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Local Government Bond Announcement: 2020 Shenzhen (Luohu District) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Phase 5) Project Implementation Plan

Time: January 9, 2020 14:20:30 Zhongcai
Original Title: Announcement of Local Government Bonds: 2020 Shenzhen (Luohu District) Public Hospital Special Bonds (Phase 1)-2020 Shenzhen Government Special Bonds (Phase 5) Project Implementation Plan
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I. Basic information of the project ... ........... 1 (I) Project Implementation Background ... ........................................ ..... 11.Policy Background ............................ ..... 12 Project Background ... ........................................ ..... 1 (II) Project Overview ... ........................................ 21. Project of Liantang Traditional Chinese Medicine Hospital of Luohu District ......... ..... 22. Luohu Hospital Group Security Support Center Construction Project ............... .33. Luohu Hospital Group Landmark Decoration and Reconstruction Project ... 34. District Liantang Traditional Chinese Medicine Hospital Medical Equipment Purchase Project 35. District Medical Equipment Purchase Projects in 2018 ... ..... 36. District People's Hospital Guest House Reconstruction Project ... ........... 47. Cuizhu Street Community Health Center Engineering ......... 48.2017 District Medical Institution Equipment Purchase Project ........................ 49. 10 agencies including Silver Lake Blue Mountain Health Center Renovation Project ... 510. Vaccine Intelligent Cold Chain Safety Monitoring Project ... ............ 511. District Inpatient Building of Women's Insurance Hospital II Project ............... 512. District Disease Control Center Transition Site Renovation Project ... 5
Project Investment Estimation and Fund Raising Plan ... .6 (I) Investment Estimation .............................. ..... 61 basis and principles ... ........................................ .... 62. Estimated total investment of the project ... 83. Plan for the use of funds during the construction period ... ........................ 12 (II) Construction Funding plan ............... .............. 15 (III) Balance Plan for Construction Funds ............ .................. 16
Calculation of project expected benefits and costs ... 18 (I) Project Operation Mode ............................ ... 18 (II) Expected operating income ... ........................................ .181. Luohu Hospital Group Project .............................. ........ 182. Decoration and Reconstruction Project of Transitional Site of Luohu CDC ... 23 (III )Financial expenses............................................... .............. 23 (four) taxes and fees .............. ........................................ ..................... 29

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4. Cash flow simulation analysis, stress test, evaluation ... 29 (I) Cash flow simulation analysis................................................. 29 (two) stress test ............ ........................ 371 .Luohu Hospital Group Project ............................. 372. Luohu District CDC Transitional Site Decoration and Reconstruction Project ... 38 (3) Overall Evaluation................................................. ............ 40
V. Project Risk Tips ............................ ........................ 40

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I. Basic information of the project
(I) Project implementation background
Policy background
On March 30, 2016, the Shenzhen Municipal People's Government issued the Implementation Opinions on Deepening the Reform of the Medical and Health System and Building a Strong City of Health. The opinion pointed out that deepening the reform of the medical and health system, accelerating the development of medical and health services, and establishing a higher quality medical and health service system are the important connotations of Shenzhen as a city of higher quality and a happy people's livelihood. The inevitable requirements and basic guarantees for a modern, international and innovative city.

The advancement of the Luohu District Public Hospital Project can help to further undertake basic medical, emergency and emergency and public health services in the region, and at the same time increase the total amount of medical resources in Shenzhen and contribute to the construction of a strong sanitary city in Shenzhen.

2. Project Background The Outline of the 13th Five-Year Plan for Shenzhen's National Economic and Social Development proposes to optimize the layout of medical resources and accelerate the construction of more than 17 regional medical centers.
More than 50 general hospitals and specialized hospitals are the backbone, and more than 4,000 outpatient departments, clinics and social health centers are supported by the urban medical service system.

In August 2015, Shenzhen took Luohu District as a pilot, initiated the group reform of medical institutions with administrative districts (function zones) as a unit, and promoted the development of

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"Focus on the health-centered" transformation, allowing residents to be less sick, less hospitalized, less burdensome, and optimistic about the disease. Since August 2015, the five public hospitals and
Since the establishment of the Luohu Hospital Group, a unified legal representative of 23 community health centers, a number of important results have been achieved; the "Luohu Medical Reform" has attracted widespread attention and praise. The "Guiding Opinions on Promoting the Construction and Development of the Medical Consortium" (Guobanfa [2017] No. 32) even put forward clear requirements: summarize the progress and effectiveness of the construction work of the National Medical Consortium, and learn to promote Shenzhen Luohu and other places. Effective practices and typical experience will further promote the construction of the Medical Union. On October 14, 2018, the General Office of the People's Government of Guangdong Province issued the “Notice on Printing and Distributing Key Tasks for the Recent Reform of the Medical and Health System Reform in Guangdong Province”, which clarified 50 recent key tasks for the reform, including
Before the end of 2018, at least one county (city, district) should be selected for each prefecture level in Guangdong Province for listing.
As a pilot, promote the experience of Shenzhen Luohu Hospital Group.

In order to improve the public health infrastructure of Luohu District, change the status of the medical and health undertakings in Luohu District, effectively strengthen the supply of medical services, optimize and balance the allocation of health resources in Shenzhen, improve the development environment of health undertakings in Luohu District, and promote the socioeconomic development of Luohu The sustainable development and the realization of the integrated construction inside and outside the special zone have brought forward the construction of a public hospital project in Luohu District.

(II) Project Overview
1.Lianhu Traditional Chinese Medicine Hospital Project in Luohu District The main construction contents of the project include: outpatient, emergency, hospitalization, medical technology, administrative logistics, etc.

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Business houses, comprehensive parking garages (including civil air defense) and supporting houses.

