2026 6,246,847 7,119,147
2027 7,341,986 7,528,242
2028 to 2032 4,363,287 –
Total 25,507,523 23,381,631


25. Other non-current assets
Contract assets (Note V. 9) 281,510,235 266,887,129
Including: PPP Project 198,957,376 190,927,489
Warranty deposit 58,066,501 51,180,886
Others 24,486,358 24,778,754
Input VAT to be verified 952,266 816,807
Prepayment of purchase of long-term assets 262,401 2,432,438
Others 8,729,483 3,384,630
Sub-total 291,454,385 273,521,004
Total 287,910,257 269,804,869
As at 30 June 2023, the impairment allowance of the above contract assets is RMB3,375,637 thousand (31 December
2022: RMB3,552,133 thousand).
26. Impairment allowance of assets

Opening Provision Decrease during the period Closing

balance of for the Transfer/ Other balance of
the period period Reversal Write-off movement the period
Impairment allowance of notes receivable 64,867 10,012 (22,413) – – 52,466
Impairment allowance of accounts
37,934,735 9,849,968 (6,445,013) (18,179) 198,012 41,519,523
receivable
Impairment allowance of other receivables 8,158,297 2,049,207 (1,254,119) (8,611) 5,058 8,949,832
Impairment allowance of other current
1,675,125 202,660 (1,503) – – 1,876,282
assets
Impairment allowance of current portion of
642,154 244,606 (42,587) (32) (31,783) 812,358
non-current assets
Impairment allowance of other non-current
3,716,135 277,264 (453,535) – 4,264 3,544,128
assets
Other ECLs provisions 26,451 – (18,163) – – 8,288
Impairment allowance of debt investments 105,279 168 (1,095) – 262 104,614
Impairment allowance of long-term
1,636,787 190,259 (177,383) (745) 17,475 1,666,393
receivables
Impairment allowance of contract assets
7,391,560 1,621,879 (692,130) (13,423) 9,241 8,317,127
(Note)
Impairment allowance of inventories 6,754,957 981,060 (107,106) (33,639) 68,370 7,663,642
Impairment allowance of long-term equity
296,270 – – – – 296,270
investments
Impairment allowance of fixed assets 258,398 678 – (331) 117 258,862
Impairment allowance of construction in
251,268 – – – 143 251,411
progress
Impairment allowance of investment
52,561 – – – – 52,561
properties
Impairment allowance of intangible assets 3,005,588 – – – – 3,005,588
Impairment allowance of goodwill 52,535 – – – 384 52,919
Total 72,022,967 15,427,761 (9,215,047) (74,960) 271,543 78,432,264
Note: The impairment allowance of contract assets listed here only includes the impairment of current portion of contract assets.


26. Impairment allowance of assets (continued)
2022
Opening Provision Decrease during the year Closing

balance of for the Transfer/ Other balance of
the year year Reversal Write-off movement the year
Impairment allowance of notes receivable 502,016 50,314 (469,360) – (18,103) 64,867
Impairment allowance of accounts
33,239,590 21,559,382 (14,839,522) (246,155) (1,778,560) 37,934,735
receivable
Impairment allowance of other receivables 7,093,588 2,696,940 (1,698,233) (85,906) 151,908 8,158,297
Impairment allowance of other current
938,046 1,254,844 (517,757) – (8) 1,675,125
assets
Impairment allowance of current portion of
459,492 249,330 (69,503) (61) 2,896 642,154
non-current assets
Impairment allowance of other non-current
2,806,601 1,245,520 (389,583) – 53,597 3,716,135
assets
Other ECLs provisions 27,201 – (750) – – 26,451
Impairment allowance of debt investments 17,545 89,764 (2,342) – 312 105,279
Impairment allowance of long-term
1,365,997 308,117 (106,430) – 69,103 1,636,787
receivables
Impairment allowance of contract assets
6,095,002 3,319,629 (1,813,081) (1,208) (208,782) 7,391,560
(Note)
Impairment allowance of inventories 4,082,255 2,514,753 (295,323) (25,528) 478,800 6,754,957
Impairment allowance of long-term equity
293,820 2,450 – – – 296,270
investments
Impairment allowance of fixed assets 237,726 24,398 – (4,149) 423 258,398
Impairment allowance of construction in
250,945 – – – 323 251,268
progress
Impairment allowance of investment
54,344 – – – (1,783) 52,561
properties
Impairment allowance of intangible assets 2,571,560 434,159 – – (131) 3,005,588
Impairment allowance of goodwill 51,665 – – – 870 52,535
Total 60,087,393 33,749,600 (20,201,884) (363,007) (1,249,135) 72,022,967
Note: The impairment allowance of contract assets listed here only includes the impairment of current portion of contract assets.
27. Short-term borrowings

Unsecured borrowings 117,066,297 74,694,488
Guaranteed borrowings 2,313,803 1,632,714
Pledged borrowings 1,079,979 1,499,896
Mortgaged borrowings 289,256 327,061
Total 120,749,335 78,154,159
As at 30 June 2023, the annual interest rate for the above borrowings varied from 0.90% to 7.62% (31 December
2022: 0.90% to 8.00%).
As at 30 June 2023 and 31 December 2022, the Group has mortgaged or pledged various assets to banks as security
for borrowings that are presented in details in Note V. 70.


28. Notes payable
Bank acceptance bills 12,734,827 9,580,861
Commercial acceptance bills 511,273 723,120
Total 13,246,100 10,303,981
29. Accounts payable

Payables for projects and for real estate development 299,481,872 284,284,912
Payables for purchase of materials 217,709,677 200,712,588
Payables for services 83,863,753 68,651,444
Rent payable 20,096,744 17,834,521
Others 15,111,391 14,260,808
Total 636,263,437 585,744,273
As at 30 June 2023, accounts payable over 1 year with a carrying amount of RMB180,738,588 thousand (31 December
2022: RMB157,976,975 thousand) are mainly payables for projects, which are unsettled as the projects have not been
completed or settled.
30. Advances from customers

Rent and others 823,171 729,857
As at 30 June 2023, advances from customers over 1 year with a carrying amount of RMB34,673 thousand (31
December 2022: RMB37,024 thousand) are mainly for advance rent receipts.
31. Contract liabilities

Advances for sale of properties 244,302,421 200,565,988
Amount due to customers for contract work 57,958,436 72,781,751
Advances for projects 51,999,419 59,062,934
Others 5,181,185 5,282,546
Total 359,441,461 337,693,219


31. Contract liabilities (continued)
At the balance sheet date, the details of advances for sale of properties are as follows:
Estimated
completion/ Pre-sale
30 June 31 December completion date percentage
Project name 2023 2022 (Note) (%) (Note)
Guangzhou Asian Games City 10,860,755 9,254,701 October 2023 86
Sun Palace 7,383,074 7,002,765 April 2025 100
Heyingyunji 6,414,232 6,068,296 December 2023 95
CSCEC Yipin Xuefu Residence 5,931,744 5,147,200 June 2024 100
China Construction LuMing mansion Project 5,578,027 4,307,832 September 2024 80
CSCEC Yipin Xuefu Residence West district 5,333,158 4,602,069 June 2024 88
Zhonghai Guanyuan project 5,265,738 4,818,961 June 2024 96
Cuilanyunjing 4,952,814 4,843,154 December 2023 100
Haizhu Nanzhou Road Project 4,625,791 4,107,127 October 2023 99
Beijing Daji Critical Reform Project 4,553,647 – December 2025 69
Unit FXC1-0016, Fengxian new town Commercial
4,401,673 3,885,930 March 2024 100
housing project of plot 27-06
Beijing Huideli 4,240,549 3,480,472 October 2023 93
The Big Mansion Project 4,197,778 1,375,179 October 2025 70
CSCEC Tianfu Residence 4,080,391 3,771,685 December 2024 100
Top scientist community 02 group project 3,931,872 3,388,835 June 2024 61
Residential project of Unit 0427-01, BSP 0-0104,
3,656,455 1,182,144 September 2024 100
Gucun Village, Baoshan District
Zhonghai Wenhuali 3,655,264 2,988,032 December 2023 75
Changsha Zhongjian Yuhe City 3,430,705 2,603,234 December 2023 81
Lake Light 3,427,241 1,576,835 April 2024 63
Xueshili Project 3,399,803 3,295,117 September 2023 96
Beijing Chaoyang Cuigezhuang Naixi Village 318
3,386,258 2,143,480 December 2024 100
Plot
Spring Scenery Yayuan Project 3,123,175 2,325,586 September 2024 90
Zhonghai Xinchuan Huafu 2,861,386 98,412 November 2024 80


At the balance sheet date, the details of advances for sale of properties are as follows: (continued)
Estimated
Guanggang No.234 Plot 2,754,993 1,219,001 December 2024 30
Zhonghai Huanyu Longchen 2,736,015 1,765,719 April 2024 59
Taihu Lake Star Residential Project 2,727,309 1,558,949 August 2024 100
Top scientist community 03 group project 2,723,934 2,198,747 June 2024 57
Beijing Fuhuali 2,660,753 819,534 September 2024 62
CSCEC Bo Residence 2,498,777 1,305,187 December 2024 67
Huizhili 2,368,149 1,119,367 June 2024 63
Changzhou Hongken Project 2,357,385 1,744,543 December 2024 51
Xiamen Xueshili Project 2,271,072 – December 2024 53
Zhonghai Xiangshui Mansion 2,269,602 791,609 December 2024 79
Suzhou high tech Zone headquarters base
2,257,857 1,429,510 March 2024 100
residence
Duolundao Project 2,252,140 2,278,235 June 2024 42
Plot A, north of Tianchen Street and east of
2,179,909 955,614 March 2024 71
Development Road, Xianwen Area
Xihongmen Project 2,081,975 633,418 June 2024 100
Software New City Project 2,059,166 187,643 June 2024 74
Zhonghai Universe World four Period 2,056,959 1,771,057 September 2023 93
Guanjiangyue Project 2,037,427 859,530 November 2023 42
Herui 3rd yard 1,882,207 481,511 December 2024 41
Guangzhou Hongyuan Real Estate –
1,694,450 – September 2023 100
Nanshazhujiang Street Community Project
Shengfu District B-11 Plot 1,664,917 339,439 August 2024 92
Zhongjian Lujiang Mansion 1,591,797 1,104,595 December 2023 100
Guangzhou Haizhu Haoke Island plot project 1,575,289 978,698 April 2024 76
Shanghai Shenggang academy B0701 Project 1,543,036 1,130,338 December 2023 74
Yamenkou 670 Plot 1,511,658 916,765 June 2025 74
Shanghai Pudong Huinan Minle Affordable
1,447,790 2,276,232 December 2023 100
Housing Project
B0603 project of harbour College 1,431,967 1,349,746 December 2023 75
East Lake Star Project 1,430,002 1,404,547 June 2024 58
Chongzhou Zhongwu Project 1,428,897 632,875 September 2024 70
Huashanlongcheng Project 1,426,141 3,460,627 July 2024 36
Gucheng 626 Plot Chang’anyu Project 1,399,753 – December 2024 69
No. 6066, 6067 and other plots projects 1,372,980 816,535 December 2024 35
Zhonghai Chunlang Garden 1,340,823 904,294 December 2023 76


Estimated
Zhonghai Yunlu Mansion (Phase II) 1,333,824 617,857 December 2022 49
Zuo’an International 1,315,399 49,893 October 2024 74
Banshan Yunjing 1,256,732 229,593 May 2024 55
Zhonghai New City 485 Plot 1,249,366 44,066 April 2025 54
Fangshan Dongyangzhuang Project 1,210,733 531,258 December 2024 33
CSCEC Chang’an Lufu project 1,206,732 839,208 September 2024 65
Shanghai Hongqi Village Project 1,201,310 1,199,903 June 2023 76
Xi’an Xueshili Project 1,172,010 – December 2024 47
Fengxian District Fengxian New City Unit 16 27-
1,164,241 – December 2024 100
02 Plot Project
Hangzhou Linfu Real Estate Project 1,118,716 – December 2025 10
Kaiyuan No.1 1,057,936 178,199 June 2024 87
CSCEC Yushan Lake 1,038,361 224,283 December 2024 37
Chaozhanyunqi 1,013,041 – December 2024 95
Dongguan Zhonghai Qirui Garden 995,724 608,936 December 2023 53
6060 Plot Project 958,263 221,152 June 2024 48
Xingsanhao Yard 956,754 716,401 June 2024 49
Zhonghai Yunzhu Lake Residence 922,643 241,861 December 2023 23
Jiefangnan Road Plot 32 to 34 879,838 – April 2025 39


Estimated
Suzhou Hushuguan Project 879,551 448,912 June 2025 22
Ningbo Huideli 832,687 203,363 June 2024 78
Zhonghai Jianqiao 807,015 170,807 December 2027 38
Chengdu Tianfu New District Tongzhou Road Plot
788,413 66,147 December 2023 53
B
Zhongjian Meixi Lake Center 774,715 682,890 December 2024 99
Shanghai Qingpu District Xujing Town Yelian Road
737,811 400,270 January 2024 34
West B-1A-5 Plot Real Estate Development
Jinan Zhangma New East Railway Station Project
737,199 593,629 June 2024 65
A8 plot
Zhonghai Yuanjing 736,073 295,164 October 2024 56
Zhonghai Huanyu Shidai Residence 732,260 915,392 November 2024 38
Yuanmei Huating 729,515 – October 2024 34
Wuqing 023 Project 728,327 157,363 December 2024 53
Zhonghai Time Mansion II 720,878 563,725 December 2022 89
Tianjin Jinwugua 2021-022 Plot 703,778 259,687 December 2023 100
Jianan Zhonghai Dangjiazhihui City Phase 1
695,639 341,653 August 2023 45
Project
Shenyang Huideli 681,183 356,978 October 2023 16
Chongqing Zhongjian Yuhu No. 1 677,689 1,164,936 December 2025 80
Jiuyuefu Project 665,043 491,957 July 2023 67
Taihu forum City 637,684 495,948 October 2023 99
Nanshawan Project 624,272 487,730 September 2023 100
CSCEC Xiwang Phase 1 609,659 63,731 December 2025 5
Jinan Zhangmaxin East Station Plot A7 609,416 133,461 September 2024 60
Zhidi Project 602,868 371,848 June 2024 17
Binhechunxiao (Xiaoyueyuan) 590,398 386,351 December 2023 69
Guanjiang Jiayuan 589,350 – December 2024 14
CSCEC • Guanhuchenfu Phase 1 578,791 470,586 November 2023 86
Kunming Southwest Forestry University 571,066 308,252 December 2023 24
No.2022G15 Plot Project 565,238 – September 2024 18
Others 33,917,621 66,331,687
Total 244,302,421 200,565,988
Note: Most of the above projects are phased development projects. The estimated completion time is the last phase of completion,
and the pre-sale ratio is the proportion of the contracted area of the housing area that meets the sales conditions at the end of
each year.


32. Employee benefits payable
Short-term employee benefits payable 9,916,514 55,018,577 (57,431,773) 7,503,318
Defined contribution plans payable (Defined
403,465 5,152,421 (5,213,064) 342,822
contribution plans)
Termination benefits payable (Note V. 41) 9,560 26,192 (26,682) 9,070
Total 10,329,539 60,197,190 (62,671,519) 7,855,210
2022
Short-term employee benefits payable 8,313,076 90,751,667 (89,148,229) 9,916,514
Defined contribution plans payable (Defined
228,620 9,444,657 (9,269,812) 403,465
contribution plans)
Termination benefits payable (Note V. 41) 14,500 45,045 (49,985) 9,560
Total 8,556,196 100,241,369 (98,468,026) 10,329,539
Short-term employee benefits payable are as follows:

Salaries, bonuses, allowances and subsidies 8,033,991 44,595,820 (47,089,478) 5,540,333
Staff welfare 46,359 3,656,930 (3,648,068) 55,221
Social security 177,392 2,380,900 (2,414,877) 143,415
Including: Medical insurance 149,772 2,143,262 (2,175,839) 117,195
Work injury insurance 17,420 181,186 (181,260) 17,346
Maternity insurance 10,200 56,452 (57,778) 8,874
Supplementary commercial insurance 5,689 95,937 (90,953) 10,673
Housing funds 135,999 3,014,650 (3,028,160) 122,489
Union running costs and employee education costs 1,461,876 1,013,020 (903,983) 1,570,913
Other short-term benefits 55,208 261,320 (256,254) 60,274
Total 9,916,514 55,018,577 (57,431,773) 7,503,318
2022
Salaries, bonuses, allowances and subsidies 6,738,672 70,092,267 (68,796,948) 8,033,991
Staff welfare 20,596 7,865,369 (7,839,606) 46,359
Social security 115,106 4,395,195 (4,332,909) 177,392
Including: Medical insurance 94,493 3,951,506 (3,896,227) 149,772
Work injury insurance 12,422 327,787 (322,789) 17,420
Maternity insurance 8,191 115,902 (113,893) 10,200
Supplementary commercial insurance 5,225 199,421 (198,957) 5,689
Housing funds 88,292 5,755,830 (5,708,123) 135,999
Union running costs and employee education costs 1,221,422 2,016,832 (1,776,378) 1,461,876
Other short-term benefits 123,763 426,753 (495,308) 55,208
Total 8,313,076 90,751,667 (89,148,229) 9,916,514


32. Employee benefits payable (continued)
Defined contribution plans are as follows:

Basic pension insurance 270,888 4,141,588 (4,167,925) 244,551
Contribution to annuity 112,712 886,585 (917,524) 81,773
Unemployment insurance 19,865 124,248 (127,615) 16,498
Total 403,465 5,152,421 (5,213,064) 342,822
2022
Basic pension insurance 167,348 7,672,784 (7,569,244) 270,888
Contribution to annuity 50,727 1,539,817 (1,477,832) 112,712
Unemployment insurance 10,545 232,056 (222,736) 19,865
Total 228,620 9,444,657 (9,269,812) 403,465
33. Taxes and surcharges payable

Land appreciation tax 26,237,764 29,812,248
Corporate income tax 18,945,577 21,114,103
Value-added tax 12,532,276 12,546,057
Individual income tax 882,047 1,118,494
Urban maintenance and construction tax 437,384 506,551
Educational surcharge 239,474 277,362
Others 723,396 489,880
Total 59,997,918 65,864,695
34. Other payables

Other payables 130,771,656 135,782,465
Dividends payable 4,391,152 1,771,700
Total 135,162,808 137,554,165
Dividends payable
Dividends payable to non-controlling interests 4,391,152 1,454,400
Preference perpetual bond dividends payable – 317,300
Total 4,391,152 1,771,700


34. Other payables (continued)
Other payables
Project financing payables 40,281,384 43,840,048
Guarantees payable 35,752,982 34,461,711
Payables for advances and construction incentives 21,918,462 22,521,661
Deposits payable 8,555,394 9,294,574
Payments due to restricted stock incentive object 1,939,955 1,939,955
Others 22,323,479 23,724,516
Total 130,771,656 135,782,465
As at 30 June 2023, other payables over 1 year with a carrying amount of RMB47,662,282 thousand (31 December
2022: RMB47,190,222 thousand) are mainly guarantees payable and project financing payables, which were unsettled
due to the incompleteness of projects.
35. Current portion of non-current liabilities

Current portion of long-term borrowings (Note V. 37) 77,368,142 61,453,543
Current portion of bonds payable (Note V. 38) 40,310,328 35,441,981
Current portion of long-term payables (Note V. 40) 15,657,763 13,927,227
Current portion of lease liabilities (Note V. 39) 2,365,265 2,347,216
Current portion of other non-current liabilities (Note V. 44) – 4,967,342
Others 153,181 46,634
Total 135,854,679 118,183,943
36. Other current liabilities

VAT output to be transferred 88,876,471 79,757,803
Absorption deposits 10,658,935 3,071,922
Short term financing bonds (Note.1) 10,592,443 –
Estimated liabilities (Note V. 42) 2,088,913 1,803,708
Including: Estimated contract losses 1,011,876 836,638
Warranties 1,012,434 925,844
Pending litigations 56,850 33,473
Others 363,081 111,294
Total 112,579,843 84,744,727


36. Other current liabilities (continued)
Note 1: The information of short-term financing bonds is listed as follows:
Issuance Annual
Opening during the Repayment in Ending interest
Issuance date Maturity balance period current period balance rate (%)
Engineering Bureau Co., Ltd. January 16,2023 34 days – 2,000,000 (2,000,000) – 1.97
2023 SCP001
Engineering Bureau Co., Ltd. April 10,2023 38 days – 3,000,000 (3,000,000) – 2.23
2023 SCP002
Engineering Bureau Co., Ltd. May 30,2023 177 days – 2,000,000 – 2,000,000 2.12
2023 SCP003
Engineering Bureau Co., Ltd. June 12,2023 126 days – 3,000,000 – 3,000,000 1.99
2023 SCP004
2023 SCP001
2023 SCP002
Engineering Bureau Co., Ltd. February 27,2023 24 days – 5,000,000 (5,000,000) – 2.02
2023 SCP003
Engineering Bureau Co., Ltd. March 8,2023 16 days – 5,000,000 (5,000,000) – 1.79
2023 SCP004
2023 SCP005
2023 SCP006
Engineering Bureau Co., Ltd. May 30,2023 26 days – 5,000,000 (5,000,000) – 1.92
2023 SCP007
Engineering Bureau Co., Ltd. June 15,2023 38 days – 4,992,443 – 4,992,443 1.97
2023 SCP008
China Construction
Communications Construction March 1,2023 180 days – 300,000 – 300,000 3.20
Group Co., Ltd. 2023 SCP001
China Construction
Communications Construction March 2,2023 180 days – 300,000 – 300,000 3.20
Group Co., Ltd. 2023 SCP002
Total – 49,592,443 (39,000,000) 10,592,443


37. Long-term borrowings
Unsecured borrowings 314,256,726 299,689,759
Guaranteed borrowings 133,181,740 126,804,400
Pledged borrowings 40,998,236 20,358,669
Mortgage borrowings 13,336,891 13,571,608
Sub-total 501,773,593 460,424,436
Less: Long-term borrowings due within 1 year (Note V. 35)
Including: Unsecured borrowings (56,830,585) (42,301,352)
Guaranteed borrowings (14,702,380) (14,489,861)
Pledged borrowings (4,252,848) (3,578,937)
Mortgage borrowings (1,582,329) (1,083,393)
Total 424,405,451 398,970,893
As at 30 June 2023, the annual interest rate of long-term borrowings (including current portion of long-term borrowings)
varied from 1.20% to 7.06% (31 December 2022: 1.20% to 7.36%).
As at 30 June 2023, the Group had RMB37,064,941 thousand long-term loan principal pledged by future income rights
and the project franchise (31 December 2022: RMB37,702,110 thousand).
At 30 June 2023 and 31 December 2022, the Group has mortgaged or pledged various assets to banks as security for
borrowings that are presented in detail in Note V. 70.
38. Bonds payable

Corporate bonds 39,377,582 37,726,099
Non-public targeted bond financing instruments 79,957,157 82,629,210
Others 11,742,577 18,883,867
Sub-total 131,077,316 139,239,176
Less: Bonds payable due within 1 year (Note V. 35) (40,310,328) (35,441,981)
Total 90,766,988 103,797,195

38. Bonds payable (continued)
For the six-month period ended 30 June 2023, the amount of bonds payable is as follows:
Issuance Opening balance Issuance during Par interest Interest Closing balance
Par value Issuance date Maturity amount of the period the period accrued adjustment Repayment Others (Note) of the period
2012 Hong Kong Guaranteed Notes No. 4580 USD300 million 15-Nov-2012 30 years USD300 million 2,012,736 – 46,870 (249) (47,385) 68,637 2,080,609
2013 Hong Kong Class B Guaranteed Notes USD500 million 29-Oct-2013 10 years USD500 million 3,443,873 – 100,091 (1,899) (99,924) 120,063 3,562,204
2013 Hong Kong Class C Guaranteed Notes USD500 million 29-Oct-2013 30 years USD500 million 3,418,041 – 98,559 (341) (98,394) 116,024 3,533,889
2014 Hong Kong Guaranteed Notes No. 5746 USD700 million 8-May-2014 10 years USD700 million 4,823,628 – 207,405 840 (208,986) 161,154 4,984,041
2014 Hong Kong Guaranteed Notes No. 6013 USD500 million 11-Jun-2014 20 years USD500 million 3,379,767 – 39,534 (801) (39,838) 116,550 3,495,212
2016 China Overseas Real Estate Phase I Corporate
RMB6 billion 22-Aug-2016 10 years RMB6 billion 1,922,289 – 2,894 – (49,952) – 1,875,231
Bonds
CSCEC II N 2707 USD500 million 5-Jul-2017 10 years USD500 million 3,462,825 – 63,226 1,937 – 129,870 3,657,858
2017 Hong Kong Class B Guaranteed Notes USD250 million 29-Nov-2017 10 years USD250 million 1,714,899 – 33,647 646 (33,545) 58,287 1,773,934
2018 China Construction Second Bureau Phase I Medium-
RMB1 billion 17-Apr-2018 5 years RMB1 billion 1,035,450 – – – (1,035,450) – –
Term Notes
2018 Hong Kong Guaranteed Notes No. 4475 USD750 million 26-Apr-2018 5 years USD750 million 5,201,080 – 121,706 (1,957) (5,500,007) 179,178 –
2018 Hong Kong Guaranteed Notes No. 4476 USD750 million 26-Apr-2018 10 years USD750 million 5,157,739 – 67,614 (1,748) (52,796) 178,359 5,349,168
2018 China State Construction Transportation Phase I
RMB0.5 billion 23-Jul-2018 5 years RMB0.5 billion 511,248 – 12,645 – – – 523,893
Medium-term Notes
2018 First Medium Term Notes RMB5 billion 15-Aug-2018 5 years RMB5 billion 5,087,257 – 116,534 830 – – 5,204,621
2018 Second Medium Term Notes RMB5 billion 15-Aug-2018 5 years RMB5 billion 5,087,257 – 116,534 830 – – 5,204,621
2019 China Overseas Real Estate Phase I Corporate Bond
RMB1.5 billion 23-Jan-2019 7 years RMB1.5 billion 1,517,596 – 2,285 – (4,885) – 1,514,996
Variety II
RMB3 billion 10-Apr-2019 5 years RMB3 billion 310,307 – 7,066 – (14,250) – 303,123
Medium Term Notes
2019 Hong Kong Guaranteed Notes No. 4437 HK2 billion 15-Jul-2019 5.5 years HK2 billion 1,782,266 – 35,485 (644) (30,260) 61,221 1,848,068
2019 Hong Kong Guaranteed Notes No. 4438 USD450 million 15-Jul-2019 10 years USD450 million 3,111,133 – 35,073 (629) (29,908) 106,503 3,222,172
2019 Hong Kong Guaranteed Notes No. 40076 USD294 million 27-Nov-2019 10 years USD294 million 2,037,135 – 39,199 (1,012) (33,427) 70,573 2,112,468
INTERIM REPORT 2023

177
178
For the six-month period ended 30 June 2023, the amount of bonds payable is as follows: (continued)
China Construction Third Bureau – Shiyan Pipe Corridor
PPP Project Asset-Backed Special Plan Priority 02 RMB129 million 20-Dec-2019 6.088 years RMB129 million 82,443 – 546 – (76,710) – 6,279
Asset-Backed Securities
PPP Project Asset-Backed Special Plan Priority 03 RMB149 million 20-Dec-2019 9.085 years RMB149 million 154,861 – 2,413 – (51,413) – 105,861

2020 Hong Kong Guaranteed Notes No. 40177 USD300 million 2-Mar-2020 5 years USD300 million 2,092,929 – 63,818 (1,357) (54,422) 72,587 2,173,555
2020 Hong Kong Guaranteed Notes No. 40178 USD500 million 2-Mar-2020 10 years USD500 million 3,410,677 – 17,082 (1,543) (14,567) 119,009 3,530,658
2020 Hong Kong Guaranteed Notes No. 40179 USD200 million 2-Mar-2020 15 years USD200 million 1,371,985 – 9,867 (145) (8,414) 46,831 1,420,124
Beijing Zhonghai Plaza Commercial Development Co., Ltd.
RMB3.701 billion 28-Apr-2020 18 years RMB3.701 billion 3,687,777 – 25,735 – (3,713,512) – –
CMBS Phase I
China State Construction International Group Co., Ltd.
2020 for Professional Investors – Public Offering of RMB2 billion 28-Jul-2020 3 years RMB2 billion 2,152,750 – 34,057 740 (123,416) – 2,064,131
Corporate Bonds (Phase I)
China Overseas Enterprise Development Group Co., Ltd.
2020 for Professional Investors – Public Offering of RMB2 billion 13-Aug-2020 6 years RMB2 billion 2,023,462 – 3,046 – (6,513) – 2,019,995
Special Corporate Bonds for Housing Leasing (Phase I)
Beijing China Overseas Plaza Commercial Development
RMB3 billion 17-Aug-2020 18 years RMB3 billion 2,999,342 – 56,228 – (3,055,570) – –
Co., Ltd. CMBS Phase II
China State Construction International Investment Group
RMB0.5 billion 26-Oct-2020 3 years RMB0.5 billion 508,067 – 8,625 – (4,952) – 511,740
Co., Ltd. 2020 first medium-term notes
2020 for Professional Investors – Public Offering of RMB2.4 billion 6-Nov-2020 3 years RMB2.4 billion 2,428,154 – 3,656 – (7,816) – 2,423,994
China Overseas Enterprise Development Group Limited
RMB1.5 billion 10-Dec-2020 3 years RMB1.5 billion 1,517,596 – 2,285 – (4,885) – 1,514,996
2020 First Medium Term Notes
2021 First Medium-Term Notes
CITIC Securities – China Overseas Commercial
RMB1.001 billion 23-Mar-2021 18 years RMB1.001 billion 1,010,517 – 19,269 – (38,431) – 991,355
Management No. 3 Asset-Backed Special Plan
RMB1 billion 27-May-2021 3 years RMB1 billion 1,055,782 – 16,452 – (69,359) – 1,002,875
Co., Ltd. 2021 First Medium-Term Notes
China Overseas Enterprise Development Group Co.,
Ltd. Open to Professional Investors in 2021 – Public RMB2 billion 11-Jun-2021 3 years RMB2 billion 2,023,462 – 3,046 – (6,513) – 2,019,995
Issuance of Corporate Bonds (Phase I) (Variety 1)
CITIC Securities – Chengdu China Overseas International
RMB2.101 billion 23-Jun-2021 18 years RMB2.101 billion 2,068,079 – 50,768 – (111,072) – 2,007,775
Center Green Asset-Backed Special Program
Ltd. Publicly Issues Corporate Bonds to Professional RMB1 billion 9-Jul-2021 4 years RMB1 billion 1,011,731 – 1,523 – (3,257) – 1,009,997
Investors in 2021 (Phase II) (Variety 1)
Ltd. Publicly Issues Corporate Bonds to Professional RMB0.5 billion 6-Aug-2021 4 years RMB0.5 billion 505,865 – 762 – (1,628) – 504,999
Investors in 2021 (Phase III) (Variety 1)
Ltd. Publicly Issues Corporate Bonds to Professional RMB1.5 billion 6-Aug-2021 7 years RMB1.5 billion 1,517,596 – 2,285 – (4,885) – 1,514,996
2021 China State Construction West Construction Phase I
RMB0.7 billion 18-Aug-2021 3 years RMB0.7 billion 707,961 – 11,629 175 – – 719,765
Medium-term Notes
CITIC Securities – China Overseas Business Management
RMB1.9 million 10-Nov-2021 18 years RMB1.9 million 1,911,391 – 9,506 – (27,701) – 1,893,196
Corporation 2021 Phase I Asset Support Special Plan
INTERIM REPORT 2023

2021 Public Offering of Corporate Bonds to Professional RMB1.7 billion 24-Nov-2021 3 years RMB1.7 billion 1,719,943 – 2,589 – (5,536) – 1,716,996
Investors (Phase IV) (Variety 1)
179
180
2021 Public Offering of Corporate Bonds to Professional RMB1.2 billion 24-Nov-2021 5 years RMB1.2 billion 1,214,077 – 1,828 – (3,908) – 1,211,997
2021 China Construction Fourth Bureau Phase III Medium-
RMB1 billion 16-Dec-2021 5 years RMB1 billion 1,001,844 – 19,588 – – – 1,021,432
term Notes (Variety 1)
2021 China Construction Fourth Bureau Phase III Medium-
RMB1 billion 16-Dec-2021 5 years RMB1 billion 999,100 – 16,364 – – – 1,015,464
term Notes (Variety 2)

2021 Public Offering of Corporate Bonds to Professional RMB1.3 billion 17-Dec-2021 3 years RMB1.3 billion 1,315,250 – 1,980 – (4,234) – 1,312,996
Investors (Phase V) (Variety 1)
2021 Public Offering of Corporate Bonds to Professional RMB0.8 billion 17-Dec-2021 5 years RMB0.8 billion 809,385 – 1,219 – (2,605) – 807,999
Investors (Phase V) (Variety 2)
Co., Ltd. 2021 Second Medium-Term Notes
2022 Phase I Medium-term Notes (Variety 1)

RMB1 billion 21-Feb-2022 5 years RMB1 billion 1,027,996 – 44,007 – (32,647) – 1,039,356
2022 Phase II Green Medium-term Notes
CITIC Securities – Shanghai Zhonghai International Center
Green asset support special plan (special for carbon RMB5 billion 29-Mar-2022 18 years RMB5 billion 5,063,308 – 86,323 – (93,224) – 5,056,407
neutrality)
China Construction International Investment Group Co.,
RMB0.96 billion 31-Mar-2022 3 years RMB0.96 billion 960,159 – 14,304 – (7,390) – 967,073
Ltd. 2022 Phase I Green Medium-term Notes
2022 Public Offering of Corporate Bonds to Professional RMB2 billion 6-Apr-2022 3 years RMB2 billion 2,045,581 – 76,081 – (61,847) – 2,059,815
Investors (Phase I) (Variety 1)
2022 Public Offering of Corporate Bonds to Professional RMB1 billion 6-Apr-2022 5 years RMB1 billion 1,026,153 – 43,653 – (35,486) – 1,034,320
Investors (Phase I) (Variety 2)
RMB1.5 billion 25-Apr-2022 3 years RMB1.5 billion 1,500,258 – 23,250 – (15,242) – 1,508,266
Ltd. 2022 Phase II Medium-term Notes
China Construction Capital Holdings Co., Ltd. 2022 Public
Offering of Corporate Bonds to Professional Investors RMB1 billion 27-Apr-2022 3 years RMB1 billion 1,021,045 – 16,364 258 (33,000) – 1,004,667
(Phase I)
2022 Public Offering of Corporate Bonds to Professional RMB1.5 billion 9-May-2022 3 years RMB1.5 billion 1,527,042 – 47,667 – (41,823) – 1,532,886
Investors (Phase II) (Variety 1)