2. Luohu Hospital Group Security Support Center Construction Project The main contents include: transforming a 6-storey factory building at No. 33 Zhongyuan Road, Buji Street after qualified reinforcement into Luohu Hospital Group's five security support centers, with a total construction area of 11,678 square meters, Including: interior decoration and installation, facade and roof renovation, supporting equipment and facilities, outdoor engineering, etc.

3. Luohu Hospital Group Land Plaza Decoration and Reconstruction Project The main contents of the project include: renovation and reconstruction of the third floor physical examination department and the second floor main entrance of Luohu Hospital Group Land Plaza. The total construction area is 2,415 square meters.
Including civil engineering and installation engineering.

4. District Liantang Traditional Chinese Medicine Hospital Medical Equipment Purchase Project The main contents of the project include: District Liantang Traditional Chinese Medicine Hospital purchased medical magnetic resonance imaging equipment (MRI1.5T), X-ray computerized tomography (64-row CT), etc. 2507
Table / set of medical equipment.

5. The main contents of the medical equipment purchase project in 2018 in the district include the purchase of 919 medical equipment such as medical linear accelerator system (LA) and ultra-high-end spiral CT.


46. District People's Hospital Guest House Reconstruction Project The main contents of the project include: the renovation of some of the premises in the Luohu District People's Hospital Guest House, including the 2017 People's Hospital Reconstruction Project and the Guest House's Partial Functional Layout Adjustment Project. The renovation project of the District People's Hospital in 2017 includes the transformation of hot clinics, outpatients, inpatient buildings, medical technology buildings, and basements; the local functional layout adjustment project of the guest hospital area includes the layout adjustments of the outpatient buildings and medical technology buildings. It includes local areas on the first and fourth floors of the outpatient building, and local areas on the first, fifth, sixth, and fifteenth floors of the medical technology building.

7. The main content of the construction project of Cuizhu Street Shekang Center includes: converting the original national jewelry testing center podium building 1-4 floor on Belle Nan Road to Cuizhu Street Shekang Center, with a total construction area of 9759.37 square meters. In order to remove the original partition walls, doors and windows, wall floors and ceiling decorations, etc.,
Re-arrange the layout, brush the floor with latex paint, apply local tiles, etc., the ceiling is an aluminum gusset ceiling, install windows and doors, glass partitions, hanging cabinets, anti-termite and indoor air detection, strong electricity, network communication, water supply and drainage (environmental protection), Fire protection, ventilation and air conditioning, sewage treatment, etc.

8. In 2017, the medical equipment purchase project of the district medical institutions included the purchase of a magnetic resonance imaging system (3.0T), an endoscopic surgical instrument control system (Da Vinci robot ), and a magnetic resonance imaging system (bones and joints).
Wait for 455 medical equipment.


59. The main contents of the decoration projects of 10 community centers including Silver Lake Blue Mountain include: transforming some of the houses in the four communities of Silver Lake Blue Mountain, Four Seasons Royal Garden, Emperor Terrace and Zhonghai Ludan into community centers; Renovate some of the houses in Hezheng Rongyue Mansion to expand the Hubei Community Health Center; partially reconstruct the Dongmen and Liantang Community Health Center; renovate Jinpeng, Lotus, and Meijing Community Health Center.

10. Vaccine intelligent cold chain safety monitoring project The main contents of the project include: purchase of medical refrigerators, medical freezers, vaccine smart cabinets, wireless temperature and humidity probes, cold chain monitoring hosts (or wireless repeaters), and cold chain temperature monitoring and management platforms Wait.

11. The main contents of the second phase of the District Women's Insurance Hospital Inpatient Building Project include: a new district women's insurance hospital inpatient building on the foundation of the existing district environmental protection building and the district family planning service center. The project covers an area of 3203.76 square meters and the total construction area is 52450 square meters. 480 beds (including 700 beds in the Women's Health Center of the original first-stage inpatient building). Including house construction, construction equipment, ancillary facilities and site composition.

12. The main contents of the renovation and reconstruction project of the transitional site of the District Disease Control Center include: transforming the second floor (1340 square meters) of the Luohu Hospital Group Phuket Security Support Center, the first and second floors (4003 square meters) of the podium garden podium,

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District CDC transition site.

Project Investment Estimation and Fund Raising Plan
(I) Investment Estimation
1. Compilation basis and principles (1) Relevant national laws, regulations, policy documents and regulatory documents:
. "Notice on Adjusting and Improving the Capital System of Fixed Assets Investment Projects" (Guo Fa [2015] No. 51);
. Circular of the Ministry of Finance on the Special Bond Varieties of Local Governments for the Balance of Revenue and Financing of Pilot Development Projects (Cai Yu [2017] No. 89)
. Opinions of the Ministry of Finance on Doing a Good Job in Issuing Local Government Bonds in 2018 (Cai Ku [2018] No. 61);
"Economic Evaluation Methods and Parameters for Construction Projects (Third Edition)" (National Development and Reform Commission, Ministry of Construction: Development Reform Investment [2006] No. 1325);
. Other national laws, regulations, policy documents and regulatory documents.

(2) Relevant regulations and policy documents of Guangdong Province and Shenzhen City:
.2015 Shenzhen Statistical Yearbook of Health;
. "Implementation Opinions on Deepening the Reform of the Medical and Health System and Building a Strong City of Health" (March 9, 2016);

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.Shenzhen Regional Health Plan (2016-2020);
. "Shenzhen Development and Reform Commission Shenzhen Municipal Health and Family Planning Commission on the announcement and implementation of the city's new medical service price project (the first batch of 2018)
Notice "(Shen Fa Kai [2018] No. 1045);
. "Shenzhen Development and Reform Commission Shenzhen Municipal Health and Family Planning Commission on the announcement and implementation of the city's new medical service price project (second batch of 2018)
Notice "(Shen Fa Gai [2018] No. 1637);
. Other relevant regulations and policy documents of Shenzhen.