2022 Public Offering of Corporate Bonds to Professional RMB1.5 billion 9-May-2022 5 years RMB1.5 billion 1,534,220 – 60,320 – (52,925) – 1,541,615
Investors (Phase II) (Variety 2)
2022 Phase III Medium-term Notes (Variety 1)
RMB2 billion 21-July-2022 5 years RMB2 billion 2,029,521 – 61,578 – – – 2,091,099
2022 Phase IV Medium-term Notes
RMB1.04 billion 11-Aug-2022 5 years RMB1.04 billion 1,050,452 – 14,118 – – – 1,064,570
Ltd. 2022 Phase III Medium-term Notes
2022 Public Offering of Corporate Bonds to Professional RMB1 billion 19-Sep 2022 3 years RMB1 billion 1,006,800 – 18,867 – – – 1,025,667
Investors (Phase III) (Variety 1)
2022 Public Offering of Corporate Bonds to Professional RMB0.5 billion 19-Sep 2022 5 years RMB0.5 billion 504,463 – 12,381 – – – 516,844
Investors (Phase III) (Variety 2)
China State Construction Seventh Engineering Bureau Co.,
RMB1.5 billion 26-Oct-2022 3 years RMB1.5 billion 1,500,000 – 28,320 – – – 1,528,320
Ltd. 2022 Phase I Medium Term Notes
RMB1 billion 25-Oct-2022 5 years RMB1 billion 1,005,304 – 19,475 – – – 1,024,779
2022 Phase V Medium-term Notes
RMB2 billion 12-Dec-2022 5 years RMB2 billion 2,002,850 – 29,700 – – – 2,032,550
2022 Phase VI Green Medium-term Notes
RMB1 billion 12-Dec-2022 5 years RMB1 billion 1,001,425 – 21,225 – (6,375) – 1,016,275
2022 Phase VII Green Medium-term Notes
2022 Public Offering of Corporate Bonds to Professional RMB1.5 billion 19-Dec-2022 3 years RMB1.5 billion 1,501,031 – 18,000 – – – 1,519,031
2022 Public Offering of Corporate Bonds to Professional RMB1.5 billion 19-Dec-2022 5 years RMB1.5 billion 1,501,036 – 22,275 – (675) – 1,522,636
China Construction Equation Investment Development
Group Co., Ltd. 2023 Public Offering of Corporate RMB0.8 billion 24-Mar-2023 3 years RMB0.8 billion – 800,000 7,029 (755) – – 806,274
Bonds to Professional Investors (Phase 1)
China State Construction Seventh Engineering Bureau Co.,
RMB1.5 billion 18-Apr-2023 3 years RMB1.5 billion – 1,500,000 9,600 – – – 1,509,600
Ltd. 2023 Phase I Medium Term Notes
China Construction Western Construction 2023 Phase I
RMB1 billion 19-Apr-2023 3 years RMB1 billion – 999,700 6,521 17 – – 1,006,238
Medium Term Note
Sub-total 139,239,176 3,299,700 2,505,284 (6,807) (15,564,883) 1,604,846 131,077,316
Less: bonds payable due within one year (Note V.35) (35,441,981) (40,310,328)
INTERIM REPORT 2023

Total 103,797,195 90,766,988
181
182
As at 31 December 2022, the amount of bonds payable is as follows:
Opening balance Issuance during Par interest Interest Closing balance
Par value Issuance date Maturity Issuance amount of the year the year accrued adjustment Repayment Others (Note) of the year
2012 Hong Kong Guaranteed Notes No. 4579 USD700 million 15-Nov-2012 10 years USD700 million 4,422,191 – 101,847 5,622 (4,784,327) 254,667 –
2012 Hong Kong Guaranteed Notes No. 4580 USD300 million 15-Nov-2012 30 years USD300 million 1,856,610 – 163,753 463 (162,492) 154,402 2,012,736
2013 Hong Kong Class B Guaranteed Notes USD500 million 29-Oct-2013 10 years USD500 million 3,171,223 – 197,336 4,122 (191,399) 262,591 3,443,873
2013 Hong Kong Class C Guaranteed Notes USD500 million 29-Oct-2013 30 years USD500 million 3,156,163 – 194,313 628 (194,441) 261,378 3,418,041
2014 Hong Kong Guaranteed Notes No. 5746 USD700 million 8-May-2014 10 years USD700 million 4,438,205 – 413,030 (2,396) (395,283) 370,072 4,823,628
2014 Hong Kong Guaranteed Notes No. 6013 USD500 million 11-Jun-2014 20 years USD500 million 3,131,036 – 78,741 1,475 (91,882) 260,397 3,379,767
Bonds
CSCEC II N 2207 USD500 million 5-Jul-2017 5 years USD500 million 3,230,808 – 51,615 2,446 (3,583,287) 298,418 –
CSCEC II N 2707 USD500 million 5-Jul-2017 10 years USD500 million 3,222,483 – 121,880 3,634 (182,821) 297,649 3,462,825
2017 Hong Kong Class A Guaranteed Notes USD550 million 29-Nov-2017 5 years USD550 million 3,490,751 – 124,372 3,303 (3,819,875) 201,449 –
2017 Hong Kong Class B Guaranteed Notes USD250 million 29-Nov-2017 10 years USD250 million 1,581,219 – 58,450 1,233 (57,996) 131,993 1,714,899
2018 China Construction Second Bureau Phase I
RMB1 billion 17-Apr-2018 5 years RMB1 billion 1,034,888 – 50,862 – (50,300) – 1,035,450
Medium-Term Notes
2018 Hong Kong Guaranteed Notes No. 4475 USD750 million 26-Apr-2018 5 years USD750 million 4,780,733 – 290,866 5,222 (273,122) 397,381 5,201,080

2018 Hong Kong Guaranteed Notes No. 4476 USD750 million 26-Apr-2018 10 years USD750 million 4,769,420 – 161,592 3,271 (172,565) 396,021 5,157,739
RMB500 million 23-Jul-2018 5 years RMB500 million 511,178 – 25,570 – (25,500) – 511,248
Medium-term Notes
2018 First Medium Term Notes RMB5 billion 15-Aug-2018 5 years RMB5 billion 5,085,640 – 235,000 1,617 (235,000) – 5,087,257
2018 Second Medium Term Notes RMB5 billion 15-Aug-2018 5 years RMB5 billion 5,085,640 – 235,000 1,617 (235,000) – 5,087,257
RMB2 billion 23-Jan-2019 6 years RMB2 billion 2,000,000 – – – (2,000,000) – –
Bond Variety I
Bond Variety II
RMB300 million 10-Apr-2019 5 years RMB300 million 310,307 – 14,250 – (14,250) – 310,307
Medium Term Notes
2019 China State Construction Xinjiang Construction
RMB800 million 20-Jun-2019 3+N years RMB800 million 822,487 – 11,680 370 (834,537) – –
Engineering Phase I Medium-term Notes
2019 Hong Kong Guaranteed Notes No. 4437 HKD2 billion 15-Jul-2019 5.5 years HKD2 billion 1,689,216 – 70,024 1,226 (113,926) 135,726 1,782,266
2019 Hong Kong Guaranteed Notes No. 4438 USD450 million 15-Jul-2019 10 years USD450 million 2,865,279 – 69,210 1,192 (62,983) 238,435 3,111,133
2019 Hong Kong Guaranteed Notes No. 40076 USD294 million 27-Nov-2019 10 years USD294 million 1,863,118 – 77,352 1,925 (60,440) 155,180 2,037,135
As at 31 December 2022, the amount of bonds payable is as follows: (continued)

PPP Project Asset-Backed Special Plan Priority 01 RMB88 million 20-Dec-2019 3.082 years RMB88 million 25,006 – 5,622 – (30,628) – –
2020 Hong Kong Guaranteed Notes No. 40177 USD300 million 2-Mar-2020 5 years USD300 million 1,895,824 – 125,936 2,596 (89,529) 158,102 2,092,929
2020 Hong Kong Guaranteed Notes No. 40178 USD500 million 2-Mar-2020 10 years USD500 million 3,149,585 – 33,709 2,942 (38,022) 262,463 3,410,677
2020 Hong Kong Guaranteed Notes No. 40179 USD200 million 2-Mar-2020 15 years USD200 million 1,266,726 – 19,471 275 (19,953) 105,466 1,371,985
Beijing Zhonghai Plaza Commercial Development Co.,
RMB3.701 billion 28-Apr-2020 18 years RMB3.701 billion 3,694,351 – 57,189 – (63,763) – 3,687,777
Ltd. CMBS Phase I
INTERIM REPORT 2023

183
184

China State Construction International Group Co., Ltd.
2020 for Professional Investors – Public Offering of RMB2 billion 28-Jul-2020 3 years RMB2 billion 2,022,907 – 195,695 1,461 (67,313) – 2,152,750
2020 for Professional Investors – Public Offering of RMB2 billion 13-Aug-2020 6 years RMB2 billion 2,000,000 – 73,650 – (50,188) – 2,023,462
Special Corporate Bonds for Housing Leasing (Phase I)
Beijing China Overseas Plaza Commercial Development
Co., Ltd. CMBS Phase II

RMB500 million 26-Oct-2020 3 years RMB500 million 503,074 – 17,250 – (12,257) – 508,067
Co., Ltd. 2020 first medium-term notes
2020 for Professional Investors – Public Offering of RMB2.4 billion 6-Nov-2020 3 years RMB2.4 billion 2,400,000 – 88,379 – (60,225) – 2,428,154
China Overseas Enterprise Development Group Limited
2020 First Medium Term Notes
2021 First Medium-Term Notes
CITIC Securities – China Overseas Commercial
RMB1.001 billion 23-Mar-2021 18 years RMB1.001 billion 1,001,329 – 36,781 – (27,593) – 1,010,517
Management No. 3 Asset-Backed Special Plan

Co., Ltd. 2021 First Medium-Term Notes
CITIC Securities – Chengdu China Overseas International
RMB2.101 billion 23-Jun-2021 18 years RMB2.101 billion 2,105,458 – 75,274 – (112,653) – 2,068,079
Center Green Asset-Backed Special Program
Ltd. Publicly Issues Corporate Bonds to Professional RMB500 million 6-Aug-2021 4 years RMB500 million 500,000 – 18,412 – (12,547) – 505,865
Ltd. Publicly Issues Corporate Bonds to Professional RMB1.5 billion 6-Aug-2021 7 years RMB1.5 billion 1,500,000 – 55,237 – (37,641) – 1,517,596
2021 China State Construction West Construction Phase
RMB700 million 18-Aug-2021 3 years RMB700 million 707,611 – 23,450 350 (23,450) – 707,961
I Medium-term Notes

CITIC Securities – China Overseas Business Management
RMB1.9 billion 10-Nov-2021 18 years RMB1.9 billion 1,910,426 – 18,241 – (17,276) – 1,911,391
Corporation 2021 Phase I Asset Support Special Plan
Ltd. 2021 Public Offering of Corporate Bonds to RMB1.7 billion 24-Nov-2021 3 years RMB1.7 billion 1,700,000 – 62,602 – (42,659) – 1,719,943
Professional Investors (Phase IV) (Variety 1)
Ltd. 2021 Public Offering of Corporate Bonds to RMB1.2 billion 24-Nov-2021 5 years RMB1.2 billion 1,200,000 – 44,190 – (30,113) – 1,214,077
2021 China Construction Fourth Bureau Phase III
RMB1 billion 16-Dec-2021 5 years RMB1 billion 1,000,650 – 39,609 – (38,415) – 1,001,844
Medium-term Notes (Variety 1)
2021 China Construction Fourth Bureau Phase III
RMB1 billion 16-Dec-2021 5 years RMB1 billion 1,000,095 – 33,090 – (34,085) – 999,100
Medium-term Notes (Variety 2)
Ltd. 2021 Public Offering of Corporate Bonds to RMB1.3 billion 17-Dec-2021 3 years RMB1.3 billion 1,300,000 – 47,872 – (32,622) – 1,315,250
Professional Investors (Phase V) (Variety 1)
Ltd. 2021 Public Offering of Corporate Bonds to RMB800 million 17-Dec-2021 5 years RMB800 million 800,000 – 29,460 – (20,075) – 809,385
Professional Investors (Phase V) (Variety 2)
Co., Ltd. 2021 Second Medium-Term Notes
RMB1.8 billion 12-Jan-2022 3 years RMB1.8 billion – 1,800,000 50,832 – – – 1,850,832
RMB1.2 billion 12-Jan-2022 5 years RMB1.2 billion – 1,200,000 38,242 – – – 1,238,242
RMB1 billion 21-Feb-2022 5 years RMB1 billion – 1,000,000 27,996 – – – 1,027,996
2022 Phase II Green Medium-term Notes
CITIC Securities – Shanghai Zhonghai International
Center Green asset support special plan (special for RMB5 billion 29-Mar-2022 18 years RMB5 billion – 4,995,000 130,138 – (61,830) – 5,063,308
carbon neutrality)
RMB960 million 31-Mar-2022 3 years RMB960 million – 960,000 21,694 – (21,535) – 960,159
Ltd. 2022 Phase I Green Medium-term Notes
Ltd. 2022 Public Offering of Corporate Bonds to RMB2 billion 6-Apr-2022 3 years RMB2 billion – 2,000,000 45,581 – – – 2,045,581
Professional Investors (Phase I) (Variety 1)
Ltd. 2022 Public Offering of Corporate Bonds to RMB1 billion 6-Apr-2022 5 years RMB1 billion – 1,000,000 26,153 – – – 1,026,153
Professional Investors (Phase I) (Variety 2)
RMB1.5 billion 25-Apr-2022 3 years RMB1.5 billion – 1,500,000 32,291 – (32,033) – 1,500,258
Ltd. 2022 Phase II Medium-term Notes
INTERIM REPORT 2023

185
186

China Construction Capital Holdings Co., Ltd. 2022
Public Offering of Corporate Bonds to Professional RMB1 billion 27-Apr-2022 3 years RMB1 billion – 1,000,000 22,513 (1,468) – – 1,021,045
Investors (Phase I)
Ltd. 2022 Public Offering of Corporate Bonds to RMB1.5 billion 9-May-2022 3 years RMB1.5 billion – 1,500,000 27,042 – – – 1,527,042
Professional Investors (Phase II) (Variety 1)
Ltd. 2022 Public Offering of Corporate Bonds to RMB1.5 billion 9-May-2022 5 years RMB1.5 billion – 1,500,000 34,220 – – – 1,534,220
Professional Investors (Phase II) (Variety 2)
RMB2 billion 25-May-2022 3 years RMB2 billion – 2,000,000 32,144 – – – 2,032,144
RMB1 billion 25-May-2022 5 years RMB1 billion – 1,000,000 18,944 – – – 1,018,944
RMB2 billion 21-July 2022 5 years RMB2 billion – 2,000,000 29,521 – – – 2,029,521
2022 Phase IV Medium-term Notes
RMB1.04 billion 11-Aug-2022 5 years RMB1.04 billion – 1,040,000 10,452 – – – 1,050,452
Ltd. 2022 Phase III Medium-term Notes
Ltd. 2022 Public Offering of Corporate Bonds to RMB1 billion 19-Sep-2022 3 years RMB1 billion – 1,000,000 6,800 – – – 1,006,800

Professional Investors (Phase III) (Variety 1)
Ltd. 2022 Public Offering of Corporate Bonds to RMB500 million 19-Sep-2022 5 years RMB500 million – 500,000 4,463 – – – 504,463
Professional Investors (Phase III) (Variety 2)
China State Construction Seventh Engineering Bureau
RMB1.5 billion 26-Oct-2022 3 years RMB1.5 billion – 1,500,000 – – – – 1,500,000
Co., Ltd. 2022 Phase I Medium Term Notes
RMB1 billion 25-Oct-2022 5 years RMB1 billion – 1,000,000 5,304 – – – 1,005,304
2022 Phase V Medium-term Notes
RMB2 billion 12-Dec-2022 5 years RMB2 billion – 2,000,000 2,850 – – – 2,002,850
2022 Phase VI Green Medium-term Notes
RMB1 billion 12-Dec-2022 5 years RMB1 billion – 1,000,000 1,425 – – – 1,001,425
2022 Phase VII Green Medium-term Notes
Ltd. 2022 Public Offering of Corporate Bonds to RMB1.5 billion 19-Dec-2022 3 years RMB1.5 billion – 1,500,000 1,031 – – – 1,501,031
Ltd. 2022 Public Offering of Corporate Bonds to RMB1.5 billion 19-Dec-2022 5 years RMB1.5 billion – 1,500,000 1,036 – – – 1,501,036
Sub-total 114,318,963 34,495,000 5,153,851 43,126 (19,113,554) 4,341,790 139,239,176
Less: bonds payable due within one year (Note V.35) (14,858,213) (35,441,981)
Total 99,460,750 103,797,195
Note: Others are mainly caused by change of foreign exchange rate.


39. Lease liabilities
Buildings 5,990,230 6,387,714
Machinery and equipment 532,259 570,361
Motor vehicles 18,482 18,449
Other equipments 351,762 211,200
Sub-total 6,892,733 7,187,724
Less: Lease liabilities due within one year (Note V. 35) (2,365,265) (2,347,216)
Total 4,527,468 4,840,508
40. Long-term payables

Project quality warranty payable 21,476,989 21,719,856
Payables for minority interest financing 1,641,585 2,360,837
Payables for leasing companies 1,171,181 1,349,254
Others 3,522,334 3,489,952
Sub-total 27,812,089 28,919,899
Less: Current portion of long-term payables (Note V. 35) (15,657,763) (13,927,227)
Total 12,154,326 14,992,672
41. Long-term employee benefits payable

Net defined benefit liability (a) 1,581,050 1,645,740
Long-term termination benefits (b) 27,550 31,750
Sub-total 1,608,600 1,677,490
Less: Termination benefits expected to be paid within one year (Note V. 32) (9,070) (9,560)
Total 1,599,530 1,667,930
(a) Net defined benefit liability

The Company pays supplementary retirement benefits for its employees who retire on or before 31 March 2007 in
addition to the contribution made to statutory insurance schemes. Such supplementary retirement benefits are defined
benefit plans. The present value of the defined benefit plan obligation is calculated annually by the external independent
actuary Towers Watson Consulting Company based on the interest rate of the national debt similar to the obligation
period and currency, using the expected cumulative benefit unit method.
The principal actuarial assumptions used as at the balance sheet date are as follows:

Discount rate 2.75% 2.75%
Annual growth rate of living expenses for the family dependents of deceased
4.50% 4.50%
employees
Annual growth rate of average medical expenses 8.00% 8.00%
Annual growth rate of supplementary welfare for retired employees 0.00% 0.00%
Move three years Move three years
backward annuity life backward annuity life
chart of China’s Life chart of China’s Life
Mortality rate
Insurance Industry Insurance Industry
of man/women (Year of man/women (Year
2010-2013) 2010-2013)


41. Long-term employee benefits payable (continued)
(a) Net defined benefit liability (continued)
The quantitative sensitivity analysis for significant assumptions used is as follows:
30 June 2023
Decrease in Increase in
Increase defined benefit Decrease defined benefit
% obligations % obligations
Discount rate 0.25 (29,450) 0.25 30,550
31 December 2022
Decrease in Increase in
Increase defined benefit Decrease defined benefit
% obligations % obligations
Discount rate 0.25 (31,040) 0.25 32,210
The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit
obligations as a result of reasonable changes in key assumptions occurring at the balance sheet date. The sensitivity
analysis is based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity
analysis may not be representative of an actual change in the defined benefit obligations as it is unlikely that changes in
assumptions would occur in isolation of one another.
The total expenses recognised in profit or loss in respect of the plan are as follows:
For the six-month
period ended
30 June 2023 2022
Past service cost – 6,190
Net interest 21,480 49,700
Net cost of post-employment benefits 21,480 55,890
Recognised in administrative expenses – 6,190
Recognised in finance expenses 21,480 49,700
Total 21,480 55,890
Movements in the present value of defined benefit obligations are as follows:

For the six-month
period ended
30 June 2023 2022
Opening balance 1,645,740 1,778,960
Included in profit or loss
Past service cost – 6,190
Net interest 21,480 49,700
Included in other comprehensive income
Actuarial gains (30) (7,120)
Other changes
Benefits paid (86,140) (181,990)
Closing balance 1,581,050 1,645,740


41. Long-term employee benefits payable (continued)
(b) Long-term termination benefits
Some of the Group’s employees early retired. At the balance sheet date, the main actuarial assumptions used to
determine the Group’s early retirement benefits payable are as follows:
Discount rate 2.25% 2.50%
Annual growth rate of living expenses for the family dependents of deceased
4.50% 4.50%
employees
Annual growth rate of average medical expenses 8.00% 8.00%
Move three years Move three years
backward annuity life backward annuity life
chart of China’s Life chart of China’s Life
Mortality rate
Insurance Industry Insurance Industry
of man/women (Year of man/women (Year
2010-2013) 2010-2013)
Early retirement benefits recognised in profit or loss for the current period:
For the six-month
period ended
30 June 2023 2022
Recognised in administrative expenses 310 30
Financial expenses 340 860
Total 650 890
42. Provisions
Opening balance Increase Decrease Closing balance
Pending litigations 2,844,638 9,512 (63,413) 2,790,737
Warranties 2,290,992 898,837 (415,643) 2,774,186
Estimated contract losses 846,682 831,243 (580,701) 1,097,224
Others 138,959 8,604 (47,099) 100,464
Sub-total 6,121,271 1,748,196 (1,106,856) 6,762,611
Less: Current portion of provisions (Note V. 36) (1,803,708) (2,088,913)
Total 4,317,563 4,673,698
43. Deferred income

Government grants 446,306 411,592
Others 4,731 5,000
Total 451,037 416,592


43. Deferred income (continued)
As at 30 June 2023, government grants related to liabilities were as follows:
Amount
Amount recognised
recognised in non- Other
Opening Increase in other operating changes Closing
balance during income income during balance Related to
of the the during the during the the of the assets/
period period period period period period Related to income
Government Compensation for
Workshop Construction of
132,836 – (2,083) – – 130,753 Related to assets
Guangdong Construction Base Co.,
Ltd.
Demolition of Tangshan Fengrun 58,208 – – (2,224) – 55,984 Related to assets
District Linyin Road West Side Land
Demolition of Guiyang Dayingpo 67,890 – (1,185) – – 66,705 Related to assets
Renovation Project
Related to assets
Others 152,658 61,678 (17,686) (877) (2,909) 192,864
and income
Total 411,592 61,678 (20,954) (3,101) (2,909) 446,306
As at 31 December 2022, government grants related to liabilities were as follows:

Amount
Amount recognised
recognised in non- Other
Opening Increase in other operating changes Closing Related to
balance during income income during balance assets/
of the the during the during the the of the Related to
year year year year year year income
Workshop Construction of
137,003 – (4,167) – – 132,836 Related to assets
Guangdong Construction Base Co.,
Ltd.
Demolition of Tangshan Fengrun 72,414 – – (14,206) – 58,208 Related to assets
District Linyin Road West Side Land
Demolition of Guiyang Dayingpo 70,260 – (2,370) – – 67,890 Related to assets
Renovation Project
Related to assets
Others 190,298 73,434 (72,760) (4,118) (34,196) 152,658
and income
Total 469,975 73,434 (79,297) (18,324) (34,196) 411,592
44. Other non-current liabilities

Exchangeable bonds in 2016 (Note 1) – 4,967,342
Prepaid investment of convertible bonds in 2015 (Note 2) 2,457,744 2,333,865
VAT output to be transferred 911,488 893,468
Others 1,230,693 1,445,648
Sub-total 4,599,925 9,640,323
Less:Current portion of non-current liabilities (Note V. 35) – (4,967,342)
Total 4,599,925 4,672,981
Note 1: The Exchangeable bonds were redeemed on January 4, 2023.

Note 2: Related information regarding prepaid investment of convertible bonds in 2015:
Strategic Capital, LLC, a subsidiary of the Group, received a prepaid investment of USD300 million from Riton Holdings
Corporation Limited, a wholly-owned subsidiary of Guoxin International Investment Co., Ltd. The interest of the above
convertible bonds is calculated from the issuance date to the date of full repayment or conversion, and the annual interest rate
is LIBOR average interest rate plus 370 basis points. As at 30 June 2023, under the convertible bond framework agreement
entered into by both parties, and the relevant conversion clauses under the framework agreement have not yet been
determined, and Strategic Capital, LLC has redeemed a total of USD67 million.


45. Paid-in capital
Opening Closing
balance of Movement balance of
the period during the period the period
Shares not subjected to trading restriction 40,835,367 485,024 41,320,391
Shares subjected to trading restriction 1,099,066 (485,024) 614,042
Total 41,934,433 – 41,934,433
2022
Opening Closing
balance of Movement balance of
the year during the year the year
Shares not subjected to trading restriction 40,644,583 190,784 40,835,367
Shares subjected to trading restriction 1,303,585 (204,519) 1,099,066
Total 41,948,168 (13,735) 41,934,433
46. Other equity instruments

net book net book net book net book
amount value amount value amount value amount value
Perpetual Bond – 10,000,000 – 3,002,663 – 10,000,000 – 3,002,663
2022
net book net book net book net book
amount value amount value amount value amount value
Perpetual Bond – 10,000,000 – – – – – 10,000,000
Note 1: In April 2023, in accordance with the issuance terms, the Company exercised the redemption right at face value plus interest
payable, and fully redeemed the three medium-term notes issued by the Company in 2020, with a total face value of RMB10
billion.


46. Other equity instruments (continued)
Note 2: The Company issued the first installment of medium-term notes for the year 2023 from June 19, 2023 to June 20, 2023, with
a value date of June 21, 2023 and redeemable on or after June 21, 2026. The total issued amount is RMB3,000,000 thousand
and the actual received amount is RMB3,000,000 thousand. According to the issuance terms of the medium-term note, it will
continue to exist for a long time until the Company redeems it in accordance with the issuance terms. On the third and every
subsequent interest payment date of the medium-term note, the Company has the right to redeem the medium-term note
(hereinafter referred to as the “redemption right”) at face value plus interest payable (including all deferred interest and its fruits),
and the investors of the medium-term note have no right to put back. Unless a mandatory interest payment event occurs that
can be independently determined and controlled by the Company, on each interest payment date of the medium-term note, the
Company may choose to postpone the payment of current interest and all interest and fruits that have been deferred according
to the terms to the next interest payment date, without being limited by the number of deferred interest payments. The order
of repayment of the principal and interest of this medium-term note during bankruptcy liquidation is listed after the issuer’s
ordinary debt.
The coupon rate of this medium-term note for the first three interest years is the initial benchmark interest rate plus the initial
interest margin. Starting from the fourth interest year, if the Company fails to exercise the redemption right, the coupon rate will
be adjusted every 3 years to the current benchmark rate plus the initial interest margin plus 200 basis points and reset. Among
them, the initial interest margin is the difference between the coupon rate and the initial benchmark interest rate.
The aforementioned mandatory interest payment event refers to one of the following situations occurring within 12 months prior
to the interest payment date: (1) Distribute dividends to ordinary shareholders (except for paying state-owned capital gains
in accordance with relevant regulations on state-owned asset management); (2) Reduce registered capital (except for capital
reductions caused by equity incentives, employee stock ownership plans, and share buybacks to maintain stable stock prices).
The issuer promises that there is no implicit mandatory dividend situation.
As at 30 June 2023, the book value of the perpetual bonds issued by the Company to the public was RMB3,002,663 thousand
(31 December 2022: RMB10,000,000 thousand).
47. Capital reserve

Opening Closing
balance of the Increase during Decrease during balance of the
period the period the period period
Capital premium 10,002,359 – (3,396) 9,998,963
Others 1,805,661 163,136 (22,102) 1,946,695
Total 11,808,020 163,136 (25,498) 11,945,658
2022
Opening Closing
balance of the Increase during Decrease during balance of the
year the year the year year
Capital premium 10,561,560 1,189,172 (1,748,373) 10,002,359
Others 2,140,716 737,985 (1,073,040) 1,805,661
Total 12,702,276 1,927,157 (2,821,413) 11,808,020
Note: The change in equity premium for the six month period ended 30 June 2023 is mainly due to the impact of underwriting fees
borne by the issuance of perpetual bonds classified as equity instruments offsetting capital reserves. The changes in other
capital reserves are mainly caused by changes in the equity of the invested entity, other than comprehensive income and profit
distribution, which are recognised in shareholder’s equity and accounted for using the equity method in the current period.


48. Other comprehensive income
Cumulative balance of other consolidated income attributable to the shareholders of the parent company in the
consolidated balance sheet:

1 January 2023 Increase/decrease 30 June 2023
Remeasurement gains or losses of a defined benefit plan (235,258) 30 (235,228)
Change in the fair value of other equity investments (1,345,889) 367,715 (978,174)
Other comprehensive income of the investee accounted for under
the equity method which will be reclassified to profit or loss (1,492,630) (244,161) (1,736,791)
subsequently
Change in the fair value of other debt investments (53,596) (25,892) (79,488)
1,173,624 (542,199) 631,425
statements
Total (1,953,749) (444,507) (2,398,256)
2022
1 January 2022 Increase/decrease 31 December 2022
Remeasurement gains or losses of a defined benefit plan (242,214) 6,956 (235,258)
Change in the fair value of other equity investments (1,122,227) (223,662) (1,345,889)
Other comprehensive income of the investee accounted for under
the equity method which will be reclassified to profit or loss (925,600) (567,030) (1,492,630)
subsequently
Change in the fair value of other debt investments (19,426) (34,170) (53,596)
1,696,215 (522,591) 1,173,624
statements
Total (613,252) (1,340,497) (1,953,749)
Amount of other comprehensive income:

Less:
reclassification
of other
comprehensive Attributable to Attributable to
income to Less: owners of the non-controlling
Before tax profit or loss income tax parent interests
Other comprehensive income that will not
be reclassified to profit or loss
Remeasurement gains or losses of a
30 – – 30 –
defined benefit plan
Change in the fair value of other equity
349,533 (103,671) 85,489 367,715 –
investments
Other comprehensive income that may be
reclassified to profit or loss
Other comprehensive income of
the investee accounted for under
(547,396) – – (244,161) (303,235)
the equity method which will be
Change in the fair value of other debt
(37,616) – – (25,892) (11,724)
investments
Exchange differences on translation of
(764,030) – – (542,199) (221,831)
foreign currency financial statements
Total (999,479) (103,671) 85,489 (444,507) (536,790)


48. Other comprehensive income (continued)
Amount of other comprehensive income: (continued)
2022
Less:
reclassification
of other
comprehensive Attributable to Attributable to
income to Less: owners of the non-controlling
Before tax profit or loss income tax parent interests
Other comprehensive income that will not
be reclassified to profit or loss
Remeasurement gains or losses of a
7,120 – – 6,956 164
defined benefit plan
Change in the fair value of other equity
(170,004) 97,017 (32,664) (223,662) (10,695)
investments
Other comprehensive income that may be
Other comprehensive income of
the investee accounted for under
(1,350,340) – – (567,030) (783,310)
the equity method which will be
Change in the fair value of other debt
(61,518) – – (34,170) (27,348)
investments
Exchange differences on translation of
(1,286,713) – – (522,591) (764,122)
foreign currency financial statements
Total (2,861,455) 97,017 (32,664) (1,340,497) (1,585,311)
49. Special reserve

Opening Decrease Closing
balance of the Increase during during the balance of the
period the period period period
Safety production funds 305,176 23,090,973 (22,713,689) 682,460
2022
Opening Decrease Closing
balance of the Increase during during the balance of the
year the year year year
Safety production funds 123,239 42,910,562 (42,728,625) 305,176


50. Surplus reserve
Opening balance Increase during Closing balance
of the period the period of the period
Statutory surplus reserve 14,349,125 – 14,349,125
2022
Opening balance Increase during Closing balance
of the year the year of the year
Statutory surplus reserve 12,843,667 1,505,458 14,349,125
According to the provisions of the Company Law and the Company’s Articles of Association, the Company appropriates
10% of the net profit to the statutory surplus reserve. Where the accumulated amount of the surplus reserve reaches
50% or more of the Company’s registered capital, further appropriation is not required.
When approved, the statutory surplus reserve can be used to make up for accumulated losses or converted to the
paid-in capital.
51. Retained earnings

For the six-month
period ended
30 June 2023 2022
Retained earnings at the beginning of the year before adjustment 307,574,145 270,081,501
Adjustments (Note 1) – 285,950
Retained earnings at the beginning of the period/year after adjustment 307,574,145 270,367,451
Net profit attributable to owners of the parent 28,972,340 50,950,301
Other comprehensive income included in the previous period/year (103,671) 97,017
Impact on changes in shareholding ratios of subsidiaries – (1,293,073)
Others (7,918) 203,872
Less: Appropriation for statutory surplus reserve (Note V. 50) – 1,505,458
Ordinary share dividends payable (Note 2) 10,596,831 10,485,215
Dividends payable to other equity holders (Note 3) 2,663 317,300
Appropriation to general reserve (Note 4) 21,671 443,450
Retained earnings at the end of the period/year 325,813,731 307,574,145


51. Retained earnings (continued)
Note 1: In 2022, China Construction Seventh Engineering Bureau Co., Ltd., a subsidiary of the group, completed the business
combination under the common control of China Construction Seventh Bureau Sixth Construction Co., Ltd. (hereinafter
referred to as “China Construction Seventh Bureau Sixth Company”). In addition, China Construction Development Co., Ltd.,
a subsidiary of the group, completed the business combination under the common control of China Construction Ecological
Environment Group Co., Ltd. (hereinafter referred to as “China Construction Ecological Environment”). Due to the fact that
China Construction Ecological Environment Group Co., Ltd. and China Construction Seventh Engineering Bureau Co., Ltd.,
a subsidiary of the group, jointly control Liyang China Construction Water Co., Ltd., and China Construction Ecological
Environment and China Construction Installation Group Co., Ltd., a subsidiary of the group, jointly control China Construction
Taixing Water Co., Ltd., after the combination under the common control mentioned above, both companies are included in
the scope of the group consolidation. China Construction Seventh Bureau Sixth Construction Co., Ltd., China Construction
Ecological Environment Group Co., Ltd., Liyang China Construction Water Co., Ltd., China Construction Taixing Water Co.,
Ltd. are deemed to have existed since the controlling shareholder began to take the control, and the retained earnings at the
beginning of 2022 have been retroactively increased by RMB285,950 thousand.
Note 2: According to the resolution at the General Meeting of Shareholders dated 19 May 2023, the Company proposed a cash
dividend of RMB0.2527 (before tax) per share to the shareholders, multiplied by the number which resulted in the total amount
of RMB10.597 billion (2022: RMB10.485 billion) of shares of 41.934 billion before the implementation of the profit distribution
plan.
Note 3: The Company accrued a total dividend of RMB2,663 thousand on perpetual bonds for the six-month period ended June 30
2023 (2022: RMB317,300 thousand).
Note 4: Appropriation to general reserve
China State Construction Finance Co., Ltd., a subsidiary of the company:
In accordance with the requirements of the Administrative Measures for the Provision of Reserves of Financial Enterprises (Cai
Jin [2012] No. 20), financial institutions (including financial companies) should provide general risk reserve for assets bearing
risks and losses at the balance sheet date. The general reserve shall be appropriated from net profit as profit distribution with
an appropriation ratio not lower than 1.5% of risk assets at the end of year. If it’s difficult for financial institutions to appropriate
1.5% general reserve at one time, it can also be made in years but principally not more than 5 years. The general risk reserve
of China State Construction Finance Co., Ltd. in 2022 was RMB513,822 thousand, of which the amount attributable to
shareholders of the parent company was RMB411,057 thousand. It was fully accrued on 31 December 2022 and no general
risk reserve has been accrued for the six-month period ended June 30 2023.
China State Construction Commercial Factoring Co., Ltd. and Shenzhen Wanrong Factoring Co., Ltd. the subsidiaries of the
Company:
According to the “Notice of the General Office of the China Banking and Insurance Regulatory Commission on Strengthening
the Supervision and Management of Commercial Factoring Enterprises” issued by the General Office of the China Banking and
Insurance Regulatory Commission (issued by the Office of the China Banking and Insurance Regulatory Commission [2019]
No. 205), China State Construction Commercial Factoring Co., Ltd. and Shenzhen Wanrong Factoring Co., Ltd. accrued the
risk reserve. The general risk reserve is when the financing factoring funds are overdue, bad or in the event of unforeseen
risks, in order to maintain the funds for the normal operation of the enterprise, the risk reserve should not be less than 1% of
the balance at the end of the financial factoring business. The general risk reserve of China State Construction Commercial
Factoring Co., Ltd. for the six-month period ended 30 June 2023 was RMB21,671 thousand (2022: RMB32,031 thousand)
and it was fully accrued on 30 June 2023. The general risk reserve of Shenzhen Wanrong Factoring Co., Ltd. on 31 December
2022 was RMB362 thousand. It was fully accrued on 31 December 2022 and no general risk reserve has been accrued for the
six-month period ended 30 June 2023.
52. Revenue and cost of sales

For the six-month period ended For the six-month period ended
30 June 2023 30 June 2022
revenue cost revenue (restated) cost (restated)
Main operations 1,110,114,542 1,004,556,599 1,058,995,839 951,133,810
Other operations 3,198,514 2,143,757 2,230,784 1,650,912
Total 1,113,313,056 1,006,700,356 1,061,226,623 952,784,722


52. Revenue and cost of sales (continued)
Revenue is as follows:
30 June 2023 30 June 2022
(restated)
Revenue from contracts with customers 1,109,638,787 1,058,061,751
Rentals 3,674,269 3,164,872
Total 1,113,313,056 1,061,226,623
For breakdown of operating income by main operating regions and main product types, please refer to Note XIV. 1.
The breakdown of revenue is as follows:

Infrastructure Real estate
Building construction development Prospecting
construction and and and
engineering investment investment design Others Total
Revenue from main operations 724,140,651 239,004,809 126,660,159 4,709,124 15,599,799 1,110,114,542
Revenue recognised at a point
– – 105,362,813 – 9,516,410 114,879,223
of time
Revenue recognised over time 724,140,651 239,004,809 18,774,776 4,709,124 5,572,788 992,202,148
Rentals – – 2,522,570 – 510,601 3,033,171
Revenue from other operations – – – – 3,198,514 3,198,514
Including: rentals – – – – 641,098 641,098
Total 724,140,651 239,004,809 126,660,159 4,709,124 18,798,313 1,113,313,056

Infrastructure Real estate
Building construction development Prospecting
construction and and and
engineering investment investment design Others Total
Revenue from main operations 667,534,540 221,290,506 151,176,638 4,458,261 14,535,894 1,058,995,839
Revenue recognised at a point
– – 138,298,602 – 8,604,222 146,902,824
of time
Revenue recognised over time 667,534,540 221,290,506 10,371,497 4,458,261 5,430,363 909,085,167
Rentals – – 2,506,539 – 501,309 3,007,848
Revenue from other operations – – – – 2,230,784 2,230,784
Including: rentals – – – – 157,024 157,024
Total 667,534,540 221,290,506 151,176,638 4,458,261 16,766,678 1,061,226,623
As of 30 June 2023, the remaining performance obligations is related to the progress of the corresponding contract,
and will be recognised as revenue according to the progress of performance in the future performance period.