(3) Relevant information provided by the entrusting unit:
"Notice of Luohu District Development and Reform Bureau on Increasing the Total Investment of Liantang Traditional Chinese Medicine Hospital Project in the District";
. "Notice of Luohu District Development and Reform Bureau on Issuing the District Government Investment Plan for the New Project of Flower Arrangement No.1 Middle School in 2019";
. "Notice of Luohu District Development and Reform Bureau on the District Government Investment Plan for the Landlord Plaza Decoration and Reconstruction Project of Luohu Hospital Group in 2018";
"The Reply of the Luohu District Development and Reform Bureau on the Overall Estimates of the Medical Equipment Purchase Project of the District Liantang Traditional Chinese Hospital";
. "The Reply of the Luohu District Development and Reform Bureau on the 2018 Budget Estimate of the District-owned Medical Equipment Purchase Project";

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"The Reply of the Luohu District Development and Reform Bureau on Distributing the Total Estimates of the Guest District Reconstruction Project of the District People's Hospital";
. "Luohu District Development and Reform Bureau's Notice on the Provision of 2019 District Government Investment Plan for the Upfront Funding of 8 Projects including the Maintenance and Renovation of the Old Police Station of the Luohu Public Security Branch;"
"The Reply of the Luohu District Development and Reform Bureau on the 2017 Budget Estimates for Equipment Purchase Projects of District Medical Institutions";
"The Reply of the Luohu District Development and Reform Bureau on the General Estimates of the Renovation Projects of 10 Social and Recreation Centers, including Silver Lake Blue Mountain";
. "Luohu District Development and Reform Bureau's Notice on the Upfront Expenses of 24 Projects, including the Buxin Middle School Reconstruction and Expansion Project, 2019 District Government Investment Plan;"
. "Notice of Luohu District Development and Reform Bureau on the District Government Investment Plan for the Early Expenses of New Projects of the Luohu District Xingyuan School in 2019";
"Luohu District Development and Reform Bureau's Notice on the Provision of 2019 District Government Investment Plan for the Upfront Funding of Eight Projects, including the Maintenance and Renovation of the Old Police Station of Luohu Public Security Branch."

2. Estimated total investment of the project (1) Luohu Hospital Group Project The Luohu Hospital Group project includes the Luotang District Traditional Chinese Medicine Hospital Project, Luohu Hospital

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Mission Support Center Construction Project, Luohu Hospital Group Land Plaza Renovation Project, District Liantang Traditional Chinese Hospital Medical Equipment Purchase Project, 2018 District Medical Institution Equipment Purchase Project, District People's Hospital Guest Hospital District Reconstruction Project, Cuizhu Street Community Rehabilitation Center Construction projects, equipment purchase projects for district medical institutions in 2017, Silver Lake Blue Mountains, etc.10
The renovation project of the Jiashekang Center, the vaccine intelligent cold chain safety monitoring project, and the second phase of the inpatient building of the District Women's Insurance Hospital. According to the project plans and the approval documents of the Luohu District Development and Reform Bureau for the project, the estimated project investment totaled 2.035566 million yuan. The project development total cost estimation table is shown in the following table:
Table 1-1 Estimated total project development cost of Luohu Hospital Group Unit: RMB 10,000 No. Project name Investment amount
1 Equipment purchase costs 73,868 2 Engineering costs 121,500 3 Other construction costs 5,745 4 Reserve costs 2,453
Total 203,566
Note: The total investment of the above projects comes from the approval of each project's estimated budget, including the static investment amount. The interest during construction period and bond issuance costs have not been considered for the time being.

As this project uses special project bonds for financing, according to the needs of bond issuance and financing, the special bond funds raised in 2019 are 60 million yuan, and the special bond funds raised in this period are 197 million yuan. Bonds account for the total investment number. Project name investment amount
1 Equipment purchase costs 73,868 2 Engineering costs 121,500 3 Other construction costs 5,745 4 Reserve costs 2,453
Total 203,566
Note: The total investment of the above projects comes from the approval of each project's estimated budget, including the static investment amount. The interest during construction period and bond issuance costs have not been considered for the time being.

As the project uses special project bonds for financing, according to the demand for bond issuance and financing, special bond funds have been raised in 2019 of 60 million yuan, and special bond funds raised in the current period are 197 million yuan. Bonds account for the total investment

proportion
12.47%, self-raised funds for remaining projects are
1.8183 million yuan, accounting for the proportion of total investment
87.53% will be raised through financial funds or subsequent issuance of special bonds.


Based on the requirements of construction funds and the time of arrival of self-raised funds, in order to ensure the funding requirements of the project during construction, the project raised a total of funds through the issuance of special bonds.
257 million yuan, of which
Released in 2019
60 million yuan, planned to be issued in this period
197 million yuan. The interest rate of bonds issued in 2019 is in accordance with
7-year special bond coupon rate
3.37% for calculation, this time
15-year bond interest rate temporarily
3.79% make calculations.

After recalculation, the investment of this project is adjusted to
206.017 million yuan, as shown in the following table:

table
1-2 Luohu Hospital Group Project Total Investment Estimate Table Unit: RMB 10,000

Serial Type
1 equipment purchase fee
73,868
2 engineering costs
121,500
3 other costs of construction
5,745
4 Reserve fee
2,453
5 Bond issue costs
28
6 Construction period interest
2,423
7 Service fee for debt service
0.09
Total construction investment
206,017

Note: The bond issuance fee includes the issuance fee and the issuance registration service fee.

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One and ten thousandth is calculated; in addition, the principal and interest service fee is five hundred thousandths of the principal and interest payment amount.

(2) Luohu District CDC transition site renovation and renovation project According to the Luohu District CDC transition site renovation and renovation project plan and Luohu District Development and Reform Bureau's approval document for the project, the project investment estimate totals 9.5 million yuan. The total development cost estimation table is shown in Table 2-1:
Table 2-1 Estimated total development cost of the renovation and renovation project of the transitional site of the Luohu CDC Center Unit: RMB 10,000 No. Project Name Investment Amount
1 engineering costs 9502 other costs of construction-
3 reserve fee-
Total 950
Note: The total investment of the above projects comes from the approval of each project's estimated budget, including the static investment amount. The interest during construction period and bond issuance costs have not been considered for the time being.

As the project uses special project bonds for financing, according to the needs of bond issuance and financing, the special bond funds raised in this period are 3 million yuan, accounting for 31.01% of the total investment. The remaining projects self-raised funds are 6.67 million yuan, accounting for The total investment ratio is 68.99%, which will be raised through fiscal funds or subsequent issuance of special bonds.

Combining construction funding requirements and self-financing funds arrival time nodes, in order to ensure funding requirements during the construction of the project, the project raised funds by issuing special bonds totaling 3001. The total investment of the project is based on the provisional assessment data in the project approval documents, and is specifically approved by subsequent estimates Prevail.


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10,000 yuan, the 15-year bond interest rate is temporarily calculated at 3.79%. After recalculation,
The investment of this project is adjusted to 9.67 million yuan, as shown in the following table:
Table 2-2 Total Investment Estimation Table of Luohu District CDC Transitional Site Decoration and Reconstruction Project Unit: RMB 10,000
1 engineering costs 9502 other costs of construction-
3 reserve fee-
4 Bond issuance costs 0.335 Construction period interest 176 Repayment of principal and interest service fee-
Total Construction Investment 967
Note: The bond issuance fee includes the issuance fee and the issuance registration service fee, which are temporarily calculated based on one-thousandth and one-thousandth of the amount of the issued bond; in addition, the principal and interest service fee is 100,000 cents Five.

3. Funding plan for the construction period The construction period of the Luohu Hospital Group project is from 2019 to 2022, and the construction period of the renovation and renovation project for the transitional site of the Luohu Disease Control Center is from 2019 to 2021. The funding plan for each year is as follows:
Table 3-1 Investment Arrangement of Luohu Hospital Group during Construction Period Unit: RMB 10,000
1 engineering costs 9502 other costs of construction-
3 reserve fee-
4 Bond issuance costs 0.335 Construction period interest 176 Repayment of principal and interest service fee-
Total Construction Investment 967
Note: The bond issuance fee includes the issuance fee and the issuance registration service fee, which are temporarily calculated based on one-thousandth and one-thousandth of the amount of the bond issuance; in addition, the principal and interest payment service fee is 100,000 points of the principal and interest payment amount Five.

3. Funding plan for the construction period The construction period of the Luohu Hospital Group project is from 2019 to 2022, and the construction period of the renovation and renovation project for the transitional site of the Luohu Disease Control Center is from 2019 to 2021. The funding plan for each year is as follows:
Table 3-1 Investment Arrangement of Luohu Hospital Group during Construction Period Unit: RMB 10,000

Annual 2019 2020 2021 2022 Total Liantang Traditional Chinese Medicine Hospital Project of Luohu District
45,397
4,000
10,713
-60,110
Luohu Hospital Group Support Center Construction Project
9,376
150
--9,526
Luohu Hospital Group Landmark Renovation Project
1,031
200
--1,231
District Liantang Traditional Chinese Medicine Hospital Medical Equipment Purchase Project
18,617
800
3,178
1,000
23,595 Equipment Purchase Projects of District Medical Institutions in 2018
8,673
13,000
6,000
2,597
30,270
District People's Hospital Guest House Reconstruction Project
-2,569
1,712
-4,281
Cuizhu Street Community and Health Center Construction Project
50
1,500
450
-2,000 Equipment Purchase Projects of District Medical Institutions in 2017
15,438
500
3,000
1,065
20,003
Silver Lake Blue Mountains
10 community health center renovation projects
110
1,740
--1,850
Vaccine Intelligent Cold Chain Safety Monitoring Project
1
210
489
-700
District Women's Insurance Hospital Inpatient Building Phase II Project
-500
24,750
24,750
50,000
total
98,692
25,168
50,293
29,412
203,566

Note: 1. The above-mentioned project investment arrangement table is derived from the project fund investment and utilization plan provided by the project unit, and the construction period interest and bond issuance costs have not been considered for the time being.


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142. The investment arrangement for 2019 is the funds paid up to 2019, the same below.

Table 3-2 Investment Arrangement for the Decoration and Reconstruction Project of the Transitional Site of the Luohu District Disease Control Center during the Construction Period Unit: RMB 10,000 Yuan Year 2019 2020 2021
2390027950
Note: The above-mentioned project investment arrangement table is derived from the project fund investment and utilization plan provided by the project unit. The interest during construction period and bond issuance costs have not been considered for the time being.

Year 2019 2020 2021 Total District CDC Transitional Site Decoration and Renovation Project
2390027950
Note: The above-mentioned project investment arrangement table is derived from the project fund investment and utilization plan provided by the project unit. The interest during construction period and bond issuance costs have not been considered for the time being.


15 (II) Construction Fund Raising Plan The construction funds of this project are derived from the self-raised funds of the project and the funds raised from the issuance of special bonds in this period. Luohu Hospital Group's self-raised funds are 87.53% of the estimated investment.
A total of about 1.8183 million yuan; Luohu District CDC transition site renovation and reconstruction project self-raised capital is 68.99% of the estimated investment, a total of about 6.67 million yuan, will be raised through financial funds or subsequent issuance of special bonds, in accordance with annual construction funding requirements Years in place.