52. Revenue and cost of sales (continued)
The revenue recognised in the current period included in the carrying amount of contract liabilities at the beginning of
the period is as follows:
30 June 2023 30 June 2022
Advances for sale of properties 70,932,789 80,194,603
Amount due to customers for contract work 53,894,750 54,279,317
Advances for projects 121,229,897 146,563,913
Others 3,509,058 3,660,171
Total 249,566,494 284,698,004
53. Taxes and surcharges

30 June 2023 30 June 2022
(restated)
Land appreciation tax 1,646,926 2,972,998
Urban maintenance and construction tax 671,183 845,224
Educational surcharge 336,095 384,000
Others 1,515,647 1,637,876
Total 4,169,851 5,840,098
54. Selling and distribution expenses

30 June 2023 30 June 2022
Operating expenses 1,144,897 959,496
Advertising and communication fees 1,044,943 978,022
Employee benefits 736,599 753,332
Others 366,391 283,679
Total 3,292,830 2,974,529
55. General and administrative expenses

30 June 2023 30 June 2022
(restated)
Employee benefits 11,897,262 11,763,998
Depreciation and amortisation 1,214,649 1,062,791
Rental and property management fees 1,006,617 939,861
Office and travelling expenses 855,472 715,836
Service fees of specialist agency 279,926 281,538
Others 1,782,163 1,762,543
Total 17,036,089 16,526,567


56. Research and development expenses
30 June 2023 30 June 2022
(restated)
Materials, fuels and power of consumption 12,943,238 13,444,581
Maintenance and lease expenses 822,921 700,612
Scientific research service expenses 237,295 263,566
Design and testing expenses 52,319 66,191
Others 479,160 593,885
Total 19,370,215 19,300,793
57. Finance expenses

30 June 2023 30 June 2022
(restated)
Interest expenses 15,732,716 13,797,792
Less: interest income (2,219,103) (1,787,949)
Less: capitalised amount of interest (6,366,473) (5,765,118)
Commission charges 1,228,325 1,215,888
Exchange gains or losses 1,765,653 1,625,392
Others 71,308 63,321
Total 10,212,426 9,149,326
The Group capitalises the borrowing costs incurred for the acquisition, construction or production of assets that meet
the capitalization conditions. The capitalised amount of borrowing costs for the six-month period ended June 30 2023
was RMB6,366,473 thousand (for the six-month period ended June 30 2022: RMB5,765,118 thousand), which is
included inventory, construction in progress, and intangible assets.
58. Other income

period ended period ended Related to
June 30 2023 June 30 2022 income/assets
(restated)
Government rewards 143,724 108,626 related to income
Tax return 133,862 194,468 related to income
related to income
Refund of Surcharge on individual income tax 62,459 57,273
and assets
Research subsidies 12,976 14,560 related to income
Additional deduction for value-added tax 10,831 22,655 related to income
Government appropriation 4,871 10,859 related to income
related to income
Others 97,976 215,734
and assets
Total 466,699 624,175


59. Investment income
30 June 2023 30 June 2022
(restated)
Long-term equity investment income accounted for under the equity method 2,035,687 2,351,273
Investment income from transactions through a step-by-step business combination – 1,251,160
Investment losses from disposal of financial assets measured at amortised cost (863,570) (1,077,422)
Investment income from other debt investments 579,605 641,972
Investment income from disposal of long-term equity investments 128,890 220,839
Dividend income from other equity instruments 36,496 81,353
Investment income from disposal of financial assets at fair value through
– 18,516
profit or loss
Investment income obtained during the holding period of debt investments 10,743 13,190
Investment income from financial assets held for trading 4,808 8,665
Others 37,996 100,881
Total 1,970,655 3,610,427
60. Losses arising from changes in fair value

30 June 2023 30 June 2022
Financial assets measured at fair value through profit or loss
Investment in debt instrument held for trading – 1,080
Investment in equity instrument held for trading (5,419) (10,604)
Financial liabilities measured at fair value through profit or loss
Others 4,620 (17,668)
Total (799) (27,192)


61. Credit impairment losses
30 June 2023 30 June 2022
(restated)
Loss from impairment of accounts receivable (3,404,955) (5,632,957)
Loss from impairment of other receivabled (795,088) (542,644)
Loss from impairment of long-term receivables (214,895) (19,111)
Loss from impairment of other current assets (201,157) (701,912)
Reversal/(Loss) from impairment of notes receivable 12,401 (105,048)
Reversal/(Loss) from impairment of debt investment 927 (695)
Others 13,933 (28,191)
Total (4,588,834) (7,030,558)
62. Asset impairment losses

30 June 2023 30 June 2022
(restated)
Loss from impairment of contract assets (929,749) (769,002)
Loss from impairment of inventories (873,954) (333,098)
Reversal/(Loss) from impairment of other non-current assets 180,501 (502,506)
Loss from Impairment of other assets (678) (2,417)
Total (1,623,880) (1,607,023)
63. Non-operating income

Non-recurring
For the six-month For the six-month profit or loss for the
period ended period ended six-month period
30 June 2023 30 June 2022 ended 30 June 2023
(restated)
Liquidated damages 468,316 83,674 468,316
Accounts payable exemption 103,576 74,844 103,576
Government grants not related to the ordinary course of
73,893 85,385 73,893
business
Gains on penalties and fines 51,854 48,800 51,854
Gains from damage and retirement of non-current assets 6,655 24,964 6,655
The cost of business merger is less than the fair value
of the identifiable net assets of the merged party that – 1,236,618 –
should be enjoyed at the time of merger
Others 223,487 273,706 223,487
Total 927,781 1,827,991 927,781


63. Non-operating income (continued)
Details of government grants:
period ended period ended Related to
30 June 2023 30 June 2022 assets/income
Steady growth in the construction industry awards (China
Construction Third Engineering Bureau Group (Shenzhen) 15,000 – related to income
Co., Ltd.)
Training subsidy (China Construction Steel Tianjin Co., Ltd.) 6,325 – related to income
Tax Refund (China Construction International Construction
6,160 – related to income
Co., Ltd.)
– 10,000 related to income
State Construction Technology Group Co., Ltd.)
5,662 100 related to income
Construction Southern Investment Co., Ltd.)
Steady growth in the construction industry awards
(China Construction Fourth Bureau Fifth Construction 4,000 8,000 related to income
Engineering Co., Ltd.)
related to assets and
Others 36,746 67,285
income
Total 73,893 85,385
64. Non-operating expenses

Non-recurring
For the six-month For the six-month profit or loss for the
period ended period ended six-month period
30 June 2023 30 June 2022 ended 30 June 2023
(restated)
Public welfare donations 34,241 53,706 34,241
Liquidated damages 25,146 10,762 25,146
Forfeiture loss 23,086 122,929 23,086
Loss on damage and retirement of non-current assets 10,010 6,268 10,010
Late fees 5,681 6,008 5,681
Reversal Litigation Estimated Liabilities (2,094) (16,092) (2,094)
Others 3,405 21,927 3,405
Total 99,475 205,508 99,475
65. Expenses by nature

The supplemental information for the total amount of cost of sales, selling and distribution expenses, general and
administrative expenses, and research and development expenses which categorised by nature is as follows:
30 June 2023 30 June 2022
(restated)
Subcontracting cost 394,937,231 352,809,967
Consumed raw materials 240,656,981 230,592,321
Labor expenditure 157,218,710 155,756,785
Real estate development products carry-forward costs 95,019,363 111,192,955
Other construction cost 73,730,925 64,509,791
Cost of sales from other products 16,344,502 16,849,279
Depreciation and amortization expenses 6,951,627 5,917,146
Others 7,125,904 4,016,234
Total 1,046,399,490 991,586,611


66. Income tax expenses
30 June 2023 30 June 2022
(restated)
Current tax 10,148,957 12,449,470
Deferred tax (524,231) (1,601,716)
Total 9,624,726 10,847,754
The reconciliation between income tax expenses and profit before income taxes is as follows:
30 June 2023 30 June 2022
(restated)
Profit before income tax 49,634,357 52,033,355
Tax at the applicable (25%) tax rate 12,408,589 13,008,339
Effect of difference tax rates applicable to certain subsidiaries (2,283,878) (2,002,308)
Expenses not deductible for tax 1,863,096 1,602,689
Income not subjected to tax (1,575,351) (1,419,637)
Adjustments of tax expenses for prior periods (1,206,662) (365,754)
Unrecognised deductible losses 945,840 943,711
Taxable temporary differences for which no deferred tax assets was recognised in
662,303 239,207
current periods
Weighted deduction of expenditure on research (621,236) (581,028)
Deductible temporary differences resulting from reversal or recognition of previously
(268,404) (289,022)
unrecognised deferred tax assets in current periods
Use of deductible losses from prior periods (255,439) (203,253)
Recognition of deductible losses for which no deferred tax assets was recognised in
(44,132) (85,190)
prior periods
Tax expenses at the Group’s effective tax rate 9,624,726 10,847,754
67. Earnings per share

period ended 30 period ended 30
June 2023 June 2022
RMB/share RMB/share
(restated)
Basic earnings per share
Continuing operations 0.70 0.68
Diluted earnings per share
Continuing operations 0.70 0.68
The basic earnings per share is calculated based on the net profit for the period attributable to ordinary shareholders of
the Company and the weighted average number of outstanding ordinary shares during the period.
The numerator of the diluted earnings per share is determined based on the current net profit attributable to ordinary
shareholders of the Company after adjusting the following factors: (1) the interest of the diluted potential ordinary shares
that have been recognised as expenses in the current period; (2) the income or expenses of dilution potential ordinary
that will be generated when the shares are converted; and (3) the income tax impact related to the above adjustments.
The denominator of the diluted earnings per share is equal to the sum of the following two items: (1) the weighted
average number of issued ordinary shares of the parent company in the basic earnings per share; and (2) the increase
of the weighted average number of ordinary shares, assuming the conversion of dilutive potential ordinary shares into
ordinary shares.
When calculating the weighted average of the number of ordinary shares increased by the conversion of diluted
potential ordinary shares into issued ordinary shares, the diluted potential ordinary shares issued in the previous period
are assumed to be converted at the beginning of the current period; the current diluted potential ordinary shares
issued, assuming the conversion on the issue date.


67. Earnings per share (continued)
The calculation of basic earnings per share is as follows:
June 2023 June 2022
(restated)
Revenue
Net profit attributable to ordinary shareholders of the Company 28,972,340 28,513,926
Less: The effect of other equity instruments dividends (Note 1) (2,663) (317,300)
The effect of restricted shares (Note 2) (151,399) (272,091)
28,818,278 27,924,535
Shares
Weighted average number of ordinary shares outstanding
41,239,553 40,812,326
(in units of 1000 shares) (Note 3)
Basic earnings per share (RMB/share) 0.70 0.68
Note 1: In accordance with the relevant clauses and regulations of perpetual bonds as stated in Note V. 46, in calculating the basic
earnings per share, the dividends of other equity instruments included in the net profit attributable to shareholders of the parent
company is deducted with an impact amount of approximately RMB2,663 thousand (For the six-month period ended 30 June
2022: RMB317 million).
Note 2: As stated in Note XI, our company completed the grant of restricted stocks to the fourth incentive targets in accordance with
the fourth incentive plan on 23 December 2020. In accordance with the relevant provisions of the Interpretation of Accounting
Standards for Business Enterprises No. 7 issued by the Ministry of Finance in 2015, the Company considers the impact of
restricted stocks when calculating basic earnings per share. The impact amount of restricted stocks for the six-month period
ended 30 June 2023 is approximately RMB150 million (For the six-month period ended 30 June 2022: RMB270 million).
Note 3: As stated in Note XI, in accordance with the regulations of the fourth batch incentive plan, whether the unlocked shares granted
could be listed and circulated depended on whether the restricted shares met the unlocking conditions at the unlocking date.
Therefore, the impacted amount of the restricted shares not yet meeting the unlocking conditions and those invalid restricted
shares were deducted from weighted average number of outstanding ordinary shares in calculating the basic earnings per
share.
The calculation of diluted earnings per share is as follows:

June 2023 June 2022
(restated)
Net profit attributable to ordinary shareholders of the Company after adjustment 28,818,278 27,924,535
Losses generated from dilutive potential common shares (4,621) (133,490)
Net profit attributable to ordinary shareholders of the Company used for calculating
28,813,657 27,791,045
diluted earnings per share
Weighted average number of ordinary shares outstanding used for calculating diluted
41,239,553 40,812,326
earnings per share (in units of 1000 shares)
Diluted earnings per share (RMB/share) 0.70 0.68
For the six-month period ended 30 June 2023, the restricted shares outstanding and the share options issued by the
Company have anti-dilutive effects in calculating the earnings per share. The restricted shares outstanding and the
share options issued by the Company’s subsidiary China Overseas Land & Investment Ltd. have no dilutive effects in
calculating the earnings per share. However, the convertible bond issued by the Company’s subsidiary China Overseas
Holdings Limited has dilutive effects on consolidated net profit attributable to ordinary shareholders of the Company.
(For the six-month period ended 30 June 2022, the restricted shares outstanding and the share options issued by the
Company have anti-dilutive effects in calculating the earnings per share. The restricted shares outstanding and the
share options issued by the Company’s subsidiary China Overseas Land & Investment Ltd. have no dilutive effects in
calculating the earnings per share. However, the convertible bond issued by the Company’s subsidiary China Overseas
Holdings Limited has dilutive effects on consolidated net profit attributable to ordinary shareholders of the Company.)


68. Notes to the consolidated statement of cash flows
30 June 2023 30 June 2022
(restated)
Cash receipts relating to other operating activities
Deposits and warrant received and returned 8,507,720 8,466,218
Increase of deposits absorbed by China State Construction Finance Co., Ltd. 7,638,019 5,067,905
Receivables, taxes withheld and construction reward 5,630,161 9,231,673
Other receivables received and returned 439,569 9,494,694
Decrease of restricted cash 2,058,625 –
Interest income 1,253,184 741,529
Others 1,360,285 1,085,852
Total 26,887,563 34,087,871
Cash payments relating to other operating activities
Deposits and warrant paid and refunded to third party 14,431,318 9,634,420
Other payables paid to third party 17,056,488 20,201,957
Increase of restricted cash – 1,955,989
Others 3,830,523 4,693,832
Total 35,318,329 36,486,198
Cash receipts relating to other investing activities
Loans from related parties 9,893,494 6,474,964
Fixed deposits of which maturity is more than three months – 6,889,873
Loans to co-operative corporation and projects 4,538,930 2,240,122
Others 1,392,442 874,032
Total 15,824,866 16,478,991
Cash payments relating to other investing activities
Loans to related parties 6,827,934 5,496,096
Payment to co-operative corporation and projects 3,198,788 3,841,527
Payment of fixed deposits of which maturity is more than three months 1,045,000 –
Total 11,071,722 9,337,623


68. Notes to the consolidated statement of cash flows (continued)
30 June 2023 30 June 2022
(restated)
Cash receipts relating to other financing activities
Obtaining loans from related parties and third parties 7,433,043 19,833,462
Total 7,433,043 19,833,462
Cash payments relating to other financing activities
Cash paid for redemption of other equity instruments 17,296,350 5,547,518
Repayment of related parties and third-party loans 9,034,916 10,336,760
Minority shareholders reducing capital 2,000,000 –
Business combination under common control 1,731,165 –
Rental payment 1,071,250 1,030,379
Repurchase of unlocked restricted stock – 24,105
Purchase of minority interests – 64,726
Total 31,133,681 17,003,488
69. Supplementary information to the consolidated statement of cash flows

(1) Supplementary information to the consolidated statement of cash flows
Reconciliation of net profit to cash flows from operating activities:

30 June 2023 30 June 2022
(restated)
Net profit 40,009,631 41,185,601
Add: Asset impairment losses 1,623,880 1,607,023
Credit impairment losses 4,588,834 7,030,558
Depreciation of fixed assets 3,171,138 3,193,984
Depreciation of right of use assets 1,269,839 862,769
Depreciation and amortisation of investment properties 1,920,232 1,385,372
Amortisation of intangible assets 366,208 293,359
Amortisation of long-term prepaid expenses 224,210 181,662
Gains on disposal of fixed assets,
(370,017) (208,782)
intangible assets and other long-term assets
Finance expenses 10,711,355 8,686,319
Losses arising from changes in fair value 799 27,192
Investment income (1,970,655) (3,610,427)
Increase in deferred tax assets (1,451,710) (1,973,928)
Increase in deferred tax liabilities 927,479 372,212
Decrease/(Increase) in inventories 12,456,730 (41,477,494)
Decrease/(Increase) of restricted cash 2,058,625 (1,955,989)
Increase in operating receivables (167,821,132) (115,414,243)
Increase in operating payables 81,335,352 31,976,227
Others 389,149 (1,225,505)
Net cash flows used in operating activities (10,560,053) (69,064,090)


69. Supplementary information to the consolidated statement of cash flows (continued)
(1) Supplementary information to the consolidated statement of cash flows (continued)
Changes in cash and cash equivalents:

30 June 2023 30 June 2022
(restated)
Closing balance of cash 333,564,772 323,562,140
Less: Opening balance of cash 313,000,191 302,071,051
Net increase in cash and cash equivalents 20,564,581 21,491,089
(2) Cash and cash equivalents

Cash
Including: Cash on hand 112,898 128,867
Bank deposit on demand 333,423,354 312,847,563
Other monetary funds on demand 28,520 23,761
Cash and cash equivalents at the end of the period 333,564,772 313,000,191
70. Assets with restricted ownership or right to use

Cash and bank balances 19,480,286 21,538,911 Note 1
Notes receivable 38,900 64,736 Note 2
Accounts receivable 7,156,972 2,107,710 Note 2
Inventories 67,476,113 38,888,815 Note 2
Contract assets 75,229,079 66,492,011 Note 2
Investment properties 22,604,392 20,345,263 Note 2
Fixed assets 1,044,383 961,405 Note 2
Construction in progress 558,759 394,568 Note 2
Intangible assets 11,937,912 9,990,438 Note 2
Long-term receivables 80,359,493 64,249,109 Note 2
Total 285,886,289 225,032,966
Note 1: Cash and bank balances with restricted ownership or use rights mainly include reserves with Central Bank, deposits for bank
acceptance notes, guarantee deposits, pre-sale supervision fund, mortgage deposits and salary deposits for migrant workers.
As of 30 June 2023, the balance of restricted cash and bank balances was RMB19,480,286 thousand (31 December 2022:
Note 2: At 30 June 2023 and 31 December 2022, the Group pledged or mortgaged notes receivable, accounts receivable, inventories,
contract assets (including non-current parts), investment properties, fixed assets, construction in progress, intangible assets
and long-term receivables (Including the portion due within one year) to banks for borrowings.


71. The foreign currency monetary items
Original Exchange Translated Original Exchange Translated
Currency rate RMB Currency rate RMB
Cash and bank balances
HKD 11,016,364 0.9220 10,157,088 12,970,388 0.8933 11,586,448
USD 1,258,683 7.2258 9,094,992 1,419,367 6.9646 9,885,323
SGD 248,520 5.3442 1,328,141 375,400 5.1831 1,945,736
DZD 25,289,674 0.0533 1,347,940 27,734,076 0.0501 1,389,477
MOP 1,927,091 0.8987 1,731,877 1,761,206 0.8586 1,512,171
EUR 124,263 7.8771 978,832 158,717 7.4229 1,178,140
GBP 23,380 9.1432 213,768 14,617 8.3941 122,697
Others N/A N/A 5,781,045 N/A N/A 10,405,477
Total 30,633,683 38,025,469
Accounts receivable
USD 685,840 7.2258 4,955,743 694,510 6.9646 4,836,984
XAF 87,956,894 0.0121 1,064,278 86,455,146 0.0113 976,943
AED 379,237 1.9741 748,652 559,288 1.8966 1,060,746
SGD 137,426 5.3442 734,432 100,718 5.1831 522,031
DZD 11,446,790 0.0533 610,114 14,853,535 0.0501 744,162
HKD 5,477,402 0.9220 5,050,165 3,452,403 0.8933 3,084,032
MOP 110,287 0.8987 99,115 444,303 0.8586 381,479
Others N/A N/A 3,886,279 N/A N/A 2,769,397
Total 17,148,778 14,375,774
Other receivables
AED 1,018,603 1.9741 2,010,824 931,547 1.8966 1,766,772
USD 118,705 7.2258 857,739 312,804 6.9646 2,178,555
XAF 12,555,202 0.0121 151,918 9,777,604 0.0113 110,487
HKD 300,725 0.9220 277,268 226,084 0.8933 201,961
Others N/A N/A 2,556,767 N/A N/A 2,358,860
Total 5,854,516 6,616,635
Current portion of
non-current assets
USD 5 7.2258 36 129 6.9646 898
Others N/A N/A 2,152 N/A N/A 2,546
Total 2,188 3,444
Debt investments
EUR 2,634 7.8771 20,748 2,634 7.4229 19,552
HKD 11,549,189 0.9220 10,648,352 12,285,702 0.8933 10,974,818
Total 10,669,100 10,994,370
Long-term receivables
USD 12,202 7.2258 88,169 13,651 6.9646 95,074
HKD 304,246 0.9220 280,515 369,352 0.8933 329,942
Others N/A N/A 3,036 N/A N/A 4,811
Total 371,720 429,827


71. The foreign currency monetary items (continued)
Short-term borrowings
USD 344,700 7.2258 2,490,733 300,700 6.9646 2,094,255
Others N/A N/A 824,152 N/A N/A 1,051,738
Total 3,314,885 3,145,993
Accounts payable
USD 515,133 7.2258 3,722,248 800,459 6.9646 5,574,877
AED 1,316,638 1.9741 2,599,175 725,549 1.8966 1,376,076
SGD 381,937 5.3442 2,041,148 436,296 5.1831 2,261,366
DZD 30,643,397 0.0533 1,633,293 36,423,705 0.0501 1,824,828
PKR 999,841 0.0253 25,296 988,872 0.0305 30,161
MOP 2,978,972 0.8987 2,677,202 2,552,370 0.8586 2,191,465
HKD 11,984,358 0.9220 11,049,578 11,021,139 0.8933 9,845,183
Others N/A N/A 6,322,367 N/A N/A 6,063,746
Total 30,070,307 29,167,702
Other payables
USD 752,251 7.2258 5,435,615 757,263 6.9646 5,274,034
AED 566,410 1.9741 1,118,150 737,179 1.8966 1,398,134
XAF 6,645,236 0.0121 80,407 6,755,348 0.0113 76,335
AUD 18,104 4.6220 83,677 18,853 4.622 87,139
PKR 184,144 0.0253 4,659 190,710 0.0305 5,817
HKD 291,540 0.9220 268,800 383,865 0.8933 342,907
Others N/A N/A 1,460,640 N/A N/A 1,642,222
Total 8,451,948 8,826,588
Current portion of non-current
Liabilities
HKD 1,476,518 0.9220 1,361,350 1,479,861 0.8933 1,321,960
USD 192 7.2258 1,387 723,680 6.9646 5,040,142
Others N/A N/A 170,907 N/A N/A 115,386
Total 1,533,644 6,477,488
Long-term borrowings
HKD 99,775,575 0.9220 91,993,080 103,807,169 0.8933 92,730,944
USD 676,708 7.2258 4,889,757 1,046,873 6.9646 7,291,052
GBP 100,000 9.1432 914,320 100,000 8.3941 839,410
SGD 28,500 5.3442 152,310 66,300 5.1831 343,640
Others N/A N/A 1,482,892 N/A N/A 1,375,188
Total 99,432,359 102,580,234
Bonds payable
USD 5,267,625 7.2258 38,062,764 6,012,341 6.9646 41,873,550
HKD 2,030,844 0.9220 1,872,438 2,025,304 0.8933 1,809,204
Total 39,935,202 43,682,754


71. The foreign currency monetary items (continued)
Long-term payables
SGD 42,719 5.3442 228,299 14,796 5.1831 76,689
AED 30,413 1.9741 60,038 629,799 1.8966 1,194,477
HKD 1,466,782 0.9220 1,352,373 2,842,825 0.8933 2,539,496
MOP 982,951 0.8987 883,378 1,029 0.8586 883
Others N/A N/A 399,908 N/A N/A 287,604
Total 2,923,996 4,099,149
Other non-current liabilities
Others N/A N/A 41,509 N/A N/A 57,615
VI. Changes of Consolidation Scope

1. Business combination not under common control
The entities which were included in the consolidation scope through business combination not under common control
for the six-month period ended 30 June 2023 were not significant to the Group.
2. Business combination under common control

There was no entity newly included in the consolidation scope through business combination under common control for
the six-month period ended 30 June 2023.
3. Disposal of subsidiaries
The entities which were excluded from the consolidated scope due to disposal of subsidiaries for the six-month period
ended 30 June 2023 were not significant to the Group.

VII. Interests in Other Entities

1. Interests in subsidiaries
The important subsidiaries of the Company are as follows:
Shareholding
Main operation Place of Nature of Registered Percentage (%)
Location registration business capital Direct Indirect
The significant subsidiaries acquired through
establishing or investment
China Overseas Holdings Limited Hong Kong Hong Kong Investment RMB31.03 billion 100.00 –
China Overseas Land & Real Estate Investment
Hong Kong Hong Kong HKD1.095 billion – 56.09
Investment Ltd. and Development
China State Construction Engineering Construction and
Hong Kong Cayman Islands HKD1.5 billion – 64.81
Corporation International Operations Installation
China Overseas Property Holdings Ltd. Hong Kong Cayman Islands Property Management HKD0.03 billion – 61.18
China Construction First Group Corporation Construction and
Beijing Beijing RMB10 billion 100.00 –
Limited Installation
China Construction Second Engineering Construction and
Bureau Ltd. Installation
China Construction Third Engineering Construction and
Wuhan, Hubei Wuhan, Hubei RMB5.09 billion 100.00 –
Bureau Co., Ltd. Installation
China Construction Fourth Engineering Guangzhou, Guangzhou, Construction and
RMB8 billion 100.00 –
Division Corp., Ltd. Guangdong Guangdong Installation
China Construction Fifth Engineering Construction and
Changsha, Hunan Changsha, Hunan RMB10 billion 100.00 –
Division Corp., Ltd. Installation
China Construction Sixth Engineering Construction and
Tianjin Tianjin RMB5.28 billion 100.00 –
Division Corp., Ltd. Installation
China Construction Seventh Engineering Construction and
Zhengzhou, Henan Zhengzhou, Henan RMB6 billion 100.00 –
Division. Corp., Ltd. Installation
China Construction Eighth Engineering Construction and
Shanghai Shanghai RMB15.22 billion 100.00 –
Division. Corp., Ltd. Installation
China Architecture Southwest Design & Engineering
Research Institute Chengdu, Sichuan Chengdu, Sichuan investigation RMB0.38 billion 100.00 –
Co., Ltd. and design
China Construction Decoration Group Co.,
Beijing Beijing Industrial Decoration RMB1 billion 50.00 50.00
Ltd.
China Construction Fangcheng Investment Infrastructure
& Development Group Co., Ltd. Construction
a business combination not involving
China State Construction Development Construction and
Hong Kong Cayman Islands HKD0.1 billion – 45.87
Holdings Limited (Note) Installation
China Construction Harbour and Channel Infrastructure
Shanghai Shanghai RMB1.33 billion 70.00 –
Engineering Bureau Group Co., Ltd. Construction
a business combination involving entities
CSCEC Xinjiang Construction & Engineering Construction and
Wulumuqi, Xinjiang Wulumuqi, Xinjiang RMB3.50 billion 85.00 –
(Group) Co., Ltd. Installation
China West Construction Group Co., Ltd. Chengdu, Sichuan Wulumuqi, Xinjiang Construction Materials RMB1.26 billion 12.29 45.50
China State Construction Finance Co., Ltd. Beijing Beijing Finance RMB15 billion 80.00 –
Note: The Group holds 45.87% of shares of China State Construction Development Holdings Limited. The board of directors has
the rights to determine the relevant activities of China State Construction Development Holdings Limited. The Group holds
70.78% of voting rights of China State Construction Development Holdings Limited according to the proportion of the board of
directors.

VII. Interests in Other Entities (continued)

1. Interests in subsidiaries (continued)
Major subsidiaries with minority interests are as follow:

Profit or loss Dividend Accumulated
Minority attributable payment minority
shareholding to minority to minority interests at
percentage interests shareholders the end of period
China Overseas Land & Investment Ltd. 43.91% 4,103,443 2,558,882 147,475,430
35.19% 2,037,672 425,457 27,317,798
International Operations
China West Construction Group Co., Ltd. 42.21% 69,629 44,974 3,992,730
China State Construction Finance Co., Ltd. 20.00% 101,971 82,879 3,757,769
2022
Profit or loss Dividend Accumulated
Minority attributable payment minority
shareholding to minority to minority interests at
percentage interests shareholders the end of period
China Overseas Land & Investment Ltd. 43.91% 7,200,821 5,951,964 143,816,129
35.19% 2,834,275 677,638 25,746,863
International Operations
China West Construction Group Co., Ltd. 42.21% 232,397 44,974 4,035,785
China State Construction Finance Co., Ltd. 20.00% 206,270 70,549 3,738,677
The summarised financial information of the above subsidiaries which progress necessary adjustments in accordance
with the Company’s accounting policies is set out below. The amounts disclosed are before inter-company eliminations:

China State
Construction
Engineering
China Overseas Corporation China West China State
Land & International Construction Construction
Investment Ltd. Operations Group Co., Ltd. Finance Co., Ltd.
Current Assets 667,410,983 120,573,647 29,957,975 38,659,093
Non-current Assets 169,429,528 90,876,232 5,497,754 65,979,470
Total Assets 836,840,511 211,449,879 35,455,729 104,638,563
Current Liabilities 302,581,193 94,206,807 21,673,866 85,838,846
Non-current Liabilities 220,621,966 56,611,183 3,274,041 10,869
Total Liabilities 523,203,159 150,817,990 24,947,907 85,849,715
Revenue 92,630,464 50,286,867 10,804,059 1,507,154
Net Profit 8,547,130 4,654,115 187,596 509,854
Total Comprehensive Income 10,327,165 2,373,117 187,150 509,854
Net cash flows from/(used in) operating activities 33,702,826 152,467 (1,522,537) 13,528,030


1. Interests in subsidiaries (continued)
Major subsidiaries with minority interests are as follow: (continued)
The summarised financial information of the above subsidiaries which progress necessary adjustments in accordance
with the Company’s accounting policies is set out below. The amounts disclosed are before inter-company eliminations:
(continued)
2022
China State
Construction
Engineering
China Overseas Corporation China West China State
Land & Investment International Construction Construction
Ltd. Operations Group Co., Ltd. Finance Co., Ltd.
Current Assets 659,772,495 110,165,259 28,292,472 24,558,631
Non-current Assets 167,187,742 86,996,275 5,011,372 73,239,120
Total Assets 826,960,237 197,161,534 33,303,844 97,797,751
Current Liabilities 273,749,836 86,716,348 20,487,515 79,088,247
Non-current Liabilities 246,330,011 53,478,908 2,384,844 16,117
Total Liabilities 520,079,847 140,195,256 22,872,359 79,104,364
Revenue 186,308,872 90,078,412 24,856,131 3,105,349
Net Profit 18,460,185 7,550,380 715,148 1,031,350
Total Comprehensive Income 21,277,627 3,678,380 717,830 1,030,600
Net cash flows (used in)/from
(10,641,457) 183,348 309,158 (13,542,076)
operating activities
Perpetual bonds of subsidiaries are as follows:

As of 30 June 2023, the balance of perpetual bonds and renewable loans issued by the Company’s subsidiaries
(hereinafter collectively referred to as the “subsidiary perpetual bonds”) amounted to RMB65,071,989 thousand (31
December 2022: RMB65,217,933 thousand). The perpetual bonds of these subsidiaries exist for a long time, and the
subsidiaries of the Company can decide whether to redeem and repay them. Unless there is a compulsory interest
payment event that can be determined and controlled to occur by the Company’s subsidiaries, on each interest
payment date, the Company’s subsidiaries can choose to postpone the current interest and all deferred interest and
its fruits to the next interest payment date and is not subject to any restrictions on the number of deferred interest
payments. The Group accounted for these perpetual bonds as non-controlling shareholders’ equity.
Debt-to-equity swaps of subsidiaries are as follows:
In December 2019, some of the Company’s subsidiaries entered into capital increase agreements and shareholder
agreements with a number of third-party investors. In accordance with the Capital Increase Agreement and the
Shareholder Agreement (collectively referred to as the “Agreement”), third-party investors increase their capital in cash
to the subsidiaries of such subsidiaries (hereinafter referred to as “the underlying company”), and upon completion of
the capital increase, the shareholding of the Company’s subsidiaries in the underlying company decreases, but there is
no loss of control over the underlying company. The agreement stipulates that the profit distribution of the underlying
company shall be determined by the shareholders’ meeting, that the exit method of the third-party investor shall
be agreed with the controlling shareholder of the target company, and that the controlling shareholder of the target
company shall have the right to acquire or designate other parties to acquire the shares of the target company held
by the third party investor after the expiration of a certain period (“investment period”) from the date of payment of the
investment price. In the event of a specific situation or the expiry of the investment period of the underlying company,
a third-party investor may make a request to the subsidiary of the Company to acquire the shares of the underlying
company held by the Company’s subsidiaries, and if the subsidiary of the Company does not choose to acquire such
shares, the annual expected dividend ratio will up to until the agreed upper limit of the dividend ratio. However, if
the shareholders of the underlying company will not pay dividends it do not constitute a breach of contract; A third
party investor can transfer all or part of its equity interest in the underlying company to any third part or increase the
voting rights of third-party investors in the shareholders’ meeting or board of directors of the underlying company in
order to achieve the joint control of the underlying company with the Company’s subsidiaries. The above-mentioned
arrangement does not constitute a contractual obligation of the Company or its subsidiaries to deliver cash or other
financial assets to other parties or to exchange financial assets or financial liabilities with other parties under potential
adverse conditions, and the Company shall therefore account for such capital increases as the equity of the underlying
company. The relevant provisions in the 2020 and 2021 Capital Increase Agreement and the Shareholders’ Agreement
are consistent with these provisions.
As of 30 June 2023, the total amount of debt-to-equity swaps by third-party investors in the underlying company was
RMB29,690,870 thousand (31 December 2022: RMB31,540,525 thousand), and there was no new investment amount
in the current period and the year of 2022.


2. Interests in joint ventures and associates
Main Percentage of
operation Place of Nature of Registered Shares(%) Accounting
location registration business capital Direct Indirect treatment
Significant associates
Real Estate
China Overseas Grand Oceans
Hong Kong Hong Kong Investment and 5,579,100 – 39.63 Equity method
Group Limited
Development
As an important associated company of the Group, the summarised financial information in respect of China Overseas
Grand Oceans Group Limited (hereinafter referred to as “China Overseas Grand Oceans”) adjusted for any differences
in accounting policies and reconciled to the carrying amount in the financial statements is as follows:
Current Assets 163,607,281 172,725,660
Including: Cash and cash equivalents 32,806,731 19,433,181
Non-current Assets 8,155,541 8,056,171
Total Assets 171,762,822 180,781,831
Current Liabilities 95,931,397 105,287,362
Non-current Liabilities 37,547,148 38,093,317
Total Liabilities 133,478,545 143,380,679
Non-controlling Interests 7,656,950 7,458,956
Shareholders’ equity attributable to the parent company 30,627,327 29,942,196
Net assets calculated by the percentage of shares holding 12,137,610 11,866,092
Book value of investment 12,137,610 11,866,092
The fair value of investment in associated companies that
4,711,509 4,208,043
have publicly quoted prices

30 June 2023 30 June 2022
Revenue 27,172,133 29,796,142
Income tax expenses (1,243,561) (1,834,869)
Net Profit 1,991,178 2,676,883
Other Comprehensive Losses (542,665) (797,385)
Total Comprehensive Income 1,448,513 1,879,498


2. Interests in joint ventures and associates (continued)
Except for China Overseas Grand Oceans, the Group has no single significant joint ventures and associates. The
following table shows the summary financial information of the non-significant joint ventures and associates of the
Group:
For the six-month
period ended
30 June 2023 2022
Joint Ventures
Total book value of investment 54,352,871 52,136,879
Subtotals by the percentage of share holding
Net Profit (Note 1) 826,665 1,868,780
Other Comprehensive Losses (Note 1) (218,603) (614,559)
Total Comprehensive Income 608,062 1,254,221
Associates
Total book value of investment 49,349,116 47,099,180
Subtotals by the percentage of share holding
Net Profit (Note 1) 527,759 1,342,366
Other Comprehensive Losses (Note 1) (113,735) (192,592)
Total Comprehensive Income 414,024 1,149,774
Note 1: Both the net profit and other comprehensive income have considered the fair value of the identifiable assets and liabilities at the
time the investment is obtained and the adjustment effects of the unified accounting policy.
3. Interests in consolidated structured entities

As at 30 June 2023 the main consolidated structured entities which set up by the Group’s subsidiary China State
Construction Fund (BEIJING) Management Ltd. (hereinafter referred to as “China Construction Fund”) amounted to
RMB14,994,790 thousand, and the Group’s subscribed amount is RMB7,191,920 thousand. As at 30 June 2023, the
Group’s paid-in amount is RMB4,718,137 thousand and other parties is RMB1,788,330 thousand. The Group classified
other parties’ paid-in amount as non-controlling interests. The Group has no obligation and intention to provide financial
supporting to these structured entities.
4. Interests in non-consolidated structured entities

As at 30 June 2023, the non-consolidated structured entities China Construction Fund participated in is amounted
to RMB33,995,022 thousand, and the Group’s subscribed amount is RMB8,400,037 thousand and other parties is
RMB25,594,985 thousand. The Group has no control power over these entities, thus the Group doesn’t consolidate
them. As at 30 June 2023, the Group’s paid-in amount is RMB4,852,220 thousand and classified as long-term equity
investments. The largest risk exposure of the Group is the paid-in amount as at the balance sheet date. The Group has
no obligation and intention to provide financial supporting to these structured entities.

VIII. Financial Instruments and Related Risks

1. Financial instruments by category
Carrying amounts of each categories of financial instruments at the balance sheet date are as follows:
30 June 2023
Financial assets
Financial assets
at fair value
through profit Financial assets at fair value through
or loss other comprehensive income
Required by Financial assets Required by
the standard at amortised cost the standard Designated Total
Cash and bank balances – 354,805,058 – – 354,805,058
Financial assets held for
16,299 – – – 16,299
trading
Notes receivable – 5,941,957 – – 5,941,957
Accounts receivable – 242,084,204 – – 242,084,204
Accounts receivable financing – – 4,092,170 – 4,092,170
Other receivables – 87,048,190 – – 87,048,190
Current portion of non-current
– 50,851,405 55,230 – 50,906,635
assets
Other current assets – 13,891,434 – 954,089 14,845,523
Debt investments – 23,668,529 – – 23,668,529
Other debt investments – – 187,820 – 187,820
Long-term receivables – 117,782,695 – – 117,782,695
Investments in other equity
– – – 5,840,758 5,840,758
instruments
Other non-current financial
1,577,202 – – – 1,577,202
assets
Total 1,593,501 896,073,472 4,335,220 6,794,847 908,797,040
Financial liabilities
at amortised cost
Short-term borrowings 120,749,335
Notes payable 13,246,100
Accounts payable 636,263,437
Other payables 135,162,808
Current portion of non-current liabilities 133,336,233
Other current liabilities 21,302,384
Long-term borrowings 424,405,451
Bonds payable 90,766,988
Long-term payables 12,154,326
Other non-current liabilities 2,457,744
Total 1,589,844,806

VIII. Financial Instruments and Related Risks (continued)

1. Financial instruments by category (continued)
Carrying amounts of each categories of financial instruments at the balance sheet date are as follows: (continued)
31 December 2022
Financial assets
Financial assets
at fair value
through profit Financial assets at fair value through
or loss other comprehensive income
Required by Financial assets Required by
the standard at amortised cost the standard Designated Total
Cash and bank balances – 335,254,102 – – 335,254,102
Financial assets held for
20,153 – – – 20,153
trading
Notes receivable – 6,390,924 – – 6,390,924
Accounts receivable – 210,431,620 – – 210,431,620
Accounts receivable financing – – 4,658,182 – 4,658,182
Other receivables – 73,584,067 – – 73,584,067
Current portion of
– 48,649,881 – – 48,649,881
non-current assets
Other current assets – 18,583,651 – 1,730,559 20,314,210
Debt investments – 22,545,039 – – 22,545,039
Other debt investments – – 272,924 – 272,924
Long-term receivables – 109,091,602 – – 109,091,602
Investments in other equity
– – – 4,610,471 4,610,471
instruments
Other non-current financial
1,565,153 – – – 1,565,153
assets
Total 1,585,306 824,530,886 4,931,106 6,341,030 837,388,328
at fair value through
profit or loss
Required by Financial liabilities
the standard at amortised cost Total
Short-term borrowings – 78,154,159 78,154,159
Notes payable – 10,303,981 10,303,981
Accounts payable – 585,744,273 585,744,273
Other payables – 137,554,165 137,554,165
Current portion of non-current liabilities 4,967,342 110,822,751 115,790,093
Other current liabilities – 3,071,922 3,071,922
Long-term borrowings – 398,970,893 398,970,893
Bonds payable – 103,797,195 103,797,195
Long-term payables – 14,992,672 14,992,672
Other non-current liabilities – 2,333,865 2,333,865
Total 4,967,342 1,445,745,876 1,450,713,218

VIII. Financial Instrument and Related Risk (continued)

2. Transfer of financial assets
Transferred financial assets that are not derecognised in their entirety
As at 30 June 2023, the book value of bank acceptance and commercial acceptance bills approved and discounted
by the Group was RMB3,488,026 thousand (31 December 2022: RMB4,307,599 thousand). In the view of the Group,
the Group retains almost all of its risks and remuneration, including the risk of default associated with it, and therefore
continues to fully recognise it and the settled accounts payable or short-term borrowings associated with it. After
endorsement or discount, the Group no longer reserves the right to use it, including the right to sell, transfer or pledge
it to other third parties. As of 30 June 2023, the Group’s book value of its settled accounts payable or short-term
borrowings received totalled RMB3,488,026 thousand (31 December 2022: RMB4,307,599 thousand).
Transferred financial assets that are derecognised in their entirety in which continuing involvement
exists
As of 30 June 2023, the book value of the Group’s endorsed and discounted but not yet due bank acceptance bill was
RMB264,551 thousand (31 December 2022: RMB1,246,298 thousand). As of 30 June 2023, its maturity date is 1 to
12 months. According to the relevant provisions of the "Negotiable Instruments Law", if the acceptance bank refuses to
pay, its holder has the right to claim against the group ("continue involvement"). The Group believes that the Group has
transferred almost all of its risks and rewards, therefore, the book value of its and related settled accounts payable is
derecognised. The maximum loss and undiscounted cash flow of continued involvement and repurchase is equal to its
book value. The Group believes that the continued involvement in fair value is not significant.
For the six-month period ended 30 June 2023, the Group did not recognise gains or losses on the transfer date.
There was no income or expenses recognised in the current period and accumulatively due to the Group’s continued
involvement in the derecognised financial assets.
3. Financial instrument risks

The Group’s activities expose it to a variety of financial risks: mainly include credit risk, liquidity risk and market risk
(including interest rate risk, currency risk and equity instrument price risk). The Group’s financial instrument mainly
includes cash and bank balances, equity investments, debt investments, loans, bills receivable and accounts receivable,
receivables financing, bills payable, accounts payable, bonds payable and convertible bonds. The risks related to the
financial instruments, and the risk management strategies adopted by the Group to reduce these risks are as follows.
The Board of Directors is responsible for planning and establishing the Group’s risk management structure, formulating
the Group’s risk management policies and related guidelines, and supervising the implementation of risk management
measures. The Group has formulated risk management policies to identify and analyze the risks faced by the Group.
These risk management policies specify specific risks, covering market risk, credit risk and liquidity risk management.
The Group regularly assesses changes in the market environment and the Group’s operating activities to decide
whether to update the risk management policies and systems. The risk management of the Group is carried out
by the Risk Management Committee in accordance with the policies approved by the Board of Directors. The Risk
Management Committee identifies, evaluates and avoids related risks through close cooperation with other business
departments of the Group. The internal audit department of the Group conducts regular audits on risk management
controls and procedures, and reports the audit results to the audit committee of the Group.
The Group diversifies the risk of financial instruments through appropriate diversified investment and business portfolios,
and formulates corresponding risk management policies to reduce the risk of concentration in any single industry,
specific region or specific counterparty.


3. Financial instrument risks (continued)
Credit risk
The Group trades only with recognised and creditworthy customers. It is the Group’s policy that all customers who
wish to trade on credit terms are subject to credit verification procedures. In addition, receivable and contract assets
balances are monitored on an ongoing basis to ensure that the Group’s exposure to bad debts is not significant. For
transactions that are not denominated in the functional currency of the relevant operating unit, the Group does not offer
credit terms without the specific approval of the Department of Credit Control in the Group.
Since the counterparties of monetary funds, bank acceptance bills receivable are banks with good reputations and high
credit ratings, these financial instruments have low credit risks.
Other financial assets of the Group include notes receivable, accounts receivable, financial assets held for trading, other
receivables, debt investments, long-term receivables, other debt investments, other equity instrument investments, and
other non-current financial assets. The credit risk of these financial assets stems from the default of the counterparty.
The maximum risk exposure is equal to the book value of these instruments.
The maximum credit risk exposure that the Group faces on each balance sheet date is the total amount collected from
customers minus the amount of impairment allowances.
The Group also faces credit risks due to the provision of financial guarantees, as disclosed in Note XII. 2 for details.
Since the Group only conducts transactions with recognised and reputable third parties, there is no need for
collateral. Credit risk is centralised and managed according to customers/counterparties, geographic regions and
industries. Because the Group’s accounts receivable customer base is relatively wide. Therefore, there is no significant
concentration of credit risk within the Group.
The judgment criteria for the significant increase of credit risk
The Group evaluates on each balance sheet date whether the credit risk of relevant financial instruments has increased
significantly since the initial recognition. When determining whether the credit risk has increased significantly since the
initial recognition, the Group considers whether it is necessary to pay unnecessary additional costs or efforts can be
made to obtain reasonable and based information, including qualitative and quantitative analysis based on the historical
data of the Group, external credit risk ratings, and forward-looking information. Based on a single financial instrument
or a combination of financial instruments with similar credit risk characteristics, the Group determines the change in the
risk of default during the expected life of the financial instrument by comparing the risk of default on the balance sheet
date of the financial instrument with the risk of default on the initial recognition date.
When one or more of the following quantitative and qualitative standards are triggered, the Group believes that the
credit risk of financial instruments has increased significantly:
(1) The quantitative standard is mainly that the probability of default in the remaining lifetime of the reporting day
has increased by more than a certain percentage compared with the initial confirmation;
(2) The qualitative standards are mainly the major adverse changes in the debtor’s business or financial situation,
the list of early warning customers, etc.


Credit risk (continued)
Definition of credit-impaired assets
In order to determine whether credit impairment has occurred, the standard used by the Group is consistent with
the internal credit risk management objectives for relevant financial instruments, while considering quantitative and
qualitative indicators. The main consideration when the Group assesses whether a debtor has credit impairment The
following factors:
(1) The issuer or debtor has major financial difficulties;
(2) The debtor breached the contract, such as defaulting or overdue payment of interest or principal;
(3) The creditor, out of economic or contractual considerations related to the debtor’s financial difficulties, gives the
debtor a concession that the debtor would not make under any other circumstances;
(4) The debtor is likely to go bankrupt or undergo other financial restructuring;
(5) The issuer or debtor’s financial difficulties caused the disappearance of the active market for the financial asset;
(6) A financial asset is purchased or originated at a significant discount, and the discount reflects the fact that credit
losses have occurred.
The credit impairment of financial assets may be caused by a combination of multiple events, and may not be caused
by a separately identifiable event.
The exposure to credit risk
As at 30 June 2023 and 31 December 2022, the exposure to credit risk of notes receivable, accounts receivable,
accounts receivable financing, other receivables, contract assets, debt investments and long-term receivables refers to
Note V. 3,4,5,7,9,12, and 13.
Liquidity risk
The Group uses circular liquidity planning tools to manage the risk of funding shortfalls. The facility takes into account
both the maturity date of its financial instruments and the expected cash flows from the Group’s operations.
The objective of the Group is to maintain a balance between sustainability and flexibility in financing through the use
of a variety of financing instruments. As at 30 June 2023 and 31 December 2022, the Group’s financial liabilities were
mainly due within one year.


Liquidity risk (continued)
The tables below summarise the maturity profile of the Group’s financial liabilities and other liabilities based on
contractual undiscounted payments and earliest payment date required by related parties for the maximum amount
under financial guarantee contracts:
30 June 2023
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
Short-term borrowings 122,489,527 – – – 122,489,527
Notes payable 13,246,100 – – – 13,246,100
Accounts payable 636,263,437 – – – 636,263,437
Other payables 135,162,808 – – – 135,162,808
Other current liabilities 21,349,343 – – – 21,349,343
Long-term borrowings 96,782,423 127,048,806 219,723,805 135,313,741 578,868,775
Bonds payable 41,578,508 5,524,718 23,772,237 87,747,740 158,623,203
Lease liabilities 2,365,265 1,670,286 2,093,889 2,275,938 8,405,378
Long-term payables 16,880,275 6,402,209 3,884,093 757,235 27,923,812
Other non-current liabilities – 2,623,707 – – 2,623,707
Financial guarantee contracts 123,152,506 670,821 12,849,899 2,973,822 139,647,048
Total 1,209,270,192 143,940,547 262,323,923 229,068,476 1,844,603,138
31 December 2022
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
Short-term borrowings 79,184,430 – – – 79,184,430
Notes payable 10,303,981 – – – 10,303,981
Accounts payable 585,744,273 – – – 585,744,273
Other payables 137,554,165 – – – 137,554,165
Other current liabilities 3,082,674 – – – 3,082,674
Long-term borrowings 77,240,840 132,854,090 191,488,381 123,394,857 524,978,168
Bonds payable 45,041,972 20,468,708 60,921,558 59,426,818 185,859,056
Lease liabilities 2,347,216 1,540,322 2,129,693 2,017,605 8,034,836
Long-term payables 14,523,373 9,934,264 4,934,431 85,847 29,477,915
Other non-current liabilities 4,980,549 2,669,891 – – 7,650,440
Financial guarantee contracts 124,091,982 4,855,343 9,039,133 1,193,323 139,179,781
Total 1,084,095,455 172,322,618 268,513,196 186,118,450 1,711,049,719
Note: The above-mentioned long-term borrowings, bonds payable, lease liabilities and long-term payables and other non-current
liabilities all include the parts due within one year.


Market risk
Interest rate risk
The Group’s interest rate risk arises from interest bearing borrowings including borrowings and bonds payable.
Financial liabilities issued at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at
fixed rates expose the Group to fair value interest rate risk.
The Group manages interest costs by maintaining an appropriate mix of fixed and variable rate debt. As at 30 June
2023, the Group’s interest bearing borrowings with fixed rates amounted to RMB378,417,371 thousand (31 December
2022: RMB314,850,545 thousand), and floating rates interest bearing borrowings amounted to RMB401,704,762
thousand (31 December 2022: RMB377,089,607 thousand).
The Group’s finance department at its headquarters continuously monitors the interest rate position of the Group.
Increases in interest rates will increase the cost of new borrowings and the interest expenses with respect to the
Group’s outstanding floating rate borrowings, which could have a material adverse effect on the Group’s financial
position. The management of the Group makes decisions with reference to the latest market conditions. The Group
may enter into interest rate swap agreements to mitigate its exposure to interest rate risk. For the six-month period
ended 30 June 2023 and the year of 2022 the Group did not enter into any significant interest rate swap agreements.
As at 30 June 2023, if the borrowing interest rate calculated at floating interest rate had been 50 basis points
higher/lower, with all other variables held constant, the Group’s net profit would have been decreased/increased by
approximately RMB758 million (31 December 2022: approximately RMB1,384 million.)
Currency risk
The Group’s major operational activities are carried out in Mainland China and a majority of the transactions is
denominated in RMB. The Group’s confirmed foreign currency assets and liabilities and future foreign currency
transactions (foreign currency assets and liabilities and foreign currency transactions are mainly denominated in US
dollars and HK dollars) are subject to foreign exchange risks. The Group’s finance department at its headquarters is
responsible for monitoring the foreign currency transactions and the scale of foreign currency assets and liabilities to
minimize foreign exchange risks. The Group may consider entering into forward exchange contracts or currency swap
contracts to mitigate the foreign exchange risk. During the six-month period ended 30 June 2023 and the year of 2022,
the Group did not enter into any significant forward exchange contracts or currency swap contracts.
As at 30 June 2023, for Group’s all kinds of foreign currency financial assets and foreign currency financial liabilities, if
RMB appreciation or devaluation against foreign currency were 10%, other factors remain unchanged, the Group would
increase or decrease by approximately RMB9.734 billion (31 December 2022: RMB9.916 billion).
Equity instrument price risk
The Group’s equity instrument price risk mainly arises from various types of equity instrument investments, and there is
a risk of changes in equity instrument prices.
As at 30 June 2023, if the expected price of various types of equity instrument investments of the Group increased
or decreased by 10% and other factors remained unchanged, the Group’s net profit would increase or decrease
by approximately RMB131,966 thousand (31 December 2022: approximately RMB131,275 thousand), and other
comprehensive income would increase or decrease by approximately RMB552,105 thousand (31 December 2022:
approximately RMB508,823 thousand).


4. Capital management
The primary objectives of the Group’s capital management are to safeguard the Group’s ability to continue as a going
concern and to maintain healthy capital ratios in order to support business development and maximize shareholder
value.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and
the risk profile of related assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to owners, return capital to owners or issue new shares. The Group is not subject to external mandatory capital
requirements. No changes in the objectives, policies or processes for managing capital were made during the six-month
period ended 30 June 2023 and the year of 2022.
The Group’s total capital is the shareholders’ equity shown in the consolidated balance sheet. The Group uses the
gearing ratio to monitor its capital. The debt to assets ratio refers to the consolidated balance sheet total liabilities
divided by total assets. The debt to assets ratio of the Group at 30 June 2023 and 31 December 2022 was as follows:
Total liabilities 2,135,578,501 1,972,516,396
Total assets 2,829,157,158 2,652,903,306
Debt to assets ratio 75.48% 74.35%
IX. Disclosure of Fair Value

1. Assets and liabilities measured at fair value
30 June 2023
Fair value measurement using
Quoted prices Significant Significant
in active markets observable inputs unobservable inputs
(Level 1) (Level 2) (Level 3) Total
Recurring fair value measurements
Financial assets held for trading
Equity investments 16,299 – – 16,299
Accounts receivable financing – – 4,092,170 4,092,170
Other current assets
Investment in listed equity instrument 954,089 – – 954,089
Other non-current financial assets
Investment in stock – – 35,510 35,510
Investment in fund – – 1,541,692 1,541,692
Other investment in debenture instrument 187,820 – – 187,820
Other investment in equity instrument
Investment in non-listed equity instrument – – 5,540,950 5,540,950
Total financial assets 1,458,016 – 11,210,322 12,668,338

IX. Disclosure of Fair Value (continued)

1. Assets and liabilities measured at fair value (continued)
31 December 2022
Fair value measurement using
Quoted prices Significant Significant
in active markets observable inputs unobservable inputs
(Level 1) (Level 2) (Level 3) Total
Financial assets held for trading
Equity investments 20,153 – – 20,153
Accounts receivable financing – – 4,658,182 4,658,182
Other current assets
Investment in listed equity instrument 1,730,559 – – 1,730,559
Other non-current financial assets
Investment in stock – – 35,510 35,510
Investment in fund – – 1,529,643 1,529,643
Other investment in debt investments 272,924 – – 272,924
Other investment in equity instrument
Investment in non-listed equity instrument – – 4,309,604 4,309,604
Total financial assets 2,324,503 – 10,532,939 12,857,442
Current portion of non-current liabilities – 4,967,342 – 4,967,342
Total financial liabilities – 4,967,342 – 4,967,342
2. Valuation of fair value

Fair value of financial instruments
The illustration below is the disclosure on comparison between the fair value and the carrying amount for each class
of financial assets and financial liabilities of the Group, except for lease liabilities and financial instruments where the
difference between the carrying amount and the fair value is insignificant:
Carrying amounts Fair value
30 June 2023 31 December 2022 30 June 2023 31 December 2022
Bonds payable 90,766,988 103,797,195 101,613,260 110,255,924


2. Valuation of fair value (continued)
Fair value of financial instruments (continued)
The fair value of bonds payable quoted in an active market is determined at the quoted market price, and categorised
within Level 1 of the fair value hierarchy. The fair value of bonds payable not quoted in an active market is the present
value of the contractually determined stream of future cash flows discounted at the rate of interest applied at that time
by the market to instruments of comparable credit status and providing substantially the same cash flows on the same
terms, and categorised within Level 3 of the fair value hierarchy.
Management has assessed that the fair value of cash and bank balances, notes receivable, accounts receivable, other
receivables, short-term loans, notes payable, accounts payable and other payables. Given the short term maturities, the
fair value approximate to the carrying value.
The Group’s finance department headed by the person in charge of the accounting institution is responsible for
determining the policies and procedures for the fair value measurement of financial instruments. The person in charge of
the accounting institution reports directly to the person in charge of accounting work and the audit committee. At each
reporting date, the finance department analyses the movements in the value of financial instruments and determines
the major inputs applied in the valuation. The valuation is reviewed and approved by the person in charge of accounting
work.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair value.
Long-term receivables, long-term borrowings, debt investments, bonds payable, etc., adopt the future cash flow
discount method to determine the fair value, and use the market yield of other financial instruments with similar
contractual terms, credit risks and remaining maturity as the discount rate. As at 30 June 2023 and 31 December
2022, the fair value of long-term receivables, long-term borrowings and debt investments approximated to the carrying
amount. The default risk of long-term borrowings was evaluated as insignificant.
The fair value of listed equity instrument investment is determined at the market price. For investment in unlisted equity
instruments, valuation models such as market-comparable company models and discounted cash flow models are
used to estimate fair value, For the market-comparable company models, the market method is used to estimate the
fair value based on unobservable market prices or interest rate assumptions. The Group needs to identify comparable
listed companies based on industry, size, leverage and strategy and calculate appropriate market multipliers such
as enterprise value multiplier, price-to-book multiplier and price-to-earnings multiplier for each identified comparable
listed company. Adjustments are made according to enterprise-specific facts and circumstances, taking into account
factors such as liquidity and size differences with comparable listed companies. For the discounted cash flow model,
the discounted valuation model is used to estimate the fair value according to the unobservable market price or
interest rate assumption. The Group is required to provide estimates of expected future cash flows, including expected
future dividends and disposal income. The Group believes that the fair value and its changes estimated by valuation
techniques are reasonable and are the most appropriate value on the balance sheet date.
3. Unobservable inputs
The valuation models used are mainly discounted cash flow models and market-comparable company models. The
input value of valuation techniques mainly includes future cash flows, price-to-book ratio and price-earnings ratio of
companies of the same category.


4. Reconciliation of fair value measurements
Reconciliation of recurring fair value measurements within Level 3 is as follows:
Changes in
unrealised
Total gains or losses gains or losses
during the period included in
Opening Included in other Closing for assets held
balance of profit or comprehensive balance of at end of
the period loss income Purchases Sales the period the period
Accounts receivable
4,658,182 – – 3,404,545 (3,970,557) 4,092,170 –
financing
Other non-current
financial assets
Investment in stock 35,510 – – – – 35,510 –
Investment in fund 1,529,643 3,808 – 13,500 – 1,541,692 (1,451)
Other investment in
equity instrument
Investment in
non-listed equity 4,309,604 15,271 59,710 1,386,952 (215,316) 5,540,950 –
instrument
Total 10,532,939 19,079 59,710 4,804,997 (4,185,873) 11,210,322 (1,451)
2022
Changes in
unrealised
Total gains or losses gains or losses
during the year included in
Opening Included other Closing for assets held
balance of in profit comprehensive balance of at end of
the year or loss income Purchases Sales the year the year
Accounts receivable
3,773,078 – – 4,117,244 (3,232,140) 4,658,182 –
financing
Other non-current
financial assets
Investment in stock 35,510 – – – – 35,510 –
Investment in fund 1,523,844 9,855 – 30,600 – 1,529,643 (24,801)
Other investment in
equity instrument
Investment in
non-listed 3,857,206 46,095 349,615 231,104 (128,321) 4,309,604 –
equity instrument
Total 9,189,638 55,950 349,615 4,378,948 (3,360,461) 10,532,939 (24,801)


4. Reconciliation of fair value measurements (continued)
For recurring fair value measurements categorised within Level 3 of the fair value hierarchy, gains and losses included
in profit or loss that relate to financial assets and non-financial assets are as follows:
Profit or loss related to Profit or loss related to
financial assets non-financial assets
Total realised gains included in profit or loss 19,079 –
Changes in unrealised losses included in profit or loss for assets
(1,451) –
held at end of the period
2022
Profit or loss related to Profit or loss related to
financial assets non-financial assets
Total realised gains included in profit or loss 55,950 –
Changes in unrealised losses included in profit or loss for assets
(24,801) –
held at end of year
5. Fair value level conversion

For the six-month period ended 30 June 2023 and the year of 2022, the fair value level of the equity instrument or debt
investment continuously measured at fair value has no change.
X. Related Party Relationships and Transactions

1. Parent
Proportion of Proportion of
Registered Nature of Registered
ownership interest voting power in the
address business capital (RMB)
in the Company Company
CSCEC Beijing Investment holding 10 billion 56.35% 56.35%
The Company’s ultimate controlling party is State-owned Assets Supervision and Administration Commission of the
State Council.
2. Subsidiaries
The Company’s important subsidiaries refer to Note VII. 1.