Combined with the construction funding requirements and the time of arrival of self-funded funds for the project, in order to protect the funding requirements during the construction of the project, the Luohu Hospital Group project raised a total of 257 million yuan through the issuance of special bonds; the Luohu District Disease Control Center transition site renovation project A total of 3 million yuan of bonds were raised. The interest rate of bonds issued in 2019 is calculated based on the coupon rate of 7-year special bonds of 3.37%. The interest rate of 15-year bonds is temporarily calculated at 3.79%.

The special bond issuance plan is shown in the following table:
Table 4-1 Luohu Hospital Group Project Bond Issuance Schedule Issuance Time Issuance Quota (10,000 Yuan) Issuance Period
6,0007 years in 2019
19,70015 year 2020 issue time limit (10,000 yuan) issuance period
6,0007 years in 2019
19,70015 2020

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Table 4-2 The bond issuance plan for the renovation and renovation project of the transitional site of the CDC in Luohu District Issue time Issuance quota (10,000 yuan) Issuance period
The 2020 30015-year special bonds for this project will be arranged in accordance with the cash flow balance of the project, and the prepayment terms will be arranged according to the solvency to reduce interest costs and improve the efficiency of fund use. According to the bond issuance plan and bond issuance and repayment plan, the project will begin to repay the bond principal from 2021, and complete the repayment of the entire bond principal by 2035.

(3) Balance plan of construction funds The fund raising and utilization of each year in the construction period of this project are shown in the table below:
Table 5-1 Fund balance sheet of Luohu Hospital Group during the construction period Unit: RMB 10,000 Yuan 2019 2020 2021 2022 Total funds raised Self-raised funds 92,6996,06651,24230,310180,317
Bond issuance 6,000 19,700--25,700
Add: Fund balance of last year -----
Total 98,69925,76651,24230,310206,017
Use time of funds Issuance quota (10,000 yuan) Issuance period
The 2020 30015-year special bonds for this project will be arranged in accordance with the cash flow balance of the project, and the prepayment terms will be arranged according to the solvency to reduce interest costs and improve the efficiency of fund use. According to the bond issuance plan and bond issuance and repayment plan, the project will begin to repay the bond principal from 2021, and complete the repayment of the entire bond principal by 2035.

(3) Balance plan of construction funds The fund raising and utilization of each year in the construction period of this project are shown in the table below:
Table 5-1 Fund balance sheet of Luohu Hospital Group during the construction period Unit: RMB 10,000 Yuan 2019 2020 2021 2022 Total funds raised Self-raised funds 92,6996,06651,24230,310180,317
Bond issuance 6,000 19,700--25,700
Add: Fund balance of last year -----
Total 98,69925,76651,24230,310206,017
Use of funds

Total amount of construction funds used
98,699
25,766
51,242
30,310
206,017
Fund balance (fundraising-use of funds)
----

table
5-2 Fund Balance Sheet for the Construction Period of the Decoration and Reconstruction Project of the Transitional Site of the Luohu CDC Center Unit: RMB 10,000

Annual 2019 2020 2021 Total funds raised Self-financing
twenty three
606
38
667
Bond issuance
-300
-300
Add: Fund balance of the previous year
----
total
twenty three
906
38
967
Total use of construction funds
twenty three
906
38
967
Fund balance (fundraising-use of funds)
----

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3. Estimated Project Benefits and Costs (I) Project Operation Mode In the Luohu District Public Hospital Project, the “Luohu Traditional Chinese Medicine Hospital Project”, “Luohu Hospital Group Security Support Center Construction Project”, “Luohu Hospital Group Land Plaza Renovation Project "," Renovation Project of Guest District of District People's Hospital "," Yinhu Blue Mountain, etc. "
The renovation project of 10 social and health centers "and the" Phase 2 Project of the District Women's Insurance Hospital Inpatient Building "are implemented by the Luohu District Construction and Public Works Bureau of Shenzhen Municipality. The" Cuizhu Street Community and Health Center Construction Project "and" District Disease Control Center Transition Site " The renovation and renovation project "is implemented by the preliminary work office of the Shenzhen Luohu District Government Investment Project. The" Liantang Traditional Chinese Medicine Hospital Medical Equipment Acquisition Project "is implemented by Luohu District Traditional Chinese Medicine Hospital. The" 2018 District-owned Medical Equipment Acquisition Project "by Luohu District government material supply center as the implementation body,
Luohu Hospital Group and Luohu District Health and Health Bureau are the implementation subjects of the "2017 District Medical Institution Equipment Purchase Project", and "Vaccine Intelligent Cold Chain Safety Monitoring Project" is the implementation subject of Luohu District Health and Health Bureau, which is responsible for the specific implementation of the project.

(II) Expected operating income
1. Luohu Hospital Group Project (1) Expected income of the project The income sources of this project are mainly outpatient income and inpatient income.

① Outpatient income

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Based on the data provided by the hospital, the outpatient income is referenced to historical values to predict the income during the operation period of the project. Luohu Hospital Group's estimated outpatient income in 2020 is
163.627 million yuan, the growth rate of outpatient income from 2020 to 2034 is 9% -14%.

② Hospitalization income The hospitalization income refers to the historical data of the hospital group's income to predict the income during the operation period of the project. The hospital's inpatient income in 2020 will be RMB 10.617 million, and the outpatient income growth rate from 2020 to 2034 will be 7% -19%. The annual income calculation table during the operation period is detailed in the table below.