X. Related Party Relationships and Transactions (continued)

3. Joint ventures and associates
Except the general information and other related information of joint ventures and associates set out in Note VII. 2, the
situation of joint ventures and associated enterprises that have transactions with the Group is listed as follows:
Strategic
Main place of Place of to group Shareholding
business registration Nature of business activities ratio (%)
Joint Ventures (Note 3)
CSCEC (Tangshan Caofeidian) Engineering Construction Infrastructure construction
Hebei China Hebei China No 90.00
Co., Ltd. (Note 1) business
Cangzhou Bohai New Area China Construction Port Infrastructure construction
Construction Management Co., Ltd. (Note 1) business
Liupanshui urban pipe gallery construction and Infrastructure construction
Guizhou China Guizhou China No 80.00
Development Investment Co., Ltd. (Note 1) business
Zhengzhou CSCEC Zhicheng Comprehensive Pipe Infrastructure construction
Henan China Henan China No 80.00
Gallery Construction Management Co., Ltd. (Note 1) business
Qingyuan CSCEC Fourth Bureau Yuejian Investment
Guangdong China Guangdong China Other business No 80.00
Development Co., Ltd. (Note 1)
CSCEC Haijia (Foshan) Investment Construction Co.,
Ltd. (Note 1)
Anhui Bengwu Expressway Investment Management Infrastructure construction
Anhui China Anhui China No 70.00
Chongqing Zhongjian Hailong Liangjiang Construction Housing construction
Chongqing China Chongqing China No 70.00
Technology Co., Ltd. (Note 1) business
Jingyu Co., Ltd. (Note 1) Hong Kong China Hong Kong China Other business No 70.00
China Construction International (Xiangyang) Housing construction
Hubei China Hubei China No 70.00
Construction Co., Ltd. (Note 1) business
Guizhou Leirong Expressway Investment Management Infrastructure construction
Dazhou Dahuan Construction Management Co., Ltd. Infrastructure construction
Sichuan China Sichuan China No 65.89
(Note 1) business
Changsha Zhongjian International Development Co., Ltd. Infrastructure construction
Hunan China Hunan China No 65.00
(Note 1) business
Xuancheng Haijia Lancheng Real Estate Co., Ltd. Real estate investment and
(Note 1) development business
Shenzhen Shenzhen-Shantou Special Cooperation Zone Infrastructure construction
Guangdong China Guangdong China No 64.00
Zhongpu Infrastructure Investment Co., Ltd. (Note 1) business
Liuzhou China Construction Science and Industry Building decoration,
Exhibition Operation Management Co., Ltd. Guangxi China Guangxi China decoration, and other No 63.49
(Note 1) construction industries
Wuhan Pinlian Real Estate Co., Ltd. (Note 1) Hubei China Hubei China Business service industry No 63.20
Qufu Nishan cultural tourism real estate Co., Ltd.
Shandong China Shandong China Other business No 60.00
(Note 1)
Putian Haijia Real Estate Co., Ltd. (Note 1) Fujian China Fujian China No 60.00
business
Guizhou Zhengxi Expressway Investment Management Infrastructure construction
Zunyi South Ring Expressway Development Co., Ltd. Infrastructure construction
(Note 1) business
Guangzhou Zhongjian Tiantou Investment Real Estate Real estate investment and
Co., Ltd. (Note 1) development business
China Construction Third Engineering Bureau
Hubei China Hubei China Other business No 60.00
Construction Technology Hubei Co., Ltd. (Note 1)
Hengshui CECSC Hangang Expressway Management Public facility management
Co., Ltd. (Note 1) industry
Jingmen China Construction 207 Highway Construction Infrastructure construction
Changsha CSCEC International High-speed Railway Infrastructure construction
West Industrial City Investment Co., Ltd. (Note 1) business
Nanjing China Construction Fifth Engineering Bureau
Lishui Development Area Affordable Housing Jiangsu China Jiangsu China No 51.00
business
Investment Co., Ltd. (Note 1)


3. Joint ventures and associates (continued)
Strategic
Joint Ventures (continued) (Note 3)
Suzhou Star Investment Construction Development Real estate investment and
Jiangsu China Jiangsu China No 51.00
Foshan China Construction Yipin Pengyue Real Estate Real estate investment and
Co., Ltd.(Note 1) development business
Real estate investment and
Liuan Haijia Lancheng Real Estate Co., Ltd. (Note 1) Anhui China Anhui China No 51.00
development business
Beijing Xingying Real Estate Co., Ltd. (Note 1) Beijing China Beijing China No 51.00
Guangdong Haichao Technology Industry Development
Co., Ltd. (Note 1)
Beijing Yipin Haikai Real Estate Development Co., Ltd.
Beijing China Beijing China Business service industry No 51.00
(Note 1)
Beijing Yipin Cultural Tourism Real Estate Co., Ltd.
Beijing China Beijing China Other business No 51.00
(Note 1)
CSCEC Third Engineering Bureau Shengshi Jingzhou Real estate investment and
Real Estate Development Co., Ltd. (Note 1) development business
Guangzhou Xinghong Real Estate Development Co., Ltd. Real estate investment and
Wuhan Hongtai Hongli CSCEC Yipin Real Estate Real estate investment and
Zhaotong Zhongjian Construction Investment Infrastructure construction
Yunnan China Yunnan China No 51.00
Development Co., Ltd. (Note 1) business
CSCEC Roads and Bridges Co., Ltd. (Note 1) Hebei China Hebei China No 51.00
business
Tianjin Chuangqing Investment Management Co., Ltd.
Tianjin China Tianjin China Other business No 51.00
(Note 1)
Shanghai Heke Real Estate Co., Ltd. (Note 1) (Note 4) Shanghai China Shanghai China No 51.00
Xiangtan Haijia Construction Co., Ltd. (Note 1) Hunan China Hunan China No 51.00
business
Hengyang Lingsheng Real Estate Co., Ltd. (Note 1) Hunan China Hunan China No 51.00
Leading Investment Co., Ltd. (Note 1) Jiangsu China Jiangsu China No 51.00
Xiamen International Trade Conference Center Co., Ltd. Fujian China Fujian China Other business No 50.00
Guangzhou XingLv Real Estate Development Co., Ltd. Guangdong China Guangdong China No 50.00
Guiheng Investments Co., Ltd. Chongqing China Chongqing China No 50.00
Changchun Hairun Rongcheng Real Estate Development Real estate investment and
Jilin China Jilin China No 50.00
Co., Ltd. development business
Xiamen Haimao Real Estate Co., Ltd. Fujian China Fujian China No 50.00
China Resources Land Real Estate (Taiyuan) Real estate investment and
Shanxi China Shanxi China No 50.00
Development Co., Ltd. development business
Hing Chong Enterprise Co., Ltd. Hong Kong China Hong Kong China No 50.00


Strategic
China Overseas Polytec Real Estate (Foshan) Co.,Ltd. Guangdong China Guangdong China No 50.00
Jiangmen Pengjiang Tianque Real Estate Development Real estate investment and
TDE-Empreendimentos Imobiliarios, S.A. Portugal Portugal No 50.00
business
Ezhou Chuanggu Real Estate Development Co., Ltd. Hubei China Hubei China No 50.00
Quanzhou Taiwan Business Investment Zone China
Construction Fifth Engineering Bureau Haiwan Avenue Fujian China Fujian China No 50.00
business
Investment Co., Ltd.
Dongguan Zhonghai Century City Education Technology
Development Co., Ltd.
Wuhan CSCEC Yipin Zhaoying Real Estate Co., Ltd. Hubei China Hubei China No 50.00
CSCEC Dacheng Construction Co., Ltd. Beijing China Beijing China No 50.00
business
Xinggui Investment Co., Ltd. Zhejiang China Zhejiang China No 50.00
Harbin Runzhi Real Estate Development Co., Ltd. Heilongjiang China Heilongjiang China No 50.00
Chengdu Langxin Real Estate Co., Ltd. Sichuan China Sichuan China Real Estate No 50.00
Sunrise JV Limited Hong Kong China Hong Kong China Other business No 50.00
Qingdao Haijie Real Estate Co., Ltd. Shandong China Shandong China No 50.00
Fuzhou Xinzhiyuan Investment Development Co., Ltd. Fujian China Fujian China No 50.00
Xi’an Jiarun Rongcheng Real Estate Co., Ltd. Shaanxi China Shaanxi China No 50.00
Xi’an Hehui Xingshang Real Estate Co., Ltd. Shaanxi China Shaanxi China No 50.00
Ulanhot Xingcai Fund Management Center (Limited Inner Mongolia Inner Mongolia
Other business No 49.99
Partnership) (Note 1) China China
Shanghai Lingang New Area Jingang Dongjiu Real Estate Real estate investment and
Shanghai China Shanghai China No 49.00
Shanghai Linbo Haihui City Construction Development Infrastructure construction
Yunnan Airport Construction and Development Co., Ltd. Infrastructure construction
(Note 1) business
Changsha Yida Chuangzhi Real Estate Development Real estate investment and
Henan Huizhong Urban Renewal Co., Ltd. (Note 1) Henan China Henan China Other business No 49.00
Nanjing Kangyuan Real Estate Development Co., Ltd. Infrastructure construction
(Note 1) business


Strategic
Xi’an Chuxin investment and Construction Co., Ltd. Infrastructure construction
Shaanxi China Shaanxi China No 49.00
(Note 1) business
Shanghai Jiasheng Real Estate Development Co., Ltd. Real estate investment and
Suzhou Dongfu Yongxu Real Estate Co., Ltd. (Note 1) Jiangsu China Jiangsu China No 49.00
Zhongshan Shenshui Environmental Water Co., Ltd.
(Note 1)
Chongqing CSCEC Erhengxian Infrastructure Infrastructure construction
Xuzhou Metro Line Three Investment Development Infrastructure construction
Suzhou Wujiang Taihai Real Estate Co.,Ltd. (Note 1) Jiangsu China Jiangsu China No 44.00
Shanghai Baoxuan Technology Development Real estate investment and
Zhangzhou Chengjia Real Estate Co., Ltd. (Note 1) Fujian China Fujian China Real Estate No 40.00
Yili CSCEC Highway Construction and Operation Infrastructure construction
Xinjiang China Xinjiang China No 40.00
Xiangyang Loop Line Speed Improvement Construction Infrastructure construction
Guigang Nine Roads and Two Bridges Construction Infrastructure construction
Guangxi China Guangxi China No 37.57
Management Co., Ltd. (Note 1) business
Mianyang CSCEC Kefa Guanlang road investment and Housing construction
Shantou CSCEC New Urbanization Investment Co., Ltd. Infrastructure construction
(Note 1) business
Beijing Nanyue Real Estate Development Co., Ltd. Real estate investment and
Beijing China Beijing China No 35.00
Tianjin Chuangliang Investment Management Co., Ltd.
Tianjin China Tianjin China Other business No 34.00
(Note 1)
Top Colour Development Limited (Note 1) Hong Kong China Hong Kong China No 34.00
Beijing Chenxing International Exhibition Co., Ltd.
Beijing China Beijing China Other business No 33.33
(Note 1)
TEDA Group Co., Ltd. (Note 1) Hong Kong China Hong Kong China No 33.00
business
Luminous Dream Limited (Note 1) Hong Kong China Hong Kong China No 30.00
business
Clear Elegant Limited (Note 1) Hong Kong China Hong Kong China No 30.00


Strategic
Cangzhou CSCEC Bohai investment Logistics Park Infrastructure construction
Construction Development Co., Ltd. (Note 1) business
Yantai Zhongda Xinhong Science Education Investment
Shandong China Shandong China Other business No 29.33
Co., Ltd. (Note 1)
CSCEC (Tianjin) Railroad Transportation Investment Infrastructure construction
Tianjin China Tianjin China No 25.40
Shanghai Chenggang Real Estate Co., Ltd. (Note 1) Shanghai China Shanghai China No 25.00
Tongxiang Haoli Enterprise Management Co., Ltd.
Zhejiang China Zhejiang China Other business No 25.00
(Note 1)
Guangzhou SuiHai Real Estate Co., Ltd. (Note 1) Guangdong China Guangdong China No 25.00
CSCEC Xi’an Infrastructure Construction Investment Infrastructure construction
CSCEC New Urbanization (Xinjiang) Investment Co., Ltd. Infrastructure construction
(Note 1) business
Gainable Development Limited (Note 1) Hong Kong China Hong Kong China No 20.00
Beijing Zhonghai Excellent Urban and Rural Construction Public facility management
Investment Fund (Note 1) industry
Marble Edge Limited (Note 1) Hong Kong China Hong Kong China No 18.00
Qingdao Maozhang Real Estate Co., Ltd. (Note 1) Shandong China Shandong China No 18.00
Qingdao Fangchen Real Estate Co., Ltd. (Note 1) Shandong China Shandong China No 18.00
Qingdao Tengmao Real Estate Co., Ltd. (Note 1) Shandong China Shandong China No 18.00
Qingdao Caimao Real Estate Co., Ltd. (Note 1) Shandong China Shandong China No 18.00
Qingdao Fangchuan Real Estate Co., Ltd. (Note 1) Shandong China Shandong China No 18.00
Qingdao Songmao Real Estate Co., Ltd. (Note 1) Shandong China Shandong China No 18.00
Sanya Bihai Jincheng Business Management Co., Ltd. Real estate investment and
Hainan China Hainan China No 17.00
Tianjin Shunji Real Estate Co., Ltd. (Note 1) Tianjin China Tianjin China No 12.50
Rizhao CSCEC Transportation Service Co., Ltd. (Note 1) Shandong China Shandong China No 5.00
business
Nanjing CSCEC Gubei City Development Co., Ltd. Infrastructure construction
(Note 1) business


Strategic
Associates (Note 3)
Hengshui China Construction HaYuan Project
Hebei China Hebei China Other business No 60.00
Management Co., Ltd. (Note 2)
Ecological protection
Liyang Zhongjian Sangde Environmental Governance
Jiangsu China Jiangsu China and environmental No 54.00
Co., LTD. (Note 2)
governance industry
Wuhan Chongjiang Real Estate Co., Ltd. (Note 2) Hubei China Hubei China No 51.00
Wuhan Optics Valley Science Island Construction and Infrastructure construction
Jiangmen Pengjiang Area Hebang Real Estate Real estate investment and
Development Co., Ltd. (Note 2) development business
Putian CSCEC Mulan Construction Development Co., Infrastructure construction
Fujian China Fujian China No 49.90
Ltd. business
Urumqi Linkong Construction Infrastructure Co., Ltd. Xinjiang China Xinjiang China Other business No 49.00
Hainan Xinsheng Green Building Materials Co., Ltd. Hainan China Hainan China No 49.00
business
GRAND DUNMAN PL Singapore Singapore No 49.00
Haizhou Investment Co., Ltd. Hong Kong China Hong Kong China Other business No 49.00
Beijing Hengyi Real Estate Development Co.,Ltd. Beijing China Beijing China No 49.00
Liuzhou CSCEC Dongcheng Cultural Development Co., Infrastructure construction
Ltd. business
Yunnan Huali Expressway investment and Development Infrastructure construction
Co., Ltd. business
China Construction Third Engineering Bureau Xianning
Big Continent Lake ecological construction and Hubei China Hubei China No 45.00
business
Operation Co.,Ltd.
Chongqing Jinke Zhaoji Real Estate Development Co., Real estate investment and
Ltd. development business
Sichuan West Construction Zhonghe Machinery Co.,
Sichuan China Sichuan China Other business No 44.44
Ltd.
CSCEC Xi’an Chanba Ecological Region Construction Infrastructure construction
Investment Co., Ltd. business
Pingdingshan Development and Investment CSCEC First Infrastructure construction
Hospital New District Management Co., Ltd. business
Anhui Guoyuan Investment Co., Ltd. Anhui China Anhui China Other business No 42.73
China State Construction Wuhan Yangsigang Road and Infrastructure construction
Bridge Construction and Operation Co., Ltd. business
Zhijiang Jianxin Municipal Engineering Construction Co., Housing construction
Ltd. business
Fuqing CSCEC Ronghai Construction and Development Real estate investment and
Shandong Public Ecological Construction Co., Ltd. Shandong China Shandong China No 40.00
business
Zhongshan Public Utilities Sanlianwei Watershed
Guangdong China Guangdong China Wholesale Business No 40.00
Governance Co., Ltd.
Sanmenxia National Road 310 South Transplanted Infrastructure construction
Project Construction Co., Ltd. business
Beijing Jinliang Xingye Real Estate Development Co., Real estate investment and
Suining East Lake Bishui Environmental Investment
Sichuan China Sichuan China Other business No 39.00
Construction Co, Ltd.


Strategic
Associates (continued) (Note 3)
Xuchang Chenheng Real Estate Co., Ltd. Henan China Henan China No 39.00
Qingdao China Construction Eighth Engineering Bureau Infrastructure construction
Shandong China Shandong China No 38.65
Education Development Co., Ltd. business
Wuhan Binjiang Infrastructure Construction and Infrastructure construction
Development Co., Ltd. business
China Construction Haoyun Co., Ltd. Hebei China Hebei China Other business No 35.00
Jinan Shengtang Hongyuan Construction Development
Shandong China Shandong China Business service industry No 34.00
Co., Ltd.
Guangzhou Fuchuang Real Estate Development Co., Real estate investment and
Suzhou Fuyuan Real Estate Co., Ltd. Jiangsu China Jiangsu China No 34.00
Tianjin Zhonghai Haixin Real Estate Co., Ltd. Tianjin China Tianjin China No 34.00
Duyun Galaxy Real Estate Development Co., Ltd. Guizhou China Guizhou China No 33.33
Nanjing Guancheng Hengrui Real Estate Co., Ltd. Jiangsu China Jiangsu China No 33.00
Nantong City Ring Road Expressway Co., Ltd. Jiangsu China Jiangsu China No 33.00
business
Putian Puyang University Construction Co., Ltd. Fujian China Fujian China No 32.90
business
Vanlink Company Limited Shandong China Shandong China No 32.14
Southwest Section of Wuhan Metropolitan Area Circle Infrastructure construction
Line Investment Management Co., Ltd. business
Guangxi Nanbin Highway Construction and Development Infrastructure construction
Co., Ltd. business
Hong Kong and Kowloon Concrete Co., Ltd. Hong Kong China Hong Kong China Sales materials No 31.50
Fengshang Co., Ltd Hong Kong China Hong Kong China No 30.00
Sichuan West Construction Shantui Logistics Co., Ltd. Sichuan China Sichuan China Other business No 30.00
Zhuzhou China Overseas Grand Oceans Real Estate Real estate investment and
Wuhan CSCEC Wudi Development Construction Co.,
Ltd.
CSCEC Xi’an City Construction Investment Co., Ltd. Shaanxi China Shaanxi China No 30.00
business
Shandong Zhongcheng Machinery Leasing Co., Ltd. Shandong China Shandong China Leasing business No 30.00
Beijing CSCEC Runtong Electromechanic Engineering Housing construction
Co., Ltd. business
Xiamen Yueqin Real Estate Co., Ltd. Fujian China Fujian China No 30.00
Shenzhen Zhaohang Real Estate Co., Ltd. Guangdong China Guangdong China Real Estate No 30.00


Strategic
Xianyi International Co., Ltd. Hong Kong China Hong Kong China Other business No 30.00
Fuzhou Modern Logistics City Investment Construction Real estate investment and
Development Co., Ltd. development business
Nanjing Jinlingyi Cultural Tourism Development Co., Ltd. Jiangsu China Jiangsu China Other business No 30.00
Zhuzhou China Overseas Real Estate Co., Ltd. Hunan China Hunan China No 30.00
Xiamen Haitou Construction Technology Co., Ltd. Fujian China Fujian China Other business No 30.00
Jinyu Jiaxing Nanjing Real Estate Development Co., Ltd. Jiangsu China Jiangsu China No 30.00
Shandong CSCEC Zhongli Equipment Leasing Co., Ltd. Shandong China Shandong China Leasing business No 30.00
Shandong CSCEC Material Equipment Co., Ltd. Shandong China Shandong China Other business No 30.00
Wuhan Wuyang Expressway Investment Management Infrastructure construction
Co., Ltd. business
Jingdezhen Taoyangli Scenic Spot Tourism Development Infrastructure construction
Jiangxi China Jiangxi China No 30.00
Co., Ltd. business
Dongguan Jiangpan New City Real Estate Development Real estate investment and
Yantai Yuanxin Zhongda Investment Co., Ltd. Shandong China Shandong China Other business No 28.00
Chongqing Derun Yipin Environmental Governance Co., Infrastructure construction
Ltd. business
Qingdao CSCEC Eighth Bureau Urban Investment Infrastructure construction
Hefei Binhu Financial Town Management Co., Ltd. Anhui China Anhui China No 25.00
business
Zhengzhou Public Zhongcheng Roads and Bridges Infrastructure construction
Construction Management Co., Ltd. business
Investment Center of Beiqi Industrial Park in Cangzhou Infrastructure construction
Development Zone (Limited Partnership) business
Hunan Leiyi Lingdao Expressway Construction and Infrastructure construction
Luzhou Yangtze River Second Bridge Construction Co., Infrastructure construction
Ltd. business
Xiamen International Exhibition Center Co., Ltd. Fujian China Fujian China Other business No 24.00
Railway transportation
Guangzhou Fangbai Intercity Rail Transit Co., Ltd. Guangdong China Guangdong China No 23.93
industry
Beijing CSCEC Zisheng Earthwork Engineering Co., Ltd. Beijing China Beijing China No 23.00
business
Qingdao Changming Real Estate Co., Ltd. Shandong China Shandong China No 22.50
CCCC Jijiao Expressway Investment Development Co., Infrastructure construction
Ltd. business


Strategic
Civil engineering and
Hubei Jiaotou Wusong Expressway Co., Ltd. Hubei China Hubei China No 20.20
construction industry
Chengdu Airport Industrial City Green Building Materials Housing construction
Co., Ltd. business
Sichuan Dehui Expressway Co., Ltd. Sichuan China Sichuan China No 20.00
business
Nanjing CSCEC Travel Construction Investment Co., Ltd. Jiangsu China Jiangsu China No 20.00
business
China Construction Third Engineering Bureau Jingzhou Infrastructure construction
Huanchang Lake Construction Operation Co., Ltd. business
Xinjiang CSCEC City Construction Investment Co., Ltd. Xinjiang China Xinjiang China No 20.00
business
Fernvale Lane Pte Ltd. Singapore Singapore No 20.00
Dongguan Songrun Real Estate Co., Ltd. Guangdong China Guangdong China Real Estate No 20.00
Chengdu Beichen Tianchen Real Estate Co., Ltd. Sichuan China Sichuan China No 20.00
Shenzhen Runchao Real Estate Co., Ltd. Shenzhen China Shenzhen China No 20.00
business
Wuhan Chenzhan Real Estate Development Co., Ltd. Hubei China Hubei China No 20.00
Chengdu Chuantou Airport Construction Co., Ltd. Sichuan China Sichuan China No 20.00
business
Xi’an Chufeng Construction Co., Ltd. Shaanxi China Shaanxi China No 20.00
business
Liuzhou CSCEC Kegong Ecological Landscape Co., Ltd. Guangxi China Guangxi China No 20.00
business
Suzhou Junda National Highway 206 Construction Co., Housing construction
Ltd. business
Shouguang City Chengtou Bridge Engineering Housing construction
Management Co., Ltd. business
Hubei Transportation Investment Xiangyang North Infrastructure construction
Expressway Co., Ltd. business
Guangzhou Zengcheng Run Yu Real Estate Co., Ltd. Guangdong China Guangdong China No 20.00
Jinmao Investment (Changsha) Co., Ltd. Hunan China Hunan China No 20.00
Beijing Yijing Real Estate Co., Ltd. Beijing China Beijing China No 20.00
Wuhan Chenfa Real Estate Development Co., Ltd. Hubei China Hubei China No 20.00
Inner Mongolia Inner Mongolia Real estate investment and
Baotou China Overseas Hongyang Real Estate Co., Ltd. No 20.00
China China development business
Zhangzhou Zhanyuan Environmental Technology Co.,
Fujian China Fujian China Other business No 19.00
Ltd. (Note 2)
Wuhan Transportation Investment Tongxiu High-speed Infrastructure construction
Construction Management Co., Ltd. (Note 2) business


Strategic
Fujian Minxin Environmental Development Co., Ltd. (Note Infrastructure construction
2) business
Shucheng Sanxia Phase I Comprehensive Water
Anhui China Anhui China Other business No 17.00
Environment Treatment Co., Ltd. (Note 2)
Xuzhou Metro Line 1 Investment and Development Co., Infrastructure construction
Ltd. (Note 2) business
Guangzhou lvrong Real Estate Development Co., Ltd. Real estate investment and
Rizhao CSCEC Eighth Engineering Bureau Infrastructure construction
Transportation Service Co., Ltd. (Note 2) business
Hangzhou City Investment Wulin Investment Infrastructure construction
Zhejiang China Zhejiang China No 15.00
Wenzhou China Construction Science and Industry
Olympic Sports Project Management Co., LTD. (Note Zhejiang China Zhejiang China Other business No 15.00
2)
Wuhan Sanxia Jiangnan Water Co., Ltd. (Note 2) Hubei China Hubei China No 14.50
business
Guangzhou Bizhen Real Estate Development Co., Ltd. Real estate investment and
Rizhao China Construction Eighth Engineering Bureau
Culture and Technology Development Co., Ltd. (Note Shandong China Shandong China No 14.00
business
2)
Qingdao China Construction Eighth Engineering Bureau
Airport City Construction Development Co., Ltd. (Note Shandong China Shandong China No 13.00
2)
Shanghai Tuoping Real Estate Co., Ltd. (Note 2) Shanghai China Shanghai China No 12.50
Jiangsu Susu Industrial Park Development Co., Ltd. Real estate investment and
Urumqi Linkong CSCEC Airport Construction Operation Infrastructure construction
Chongqing Qijiang Three Gorges Water Environment Civil engineering and
Comprehensive Treatment Co., Ltd. (Note 2) construction industry
Guangzhou New Urban Construction Investment
Tangshan Caofeidian District Tonggang Interchange Infrastructure construction
Development and Construction Co., Ltd. (Note 2) business
Jinjiang Zhongyun Sports Construction Development Infrastructure construction
Taizhou Luqiao Xindao Investment and Development
Zhejiang China Zhejiang China Other business No 10.00
Co., Ltd. (Note 2)
Nanning Zongheng Era Liujing Phase I Project Civil engineering and
Management Co., Ltd. (Note 2) construction industry
Chongqing Chengtou Chaotianmen Project Management
Chongqing China Chongqing China Business service industry No 10.00
Co., Ltd. (Note 2)
Xinyu Ring Road Construction Investment Co., Ltd. (Note Infrastructure construction
Jiangxi China Jiangxi China No 10.00
2) business
Wuhan Huangpi Three Gorges Water Environment
Comprehensive Treatment Co., Ltd. (Note 2)


Strategic
Xiangyang Fanxi Pipe Corridor Construction and
Operation Co., Ltd. of China Construction Third Hubei China Hubei China No 10.00
business
Engineering Bureau (Note 2)
Guizhou Wengma Railway North-South Extension Line
Guizhou China Guizhou China Other business No 9.93
Co., Ltd. (Note 2)
CSCEC Wuhan Huangxiao River Airport River
Environment Comprehensive Treatment Construction Hubei China Hubei China No 9.70
business
Operation Co., Ltd. (Note 2)
China Construction Wuhan Qingling Pipe Corridor Infrastructure construction
Construction and Operation Co., Ltd. (Note 2) business
Panzhihua China Construction Third Engineering
Bureau Government Service Center Construction Sichuan China Sichuan China No 9.00
business
Yiyang Three Gorges Water Environment Comprehensive Infrastructure construction
Treatment Co., Ltd. (Note 2) business
Jizheng High Speed Railway Limited (Note 2) Shandong China Shandong China No 7.73
business
Jiqing Express Railroad Co., Ltd. (Note 2) Shandong China Shandong China No 7.21
business
Foshan Urban Rail Transit Line 3 Development Co., Ltd. Infrastructure construction
(Note 2) business
Putian Jiangkou Suanxi CSCEC Strait Infrastructure Real estate investment and
Investment Development Co.,Ltd.(Note 2) development business
Hebei Chenghong Pipelines Engineering Co.,Ltd. Infrastructure construction
(Note 2) business
Shanwei Yuehai Qingyuan Environmental Protection Co.,
Ltd. (Note 2)
Weihai CSCEC Eighth Engineering Bureau Construction Infrastructure construction
Deyang Hongbo Construction Investment Co., Ltd. (Note
Sichuan China Sichuan China Business service industry No 3.00
2)
Pingxiang Jianyu Real Estate Co., Ltd. (Note 2) Jiangxi China Jiangxi China No 2.00
business
Hebei Xiong’an Citizen Service Center Co., Ltd. (Note 2) Hebei China Hebei China No 1.00
business
Chengdu Changtou Dongjin Construction Co., Ltd. (Note Infrastructure construction
2) business
Chongqing Water Affairs Shatian Environmental
Chongqing China Chongqing China Other business No 1.00
Governance Co., Ltd. (Note 2)
Note 1: The Group’s shareholding ratio in some of the aforementioned joint ventures is less than 50% or more than 50%. Major
business decisions made by the board of directors of these companies or similar institutions can only be approved after the
unanimous consent of all investors; or according to the provisions of the articles of association of these companies, major
business decisions must be approved by representatives of more than two-thirds of the voting rights. These decisions can
be passed only if the Group and other shareholders agree unanimously. The Group has no substantial control over these
companies, so these companies are accounted for as joint ventures.
Note 2: For invested companies with a shareholding ratio of less than 20%, the Group has the right to participate in their business
decision-making by appointing directors to the board of directors of these companies, and has a significant influence;
for invested companies with a shareholding ratio of not less than 50%, According to the provisions of the articles of
association of these companies on the decision-making mechanism for major operations and financial decisions, they
cannot be controlled or jointly controlled, but the Group can only exercise significant influence. Therefore, these companies
are accounted for as associates.
Note 3: The aforementioned joint ventures include joint ventures and their subsidiaries, and associates include associates and their
subsidiaries.
Note 4: Due to the disposal of the equity of these companies this period, these companies were excluded from the scope of the
consolidation and became Joint Ventures since 30 June 2023.


4. Other related parties
Relationship with the Group
CSCEC Scimee Sci.&Tech. Co.,Ltd. Controlled by the same parent company
China Construction Aluminum New materials Chengdu Co., Ltd. Controlled by the same parent company
Beijing Zhongyi Chengjian Property Management Co., Ltd. Controlled by the same parent company
CSCEC Electronic Commerce Co., Ltd. Controlled by the same parent company
China Construction Asset Management Co., Ltd. Controlled by the same parent company
CSCEC Innovation Investment Co., Ltd. (formerly known as "Beijing CSCEC Qiming
Controlled by the same parent company
Enterprise Management Co., Ltd.")
China State Construction Property Management Co., Ltd. Controlled by the same parent company
Chengdu CSCEC Minjiang River Construction Engineering Investment Co., Ltd. Controlled by the same parent company
China Construction Aluminum New materials Co., Ltd. Controlled by the same parent company
CSCEC science and technology innovation (Shanghai) Investment Co., Ltd. Controlled by the same parent company
China Automobile Trade Co., Ltd. Controlled by the same parent company
Beijing Hongde Materials Co., Ltd. Controlled by the same parent company
Controlled by another shareholder of a
Shanggang group Ruitai Development Co., Ltd.
subsidiary of the Group
Controlled by another shareholder of a
Shanghai International Port (Group) Co., Ltd.
subsidiary of the Group
5. Major transactions between the Group and its related parties

(1) Related party goods and services transactions
Purchase of goods and accepting services from related parties
Nature of the transaction 30 June 2023 30 June 2022
CSCEC Electronic Commerce Co., Ltd. Purchase of goods 1,214,280 1,120,078
Anhui Guoyuan Investment Co., Ltd. Purchase of goods 126,516 120,654
Sichuan Xijian Shantui Logistics Co., Ltd. Purchase of goods 27,629 29,441
Sichuan Xijian Zhonghe Machinery Co., Ltd. Purchase of goods 22,675 39,285
Chengdu Airport City Green Building Materials
Purchase of goods 18,437 –
Co., Ltd.
China Construction Aluminum New materials Chengdu
Purchase of goods 483 257
Co., Ltd.
Nanjing Guancheng Hengrui Real Estate Co., Ltd. Purchase of goods 372 –
Purchase of goods and
Others 1,074 253,780
accepting services
Total 1,411,466 1,563,495


5. Major transactions between the Group and its related parties (continued)
(2) Contract engineering and projects sub-contracted out
Contract engineering
Nature of the period ended period ended
transaction 30 June 2023 30 June 2022
(restated)
Guizhou Leirong Expressway Investment Management
Contract engineering 3,354,418 1,004,751
Co., Ltd.
Wuhan Optics Valley Science Island Construction and
Contract engineering 1,105,849 59,897
China Construction (Tianjin) Rail Transit Investment
Contract engineering 1,022,488 1,266,161
Hubei Jiaotou Wusong Expressway Co., Ltd. Contract engineering 924,906 –
Jizheng High Speed Railway Limited Contract engineering 910,369 –
Jiqing High Speed Railway Co., Ltd. Contract engineering 758,035 1,911,760
Xiamen International Trade Exhibition Center Co., Ltd. Contract engineering 680,221 444,037
Deyang Hongbo Construction Investment Co., Ltd. Contract engineering 641,958 –
Guangzhou Fangbai Intercity Rail Transit Co., Ltd. Contract engineering 639,229 6,631
Nantong Ring Expressway Co., Ltd. Contract engineering 632,464 947,533
Shanghai Chenggang Real Estate Co., Ltd. Contract engineering 626,165 330,381
CCCC Jijiao Expressway Investment and Development
Contract engineering 620,282 1,197,030
Co., Ltd.
Urumqi Linkong Airport Construction and Operation Co.,
Contract engineering 583,826 606,530
Ltd.
Beijing Chenxing International Exhibition Co., Ltd. Contract engineering 573,524 170,790
Hangzhou Urban Investment Wulin Investment
Zhuzhou Zhonghai Hongyang Real Estate Co., Ltd. Contract engineering 504,646 263,787
Hebei Chenghong Pipe Gallery Engineering Co., Ltd. Contract engineering 496,495 465,517
Anhui Bangwu Expressway Investment Management Co.,
Ltd.
Wuhan Zhongjian Wudi Development and Construction
Co., Ltd.
Shanghai Lingang New Area Jingang Dongjiu Real Estate
Co., Ltd.