Unit: RMB 10,000

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Table 6-1 Luohu Hospital Group Project Operation Revenue Table Project 2020 2021 2022 2023 2024 2025 2026 2027 Outpatient Revenue 163,627187,003211,923238,424265,848293,517328,195367,158
Hospitalization income 100,617119,396136,695153,225169,600184,934212,091232,651
Total income 264,244306,399348,618391,649435,448478,451540,286599,809
Item 2028 2029 2030 2031 2032 2033 2034 Total outpatient income 409,693456,732508,428557,050610,551668,456731,3615,997,966
Hospitalization income 255,361280,843308,378332,567357,611383,588410,5573,638,114
Total income 665,054737,575816,806889,617968,1621,052,0441,141,9189,636,080
Note: The bonds were issued in January 2020 and mature in January 2035. When measuring operating income, the corresponding income in 2035 is not included.


21 (2) Operating costs Expenses of Luohu Hospital Group's project operating costs mainly include medical business costs, management expenses, other expenses, financial project subsidy expenses, and scientific research project expenses, etc.
As some medical business costs and special expenditures will be subsidized by the government, the corresponding costs will be eliminated temporarily. Therefore, this calculation only considers the medical business costs and management costs, and deducts the part covered by the basic financial subsidies from the medical business costs.

Combined with historical data, it is predicted that the proportion of fixed costs will likely decrease when the hospital becomes larger in the future. In addition, the increase in operating efficiency will also lead to a reduction in the overall cost ratio in the future. For the time being, according to the data reference estimates of Luohu's issued hospital projects, the medical business Cost (net financial subsidies) accounted for 86.24% of the medical business income, and management expenses accounted for 12.04% of the medical business income.

Please refer to the table below for the operating cost of bond duration.


table
7 Luohu Hospital Group Project Operating Cost Table

Unit: RMB 10,000

Project 2020 2021 2022 2023 2024 2025 2026 2027 Cost of medical services
227,884
264,238
300,648
337,758
375,530
412,616
465,943
517,275
management fee
31,806
36,880
41,962
47,141
52,413
57,590
65,032
72,197
Total cost
259,690
301,119
342,610
384,900
427,944
470,206
530,975
589,472
Item 2028 2029 2030 2031 2032 2033 2034 Total medical business costs
573,543
636,085
704,413
767,206
834,943
907,283
984,790
8,310,155
management fee
80,050
88,779
98,316
107,080
116,534
126,631
137,449
1,159,863
Total cost
56,593
724,864
802,730
874,286
951,477
1,033,914
1,122,239
9,470,018

Note: The current bond
2020
Released in January, on
2035
Expires in January and is not included when measuring operating costs
Corresponding costs in 2035.


twenty two


232. The Luohu District Center for Disease Control and Prevention Center transition site renovation and renovation project project The main source of income for the project is the income from vaccination service fees.
287,230, the unit price of vaccination service fee is temporarily calculated at 25 yuan / support,
This income is included in the management of non-tax revenue, all of which are turned over to the state treasury, and the cost of this work will be included in the fiscal budget guarantee.

The annual income calculation table during the operation period is detailed in the table below.

Table 6-2 Luohu District CDC transition site renovation and renovation project operation revenue table Unit: RMB 10,000 yuan Project 2022 2023 2024 2025 2026 2027 2028 Vaccination service fee income
72727272727272
Project 2029 2030 2031 2032 2033 2034 Total income from vaccination services
727272727272933
Note: The current bond issuance in January 2020 and expires in January 2035. The estimated operating income does not include the corresponding income in 2035; and the income planned to be used to repay the principal and interest of this special bond is the total income. 10%.

(III) Financial expenses The financial expenses of this project include the principal and interest repayment of bonds and the service of principal and interest repayment services. 2022 2023 2024 2025 2026 2027 2028 Revenue from vaccination services
72727272727272
Project 2029 2030 2031 2032 2033 2034 Total income from vaccination services
727272727272933
Note: The current bond issuance in January 2020 and expires in January 2035. The estimated operating income does not include the corresponding income in 2035; and the income planned to be used to repay the principal and interest of this special bond is the total income. 10%.

(III) Financial expenses The financial expenses of this project include the principal and interest repayment of bonds and the service of principal and interest repayment.

twenty four
Fees, part of the project financing is raised by issuing special project bonds.

The interest rate of bonds issued in 2019 is calculated based on the coupon rate of the issued 7-year special bonds of 3.37%. The interest rate of the current bond refers to the average of the 15-year treasury bond yield in the first five days of the measurement date of this report. Ie 15
The maturity is calculated at 3.79%; bond issuance costs include issuance costs and issuance registration service fees, which are temporarily measured at one-thousandth and one-thousandth of the amount of the issued bonds; Pay the service fee of principal and interest payment, which is five hundred thousandths of the principal and interest payment amount. In order to improve the utilization rate of funds,
Based on the project income, the specific repayment plan of the project is:
Bonds issued in 2019 and repayment of principal of bonds from 2021,
Complete the repayment of the principal of the bond by 2026, of which 15 million yuan will be repaid annually in 2021 and 2022, and 750 yuan will be repaid annually in 2023-2026
Ten thousand yuan
The bond issuance in this period will begin to repay the principal of the bond from 2026, and in 2035
Complete the repayment of the principal of the bond every year, and repay the principal in 10 years. See the table below for details of the repayment of principal and interest.


table
8-1 Luohu Hospital Group Project Repayment Schedule

Unit: RMB 10,000

Debt repayment schedule 2019 2020 2021 2022 2023 2024 2025 2026 2027 Initial balance of special bonds
-6,000
25,700
24,200
22,700
21,950
21,200
20,450
17,730
Bond issuance
6,000
19,700
-------
Interest expense
-576
949
898
848
822
797
735
635
Repayment this period
-576
2,449
2,398
1,598
1,572
1,547
3,455
2,605
Of which: principal repayment
--1,500
1,500
750
750
750
2,720
1,970
Of which: interest
-576
949
898
848
822
797
735
635
Ending balance of special bonds
6,000
25,700
24,200
22,700
21,950
21,200
20,450
17,730
15,760