(2) Contract engineering and projects sub-contracted out (continued)
Contract engineering (continued)
(restated)
China Construction Xi’an Urban Construction Investment
Co., Ltd.
Hengshui JianHangang Expressway Management Co.,
Ltd.
Contract engineering 425,482 –
Sichuan Dehui Expressway Co., Ltd. Contract engineering 423,229 663,748
Jiangsu Susu Industrial Park Development Co., Ltd. Contract engineering 411,363 211,798
Jinan Shengtang Hongyuan Construction Development
Co., Ltd.
Qingdao China Construction Eighth Bureau Airport City
Construction Development Co., Ltd.
Chongqing Qijiang Three Gorges Water Environment
Comprehensive Management Co., Ltd.
Urumqi Linkong Construction Infrastructure Co., Ltd. Contract engineering 340,346 354,048
Chongqing China Construction Second Horizontal
Infrastructure Construction Co., Ltd.
Shanghai Linbo Haihui City Construction Development
Co., Ltd.
China Construction Xi’an Chanba Ecological Zone
Construction Investment Co., Ltd.
Changsha Zhongjian International Development Co., Ltd. Contract engineering 328,707 –
Xuzhou Metro Line Three Investment Development Co.,
Ltd.
Shanghai Tuoping Real Estate Co., Ltd. Contract engineering 281,365 –
Changsha CSCEC International High-speed Railway West
Industrial City Investment Co., Ltd.
Yunnan Huali Expressway Investment and Development
Co., Ltd.
Yantai Zhongda Xinhong Science and Education
Nanjing Zhongjian Rural Tourism Construction Investment
Co., Ltd.
Guangxi Nanbin Highway Construction Development Co.,
Ltd.
Wuhan Sanxia Jiangnan Water Co., Ltd. Contract engineering 242,979 –
Wenzhou China Construction Science and Industry
Olympic Sports Project Management Co., Ltd.
SIPG Ruitai Development Co., Ltd. Contract engineering 236,178 235,903
Xiangyang Ring Road Speed-Up Reconstruction
Construction and Operation Co., Ltd.
Guizhou Ongma Railway North-South Extension Line Co.,
Ltd.
China Construction Wuhan Huangxiaohe Airport River
Water Environment Comprehensive Treatment Contract engineering 224,898 857,267
Xiamen International Trade Conference Center Co., Ltd. Contract engineering 223,627 607,685
Luzhou Yangtze River Second Bridge Construction Co.,
Ltd.
Foshan Urban Rail Transit Line 3 Development Co., Ltd. Contract engineering 204,115 282,548
China Construction Third Bureau Jingzhou Huanchang
Lake Construction and Operation Co., Ltd.
Xinjiang CSCEC City Construction Investment Co., Ltd. Contract engineering 187,708 33,536
Yunnan Airport Construction Development Co., Ltd. Contract engineering 186,457 109,314


Contract engineering (continued)

(restated)
Fujian Minxin Environmental Development Co., Ltd. Contract engineering 181,895 109,884
Nanjing China Construction Fifth Bureau Lishui
Development Zone Affordable Housing Investment Co., Contract engineering 181,410 213,652
Ltd.
Weihai China Construction Eighth Bureau Construction
Yantai Yuanxin Zhongda Investment Co., Ltd. Contract engineering 176,236 223,635
Suzhou Star Investment Construction Development Co.,
Ltd.
Hefei Binhu Financial Town Management Co., Ltd. Contract engineering 169,550 159,439
Zhongshan Shenshui Environmental Water Co., Ltd. Contract engineering 166,056 –
CSCEC Xi’an Infrastructure Construction Investment Co.,
Ltd.
Guangzhou New City Construction Investment and
Liuzhou China Construction Science and Industry
Exhibition Operation Management Co., Ltd.
Foshan China Construction Yipin Pengyue Real Estate
Co., Ltd.
Liuan Haijia Lancheng Real Estate Co., Ltd. Contract engineering 143,285 90,308
Tangshan Caofeidian District Tonggang Interchange
Development and Construction Co., Ltd.
China Construction New Urbanization (Xinjiang) Investment
Co., Ltd.
Beijing Xingying Real Estate Co., Ltd. Contract engineering 133,609 72,397
Nanjing CSCEC Gubei City Development Co., Ltd. Contract engineering 133,004 60,599
Jinjiang Zhongyun Sports Construction Development Co.,
Ltd.
Guigang Nine Roads and Two Bridges Construction
Qufu Nishan cultural tourism real estate Co., Ltd. Contract engineering 124,600 34,334
Zhengzhou Public Zhongcheng Road and Bridge
Hengshui Construction Harbin Institute Project
Shanghai Baoxuan Technology Development Co., Ltd. Contract engineering 111,728 –
Wuhan Pinlian Real Estate Co., Ltd. Contract engineering 111,514 –
Guangzhou Fuchuang Real Estate Development Co., Ltd. Contract engineering 111,012 314,636
Guangzhou Star Travel Real Estate Development Co., Ltd. Contract engineering 106,470 140,073
Pingdingshan City Development Investment Zhongjian City
First Hospital New Campus Management Co., Ltd.
China Construction Third Bureau Xianning Dazhou Lake
Ecological Construction Operation Co., Ltd.
Chongqing Derun Yipin Environmental Governance Co.,
Ltd.
Others Contract engineering 5,497,362 14,213,348
Total 34,965,195 35,427,066


Projects sub-contracted out
(restated)
Projects sub-
Hong Kong and Kowloon Concrete Co., Ltd. 136,686 –
contracted out
Projects sub-
Yunnan Airport Construction and Development Co., Ltd. 76,002 –
contracted out
Projects sub-
CSCEC Electronic Commerce Co., Ltd. 67,968 48,355
contracted out
Projects sub-
Shandong Zhongcheng Machinery Leasing Co., Ltd. 23,054 –
contracted out
Beijing CSCEC Runtong Electromechanic Engineering Projects sub-
16,308 31,820
Co., Ltd. contracted out
China Construction Aluminum New materials Chengdu Projects sub-
6,783 1,364
Co., Ltd. contracted out
Projects sub-
Others 11,877 510,028
contracted out
Total 338,678 591,567
(3) Related party leasing

As lessor
Types of leased period ended period ended
assets 30 June 2023 30 June 2022
(restated)
CSCEC Scimee Sci.&Tech. Co.,Ltd. Office Building 334 –
China State Construction Property Management Co., Ltd. Office Building 248 248
China Construction Aluminum New materials Chengdu Co.,
Office Building 145 –
Ltd.
Beijing Zhongyi Chengjian Property Management Co., Ltd. Buildings 19 –
CSCEC Electronic Commerce Co., Ltd. Office Building – 774
Total 746 1,022


(3) Related party leasing (continued)
As lessee
For the six-month period ending 30 June 2023

Lease
payments for
short-term
leases and Interest
leases of expense Additions
Types of low-value on lease to right-of-use
leased assets assets Rental paid liabilities assets
Renting of
China Overseas Grand Oceans buildings and – 61,185 438 –
places
China Construction Aluminum New Materials and
20,713 24,438 517 –
materials Chengdu Co., Ltd. Buildings
China Construction Asset Management
Buildings – 2,834 110 –
Co., Ltd.
Renting of
Shanghai International Port (Group) Co.,
buildings and 69 2,558 240 13,677
Ltd.
places
Shandong CSCEC Material Equipment Machinery
396 200 – –
Co., Ltd. equipment
China Construction Aluminum New
Materials 141 160 – –
materials Co., Ltd.
Shandong Zhongcheng Machinery Leasing Machinery
135,463 128,011 – –
Co., Ltd. equipment
Shandong CSCEC Zhongli Equipment Machinery
117,236 109,492 1 –
Leasing Co., Ltd. equipment
Beijing Hongde Materials Co., Ltd. Buildings – – 12 –
Beijing Zhongyi Chengjian Property
Buildings – – 235 –
Changsha Zhongjian International
Buildings – – 24 –
Total 274,018 328,878 1,577 13,677
For the six-month period ending 30 June 2022

Lease
payments for
short-term
leases and Interest
leases of expense Additions
Types of low-value on lease to right-of-use
leased assets assets Rental paid liabilities assets
Renting of
Henan Zhongjian Municipal Construction
buildings and – 53,120 1,963 14,496
places
Renting of
China Overseas Grand Oceans Group
buildings and – 5,866 5,494 –
Ltd.
places
China Construction Aluminum New Renting the
38,252 29,250 – –
Materials Chengdu Co., Ltd. place
Shandong Zhongcheng Machinery Machinery
145,166 142,757 462 –
Renting of
Shanghai International Port (Group) Co.,
buildings and 338 1,826 335 –
Ltd.
places
Hebei Xiong’an Citizen Service Center
Buildings – 263 – –
Co., Ltd.
Beijing Hongde Materials Co., Ltd. Buildings 96 165 17 –
Beijing Zhongyi Chengjian Property
Buildings 372 – 380 –
Shandong Zhongjian Zhongli Equipment Machinery
117,401 114,095 11 –
China State Construction Asset
Buildings 2,699 2,834 24 –
Management Limited
Total 304,324 350,176 8,686 14,496


(4) Related party guarantee
Offering guarantee to related parties
As at 30 June 2023, the balance of related party guarantees provided by the Group is:
Whether the
guarantee
Amount of Starting date of Maturity date of has been
guarantee guarantee guarantee fulfilled
Chongqing Jiayi Real Estate Development Co., Ltd. 116,300 November 20, 2020 November 20, 2025 NO
Chongqing Jiayi Real Estate Development Co., Ltd. 340,000 March 15, 2022 March 15, 2027 NO
Infinite Sun Limited 1,119,148 December 4, 2019 December 4, 2024 NO
Infinite Sun Limited 257,145 January 25, 2022 December 4, 2024 NO
Infinite Sun Limited 281,720 January 30, 2023 December 4, 2024 NO
Marble Edge Investments Limited 810,475 June 1, 2020 December 1, 2024 NO
Marble Edge Investments Limited 143,568 May 12, 2022 December 1, 2024 NO
Marble Edge Investments Limited 113,441 February 9, 2023 December 1, 2024 NO
Dragon Star H.K. Investments Limited 928,534 July 27, 2020 January 27, 2025 NO
Dragon Star H.K. Investments Limited 125,569 January 17, 2022 January 27, 2025 NO
Dragon Star H.K. Investments Limited 115,248 January 11, 2023 January 27, 2025 NO
Ultra Keen Holdings Limited 1,745,958 November 11, 2020 October 30, 2025 NO
Ultra Keen Holdings Limited 215,642 January 31, 2022 October 30, 2025 NO
Ultra Keen Holdings Limited 301,815 January 19, 2023 October 30, 2025 NO
Asia Power Development Limited 1,199,970 May 27, 2022 May 27, 2026 NO
Asia Power Development Limited 378,401 January 27, 2023 May 27, 2026 NO
Changsha Yida Chuangzhi Real Estate
171,010 April 20, 2020 April 20, 2026 NO
Guangzhou bison Real Estate Development
51,279 December 11, 2018 December 8, 2023 NO
Co., Ltd.
Grand Ample Ltd. 892,669 June 22, 2021 June 22, 2024 NO
Grand Ample Ltd. 156,026 January 10, 2022 June 22, 2024 NO
Grand Ample Ltd. 128,160 January 11, 2023 June 22, 2024 NO
Zhuzhou Zhonghai Hongyang Real Estate Co., Ltd. 59,700 March 31, 2022 September 28, 2027 NO
Zhuzhou Zhonghai Hongyang Real Estate Co., Ltd. 121,125 September 29, 2021 September 28, 2026 NO
Guangdong Haichao Technology Industry
39,163 October 31, 2022 October 31, 2041 NO
Guangdong Haichao Technology Industry
39,557 January 29, 2023 October 24, 2041 NO
Chongqing Zhongjian Hailong Liangjiang
97,300 October 29, 2021 October 29, 2031 NO
Construction Technology Co., Ltd.
Chongqing Zhongjian Hailong Liangjiang
4,088 January 27, 2022 June 16, 2024 NO
Construction Technology Co., Ltd.
Changchun Hairun Rongcheng Real Estate
45,663 January 12, 2023 March 24, 2026 NO
Hefei Binhu Financial Town Management Co., Ltd. 28,250 January 4, 2023 December 29, 2035 NO
Xiamen Yueqin Real Estate Co., Ltd. 419,700 February 28, 2023 February 28, 2028 NO
Anhui Bengwu Expressway Investment
238,000 March 17, 2023 March 20, 2041 NO
Management Ltd.


(4) Related party guarantee (continued)
Offering guarantee to related parties (continued)
As at 30 June 2023, the balance of related party guarantees provided by the Group is: (continued)
Whether the
guarantee
Wuhan Optics Valley Science Island Construction
150,000 September 13, 2022 September 15, 2040 NO
and Development Co., Ltd.
Wuhan Optics Valley Science Island Construction
373,857 January 13, 2023 January 13, 2041 NO
and Development Co., Ltd.
Suzhou Fuyuan Real Estate Co., Ltd. 96,900 December 29, 2020 May 31, 2024 NO
Suzhou Fuyuan Real Estate Co., Ltd. 153,000 January 5, 2022 January 4, 2028 NO
Guangzhou Fuchuang Real Estate Development
646,000 August 5, 2021 December 30, 2024 NO
Co., Ltd.
510,000 December 28, 2021 January 6, 2030 NO
Co., Ltd.
102,000 April 3, 2023 January 6, 2030 NO
Co., Ltd.
Fernvale Lane Pte Ltd. 147,500 June 4, 2020 March 3, 2025 NO
Total 12,863,881
As at 30 June 2022, the balance of related party guarantees provided by the Group is:
Whether the
guarantee
Guangzhou bison Real Estate Development Co.,
101,417 December 11, 2018 December 8, 2023 No
Ltd.
Qingdao Haijie Real Estate Co., Ltd. 139,673 June 7, 2021 June 7, 2024 No
Xiamen Haimao Real Estate Co., Ltd. 88,306 December 14, 2021 December 13, 2024 No
Chongqing Jiayi Real Estate Development Co., Ltd. 350,000 March 15, 2022 March 15, 2027 No
Chongqing Jiayi Real Estate Development Co., Ltd. 126,300 November 20, 2020 November 20, 2025 No
Infinite Sun Limited 1,178,839 December 4, 2019 December 4, 2024 No
Marble Edge Investments Limited 855,969 June 1, 2020 December 1, 2024 No
Dragon Star H.K. Investments Limited 962,493 July 27, 2020 January 27, 2025 No
Ultra Keen Holdings Limited 1,795,240 November 11, 2020 October 30, 2025 No
Grand Ample Ltd. 1,156,525 June 22, 2021 June 22, 2024 No
Asia Power Development Limited 1,125,269 May 27, 2022 May 27, 2026 No
Zhuzhou Zhonghai Hongyang Real Estate Co., Ltd. 360,000 March 31, 2022 September 28, 2027 No
Changsha Yida Chuangzhi Real Estate Development
191,590 April 20, 2020 April 20, 2026 No
Co., Ltd.
874,650 August 5, 2021 December 30, 2024 No
Co., Ltd.
510,000 December 28, 2021 January 6, 2030 No
Co., Ltd.
Suzhou Dongfu Yongxu Real Estate Co., Ltd. 142,100 December 19, 2021 December 18, 2024 No
Suzhou Fuyuan Real Estate Co., Ltd. 195,500 December 29, 2020 May 31, 2024 No
Suzhou Fuyuan Real Estate Co., Ltd. 255,000 January 5, 2022 January 4, 2028 No
Fernvale Lane Pte Ltd. 156,814 June 4, 2020 March 3, 2025 No
Total 10,691,280


(5) Inter loan of related parties
Fund borrowings

Borrowing amount Starting date Ending date
Xiamen Haimao Real Estate Co., Ltd. 300,000 June 30, 2023 No fixed maturity date
Dongguan Songrun Real Estate Co., Ltd. 140,000 May 31, 2023 No fixed maturity date
Xiamen Yueqin Real Estate Co., Ltd. 60,000 June 26, 2023 No fixed maturity date
Vanlink Company Limited 46,714 March 30, 2023 No fixed maturity date
Huarun Real Estate (Taiyuan) Development Co., Ltd. 25,000 May 6, 2023 No fixed maturity date
CSCEC (Tangshan Caofeidian) Engineering
24,088 June 19, 2023 No fixed maturity date
Construction Co., Ltd.
Putian Haijia Real Estate Co., Ltd. 19,608 February 14, 2023 No fixed maturity date
Hing Chong Enterprise Co., Ltd. 10,000 April 3, 2023 No fixed maturity date
China Overseas Polytec Real Estate (Foshan) Co.,Ltd.
10,000 January 18, 2023 No fixed maturity date
(CITIC Polytec Real Estate (Foshan) Co., Ltd.)
Total 635,410

Borrowing amount Starting date Ending date
Shanghai Jiasheng Real Estate Development Co., Ltd. 98,000 January 19, 2022 No fixed maturity date
Guiheng Investment Co., Ltd. 50,000 March 9, 2022 December 31, 2023
Jinmao Investment (Changsha) Co., Ltd. 36,000 March 29, 2022 March 29, 2023
Sanya Bihai Jincheng Business Management Co., Ltd. 25,500 June 29, 2022 No fixed maturity date
Hing Chong Enterprise Co., Ltd. 20,750 January 24, 2022 No fixed maturity date
Leader Investment Co., Ltd. 10,386 June 18, 2022 No fixed maturity date
China Resources Land (Taiyuan) Development Co., Ltd. 10,000 January 21, 2022 No fixed maturity date
Xinggui Investment Co., Ltd. 35 April 1, 2022 July 31, 2022
Total 250,671


(5) Inter loan of related parties (continued)
Fund lendings

Loan amount Starting date Ending date
Beijing Yipin Haikai Real Estate Development Co., Ltd. 1,357,300 January 4, 2023 January 3, 2024
Shanghai Heke Real Estate Co., Ltd. 1,283,273 January 10, 2023 January 9, 2025
Beijing Yipin Cultural Tourism Real Estate Co., Ltd. 999,600 April 10, 2023 April 9, 2024
Guizhou Leirong Expressway Investment Management
257,802 June 30, 2023 No fixed maturity date
Co., Ltd.
Xiamen Haimao Real Estate Co., Ltd. 113,005 April 3, 2023 April 2, 2026
Shanghai Heke Real Estate Co., Ltd. 102,000 March 6, 2023 March 5, 2025
CSCEC Third Engineering Bureau Shengshi Jingzhou
51,000 January 5, 2023 December 30, 2024
Real Estate Development Co., Ltd.
Dazhou Dahuan Construction Management Co., Ltd. 49,793 January 31, 2023 No fixed maturity date
Shenzhen Zhaohang Real Estate Co., Ltd. 47,917 January 31, 2023 No fixed maturity date
Mianyang CSCEC Kefa Guanlang road investment and
44,500 March 20, 2023 December 31, 2026
TEDA Group Co., Ltd. 35,183 June 7, 2023 No fixed maturity date
Marble Edge Limited 34,656 June 13, 2023 No fixed maturity date
Chengdu Beichen Tianchen Real Estate Co., Ltd. 30,000 January 13, 2023 January 12, 2024
Wuhan Chongjiang Real Estate Co., Ltd. 27,540 February 14, 2023 December 31, 2024
Shanghai Heke Real Estate Co., Ltd. 18,360 January 17, 2023 January 16, 2025
Jingyu Co., Ltd. 17,337 January 1, 2023 No fixed maturity date
Guangzhou Fuchuang Real Estate Development Co.,
Ltd.
Shenzhen Runchao Real Estate Co., Ltd. 15,000 June 13, 2023 No fixed maturity date


Fund lendings (continued)

Jiangmen Pengjiang Tianque Real Estate Development
9,876 March 30, 2023 No fixed maturity date
Co., Ltd.
Changsha CSCEC International Development Co., Ltd. 8,517 January 18, 2023 No fixed maturity date
Luminous Dream Limited 7,644 February 9, 2023 No fixed maturity date
Zhengzhou Public Zhongcheng Roads and Bridges
TDE-Empreendimentos Imobiliarios, S.A. 6,301 January 1, 2023 No fixed maturity date
Guangzhou Xinghong Real Estate Development Co., Ltd. 5,996 January 6, 2023 No fixed maturity date
Guizhou Zhengxi Expressway Investment Management
5,744 January 17, 2023 January 17, 2028
Co., Ltd.
Guangzhou XingLv Real Estate Development Co., Ltd. 5,504 January 6, 2023 No fixed maturity date
Ulanhot Xingcai Fund Management Center (Limited
Partnership)
Co., Ltd.
Hefei Binhu Financial Town Management Co., Ltd. 4,780 January 20, 2023 No fixed maturity date
CSCEC Third Engineering Bureau Shengshi Jingzhou
Ezhou Chuanggu Real Estate Development Co., Ltd. 3,689 January 6, 2023 No fixed maturity date
Hunan Province Yunyi Zero Road Expressway
3,000 February 14, 2023 February 14, 2024
Construction and Development Co., Ltd.
Wuhan Chenzhan Real Estate Development Co., Ltd. 2,600 January 16, 2023 January 15, 2024
Fengshang Limited 2,495 January 1, 2023 No fixed maturity date
Foshan China Construction Yipin Pengyue Real Estate
Co., Ltd.
Xianyi International Co., Ltd. 1,772 January 1, 2023 No fixed maturity date
Hangzhou City Investment Wulin Investment Development
Co., Ltd.
Ltd.
Beijing CSCEC Zisheng Earthwork Engineering Co., Ltd 500 January 19, 2023 No fixed maturity date
Zhangzhou Chengjia Real Estate Co., Ltd. 445 February 10, 2023 December 31, 2023
Chongqing CSCEC Hailong Liangjiang Construction
420 January 10, 2023 No fixed maturity date
Technology Co., LTD.
China Construction Third Engineering Bureau Jingzhou
297 June 16, 2023 No fixed maturity date
Huanchang Lake Construction Operation Co., Ltd.
Henan Huizhong Urban Renewal Co., Ltd 289 January 16, 2023 December 31, 2023
Ezhou Chuanggu Real Estate Development Co., Ltd. 235 January 18, 2023 No fixed maturity date
Wuhan Hongtai Hongli CSCEC Yipin Real Estate Co., Ltd. 174 February 1, 2023 No fixed maturity date
China State Construction Wuhan Yangsigang Road and
160 June 16, 2023 No fixed maturity date
Bridge Construction and Operation Co., Ltd.
China Construction Third Engineering Bureau Xianning
Big Continent Lake ecological construction and 132 June 16, 2023 No fixed maturity date
Operation Co.,Ltd.
Total 4,599,036


Fund lendings (continued)

Harbin Runzhi Real Estate Development Co., Ltd. 842,500 March 3, 2022 March 3, 2027
Tianjin Zhonghai Haixin Real Estate Co., Ltd. 513,984 April 30, 2022 December 31, 2022
Beijing Yijing Real Estate Co., Ltd. 479,898 June 20, 2022 June 19, 2023
Shanghai Jiasheng Real Estate Development Co., Ltd. 392,000 January 1, 2022 No fixed maturity date
Xuchang Chenheng Real Estate Co., Ltd. 364,366 January 28, 2022 December 13, 2022
China Overseas Grand Oceans Group Ltd. 322,243 June 22, 2022 No fixed maturity date
Liuzhou Zhongjian Dongcheng Cultural Development
80,000 June 30, 2022 July 6, 2022
Co., Ltd.
Nanyang Fangzao Expressway Co., Ltd. 50,000 May 13, 2022 No fixed maturity date
Ltd.
Fuzhou Xinzhiyuan Investment Development Co., Ltd. 27,500 January 28, 2022 No fixed maturity date
Putian Zhongjian Mulan Construction Development Co.,
20,000 March 18, 2022 No fixed maturity date
Ltd.
China Overseas Grand Oceans Group Ltd. 12,702 June 22, 2022 No fixed maturity date
Wuhan Chenzhan Real Estate Development Co., Ltd. 10,800 April 2, 2022 No fixed maturity date
Wuhan Chenfa Real Estate Development Co., Ltd. 8,400 May 1, 2022 No fixed maturity date
Ezhou Chuanggu Real Estate Development Co., Ltd. 8,000 January 10, 2022 January 13, 2023
Guangzhou Xinghong Real Estate Development Co.,
4,951 June 30, 2022 December 31, 2022
Ltd.
China Construction Third Bureau Shengshi Jingzhou
4,000 March 17, 2022 June 30, 2023
Guangzhou Star Travel Real Estate Development Co.,
3,998 June 29, 2022 December 31, 2022
Ltd.
Ezhou Chuanggu Real Estate Development Co., Ltd. 3,568 June 29, 2022 December 31, 2022
Putian Puyang Xuefu Construction Co., Ltd. 3,258 February 21, 2022 No fixed maturity date
Xi’an Chuxin Investment Construction Co., Ltd. 1,138 April 19, 2022 No fixed maturity date
China Construction Third Bureau Jingzhou Huanchang
1,061 March 25, 2022 December 31, 2022
Lake Construction and Operation Co., Ltd.
Putian Puyang Xuefu Construction Co., Ltd. 591 April 25, 2022 No fixed maturity date
Guangzhou Star Travel Real Estate Development Co.,
244 April 30, 2022 December 31, 2022
Ltd.
China Construction Third Bureau Shengshi Jingzhou
165 June 29, 2022 December 31, 2022
Ezhou Chuanggu Real Estate Development Co., Ltd. 145 June 13, 2022 December 31, 2022
Guangzhou Xinghong Real Estate Development Co.,
123 April 30, 2022 December 31, 2022
Ltd.
China Overseas Grand Oceans Group Ltd. 108 January 1, 2022 December 31, 2022
104 June 28, 2022 December 31, 2022
Ltd.
Total 3,194,461


(6) Take-in deposits

Increase in the Decrease in the
1 January 2023 current period current period 30 June 2023
CSCEC 252,923 8,155,039 (250,083) 8,157,879
CSCEC Electronic Commerce Co., Ltd. 1,918,275 3,579,470 (3,389,576) 2,108,169
CSCEC Innovation Investment Co., Ltd. (formerly known as
94,639 2,274,291 (2,231,820) 137,110
"Beijing CSCEC Qiming Enterprise Management Co., Ltd.")
Qingdao China Construction Eighth Bureau Education
177,550 135,374 (204,112) 108,812
Chengdu CSCEC Minjiang River Construction Engineering
66,404 147 (22,290) 44,261
China Construction Aluminum New materials Co., Ltd. 32,819 69,670 (60,675) 41,814
CSCEC science and technology innovation (Shanghai)
30,111 58 (10,728) 19,441
Beijing Zhongyi Chengjian Property Management Co., Ltd. 16,225 9,543 (14,235) 11,533
Weihai CSCEC Eighth Bureau Construction Development Co.,
167,153 335 (161,155) 6,333
Ltd.
Nanjing CSCEC Travel Construction Investment Co., Ltd. 9,514 904,527 (908,966) 5,075
Nanjing CSCEC Gubei City Development Co., Ltd. 1,589 285,909 (282,554) 4,944
28,202 85,915 (109,654) 4,463
Ltd.
CSCEC Scimee Sci.&Tech. Co.,Ltd. 6,017 7,011 (10,164) 2,864
Qingdao CSCEC Eighth Bureau City Investment and
14,839 6,032 (18,066) 2,805
6,560 3,767 (8,113) 2,214
China Construction Asset Management Co., Ltd. 896 2 – 898
CSCEC New Urbanization (Xinjiang) Investment Co., Ltd. 140,127 29 (140,000) 156
Rizhao China Construction Eighth Bureau culture and
67,156 45,117 (112,228) 45
Technology Development Co., Ltd.
China Construction Haoyun Co., Ltd. 36 – – 36
China Automobile Trade Co., Ltd. 236 – (200) 36
Guangzhou Fuchuang Real Estate Development Co., Ltd. 25 – – 25
CSCEC Dacheng Construction Co., Ltd. 423 – (403) 20
Chongqing CSCEC Erhengxian Infrastructure Construction
2 – – 2
Co., Ltd.
Rizhao CSCEC Transportation Service Co., Ltd. 21,000 1 (21,001) –
Total 3,052,721 15,562,237 (7,956,023) 10,658,935


(6) Take-in deposits (continued)

Increase in the Decrease in the
1 January 2022 current period current period 30 June 2022
China Construction Group 364,014 6,020,533 (289,723) 6,094,824
CSCEC Electronic Commerce Co., Ltd. 1,933,025 3,245,660 (2,974,729) 2,203,956
Weihai China Construction Eighth Bureau Construction
– 185,214 (70,774) 114,440
Qingdao China Construction Eighth Bureau Airport Urban
– 110,016 (3,037) 106,979
Qingdao China Construction Eighth Bureau Education
– 116,134 (14,202) 101,932
China Construction Innovation Investment Co., Ltd. (formerly
known as "Beijing China Construction Qiming Enterprise 85,553 20,453 (11,099) 94,907
Management Co., Ltd.")
Qingdao China Construction Eighth Bureau Urban Investment
– 89,103 (12,660) 76,443
Chengdu CSCEC Minjiang Construction Engineering
75,542 317 (8,578) 67,281
Rizhao China Construction Eighth Bureau Cultural Technology
– 60,036 (18) 60,018
CECSC(Shanghai) Investment Co., Ltd. 67,693 287 (14,257) 53,723
China construction aluminum new materials Co., Ltd. 44,026 25,101 (25,246) 43,881
China construction aluminum new materials Chengdu Co.,
15,276 129,054 (109,301) 35,029
Ltd.
China Construction Asset Management Co., Ltd. 6,359 29 (164) 6,224
Beijing Zhongyi Chengjian Property Management Co., Ltd. 3,465 8,706 (6,671) 5,500
CSCEC Scimee Sci.&Tech. Co.,Ltd. 28,210 27,089 (53,529) 1,770
CSCEC-Dacheng Construction Ltd. 578 2 (144) 436
Nanjing Zhongjian Rural Tourism Construction Investment
721,071 436 (721,189) 318
Co., Ltd.
Nanjing Zhongjian Gubei Urban Development Co., Ltd. 569,449 115 (569,506) 58
China Construction Haoyun Co., Ltd. 78,903 72 (78,939) 36
Guangzhou Fuchuang Real Estate Development Co., Ltd. 25 400,000 (400,000) 25
Chongqing China Construction Second Horizontal
2 – – 2
Infrastructure Construction Co., Ltd.
Total 3,993,191 10,438,357 (5,363,766) 9,067,782
(7) The use of related party's trade mark

China Overseas Grand Oceans Trade mark use right 175,200 165,200


(8) Other related parties transactions
30 June 2023 30 June 2022
Key management’s remuneration 1,058 1,343
The credit line of the Finance Company to the Group’s affiliates as of 30 June 2023 is RMB21,500,000 thousand
(31 December 2022: RMB19,700,000 thousand), the used credit line is RMB2,570,732 thousand (31 December
2022: RMB2,633,110 thousand), and the unused credit line is RMB18,929,268 thousand. (31 December 2022:
As of 30 June 2023, the amount of guarantee provided by the Finance Company to the Group’s affiliated parties is
RMB189,809 thousand. (31 December 2022: RMB427,013 thousand).
For the six-month period ended 30 June 2023, the total service fee charged by the Finance Company for providing
other financial services to the Group’s affiliated parties is RMB1,671 thousand (for the six-month period ended 30 June
2022: RMB2,221 thousand).
6. Commitments of related parties

The following are the commitments of related parties that have been contracted at the balance sheet date and do not
have to be set out on the balance sheet:
Providing construction services

CSCEC (Tianjin) Railroad Transportation Investment Development Co., Ltd. 10,507,780 11,721,271
Fuzhou Modern Logistics City Investment Construction Development Co., Ltd. 5,426,133 5,504,924
Guangxi Nanbin Highway Construction and Development Co., Ltd. 5,349,276 3,972,023
Nanjing CSCEC Travel Construction Investment Co., Ltd. 5,083,480 5,713,337
Nanjing CSCEC Gubei Urban Development Co., Ltd. 4,274,711 207,260
Shanghai Lingang New Area Jingang Dongjiu Real Estate Co., Ltd. 3,853,575 1,871,146
Nanjing Jinlingyi Cultural Tourism Development Co., Ltd. 3,572,774 3,572,774
Nantong City Ring Road Expressway Co., Ltd. 3,498,789 4,517,040
Putian CSCEC Mulan Construction Development Co., Ltd. 3,104,785 3,158,824
Shanghai Baoxuan Technology Development Co., Ltd. 3,067,091 –
Wuhan Binjiang Infrastructure Construction and Development Co., Ltd. 2,612,535 2,656,106
Hengshui CECSC Hangang Expressway Management Co., Ltd. 2,583,223 2,854,870
Taizhou Luqiao Xindao Investment and Development Co., Ltd. 2,522,052 2,530,817


6. Commitments of related parties (continued)
have to be set out on the balance sheet: (continued)
Providing construction services (continued)

Urumqi Linkong CSCEC Airport Construction Operation Co., Ltd. 2,265,067 2,871,982
Zhaotong CSCEC Construction Investment Development Co., Ltd. 1,912,638 1,912,638
Mianyang CSCEC Kefa Guanlang Road Investment and Construction Co., Ltd. 1,663,878 181,477
Nanning Zongheng Shidai Liujing Phase I Project Management Co., Ltd. 1,607,861 –
Guangzhou Xinghong Real Estate Development Co., Ltd. 1,580,195 1,680,981
Chongqing Chengtou Chaotianmen Project Management Co., Ltd. 1,578,514 1,578,514
Jiqing Express Railroad Co., Ltd. 1,500,308 2,065,483
CSCEC Xi’an Infrastructure Construction Investment Co., Ltd. 1,332,159 2,168,799
Changsha CSCEC International High-speed Railway West Industrial City
1,273,948 1,345,914
CSCEC Xi’an Chanba Ecological Region Construction Investment Co., Ltd. 1,259,386 1,115,069
Guangzhou Fangbai Intercity Rail Transit Co., Ltd. 1,191,923 1,191,923
Nanjing Kangyuan Real Estate Development Co., Ltd. 1,187,764 1,504,459
Guizhou Leirong Expressway Investment Management Co., Ltd. 1,086,382 1,681,598
Xiamen International Trade Conference Center Co., Ltd. 1,054,354 1,313,786
Guangzhou XingLv Real Estate Development Co., Ltd. 1,042,705 1,176,458
Zhijiang Jianxin Municipal Engineering Construction Co., Ltd. 1,037,731 1,065,024
Fuqing CSCEC Ronghai Construction and Development Co., Ltd. 1,015,129 1,092,905
China Construction Third Engineering Bureau Jingzhou Huanchang Lake
991,068 1,207,596
Construction Operation Co., Ltd.
China Construction International (Xiangyang) Construction Co., Ltd. 967,954 970,017
Foshan China Construction Yipin Pengyue Real Estate Co., Ltd. 936,193 1,070,888
China Construction Third Engineering Bureau Xianning Big Continent Lake
933,217 1,032,541
ecological construction and Operation Co.,Ltd.
Southwest Section of Wuhan Metropolitan Area Circle Line Investment
917,431 917,431
CSCEC Xi’an City Construction Investment Co., Ltd. 889,587 889,587
Chengdu Chuantou Airport Construction Co., Ltd. 782,382 826,500
Wuhan Chongjiang Real Estate Co., Ltd. 771,544 852,434
Jiangsu Susu Industrial Park Development Co., Ltd. 766,304 976,637
Guigang Nine Roads and Two Bridges Construction Management Co., Ltd. 724,235 823,694


6. Commitments of related parties (continued)
have to be set out on the balance sheet: (continued)
Providing construction services (continued)

Putian Jiangkou Suanxi CSCEC Strait Infrastructure Investment and Development
712,132 723,660
Co., Ltd.
Zhangzhou Zhanyuan Environmental Technology Co., Ltd. 708,517 751,417
Xi’an Chufeng Construction Co., Ltd. 694,793 694,793
Shucheng Sanxia Phase I Comprehensive Water Environment Treatment Co., Ltd. 664,070 748,378
Hangzhou City Investment Wulin Investment Development Co., Ltd. 649,437 1,189,136
Sichuan Dehui Expressway Co., Ltd. 607,519 607,519
CCCC Jijiao Expressway Investment Development Co., Ltd. 596,067 1,286,284
Jizheng High Speed Railway Co., Ltd. 576,440 386,514
Wuhan Transportation Investment Tongxiu High-speed Construction Management
566,101 566,101
Co., Ltd.
Fujian Minxin Environmental Development Co., Ltd. 524,902 659,040
Zhuzhou China Overseas Real Estate Co., Ltd. 512,523 589,634
Shantou CSCEC New Urbanization Investment Co., Ltd. 511,672 536,750
Guangdong Haichao Technology Industry Development Co., Ltd. 426,001 624,936
Pingxiang Jianyu Real Estate Co., Ltd. 416,605 426,605
Xiamen International Exhibition Center Co., Ltd. 415,768 1,175,548
Yiyang Three Gorges Water Environment Comprehensive Treatment Co., Ltd. 406,199 –
Xinyu Ring Road Construction Investment Co., Ltd. 404,455 426,293
Changsha Yida Chuangzhi Real Estate Development Co., Ltd. 404,414 438,171
Liuzhou China Construction Science and Industry Ecological Landscape Co., Ltd. 383,760 424,665
Others 16,081,740 30,042,453
Total 113,989,176 124,092,624
7. Amounts due from related parties

(1) Notes receivable
amount allowance amount allowance
Qingdao Maozhang Real Estate Co., Ltd. 32,974 (132) 25,602 (102)
Yunnan Airport Construction and Development Co., Ltd. 4,800 (19) – –
Qingdao Fangchen Real Estate Co., Ltd. – – 31,352 (125)
Others – – 23,671 (95)
Total 37,774 (151) 80,625 (322)


7. Amounts due from related parties (continued)
(2) Accounts receivable
CSCEC Xi’an Chanba Ecological Region Construction
583,344 (44,167) 536,526 (43,141)
CSCEC (Tianjin) Railroad Transportation Investment
480,606 (21,627) 236,794 (10,954)
Zhaotong Zhongjian Construction Investment Development
411,404 (115,971) 411,404 (115,971)
Co., Ltd.
393,931 (87,528) 400,091 (86,290)
Ltd.
Chengdu Changtou Dongjin Construction Co., Ltd. 376,373 (7,529) 438,838 (8,777)
CSCEC New Urbanization (Xinjiang) Investment Co., Ltd. 357,165 (56,286) 510,773 (57,945)
Shanghai International Port Group Ruitai Development Co.,
331,102 (63,765) 287,542 (63,419)
Ltd.
CSCEC (Tangshan Caofeidian) Engineering Construction
325,670 (97,701) 364,027 (91,155)
Co., Ltd.
Jinan Shengtang Hongyuan Construction Development Co.,
314,809 (14,629) 22,198 (999)
Ltd.
Jiqing Express Railroad Co., Ltd. 313,651 (14,278) 387,259 (19,942)
Wuhan Optics Valley Science Island Construction and
253,110 (11,390) 52,856 (2,379)
Anhui Bengwu Expressway Investment Management Co.,
250,746 (27,252) 571,291 (25,926)
Ltd.
Shanwei Yuehai Qingyuan Environmental Protection Co.,
228,873 (12,624) 265,463 (13,814)
Ltd.
Zhongshan Shenshui Environmental Water Co., Ltd. 202,807 (23,673) 180,592 (16,559)
Xinjiang CSCEC City Construction Investment Co., Ltd. 183,747 (6,045) 17,442 (790)
Guizhou Leirong Expressway Investment Management Co.,
183,627 (8,263) 328,296 (139)
Ltd.
Shandong Public Ecological Construction Co., Ltd. 177,613 (7,993) – –
Xi’an Chufeng Construction Co., Ltd. 166,553 (81,124) 166,553 (91,124)
Shanghai International Port (Group) Co., Ltd. 164,799 (7,459) 105,042 (10,552)
Xuzhou Underground Line 1 Track Transportation
164,397 (62,001) 300,613 (111,745)
Investment Development Co., Ltd.
154,506 (7,666) 66,199 (2,979)
China Construction Wuhan Qingling Pipe Corridor
149,112 (4,153) 4,022 (181)
149,019 (16,222) 181,477 (12,679)
Yunnan Airport Construction and Development Co., Ltd. 144,411 (6,498) 79,008 (3,555)
Nantong City Ring Road Highway Co., Ltd. 138,570 (6,236) – –