25


Debt service
2028
2029
2030
2031
2032
2033
2034
2035 Total opening balance of special bonds
15,760
13,790
11,820
9,850
7,880
5,910
3,940
1,970
Bond issuance
-------- 25,700
Interest expense
560
485
411
336
261
187
112
37
8,648
Repayment this period
2,530
2,455
2,381
2,306
2,231
2,157
2,082
2,007
34,348
Of which: principal repayment
1,970
1,970
1,970
1,970
1,970
1,970
1,970
1,970
25,700
Of which: interest
560
485
411
336
261
187
112
37
8,648
Ending balance of special bonds
13,790
11,820
9,850
7,880
5,910
3,940
1,970
-

Note: 1. Issued in 2019
The 7-year special bonds pay interest once a year. The first interest payment time is
2020
March.



2. This special bond
2020
Issued in January, 15-year bonds pay interest every six months. The first interest payment is
2020
7
Month, the same below.

26


table
8-2 Repayment of principal and interest for the renovation and renovation project of the transitional site of the Luohu CDC Center Unit: RMB 10,000

Debt repayment schedule 2019 2020 2021 2022 2023 2024 2025 2026 2027 Initial balance of special bonds
--300
300
300
300
300
300
270
Bond issuance
-300
-------
Interest expense
-6
11
11
11
11
11
11
10
Repayment this period
-6
11
11
11
11
11
41
40
Of which: principal repayment
------- 30
30
Of which: interest
-6
11
11
11
11
11
11
10
Ending balance of special bonds
-300
300
300
300
300
300
270
240


27


Debt service
2028
2029
2030
2031
2032
2033
2034
2035 Total opening balance of special bonds
240
210
180
150
120
90
60
30
Bond issuance
-------- 300
Interest expense
9
7
6
5
4
3
2
1
119
Repayment this period
39
37
36
35
34
33
32
31
419
Of which: principal repayment
30
30
30
30
30
30
30
30
300
Of which: interest
9
7
6
5
4
3
2
1
119
Ending balance of special bonds
210
180
150
120
90
60
30
-

28


29(四)税费本项目所需资金由罗湖区财政全额统筹,项目实行收支两条线管理,暂不考虑各类税费。

四、现金流模拟分析、压力测试、评价(一)现金流模拟分析项目以医院医疗收入及疫苗接种服务费为还本付息来源,债券存续期间的现金流状况进行模拟分析,详见下表。


table
9-1罗湖医院集团项目现金流模拟测试表

单位:人民币万元

年度2019年2020年2021年2022年2023年2024年2025年2026年现金流入自筹资金流入
92,699
6,066
51,242
30,310
----
债券资金流入
6,000
19,700
------
运营期现金流入
-264,244
306,399
348,618
391,649
435,448
478,451
540,286
现金流入总额
98,699
290,010
357,641
378,928
391,649
435,448
478,451
540,286
现金流出建设期资金流出
98,692
25,168
50,293
29,412
----
运营期现金流出
-259,690
301,119
342,610
384,900
427,944
470,206
530,975
还本付息服务费
-0.03
0.12
0.12
0.08
0.08
0.08
0.17
债券发行费用
7
twenty two
------

30


年度2019年2020年2021年2022年2023年2024年2025年2026年债券还本付息
-576
2,449
2,398
1,598
1,572
1,547
3,455
现金流出总额
98,699
285,456
353,861
374,420
386,497
429,516
471,753
534,430
现金净流量当年项目现金净流入
-4,554
3,780
4,508
5,152
5,932
6,698
5,856
期末项目累计现金结存额
-4,554
8,334
12,842
17,993
23,925
30,623
36,479


31


table
9-1罗湖医院集团项目现金流模拟测试表(续)

单位:人民币万元

年度2027年2028年2029年2030年2031年2032年2033年2034年2035年现金流入自筹资金流入
---------
债券资金流入
---------
运营期现金流入
599,809
665,054
737,575
816,806
889,617
968,162
1,052,044
1,141,918
-
现金流入总额
599,809
665,054
737,575
816,806
889,617
968,162
1,052,044
1,141,918
-
现金流出建设期资金流出
---------
运营期现金流出
589,472
653,593
724,864
802,730
874,286
951,477
1,033,914
1,122,239
-
还本付息服务费
0.13
0.13
0.12
0.12
0.12
0.11
0.11
0.10
0.10
债券发行费用
---------

32


年度2027年2028年2029年2030年2031年2032年2033年2034年2035年债券还本付息
2,605
2,530
2,455
2,381
2,306
2,231
2,157
2,082
2,007
现金流出总额
592,077
656,123
727,320
805,110
876,592
953,709
1,036,071
1,124,321
2,007
现金净流量当年项目现金净流入
7,732
8,931
10,255
11,696
13,025
14,453
15,973
17,597
-2,007
期末项目累计现金结存额
44,211
53,142
63,398
75,093
88,118
102,571
118,545
136,142
134,134


33


table
9-2罗湖区疾控中心过渡场地装修改造工程项目现金流模拟测试表单位:人民币万元

年度2019年2020年2021年2022年2023年2024年2025年2026年现金流入自筹资金流入
twenty three
606
38
-----
债券资金流入
-300
------
运营期现金流入
---72
72
72
72
72
现金流入总额
twenty three
906
38
72
72
72
72
72
现金流出建设期资金流出
twenty three
900
27
-----
运营期现金流出
--------
还本付息服务费
-0.0003
0.001
0.001
0.001
0.001
0.001
0.002
债券发行费用
-0.33
------