(2) Accounts receivable (continued)
Cangzhou Bohai New Area China Construction Port
131,499 (65,750) 131,499 (65,750)
Quanzhou Taiwan Business Investment Zone China
Construction Fifth Bureau Haiwan Avenue Investment Co., 125,489 (5,647) 5,441 (245)
Ltd.
Chongqing Water Affairs Shatian Environmental Governance
119,778 (7,873) 111,769 (7,119)
Co.,Ltd.
Beijing Chenxing International Exhibition Co., Ltd. 117,565 (5,290) 41,496 (1,867)
Investment Center of BAIC GROUP Industrial Park in
106,637 (6,490) 14,363 (1,391)
Cangzhou Development Zone (Limited Partnership)
CSCEC Xi’an City Construction Investment Co., Ltd. 106,496 (4,826) 6,905 (311)
Liupanshui urban pipe gallery construction and Development
101,284 (30,385) 101,284 (30,385)
94,507 (4,253) 83,428 (3,754)
Comprehensive Treatment Co., Ltd.
Deyang Hongbo Construction Investment Co., Ltd. 81,035 (1,621) – –
Cangzhou CSCEC Bohai investment Logistics Park
76,521 (33,003) 96,521 (38,608)
Chongqing Jinke Zhaoji Real Estate Development Co., Ltd. 74,218 (30,009) 22,970 (4,397)
Zunyi South Ring Expressway Development Co., Ltd. 71,966 (1,439) 75,966 –
Urumqi Linkong CSCEC Airport Construction Operation Co.,
70,617 (11,289) 41,281 (5,448)
Ltd.
Hainan Xinsheng Green Building Materials Co., Ltd. 69,080 (3,109) 37,130 (1,671)
China Construction Third Bureau Xiangyang Fanxi Pipe
67,302 (3,029) 11,921 (536)
Corridor Construction and Operation Co., Ltd.
Guizhou Zhengxi Expressway Investment Management Co.,
65,073 (2,928) 85,349 (3,556)
Ltd.
Foshan Urban Rail Transit Line 3 Development Co., Ltd. 64,057 (3,026) 88,000 (7,503)
Liyang Zhongjian Sangde Environmental Governance Co.,
62,126 (3,467) 67,960 (3,064)
LTD.
Wuhan Hongtai Hongli CSCEC Yipin Real Estate Co., Ltd. 59,342 (2,678) 61,151 (2,603)
Jizheng High Speed Railway Limited 57,242 (1,202) 9,125 (229)
Shantou CSCEC New Urbanization Investment Co., Ltd. 56,033 (2,521) 85,402 (3,843)
Duyun Galaxy Real Estate Development Co., Ltd. 55,770 (17,934) 55,978 (14,205)
Hengshui CECSC Hangang Expressway Management Co.,
51,678 (1,034) – –
Ltd.
Others 1,596,214 (181,434) 3,382,738 (143,073)
Total 10,081,474 (1,242,317) 10,531,983 (1,130,573)


(3) Other receivables
Guangzhou Fuchuang Real Estate Development Co., Ltd. 855,292 (67,556) 848,634 (33,964)
GRAND DUNMAN PL 608,300 – 532,513 –
Suzhou Fuyuan Real Estate Co., Ltd. 544,314 (85,582) 541,971 (40,931)
Guangzhou Zhongjian Tiantou Investment Real Estate Co.,
516,155 (44,935) 999,138 (39,966)
Ltd.
Panzhihua China Construction Third Bureau Government
276,731 (4,038) 302,412 (3,071)
Service Center Construction Development Co., Ltd.
Xi’an Chufeng Construction Co., Ltd. 200,000 – – –
Liupanshui urban pipe gallery construction and Development
135,375 (16,320) 134,197 (16,135)
Foshan China Construction Yipin Pengyue Real Estate Co.,
134,890 (5,363) 947 (28)
Ltd.
110,587 (7,256) 142,968 (8,857)
Ltd.
CSCEC Third Engineering Bureau Shengshi Jingzhou Real
90,005 (8,430) 34,657 (2,677)
Estate Development Co., Ltd.
Putian CSCEC Mulan Construction Development Co., Ltd. 86,684 (3,157) 45,504 (1,921)
Suzhou Junda National Highway 206 Construction Co., Ltd. 75,004 (30,476) 75,004 (15,976)
Xiamen Haitou Construction Technology Co., Ltd. 74,250 (14,850) 74,250 (10,020)
Guangxi Nanbin Highway Construction and Development
63,051 (2,522) 63,051 (2,522)
Co., Ltd.
Shantou CSCEC New Urbanization Investment Co., Ltd. 53,670 (21,204) 55,626 (21,276)
CCCC Jijiao Expressway Investment Development Co., Ltd. 51,858 (4,064) 51,858 (2,170)
Wuhan Chongjiang Real Estate Co., Ltd. 48,016 (3,728) 46,234 (3,657)
China Construction Asset Management Co., Ltd. 48,013 – 47,665 –
Dongguan Zhonghai Century City Education Technology
46,564 (7,753) 69,064 (12,859)
46,397 (1,392) – –
CSCEC Roads and Bridges Co., Ltd. 41,694 (9,977) 39,299 (7,434)


(3) Other receivables (continued)
Zhengzhou Public Zhongcheng Roads and Bridges
41,283 (1,239) 34,113 (1,023)
Wuhan Binjiang Infrastructure Construction and
35,000 (1,400) – –
Shouguang City Chengtou Bridge Engineering Management
26,500 (1,060) – –
Co., Ltd.
Liuzhou China Construction Science and Industry Exhibition
24,033 (2,266) 18,311 (1,895)
Operation Management Co., Ltd.
Zhengzhou CSCEC Smart City Comprehensive Pipe Gallery
23,122 (929) 4,383 (4,301)
Ezhou Chuanggu Real Estate Development Co., Ltd. 21,180 (2,209) 17,328 (999)
Beijing Yipin Haikai Real Estate Development Co., Ltd. 19,106 (705) 17,790 (705)
China Construction Jingmen 207 Highway Construction
18,720 (749) 18,720 (749)
Co., Ltd.
Hengshui CECSC Hangang Expressway Management Co.,
18,378 (2,413) 18,378 (1,312)
Ltd.
Wuhan CSCEC Yipin Zhaoying Real Estate Co., Ltd. 17,461 (1,021) 17,461 (715)
Guangzhou XingLv Real Estate Development Co., Ltd. 17,169 (881) 11,621 (491)
15,900 (1,765) 16,805 (962)
CSCEC Dacheng Construction Co., Ltd. 15,429 (748) 8,995 (360)
Yili CSCEC Highway Construction and Operation Co., Ltd. 15,241 (2,696) 15,234 (1,776)
13,588 (474) 81,488 (6,357)
Ltd.
CSCEC Electronic Commerce Co., Ltd. 13,356 – 7,916 –
Guangzhou Xinghong Real Estate Development Co., Ltd. 12,914 (598) 8,951 (289)
Putian Jiangkou Suanxi CSCEC Strait Infrastructure
12,600 (252) 11,400 (228)
Investment Development Co., Ltd.
China Construction Aluminum New Materials Co., Ltd. 10,795 – 10,795 –
Others 232,024 (24,782) 1,168,970 (43,150)
Total 4,710,649 (384,790) 5,593,651 (288,776)


(4) Contract assets
952,299 (3,875) 913,324 (3,681)
Ltd.
Sanmenxia National Road 301 South Transplanted Project
599,116 (2,996) 623,463 (3,117)
Hebei Chenghong Pipelines Engineering Co.,Ltd. 585,897 (5,841) 515,392 (5,241)
Wuhan Sanxia Jiangnan Water Co., Ltd. 505,075 (2,525) 262,095 (1,310)
438,364 (2,859) 185,399 (1,352)
Anhui Bengwu Expressway Investment Management Co.,
428,231 (819) – –
Ltd.
Deyang Hongbo Construction Investment Co., Ltd. 400,071 (2,869) 57,868 (1,005)
Yunnan Huali expressway investment and Development Co.,
362,570 (1,813) 91,271 (456)
Ltd.
Chongqing Qijiang Three Gorges Water Environment
350,145 (1,777) 1,305 (4)
253,248 (1,288) 218,223 (1,113)
Zhongshan Shenshui Environmental Water Co., Ltd. 246,173 (1,231) 102,955 (515)
China Construction Third Engineering Bureau Jingzhou
216,845 (976) 101,239 (398)
Huanchang Lake Construction Operation Co., Ltd.
196,731 (998) 126,234 (631)
Ltd.
Jiqing Express Railroad Co., Ltd. 164,434 (598) 156,022 (715)
Zunyi South Ring Expressway Development Co., Ltd. 158,749 (1,141) 150,607 (1,101)
Guizhou Ongma Railway North-South Extension Line Co.,
157,680 (1,740) 104,846 (825)
Ltd.
Foshan Urban Rail Transit Line 3 Development Co., Ltd. 152,364 (786) 149,899 (668)
China Construction Haoyun Co., Ltd. 134,278 (434) 139,238 (603)
Shanghai International Port Group Ruitai Development Co.,
127,129 (492) 122,490 (506)
Ltd.
123,631 (1,861) 41,205 (1,390)
Ltd.
117,254 (515) 117,254 (515)
Hubei Trading Xiangyang North Expressway Co., Ltd. 110,680 (406) 70,835 (354)
Panzhihua China Construction Third BureauGovernment
102,093 (490) 135,092 (490)
Service Center Construction Development Co., Ltd.
CCCC Jijiao Expressway Investment Development Co., Ltd. 99,380 (592) 754 (754)
Guangzhou New Urban Construction Investment
97,412 (755) – –
92,682 (463) 93,690 (468)
CSCEC New Urbanization (Xinjiang) Investment Co., Ltd. 92,106 (981) 84,440 (375)
Others 2,898,862 (135,428) 2,904,326 (140,924)
Total 10,163,499 (176,549) 7,469,466 (168,511)


(5) Other current assets
Tianjin Chuangqing Investment Management Co., Ltd. 934,215 (488,783) 985,195 (488,783)
Xinggui Investment Co., Ltd. 839,374 – 813,259 –
Harbin Runzhi Real Estate Development Co., Ltd. 789,133 – 922,982 –
Shenzhen Zhaohang Real Estate Co., Ltd. 708,374 – 651,076 –
Xuancheng Haijia Lancheng Real Estate Co., Ltd. 697,669 – 810,842 –
China Overseas Grand Oceans 633,598 – 826,536 –
Chengdu Langxin Real Estate Co., Ltd. 602,440 – 758,359 –
Changchun Hairun Rongcheng Real Estate Development
602,417 – 587,220 –
Co., Ltd.
574,480 (171,668) 614,480 (102,446)
Ltd.
Tongxiang Haoli Enterprise Management Co., Ltd. 559,340 (364,776) 659,340 (364,776)
Suzhou Wujiang Taihai Real Estate Co.,Ltd. 477,192 – 648,641 –
Tianjin Chuangliang Investment Management Co., Ltd. 449,227 (301,420) 449,216 (301,420)
316,496 – 311,276 –
Ltd.
Jinjiang Zhongyun Sports Construction Development Co.,
301,000 – 301,000 –
Ltd.
Jinyu Jiaxing Nanjing Real Estate Development Co., Ltd. 300,000 (14,400) 300,000 (14,400)
Tianjin Shunji Real Estate Co., Ltd. 231,927 (92,771) 242,668 (104,781)
Guangzhou Zengcheng Run Yu Real Estate Co., Ltd. 230,000 – 230,000 –
Top Colour Development Limited 182,640 – 284,587 –
Vanlink Company Limited 158,474 – – –
Xiamen Haimao Real Estate Co., Ltd. 145,197 – 71,679 –
Suzhou Dongfu Yongxu Real Estate Co., Ltd. 134,890 (20,109) 144,690 (11,575)
Others 1,180,904 (172,143) 4,452,905 (231,162)
Total 11,048,987 (1,626,070) 15,065,951 (1,619,343)


(6) Long-term receivables
7,200 (2,160) 6,000 (1,800)
CSCEC Scimee Sci.&Tech. Co., Ltd. 5,193 – 9,614 –
4,407 – 5,680 –
Ltd.
Wuhan Pinlian Real Estate Co., Ltd. 1,917 (11) – –
Others 1,206 (99) 836 (47)
Total 19,923 (2,270) 22,130 (1,847)
(7) Debt investments

Clear Elegant Limited 2,927,404 – 2,770,274 –
Jingyu Co., Ltd. 1,840,656 – 1,779,975 –
Luminous Dream Limited 1,836,419 – 1,768,486 –
TEDA Group Co., Ltd. 1,791,905 – 1,698,808 –
Gainable Development Limited 1,547,146 – 1,470,089 –
Marble Edge Limited 1,476,249 – 1,361,826 –
Wuhan Chongjiang Real Estate Co., Ltd. 1,434,211 – 1,406,671 –
Shanghai Heke Real Estate Co., Ltd. 1,403,633 – – –
Beijing Yipin Haikai Real Estate Development Co., Ltd. 1,263,780 – 1,438,200 –
Wuhan Pinlian Real Estate Co., Ltd. 1,183,343 – 1,584,031 –
Beijing Yipin Cultural tourism Real Estate Co., Ltd. 999,600 – – –
Guangzhou Xinghong Real Estate Development Co., Ltd. 921,263 (921) 921,263 (921)
Vanlink Company Limited 748,800 – 748,800 –
Beijing Nanyue Real Estate Development Co., Ltd. 729,714 – 729,714 –
Guangzhou SuiHai Real Estate Co., Ltd. 683,750 – 683,750 –
Hing Chong Enterprise Co., Ltd. 609,273 – 609,273 –
Ezhou Chuanggu Real Estate Development Co., Ltd. 510,565 – 510,565 –
Zhuzhou Zhonghai Hongyang Real Estate Co., Ltd. 453,879 – 473,879 –
Guiheng Investments Co., Ltd. 324,074 – 324,074 –
Changsha Yida Chuangzhi Real Estate Development Co., Ltd. 288,835 – 288,835 –
281,667 – 513,725 –
Ltd.


(7) Debt investments (continued)
CSCEC Xi’an Infrastructure Construction Investment Co., Ltd. 271,269 (2,713) 269,148 (2,691)
Wuhan CSCEC Yipin Zhaoying Real Estate Co., Ltd. 266,860 (88,222) 266,860 (88,222)
Jiangmen Pengjiang Area Hebang Real Estate Development
220,500 – 221,126 –
Co., Ltd.
Xiangtan Haijia Construction Co., Ltd. 214,558 – 212,216 –
Beijing Jinliang Xingye Real Estate Development Co., Ltd. 202,102 – 282,102 –
Guangzhou Zengcheng Run Yu Real Estate Co., Ltd. 195,600 – 195,600 –
Wuhan Chenzhan Real Estate Development Co., Ltd. 188,854 – 178,054 –
Dazhou Dahuan Construction Management Co., Ltd. 188,514 – 228,720 –
Haizhou Investment Co., Ltd. 186,119 – 186,119 –
Others 1,587,873 (6,566) 1,882,997 (6,941)
Total 26,778,415 (98,422) 25,005,180 (98,775)
Note: As at 30 June 2023, the entrusted loan amounted RMB271,269 thousand lent to a joint venture of the Group, China State
Construction Xi’an Infrastructure Construction Investment Co., Ltd. (31 December 2022: RMB269,148 thousand) and China
State Construction Xi’an Urban Construction Investment Co., Ltd., an associate of the Group, amounted RMB91,250 thousand
(31 December 2022: RMB88,719 thousand), are presented in the entrusted loans of Note V. 12.
8. Payables to related parties

(1) Accounts payable
CSCEC Electronic Commerce Co., Ltd. 1,231,291 1,110,503
CSCEC Roads and Bridges Co., Ltd. 351,476 356,942
Anhui Guoyuan Investment Co., Ltd. 258,357 142,091
CSCEC Dacheng Construction Co., Ltd. 246,475 260,633
Shandong CSCEC Zhongli Equipment Leasing Co., Ltd. 119,539 116,558
Yunnan Airport Construction and Development Co., Ltd. 98,226 22,824
China Construction Aluminum New materials Chengdu Co., Ltd. 96,042 107,714
CSCEC Scimee Sci.&Tech. Co.,Ltd. 88,022 105,353
Beijing CSCEC Runtong Electromechanic Engineering Co., Ltd. 55,941 29,201
Shandong Zhongcheng Machinery Leasing Co., Ltd. 48,628 27,598
Sichuan Xijianzhonghe Machinery Co., Ltd. 38,895 37,095
Shandong CSCEC Material Equipment Co., Ltd. 37,270 24,587
China Construction Third Engineering Bureau Construction Technology Hubei
27,816 31,692
Co., Ltd.
Sichuan Xijianshantui Logistics Co., Ltd. 26,439 30,201
Others 62,320 162,949
Total 2,786,737 2,565,941


8. Payables to related parties (continued)
(2) Other payables
Xinggui Investment Co., Ltd. 1,260,000 1,260,000
Sunrise JV Limited 1,012,043 997,707
Hing Chong Enterprise Co., Ltd. 815,750 805,750
Jinmao Investment (Changsha) Co., Ltd. 765,000 –
Chongqing CSCEC Erhengxian Infrastructure Construction Co., Ltd. 643,428 555,218
Xiamen Haimao Real Estate Co., Ltd. 626,471 266,471
Chongqing Jinke Zhaoji Real Estate Development Co., Ltd. 549,762 549,762
CSCEC Haijia (Foshan) Investment Construction Co., Ltd. 377,088 413,888
Hengyang Lingsheng Real Estate Co., Ltd. 370,421 373,269
China Overseas Grand Oceans 320,129 400,944
Sanya Bihai Jincheng Business Management Co., Ltd. 303,442 –
Xi’an Jiarun Rongcheng Real Estate Co., Ltd. 297,394 297,394
Guiheng Investments Co., Ltd. 275,000 280,050
Beijing Xingying Real Estate Co., Ltd. 260,100 32,294
Qingdao Haijie Real Estate Co., Ltd. 260,000 260,000
Nanjing CSCEC Gubei City Development Co., Ltd. 259,570 394,403
Qingdao Tengmao Real Estate Co., Ltd. 237,015 234,758
Beijing Hengyi Real Estate Development Co.,Ltd. 231,659 231,104
Shenzhen Shenshan special cooperation zone Zhongpu Infrastructure Investment
230,618 230,618
Co., Ltd.
China Construction Innovation Investment Co., Ltd. (formerly known as "Beijing
220,000 1,927,355
China Construction Qiming Enterprise Management Co., Ltd.")
Guangzhou lvrong Real Estate Development Co., Ltd. 217,413 217,413
China State Construction Engineering Group Co., Ltd. 163,349 163,349
Shantou CSCEC New Urbanization Investment Co., Ltd. 142,985 294,985
Wuhan Hongtai Hongli CSCEC Yipin Real Estate Co., Ltd. 135,432 312,922
Qingdao Changming Real Estate Co., Ltd. 133,637 86,922
Dongguan Songrun Real Estate Co., Ltd. 133,012 –
Beijing Zhonghai Excellent Urban and Rural Construction Investment Fund 132,389 132,389


(2) Other payables (continued)

Huarun Real Estate (Taiyuan) Development Co., Ltd. 130,000 105,000
Qingdao Caimao Real Estate Co., Ltd. 121,376 120,150
Shanghai Jiasheng Real Estate Development Co., Ltd. 110,766 205,761
Nantong City Ring Road Highway Co., Ltd. 109,171 –
Leading Investment Co., Ltd. 104,099 124,499
Rizhao CSCEC Eighth Bureau Transportation Service Co., Ltd. 102,560 111,725
Xi’an Hehui Xingshang Real Estate Co., Ltd. 100,155 105,190
Qingdao Fangchuan Real Estate Co., Ltd. 92,516 91,577
Nanjing Kangyuan Real Estate Development Co., Ltd. 90,670 40,200
Dazhou Dahuan Construction Management Co., Ltd. 90,000 –
Xinyu Ring Road Construction Investment Co., Ltd. 86,339 86,339
China Construction Asset Management Co., Ltd 81,496 56,625
Qingdao Songmao Real Estate Co., Ltd. 75,479 74,704
Qingyuan CSCEC Fourth Bureau Yuejian Investment Development Co., Ltd. 69,865 64,504
Qingdao Fangchen Real Estate Co., Ltd. 65,434 64,769
CSCEC Roads and Bridges Co., Ltd. 63,036 65,959
Hengshui China Construction HaYuan Project Management Co., Ltd. 61,403 58,663
Dongguan Jiangpan New City Real Estate Development Co., Ltd. 55,800 81,000
CSCEC Wuhan Huangxiaohe Airport River Environment Comprehensive Treatment
51,607 556
Baotou China Overseas Hongyang Real Estate Co., Ltd. 51,390 51,390
Weihai CSCEC Eighth Bureau Construction Development Co., Ltd. 50,008 9
China Overseas Polytec Real Estate (Foshan) Co.,Ltd. 44,056 34,056
Yunnan Huali expressway investment and Development Co., Ltd. 38,649 30,693
Others 461,817 2,713,194
Total 12,680,799 15,005,528


(3) Contract liabilities
Hengshui CECSC Hangang Expressway Management Co., Ltd. 901,045 587,414
CCCC Jijiao Expressway Investment Development Co., Ltd. 680,819 770,321
Urumqi Linkong Construction Infrastructure Co., Ltd. 524,760 428,356
CSCEC Xi’an Infrastructure Construction Investment Co., Ltd. 429,137 417,227
Guangzhou Fangbai Intercity Rail Transit Co., Ltd. 298,241 279,455
Nantong City Ring Road Highway Co., Ltd. 266,043 62,907
Yantai Zhongda Xinhong Science Education Investment Co., Ltd. 205,406 261,422
Hangzhou City Investment Wulin Investment Development Co., Ltd. 182,822 247,105
CSCEC Wuhan Huangxiaohe Airport River Environment Comprehensive Treatment
168,482 –
Shanghai Lingang New Area Jingang Dongjiu Real Estate Co., Ltd. 160,015 196,828
CSCEC Xi’an Chanba Ecological Region Construction Investment Co., Ltd. 154,523 168,030
Wuhan Wuyang Highway Investment Management Co., Ltd. 150,723 –
Xuzhou Underground Line 1 Track Transportation Investment Development Co., Ltd. 148,741 96,017
Chongqing Derun Yipin Environmental Governance Co., Ltd. 124,989 86,978
Suining East Lake Bishui Environmental Investment Construction Co, Ltd. 106,243 116,836
Zhaotong Zhongjian Construction Investment Development Co., Ltd. 104,366 104,366
Liyang Zhongjian Sangde Environmental Governance Co., LTD. 102,740 58,831
Liuzhou CSCEC Science and Industry Ecological Garden Co., Ltd. 88,465 132,541
Jingdezhen Taoyangli Scenic Spot Tourism Development Co., Ltd. 85,680 85,996
Nanjing Jinlingyi Cultural Tourism Development Co., Ltd. 81,980 163,915
Zhangzhou Zhanyuan Environmental Technology Co., Ltd. 81,316 102,454
Others 1,402,608 2,875,471
Total 6,449,144 7,242,470


(4) Lease liabilities
China Overseas Grand Oceans 21,213 93,582
China construction Aluminum New materials Chengdu Co., Ltd. 20,787 22,104
Beijing Zhongyi Chengjian Property Management Co., Ltd. 20,250 21,570
Shanghai International Port (Group) Co., Ltd. 11,501 13,639
China Construction Asset Management Co., Ltd. 2,620 –
Shandong CSCEC Zhongli Equipment Leasing Co., Ltd. 1,103 1,337
Changsha CSCEC International Development Co., Ltd. 1,047 1,266
Others 959 994
Total 79,480 154,492
(5) Entrusted loans

China Construction Group 2,404,134 2,398,638
Jinmao Investment (Changsha) Co., Ltd. 765,000 765,000
Total 3,169,134 3,163,638
(6) Long-term payables

Sunrise JV Limited 2,400,000 2,400,000
Others 160,746 135,133
Total 2,560,746 2,535,133
XI. Share-based Payment

1. Overview
For the six-month
period ended
30 June 2023 2022
Number of restricted shares exercised – 485,023,600
Number of restricted shares forfeited – 13,735,000
The remaining term of the contract of the outstanding stock options at the end of
1.5 2.0
the period/year
For the six-month

period ended
30 June 2023 2022
Total amount of employee services in exchange for share based payment 164,485 746,275
The equity-settled share-based payment is as follows:

For the six-month
period ended
30 June 2023 2022
Accumulated amount of equity-settled share-based payment in capital surplus 3,427,656 3,263,171
Total expenses recognised in equity-settled share-based payment 164,485 746,275

XI. Share-based Payment (continued)

2. Share-based payment plan
(a) Share-based payment by the Company
(1) In accordance with the authorisation of the third extraordinary General Meeting of Shareholders held on 7
December 2020, the Company held the 50th meeting of the second session of the Board of Directors on 23
December 2020 and the Board of Directors approved the resolution of China State Construction Engineering
Corporation Limited. Granted Fourth Batch Restricted Shares Incentive Plan (A share) (“the fourth batch
Incentive Plan”), in which the Company was approved to grant the restricted shares incentive to 2,765 targets
(“the fourth batch Incentive Targets”). From 30 October 2020 to 14 December 2020, the Company completed
the repurchase of 912,036,000 shares (“the fourth batch of Restricted Shares”) in total from secondary market
and completed the granting to the fourth batch Incentive Targets on 23 December 2020 (“the fourth batch grant
day”). The fourth batch Incentive Targets’ purchase price is RMB3.06 per share and the limited sales period is
2 years. If the unlock condition of the restricted shares prescribed by the plan is met, the fourth batch Incentive
Targets can unlock the shares with the upper limit of 1/3, 1/3 and 1/3 of the granted shares on 23 December
2022 (the first batch of Phase IV), 23 December 2023 (the second batch of Phase IV) and 23 December 2024
(the third batch of Phase IV) respectively. If the business achievement or individual performance fail to meet the
unlock condition, the unlocked restricted shares will be repurchased by the Company at the grant price and with
no interests.
(2) The market price of the third batch of Restricted Shares was RMB5.58 per share at the third batch grant date.
The price paid by the third batch Incentive Targets was RMB3.468 per share, based on which, the fair value of
the third batch of Restricted Shares granted this time was determined to be RMB2.2112 per share at the third
batch grant date.
The market price of the fourth batch of Restricted Shares was RMB5.00 per share at the fourth batch grant
date. The price paid by the fourth batch Incentive Targets was RMB3.06 per share, based on which, the fair
value of the fourth batch of Restricted Shares granted this time was determined to be RMB1.94 per share at the
fourth batch grant date.
(3) In 2022, there are total 485,023,600 shares has been unlocked due to the third batch of Phase III and the first
batch of Phase IV meet the unlock condition, and the treasury stock decreased by RMB1,559,638 thousand.
(4) Increase/decrease of restricted shares in the reporting period

For the six-month
period ended
30 June 2023 2022
Number of restricted shares at the beginning of the period/year 601,884,336 1,100,642,936
Number of restricted shares granted in current period/year – –
Number of restricted shares unlocked in current period/year – (485,023,600)
Number of restricted shares forfeited in current period/year – (13,735,000)
Number of restricted shares at the end of the year 601,884,336 601,884,336
(5) The impact on the Company’s financial position and operating results from restricted shares is as follows:
For the six-month
period ended
30 June 2023 2022
Total expenses recognised in equity-settled share-based payment 164,485 746,275

Accumulated amount of equity-settled share-based payment in capital surplus 3,427,656 3,263,171

XI. Share-based Payment (continued)

2. Share-based payment plan (continued)
(b) Share Option Schemes by China Overseas Land & Investment Ltd.
On 29 June 2018, China Overseas Land & Investment Ltd. offered to grant share options (the “Share Options”)
to certain eligible persons (collectively, the “Grantees”), to subscribe for a total of 107,320,000 shares, subject to
acceptance of the Grantees, under the share option scheme adopted by China Overseas Land & Investment Ltd. on 11
June 2018 with a term of 6 years. Out of the 107,320,000 Share Options granted, a total of 2,000,000 Share Options
were granted to directors of China Overseas Land & Investment Ltd. The exercise price is HKD$25.85 per share. The
Share Options granted vested on 29 June 2020, 29 June 2021 and 29 June 2022 respectively.
On 24 November 2020, China Overseas Land & Investment Ltd. offered to grant share options (the “Share Options”)
to certain eligible persons (collectively, the “Grantees”), to subscribe for a total of 285,840,000 shares, subject to
acceptance of the Grantees, under the share option scheme adopted by China Overseas Land & Investment Ltd. on 11
June 2018 with a term of 6 years. Out of the 285,840,000 Share Options granted, a total of 6,300,000 Share Options
were granted to directors of China Overseas Land & Investment Ltd. The exercise price is HKD$18.724 per share. The
Share Options granted will vest on 24 November 2022, 24 November 2023 and 24 November 2024 respectively.
On 11 November 2021, China Overseas Land & Investment Ltd. offered to grant share options (the “Share Options”) to
certain eligible persons (collectively, the “Grantees”), to subscribe for a total of 7,130,000 shares, subject to acceptance
of the Grantees, under the share option scheme adopted by China Overseas Land & Investment Ltd. on 11 June 2018
with a term of 6 years. Out of the 7,130,000 Share Options granted, a total of 1,600,000 Share Options were granted
to directors of China Overseas Land & Investment Ltd. The exercise price is HKD$18.7 per share. The Share Options
granted will vest on 11 November 2023, 11 November 2024 and 11 November 2025 respectively.
As at 30 June 2023, 230,330,500 share options were granted for the plan (31 December 2022: 326,112,500).
The fair value of the Share Options was determined by the Binomial Options Pricing Model. All stock options granted
by China Overseas Development have entered the exercise period. For the six-month period ended 30 June 2023, the
employee services obtained due to the outstanding stock options do not require confirmation of related fees (Confirming
related expenses during the waiting period for the six-month period ended 30 June 2022: RMB60,100 thousand).
XII. Commitments and Contingencies

1. Commitments
Contracted, but not provided for capital commitments
Purchase and construction of non-current assets 10,250,595 6,886,875
Investment commitments 16,055,519 16,745,497
Total 26,306,114 23,632,372
For lease commitments of lessee, refer to Note XIV.2.

XII. Commitments and Contingencies (continued)

2. Contingencies
Contingent liabilities arising from pending litigations or
11,090,617 9,274,297 Note 1
arbitrations
Contingent liabilities arising from the provision of guarantees 139,647,048 139,179,781 Note 2
Total 150,737,665 148,454,078
Note 1: As at 30 June 2023 and 31 December 2022, pending litigations in which the Group was the defending party are listed as
follows:

Disputed value Disputed value
China Construction Third Engineering Bureau Co., Ltd. 1,641,375 1,301,941
China Construction Fifth Engineering Bureau Co., Ltd. 1,576,476 1,029,208
China Overseas Holdings Limited 1,500,514 873,937
CSCEC Xinjiang Construction & Engineering (Group) Co., Ltd. 1,471,551 1,363,088
China Construction Seventh Engineering Bureau Co., Ltd. 1,439,016 1,452,639
The Company 1,026,126 688,382
China Construction Design and Research Institute Co., Ltd. 532,923 381,237
China Construction Decoration Group Ltd. 338,667 313,727
China Construction Eighth Engineering Bureau Co., Ltd. 318,397 566,038
China Construction Southwest Investigation & Design Institute Co.,Ltd. 291,527 140,953
China Construction Second Engineering Bureau Ltd. 244,753 481,320
Jilin CSCEC Construction Engineering Co., Ltd. (Consolidated) 196,291 200,931
China Construction First Group Corporation Limited 170,644 25,390
China Construction Northeast design and Research Institute Co., Ltd. 130,383 69,022
China Construction Harbour and Channel Engineering Bureau Group Co., Ltd. 67,150 67,150
China Construction Fourth Engineering Bureau Co., Ltd. 63,273 234,224
China Construction Communications Engineering Group Co., Ltd. 58,529 60,926
China Construction Science & Technology Group Co., Ltd. 19,639 21,957
China Construction Sixth Engineering Bureau Co., Ltd. 3,174 2,018
China Construction Development Co., Ltd. 209 209
Total 11,090,617 9,274,297
Note: The above pending litigations are mostly related with project quality, progress payment, financing etc. Please refer to Note V.
42 for the progress of litigation matters at 30 June 2023 and the confirmed losses of judgment results, and relevant liabilities
are not recognised for the event that the potential obligations generated do not meet the conditions for the recognition of
provisions for other liabilities and charges.
Note 2: As at 30 June 2023 and 31 December 2022, the Group’s external guarantees are listed as follows:

Guarantee amount Guarantee amount
Mortgage guarantee provided to property owners (Note) 123,055,606 124,008,036
Guarantees for bank loan 16,591,442 15,171,745
Total 139,647,048 139,179,781
Note: The Group provides guarantees to property owners and property owners pledge the houses they have bought when taking
loans from banks. For the six-month period ended 30 June 2023 and for the year of 2022, there was no significant breach of
contract from commodity house buyers and the Group considers the risk associated with the guarantee obligation is immaterial.

XIII. Events after the Balance Sheet Date

1. After the balance sheet date, the bonds issued by the subsidiaries of the Group are as follows:
Interest rate
Issuer Type of bond Value in issue Issuance date (%)
China Construction Eighth Engineering Bureau Ultra short-term
1,000,000 22 August 2023 1.84
Co., Ltd. financing bonds
China Construction Eighth Engineering Bureau Ultra short-term
2,000,000 16 August 2023 1.82
Co., Ltd. financing bonds
China Construction International Investment
Corporate bonds 1,100,000 18 August 2023 2.88
Group Co., Ltd.
The Company Medium-term Notes 3,000,000 10 August 2023 3.08
The Company Medium-term Notes 3,000,000 11 July 2023 3.14
2. On 28 July 2023, the Company cancelled a total of 148 incentive objects (including 33 who simultaneously
repurchased their third and fourth restricted stocks) that did not meet the unlocking conditions, including
14,918,400 shares of restricted stocks that had already been repurchased. The reduced share capital was
RMB14,918,400, and the share capital after the above reduction was RMB41,919,514,444.
XIV. Other Important Matters

1. Segment reporting
Operating segments
For management purpose, the Group is organised into business units based on their products and has five reportable
operating segments as follows:
(1) Building construction engineering;
(2) Infrastructure construction and investment;
(3) Real estate development and investment;
(4) Prospecting and design;
(5) Others.
Management monitors the results of its operating segments separately for the purpose of making decisions about
resource allocation and performance assessment. Segment performance is evaluated based on the profit or loss of
reportable segment.
The intersegment transactions are transacted with reference to the prices used for transactions made to third parties at
then prevailing market prices.

XIV. Other Important Matters (continued)

1. Segment reporting (continued)
Operating segments (continued)

Building Infrastructure Real estate
construction construction and development Prospecting and
engineering investment and investment design Others Unallocated Elimination Total
Revenue from external 724,140,651 239,004,809 126,660,159 4,709,124 18,798,313 – – 1,113,313,056
Revenue from inter-segment 12,497,165 2,275,095 884,806 568,727 2,573,100 – (18,798,893) –
Sub-total 736,637,816 241,279,904 127,544,965 5,277,851 21,371,413 – (18,798,893) 1,113,313,056
Cost of sales (684,416,449) (216,064,172) (104,459,767) (4,375,016) (15,296,224) – 17,911,272 (1,006,700,356)
Credit impairment losses (2,828,819) (1,275,437) (363,751) (77,294) (43,533) – – (4,588,834)
Asset impairment (losses)/
(577,177) (260,107) (786,516) 2,551 (2,631) – – (1,623,880)
reversal
Depreciation and amortisation (2,951,286) (1,026,774) (1,840,630) (152,604) (976,910) (3,423) – (6,951,627)
Profit/(losses) before income
18,278,404 10,130,367 21,028,938 (30,227) 1,478,496 (364,000) (887,621) 49,634,357
taxes
Less: Income tax expenses (9,624,726)
Net profit 40,009,631
Total segment assets 787,405,955 675,627,397 1,024,175,399 14,978,459 383,212,496 118,380,630 (174,623,178) 2,829,157,158
Total segment liabilities 567,110,671 505,350,757 620,752,167 9,066,676 299,388,870 307,074,297 (173,164,937) 2,135,578,501

Building Infrastructure Real estate
construction construction and development Prospecting and
engineering investment and investment design Others Unallocated Elimination Total
Revenue from external 667,534,540 221,290,506 151,176,638 4,458,261 16,766,678 – – 1,061,226,623
Revenue from inter-segment 11,860,209 2,104,037 826,174 538,413 2,416,471 – (17,745,304) –
Total revenue 679,394,749 223,394,543 152,002,812 4,996,674 19,183,149 – (17,745,304) 1,061,226,623
Cost of goods sold (632,204,357) (198,989,928) (120,091,412) (4,128,740) (14,387,070) – 17,016,785 (952,784,722)
Credit impairment losses (4,314,980) (1,792,635) (797,401) (92,515) (33,027) – – (7,030,558)
Asset impairment losses (820,821) (476,567) (306,732) 3 (2,906) – – (1,607,023)
Depreciation and amortisation (2,653,767) (1,068,971) (1,454,873) (122,723) (616,200) (612) – (5,917,146)
Profit/(losses) before income
13,569,343 9,032,087 30,096,895 (111,253) 440,610 (243,950) (750,377) 52,033,355
taxes
Less: Income tax expenses (10,847,754)
Net profit 41,185,601
Total segment assets 667,030,768 619,072,924 969,806,243 14,802,815 345,129,486 147,976,301 (160,115,154) 2,603,703,383
Total segment liabilities 437,514,020 452,643,932 559,066,621 8,929,058 253,333,839 389,188,587 (159,074,410) 1,941,601,647


1. Segment reporting (continued)
Other information
Information about products and services
Revenue from external customers

30 June 2023 30 June 2022
(restated)
Building construction engineering 724,140,651 667,534,540
Infrastructure construction and investment 239,004,809 221,290,506
Real estate development and investment 126,660,159 151,176,638
Prospecting and design 4,709,124 4,458,261
Others 18,798,313 16,766,678
Total 1,113,313,056 1,061,226,623
Geographic information
Revenue from external customers

30 June 2023 30 June 2022
(restated)
Mainland China 1,058,791,603 1,005,139,980
Other countries/geographical regions 54,521,453 56,086,643
Total 1,113,313,056 1,061,226,623
The revenue information above is based on the locations of the customers.
Non-current assets
Mainland China 504,883,359 478,797,089
Other countries/geographical regions 27,040,063 29,292,553
Total 531,923,422 508,089,642
The non-current asset information above is based on the locations of the assets and excludes financial assets,
long-term equity investments and deferred tax assets.
Information about major customers
The Group does not rely on one or several major customers.


2. Leases
(1) As lessor
The Group has entered into operating leases on some of its houses and buildings, and the lease terms are 1-10 years.
All leases include a clause to enable revision of the rental charge on an annual basis according to prevailing market
conditions. For the six-month period ended 30 June 2023, the rental income recognised by the Group on those houses
and buildings was RMB3,390,370 thousand (For the six-month period ended 30 June 2022: RMB3,105,900 thousand).
Details of the underlying houses and buildings are disclosed in Note V.17 Investment properties.
The Group has also entered into operating leases on idle machinery equipment and transportation equipment, and the
lease terms are 1-5 years. The rental income recognised by the Group this period was RMB283,899 thousand (For the
six-month period ended 30 June 2022: RMB58,972 thousand).
Operating leases
The profit or loss relating to operating leases is as follows:

30 June 2023 30 June 2022
Lease income 3,674,269 3,164,872
The Group had total future minimum lease receivables under non-cancellable leases with its tenants falling due as
follows:
Within 1 year, inclusive 5,177,239 4,818,292
1 to 2 years, inclusive 3,427,767 3,373,994
4 to 5 years, inclusive 933,804 921,223
Over 5 years 2,558,339 2,754,140
Total 15,772,430 15,557,047
For fixed assets leased out under operating leases, refer to Note V.18.


2. Leases (continued)
(2) As lessee
30 June 2023 30 June 2022
Interest expense on lease liabilities 145,882 141,306
Expenses relating to short-term leases accounted for applying practical expedients 2,230,413 1,540,691
Expenses relating to leases of low-value assets accounted for applying practical
67,642 25,262
expedients (other than short-term leases)
Total cash outflow for leases 3,252,641 2,345,288
The Group has lease contracts for various items of houses and buildings, machinery, transportation equipment and
other equipment used in its operations. Leases of houses and buildings and machinery generally have lease terms of 1
to 10 years, while those of transportation equipment and other equipment generally have lease terms of 0.5 to 3 years.
Generally, the Group is restricted from assigning and subleasing the underlying assets and some contracts require the
Group to maintain certain financial ratios.
Other information relating to leases
For right-of-use assets, refer to Note V.20. For practical expedients of short-term leases and leases of low-value assets,
refer to Note III.30. For lease liabilities, refer to Note V.39 and Note VIII.3.
3. Comparative Amounts
The Group completed the business combination under common control over China Construction Seventh Bureau Sixth
Construction Co., Ltd., China Construction Ecological Environment Group Co., Ltd., Liyang China Construction Water
Co., Ltd. and China Construction Taixing Water Co., Ltd. during 2022. Therefore, the comparative amounts in the
Group’s consolidated financial statements have also been restated to include the financial position, results of operations
and cash flows of the merged parties to meet the presentation and accounting requirements for the current period.
XV. Notes to the Company’s Financial Statements

1. Accounts receivable
The ageing of accounts receivable is analysed as follows:
Within 1 year 14,901,091 16,519,421
1-2 years 5,238,301 3,987,642
2-3 years 2,316,072 2,571,275
3-4 years 2,671,232 3,293,582
4-5 years 1,198,401 535,765
Over 5 years 887,445 959,443
Sub-total 27,212,542 27,867,128
Total 23,965,076 24,745,860

XV. Notes to the Company’s Financial Statements (continued)

Accounts receivable and impairment allowance are disclosed by category:
30 June 2023
Carrying amount Impairment allowance
Amount Ratio (%) Amount Ratio (%)
Impairment allowance individually accrued 11,925,485 43.82 1,194,519 10.02
Impairment allowance accrued by credit risk portfolio 15,287,057 56.18 2,052,947 13.43
Total 27,212,542 100.00 3,247,466 11.93
31 December 2022
Carrying amount Impairment allowance
Amount Ratio (%) Amount Ratio (%)
Impairment allowance individually accrued 12,233,023 43.90 1,240,427 10.14
Impairment allowance accrued by credit risk portfolio 15,634,105 56.10 1,880,841 12.03
Total 27,867,128 100.00 3,121,268 11.20
As at 30 June 2023, impairment allowance of accounts receivable individually accrued is as follows:

Expected credit
Amount Impairment losses ratio Reasons
Others 8,941,635 464,387 5.19% Recovery possibility
Total 11,925,485 1,194,519
As at 31 December 2022, impairment allowance of accounts receivable individually accrued is as follows:

Expected credit
Amount Impairment losses ratio Reasons
Others 9,503,687 693,549 7.30% Recovery possibility
Total 12,233,023 1,240,427


The accounts receivable with impairment allowance accrued by credit risk portfolio are as follows:
Portfolio 1:
Estimated Estimated
gross gross
Carrying Expected Lifetime carrying Expected Lifetime
amount at credit losses expected amount at credit losses expected
default ratio (%) credit losses default ratio (%) credit losses
Within 1 year 3,389,670 2.00 67,793 4,160,029 2.00 83,201
1-2 years 669,554 5.00 33,478 434,769 5.00 21,738
2-3 years 232,761 15.00 34,914 376,838 15.00 56,526
3-4 years 543,600 30.00 163,080 420,158 30.00 126,048
4-5 years 94,443 45.00 42,499 232,485 45.00 104,618
Over 5 years 14,080 100.00 14,080 14,080 100.00 14,080
Total 4,944,108 355,844 5,638,359 406,211
Portfolio 2:
Estimated Estimated
gross gross
carrying Expected Lifetime carrying Expected Lifetime
Within 1 year 654,541 6.00 39,272 1,494,011 6.00 89,641
1-2 years 420,896 12.00 50,507 56,214 12.00 6,745
2-3 years 34,563 25.00 8,641 9,189 25.00 2,297
3-4 years 9,565 45.00 4,304 144,453 45.00 65,004
4-5 years 148,506 70.00 103,954 54,067 70.00 37,847
Over 5 years 53,919 100.00 53,919 – 100.00 –
Total 1,321,990 260,597 1,757,934 201,534
Portfolio 3:
Estimated Estimated
gross gross
carrying Expected Lifetime carrying Expected Lifetime
Within 1 year 4,849,085 4.50 218,209 4,548,289 4.50 204,673
1-2 years 2,194,618 10.00 219,462 1,560,132 10.00 156,013
2-3 years 523,024 20.00 104,605 635,784 20.00 127,157
3-4 years 714,382 40.00 285,753 1,113,073 40.00 445,229
4-5 years 375,350 65.00 243,977 115,743 65.00 75,233
Over 5 years 364,500 100.00 364,500 264,791 100.00 264,791
Total 9,020,959 1,436,506 8,237,812 1,273,096


The movements in impairment allowance for accounts receivable are as follows:

Opening balance Provision Reversal Other movements Closing balance
3,121,268 695,556 (320,061) (249,297) 3,247,466
2022
Opening balance Provision Reversal Other movements Closing balance
3,833,019 1,661,543 (857,581) (1,515,713) 3,121,268
The major amounts reversal or collection for the six-month period ended 30 June 2023 are as follows:
Basis and rationality for Amount of
Reasons for determining the provision reversal/
reversal for impairment collection Way of collection
Individually and collectively
Others Recover project fund, etc. 210,844 Cash or reversal
accrued
Total 320,061
As at 30 June 2023, the five largest accounts receivable due to customers are as follows:
Amount of % of total
impairment accounts
Total amount of the five largest accounts receivable 4,037,063 379,499 14.84%
As at 31 December 2022, the five largest accounts receivable due to customers are as follows:
Amount of % of total
impairment accounts
Total amount of the five largest accounts receivable 4,072,185 289,996 14.61%


2. Other receivables
Dividend receivables 284,045 312,462
Other receivables 27,476,853 24,269,896
Total 27,760,898 24,582,358
The ageing analysis of other receivables is as follows:

Within 1 year 21,658,284 20,447,154
1-2 years 3,557,926 2,199,734
2-3 years 992,782 1,000,594
3-4 years 1,459,178 867,661
4-5 years 581,266 581,479
Over 5 years 267,335 254,353
Sub-total 28,516,771 25,350,975
Total 27,760,898 24,582,358
Natures of other receivables are as follows:

Receivables from related parties 26,107,875 22,805,505
Dividends receivable 284,045 312,462
Deposits and petty cash receivable 759,481 682,653
Others 1,365,370 1,550,355
Sub-total 28,516,771 25,350,975
Total 27,760,898 24,582,358


Changes in impairment allowance recognised for the 12-month expected credit losses and lifetime expected credit
losses on other receivables are as follows:

Stage 3
Stage 1 Credit losses of credit-
12-month impaired financial assets
expected credit (Lifetime-expected credit
losses losses) Total
Opening balance 46,974 721,643 768,617
Provision 17,197 11,736 28,933
Reversal (32,731) (8,650) (41,381)
Other movements 654 (950) (296)
Closing Balance 32,094 723,779 755,873
2022
Stage 3
Stage 1 Credit losses of credit-
12-month impaired financial assets
expected credit (Lifetime-expected credit
losses losses) Total
Opening balance 35,339 679,912 715,251
Provision 22,003 56,347 78,350
Reversal (9,329) (14,671) (24,000)
Other movements (1,039) 55 (984)
Closing Balance 46,974 721,643 768,617
The important reversal amounts for the six-month period ended 30 June 2023 are as follows:
Amount of
Reasons for Basis for the impairment reversal/
reversal/collection allowance collection Way of collection
Company 1 Receivable collected Combined accrual 910 Cash
Others Receivable collected.etc Combined accrual 39,121 Cash or reversal
Total 41,381


As at 30 June 2023, other receivables from the five largest customers are as follows:
Impairment
Closing % of total allowance
Balance balance Relation to the Company Ageing amount
Company 1 1,641,000 5.75 Due from Related parties Within 1 year –
Total 6,790,240 23.81 –
As at 31 December 2022, other receivables from the five largest customers are as follows:
Impairment
Closing % of total allowance
Balance balance Relation to the Company Ageing amount
Company 4 954,508 3.77 Due from Related parties Within 1 year –
Company 5 863,919 3.41 Due from Related parties Within 1 year –
Total 5,666,755 22.35 –
3. Long-term equity investments

Subsidiaries 208,891,753 204,568,115
– Subsidiaries under direct control (1) 201,829,025 197,505,387
– Subsidiaries under indirect control (2) 7,062,728 7,062,728
Joint ventures (3) 7,480,785 7,304,375
Associates (4) 6,652,142 6,166,106
Sub-total 223,024,680 218,038,596
Total 221,909,742 216,923,658


(1) Subsidiaries under direct control

Opening Current period Closing Cash dividend
balance movements balance declared
China Overseas Holdings Limited 49,444,328 – 49,444,328 –
China Construction Eighth Engineering Bureau
15,857,151 – 15,857,151 2,599,580
Ltd.
China State Construction Finance Co., Ltd. 11,924,554 – 11,924,554 331,514
China Construction Infrastructure Co., Ltd. 11,194,030 – 11,194,030 –
China Construction Fifth Engineering Bureau Ltd. 10,395,789 – 10,395,789 1,031,850
China Construction Second Engineering Bureau
10,209,149 – 10,209,149 1,229,509
Ltd.
China Construction Capital Holdings Limited 8,305,000 – 8,305,000 138,420
China Construction Third Engineering Bureau Ltd. 7,792,537 – 7,792,537 2,457,820
China Construction First Group Corporation
7,576,219 – 7,576,219 1,380,779
Limited
China Construction Seventh Engineering Bureau
6,006,530 – 6,006,530 5,420
Ltd.
China Construction Fangcheng Investment &
5,851,624 – 5,851,624 –
China Construction Sixth Engineering Bureau Ltd. 4,277,946 1,000,000 5,277,946 167,250
China Construction Fourth Engineering Bureau
5,199,701 – 5,199,701 309,519
Ltd.
China Construction America, Inc. 3,976,853 – 3,976,853 –
China Construction Development Co., Ltd. 1,790,637 1,706,284 3,496,921 –
China Construction International Construction Co.,
3,000,000 – 3,000,000 –
Ltd.
CSCEC Xinjiang Construction & Engineering
2,969,906 – 2,969,906 –
(Group) Co., Ltd.
China Construction Silu Construction Investment
2,700,000 – 2,700,000 –
Company Limited
China Construction Science & Technology Group
1,740,000 – 1,740,000 109,000
Co., Ltd.
China Construction Communications Engineering
1,279,000 – 1,279,000 36,720
Group Co., Ltd.
China Construction North Investment Co., Ltd. 1,115,083 – 1,115,083 –
China Construction Changjiang Construction
1,036,096 – 1,036,096 –
China Construction Liupanshui Infrastructure
800,000 – 800,000 –
Investment and Development Co., Ltd.
China State Construction Thailand Co., Ltd. 656,107 – 656,107 –
Shenzhen China Overseas Investment
301,537 – 301,537 –
China Construction (South Pacific) Development
796,630 – 796,630 12,190
Co Pte Ltd.
China Construction Decoration Group Ltd. 548,375 – 548,375 22,830
China State Railway Investment Construction
200,000 – 200,000 –
Group Co., Ltd.
Others 20,560,605 1,617,354 22,177,959 474,480
Total 197,505,387 4,323,638 201,829,025 10,306,881


(1) Subsidiaries under direct control (continued)
2022
Opening Current year Closing Cash dividend
China Overseas Holdings Limited 49,444,328 – 49,444,328 5,677,630
China Construction First Group Corporation
7,576,219 – 7,576,219 908,810
Limited
China Construction Second Engineering Bureau
10,209,149 – 10,209,149 1,071,590
Ltd.
China Construction Third Engineering Bureau Ltd. 6,271,354 1,521,183 7,792,537 2,322,510
China Construction Fourth Engineering Bureau
5,199,701 – 5,199,701 286,832
Ltd.
China Construction Fifth Engineering Bureau Ltd. 10,395,789 – 10,395,789 1,111,374
China Construction Sixth Engineering Bureau Ltd. 4,277,946 – 4,277,946 132,741
China Construction Seventh Engineering Bureau
6,006,530 – 6,006,530 503,470
Ltd.
China Construction Eighth Engineering Bureau
15,589,151 268,000 15,857,151 2,399,490
Ltd.
China Construction Fangcheng Investment &
5,851,624 – 5,851,624 456,660
Shenzhen China Overseas Investment
301,537 – 301,537 –
China Construction Infrastructure Co., Ltd. 11,194,030 – 11,194,030 4,200
China State Construction Finance Co., Ltd. 7,924,554 4,000,000 11,924,554 282,197
China Construction America, Inc. 3,976,853 – 3,976,853 –
China State Construction Development Co., Ltd. 1,790,637 – 1,790,637 52,000
China Construction Liupanshui Infrastructure
800,000 – 800,000 –
Investment and Development Co., Ltd.
China State Construction Thailand Co., Ltd. 656,107 – 656,107 5,393
CSCEC Xinjiang Construction & Engineering
2,881,906 88,000 2,969,906 57,200
(Group) Co., Ltd.
China Construction (South Pacific) Development
596,630 200,000 796,630 45,510
Co Pte Ltd.
China Construction Decoration Group Ltd. 548,375 – 548,375 1,410
China Construction Capital Holdings Limited 8,305,000 – 8,305,000 253,630
China State Railway Investment Construction
1,673,183 (1,473,183) 200,000 –
Group Co., Ltd.
China Construction Silu Construction Investment
2,500,000 200,000 2,700,000 200,000
Company Limited
China Construction Changjiang Construction
1,036,096 – 1,036,096 –
China Construction North Investment Co., Ltd. 947,821 167,262 1,115,083 –
China Construction Overseas Co., Ltd. 400,000 (400,000) – –
China Construction Science & Technology Group
1,700,000 40,000 1,740,000 77,680
Co., Ltd.
China Construction Communications Engineering
1,279,000 – 1,279,000 40,148
Group Co., Ltd.
China State Construction International Holdings
1,600,000 1,400,000 3,000,000 –
Limited
Others 16,889,018 3,671,587 20,560,605 471,240
Total 187,822,538 9,682,849 197,505,387 16,361,715


(2) Subsidiaries under indirect control

Opening Current period Closing Cash dividend
China West Construction Group Co., Ltd. 942,264 – 942,264 14,739
China Construction Installation Group Co., Ltd. 837,305 – 837,305 28,010
China Construction Science and Industry
739,664 – 739,664 61,740
Corporation Ltd.
Hangzhou China Construction Guobo Property
668,432 – 668,432 –
Shanxi China Construction Infrastructure
612,000 – 612,000 –
CSCEC Strait Construction and Development Co.,
300,000 – 300,000 –
Ltd.
China Construction Tunnel Construction Co., Ltd. 300,000 – 300,000 –
China Construction Bridge Co., Ltd. 300,000 – 300,000 –
China Construction Electric Power Construction
230,000 – 230,000 –
Co., Ltd.
Shanghai China Construction Overseas
100,000 – 100,000 –
China Construction Underground Space Co., Ltd. 100,000 – 100,000 –
Foshan China Construction Transportation Joint
4,800 – 4,800 –
Others 1,928,263 – 1,928,263 –
Total 7,062,728 – 7,062,728 104,489
2022
Opening Current year Closing Cash dividend
China West Construction Group Co., Ltd. 942,264 – 942,264 14,739
China Construction Industrial & Energy
837,305 – 837,305 6,080
Engineering Group Co., Ltd.
China Construction Science and Industry
739,664 – 739,664 63,145
Corporation Ltd.
Hangzhou China Construction Guobo Property
668,432 – 668,432 –
CSCEC Strait Construction and Development Co.,
300,000 – 300,000 –
Ltd.
China Construction Tunnel Construction Co., Ltd. 300,000 – 300,000 –
China Construction Electric Power Construction
230,000 – 230,000 –
Co., Ltd.
Foshan China State Construction Transportation
4,800 – 4,800 –
Joint Investment Co., Ltd.
Shanghai China Construction Overseas
100,000 – 100,000 –
CSCEC Underground Space Co., Ltd. 100,000 – 100,000 –
China Construction Bridge Co., Ltd. 300,000 – 300,000 –
Shanxi China Construction Infrastructure
438,600 173,400 612,000 –
Others 1,870,834 57,429 1,928,263 –
Total 6,831,899 230,829 7,062,728 83,964


(3) Joint ventures

Investment Other
Increase/ income/(losses) comprehensive
Opening (Decrease) in under equity income Closing
Balance investment method adjustment Others Balance
Zhengzhou China Construction Shenzhen Rail Transit
1,304,890 – (85,424) – – 1,219,466
Co., Ltd.
1,015,774 – – – – 1,015,774
CSCEC Zhanjiang Avenue Investment and Construction
527,190 13,000 2,930 – – 543,120
Co., Ltd.
CSCEC Zhaotong Construction Construction Investment
513,934 – – – – 513,934
CSCEC Road & Bridge Group Co., Ltd. 470,405 – 2,072 730 – 473,207
386,000 – 18,827 – (18,827) 386,000
Ltd.
Changsha China Construction Chengtou Pipe Gallery
328,219 – 185 – – 328,404
Development Investment Co., Ltd.
ASEC CIMENT SPA 247,121 – – – 15,935 263,056
215,459 37,652 (7,344) – – 245,767
Co., Ltd.
Yinchuan Shenyang Road Underground Comprehensive
225,338 – (3,689) – – 221,649
Pipe Gallery Construction Management Co., Ltd.
Dalian CSCEC Haimian City Construction Development
178,220 – 2,314 – – 180,534
Co., Ltd.
CSCEC Dacheng Construction Co., Ltd. 165,394 – 454 – – 165,848
Others 1,726,431 179,790 17,805 – – 1,924,026
Total 7,304,375 230,442 (51,870) 730 (2,892) 7,480,785
2022
Investment Other
Increase/ income/(losses) comprehensive
Opening (Decrease) in under equity income Closing
Balance investment method adjustment Others Balance
CSCEC Zhaotong Construction Construction Investment
512,388 – 1,546 – – 513,934
CSCEC Road & Bridge Group Co., Ltd. 456,865 – 13,713 (173) – 470,405
Zhengzhou China Construction Shenzhen Rail Transit Co.,
1,028,458 – 31,825 – 244,607 1,304,890
Ltd.
Changsha China Construction Chengtou Pipe Gallery
324,145 – 4,074 – – 328,219
Development Investment Co., Ltd.
CSCEC Zhanjiang Avenue Investment and Construction
498,664 26,295 2,231 – – 527,190
Co., Ltd.
ASEC CIMENT SPA 225,584 – (210) – 21,747 247,121
Yinchuan Shenyang Road Underground Comprehensive
218,303 – 7,035 – – 225,338
Pipe Gallery Construction Management Co., Ltd.
460,784 195,805 – – 359,185 1,015,774
226,271 – (10,812) – – 215,459
Co., Ltd.
Dalian CSCEC Haimian City Construction Development
237,893 (78,926) 19,253 – – 178,220
Co., Ltd.
745,184 – 21,809 – (380,993) 386,000
Ltd.
CSCEC Dacheng Construction Co., Ltd. 148,638 – 26,756 – (10,000) 165,394
Others 1,677,555 261,482 35,481 – (248,087) 1,726,431
Total 6,760,732 404,656 152,701 (173) (13,541) 7,304,375


(4) Associates

Investment
Increase/ income/
Opening (Decrease) in (losses) under Declaration of Closing
balance investment equity method cash dividends balance
CCCC Jijiao Expressway lnvestment & Development Co., Ltd. 1,919,603 – (23,681) – 1,895,922
Yunnan Huali Expressway lnvestment & Development Co., Ltd. 1,583,765 – (47,259) – 1,536,506
543,061 – (34,555) – 508,506
Liyang Zhongjian Sangde Environmental Governance Co., Ltd. 158,668 – 5,775 – 164,443
Xuzhou Line 1 Rail Transit Investment and Development Co., Ltd. 100,000 – 31,366 (31,366) 100,000
Zhangzhou Zhanyuan Environmental Technology Co., Ltd. 82,594 – (1,347) – 81,247
Xinyu Ring Road Construction Investment Co., Ltd. 59,987 – (4,817) – 55,170
Cangzhou Development Zone BAIC Industrial Park Investment
27,543 – 839 (1,018) 27,364
Center (limited partnership)
Taizhou Road & Bridge Xindao Investment and Development Co.,
19,239 – (177) – 19,062
Ltd.
Others 1,671,646 592,415 (139) – 2,263,922
Total 6,166,106 592,415 (73,995) (32,384) 6,652,142
2022
Investment
Increase/ income/
Opening (Decrease) in (losses) under Declaration of Closing
balance investment equity method cash dividends balance
CCCC Jijiao Expressway lnvestment & Development Co., Ltd. 1,650,377 296,304 (27,078) – 1,919,603
Yunnan Huali Expressway lnvestment & Development Co., Ltd. 1,561,094 – 22,671 – 1,583,765
Xuzhou Line 1 Rail Transit Investment and Development Co., Ltd. 100,000 – 101,097 (101,097) 100,000
631,614 – (88,553) – 543,061
Anhui Province Yuehuang Expressway Co., Ltd. 224,000 (224,000) – – –
Liyang Zhongjian Sangde Environmental Governance Co., Ltd. 147,877 – 10,791 – 158,668
Cangzhou Development Zone BAIC Industrial Park Investment
28,261 – 1,806 (2,524) 27,543
Center (limited partnership)
Xinyu Ring Road Construction Investment Co., Ltd. 60,000 – (13) – 59,987
Taizhou Road & Bridge Xindao Investment and Development Co.,
19,425 – (186) – 19,239
Ltd.
Zhangzhou Zhanyuan Environmental Technology Co., Ltd. 75,965 – 6,629 – 82,594
Others 1,062,013 505,181 98,060 6,392 1,671,646
Total 5,560,626 577,485 125,224 (97,229) 6,166,106


4. Revenue and cost of sales
For the six-month period ended For the six-month period ended
30 June 2023 30 June 2022
Revenue Cost Revenue Cost
Main operations 29,917,156 28,480,085 38,410,141 36,056,648
Other operations 43,718 32,738 20,786 12,642
Total 29,960,874 28,512,823 38,430,927 36,069,290
Revenue is shown as follows:

30 June 2023 30 June 2022
Revenue from contracts with customers 29,940,273 38,411,994
Rentals 20,601 18,933
Total 29,960,874 38,430,927
As at 30 June 2023, the transaction price allocated to the unfulfilled or partially unfulfilled performance obligations is
related to the progress of the corresponding contract, and will be recognised as revenue according to the progress of
performance in the future performance period.
The breakdown of revenue generated by the contract with customers is as follows:

30 June 2023 30 June 2022
Timing of revenue recognition
Revenue recognised at a point of time
Others 140,092 1,007
Revenue recognised over time
Building construction engineering 8,171,021 8,940,830
Infrastructure construction and investment 21,601,952 29,451,921
Others 27,208 18,236
Total 29,940,273 38,411,994
5. Investment income
30 June 2023 30 June 2022
Investment income from disposal of long-term equity investments under cost
10,411,370 10,202,396
method
Long-term equity disposal of investment losses under the equity method (125,865) (136,067)
Investment losses from disposal of financial assets measured at amortised cost (2,903) (715)
Investment (losses)/income from disposal of long-term equity investments (248) 43,853
Investment income obtained during the holding period of the held for trading
3,808 6,855
financial assets
Investment income obtained during the holding period of debt investments 121,584 104,345
Investment income from other equity instrument investments 1,094 2,459
Total 10,408,840 10,223,126
The Company has no major restrictions on the repatriation of investment income.

SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION
1. Statement of non-recurring profit or loss

For the six-month
period ended
30 June 2023
Gains from disposal of non-current assets, including the write-off portion of the provision for impairment of
47,566
assets
Government grants recognised into the profit or loss 303,936
Gains or losses from changes in fair value of financial assets held for trading and financial liabilities held for
trading and investment gains from disposal of financial assets held for trading, financial liabilities held for 4,009
trading, and other debt investments
Interest income from loans to non-financial corporations 101,900
Reversal of the provision on receivables and contract assets for impairment on an individual basis 1,988,042
Investment losses from disposal of subsidiaries (6,084)
Gains and losses arising from unrelated or incidental events related to the normal operation of the
153,837
Company’s business
Other non-operating income and expenses than the above items 757,769
Sub-total 3,350,975
Impact on income tax (647,984)
Sub-total 2,702,991
Impact on non-controlling interests (after tax) (165,067)
Total 2,537,924
The Group’s recognition of non-recurring profit or loss items shall be carried out in accordance with the provisions of
“Explanatory Notice of Corporate Information Disclosure of Public Securities Offering No. 1 – Non-recurring Profit or
Loss” (CSRC Announcement No. [2008]43).
2. Return on net assets and earnings per share

Weighted Earnings per share

average return (RMB/Share)
on net assets (%) Basic Diluted
Net profit attributable to the Company’s ordinary shareholders 7.30 0.70 0.70
Net profit attributable to the Company’s ordinary shareholders after
6.66 0.63 0.63
deducting non-recurring profit or loss
Weighted Earnings per share

average return (RMB/Share)
on net assets (%) Basic Diluted
Net profit attributable to the Company’s ordinary shareholders 7.95 0.68 0.68
Net profit attributable to the Company’s ordinary shareholders after
6.96 0.59 0.58
deducting non-recurring profit or loss

CHINA STATE CONSTRUCTION
China Construction Fortune International Center, Building 3,

Courtyard 5, Anding Road, Chaoyang District, Beijing, the PRC
100029
Tel: 86 10 8649 8888
E-mail: [email protected]
Website: www.cscec.com

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CHINA STATE CONSTRUCTION

Quality assurance and

5 SECTION II COMPANY PROFILE AND KEY

9 SECTION III MANAGEMENT DISCUSSION

40 SECTION IV CORPORATE GOVERNANCE

43 SECTION V ENVIRONMENTAL AND SOCIAL

47 SECTION VI IMPORTANT MATTERS

61 SECTION VII CHANGES IN SHARES AND

67 SECTION VIII INFORMATION ON PREFERENCE

68 SECTION IX INFORMATION ON BONDS

78 SECTION X FINANCIAL REPORT

The world’slargest investment and construction conglomerate

Ranked 4th in Fortune China 500

Ranked 1st in ENR Top 250 Global Contractors

Continued to maintain the top credit rating in the industry worldwide

Received the Grade A rating from the SASAC of

the State Council 18 times

Remained a constituent in important indices such as SSE 50

Index, FTSE China A50 Index, and

Major operating indicators

Newly signed contract value Revenue Net profit attributable to

11.3 % 4.9 % 1.6 %

over the end of

INTERIM REPORT 2023 1

Housing construction engineering

Newly signed contract value

Infrastructure construction and investment

Newly signed contract value

Real estate development and investment

Contracted sales Contracted sales area

RMB241.2 billion 9.80 million square meters

a year-on-year decrease of 16.1 % Land reserve 87.50 million square

Survey and design

a year-on-year increase of 27.4 % 5.6

a year-on-year decrease of 9.5 %

2 CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

INTERIM REPORT 2023 3

CSC Finance China State Construction Finance Co., Ltd. (中建财务有限公司)

4 CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

I. Information of the Company

II. Contact Details

III. Overview of Changes in Basic Information

IV. Overview of Changes in Information Disclosure and Place for Inspection

INTERIM REPORT 2023 5

VI. Other Relevant Information

VII. Key Accounting Data and Financial Indicators of the Company

As at the end of the As at the end of last year

(II) Key financial indicators

6 CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

For details, please refer to Note XI “SHARE-BASED PAYMENT”

(III) Explanation on differences between domestic and foreign accounting standards:

INTERIM REPORT 2023 7

IX. Statement of Non-Recurring Profit or Loss

Unit: ’000 yuan Currency: RMB

8 CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

I. Explanation on the Company’s Principal Businesses, Business Model and

As one of the most integrated and largest

in Fortune Global 500 (2023)

construction. Featuring a “four in one” business

10 CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

5 SECTION II COMPANY PROFILE AND KEY

9 SECTION III MANAGEMENT DISCUSSION

43 SECTION V ENVIRONMENTAL AND SOCIAL

47 SECTION VI IMPORTANT MATTERS

61 SECTION VII CHANGES IN SHARES AND

67 SECTION VIII INFORMATION ON PREFERENCE

IV. Overview of Changes in Information Disclosure and Place for Inspection

I. Explanation on the Company’s Principal Businesses, Business Model and

alue of newly signed contracts for construction

Revenue et profit attributable to shareholders of