34


年度2019年2020年2021年2022年2023年2024年2025年2026年债券还本付息
-6
11
11
11
11
11
41
现金流出总额
twenty three
906
38
11
11
11
11
41
现金净流量当年项目现金净流入
---60
60
60
60
31
期末项目累计现金结存额
---60
121
181
242
273

table
9-2罗湖区疾控中心过渡场地装修改造工程项目现金流模拟测试表(续)
单位:人民币万元

年度2027年2028年2029年2030年2031年2032年2033年2034年2035年现金流入自筹资金流入
---------
债券资金流入
---------

35


年度2027年2028年2029年2030年2031年2032年2033年2034年2035年运营期现金流入
72
72
72
72
72
72
72
72
-
现金流入总额
72
72
72
72
72
72
72
72
-
现金流出建设期资金流出
---------
运营期现金流出
---------
还本付息服务费
0.002
0.002
0.002
0.002
0.002
0.002
0.002
0.002
0.002
债券发行费用
---------
债券还本付息
40
39
37
36
35
34
33
32
31
现金流出总额
40
39
37
36
35
34
33
32
31
现金净流量当年项目现金净流入
32
33
34
36
37
38
39
40
-31
期末项目累计现金结存额
305
338
373
408
445
483
522
562
531


36


(二)压力测试

1.罗湖医院集团项目考虑医院运营收益变动对专项债券本息资金覆盖率的影响,罗湖医院集团项目分析结果见下表:
table
10-1罗湖医院集团项目单因素变动压力测试

资金覆盖率
-
压力测试(单因素敏感性分析)
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
运营收益变动情况敏感性分析债券本金资金覆盖率
4.93
5.25
5.57
5.90
6.22
6.54
6.87
7.19
7.51
债券本息资金覆盖率
3.94
4.18
4.42
4.66
4.91
5.15
5.39
5.63
5.87
债券利率变动情况敏感性分析利率(债券本金资金覆盖率)
6.27
6.26
6.24
6.23
6.22
6.21
6.20
6.18
6.17
利率(债券本息资金覆盖率)
5.15
5.09
5.02
4.96
4.91
4.85
4.79
4.74
4.68


37


38
基于上表,项目运营收益下降20%的情况下,债券本息资金覆盖率为3.94,能通过压力测试;债券发行利率上浮
20%时,债券本息资金覆盖率为4.68,项目收益仍然可以覆盖债券还本付息,因而项目具备一定的抗风险能力。

通过测算,根据资金平衡测算分析,本项目预计债券本金资金覆盖率可达到6.22倍,债券本息资金覆盖率可达到
4.91倍。

2.罗湖区疾控中心过渡场地装修改造工程项目考虑疾控中心疫苗接种服务费收入变动对专项债券本息资金覆盖率的影响,罗湖区疾控中心项目分析结果见下表:

table
10-2罗湖区疾控中心过渡场地装修改造工程项目单因素变动压力测试

资金覆盖率
-
压力测试(单因素敏感性分析)
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
运营收益变动情况敏感性分析债券本金资金覆盖率
2.15
2.30
2.46
2.61
2.77
2.93
3.08
3.24
3.39
债券本息资金覆盖率
1.82
1.93
2.04
2.16
2.27
2.38
2.49
2.60
2.71
债券利率变动情况敏感性分析利率(债券本金资金覆盖率)
2.84
2.82
2.80
2.79
2.77
2.75
2.74
2.72
2.70
利率(债券本息资金覆盖率)
2.39
2.36
2.33
2.30
2.27
2.24
2.21
2.18
2.15

基于上表,项目运营收益下降
20%的情况下,债券本息资金覆盖率为
1.82,能通过压力测试;债券发行利率上浮

39


4020%时,债券本息资金覆盖率为2.15,项目收益仍然可以覆盖债券还本付息,因而项目具备一定的抗风险能力。

通过测算,根据资金平衡测算分析,本项目预计债券本金资金覆盖率可达到2.77倍,债券本息资金覆盖率可达到
2.27倍。

(三)总体评价通过测算,本次罗湖医院集团项目和罗湖区疾控中心项目对于未来收入进行估计,根据资金平衡测算分析,各项目预计债券本金资金覆盖率分别可达到6.22倍和2.77倍,债券本息资金覆盖率分别可达到4.91倍和2.27倍。

另外,在对运营收益和债券利率变动进行压力测试后,
结果显示,本项目在运营收益下降20%或债券利率上升20%
时,项目收益仍能覆盖债券的还本付息,项目具备一定的抗风险能力。

总体而言,本项目通过发行专项债可实现较低的项目融资成本,是现阶段解决本项目融资资金问题的推荐方案。

五、项目风险提示市场风险方面,若罗湖区常住人口减少将会对罗湖医院的门诊收入、住院收入造成直接影响。但深圳市为我国人口净流入城市,罗湖区2018年末常住人口103.99万人,比上年末增长1.2%。其中,常住户籍人口60.64万人,常住非户

41
籍人口43.35万人。罗湖区作为深圳老城区,商业配套设施完善,居住环境优良;因此,预估2020~2034年罗湖区居住人口将呈稳步增长的趋势,罗湖医院集团的门诊收入、住院收入亦将呈增长趋势,该市场风险本项目可规避。

运营风险方面,深圳作为中国四个一线城市的其中之一,与庞大的经济体量不对称的是短缺的医疗资源和薄弱的医疗服务能力。为了满足人们的医疗需求,深圳原有的社区医院迅速转型成为大医院,基层医疗卫生资源不足。而罗湖区是深圳最早开发的一个老城区,常住人口有100多万。 in
2015年8月之前,当时的5家区属医院管理方式落后,同质化现象严重,社康中心也缺医少药,就医难题凸显,罗湖区各医院运营风险凸显。自2015年8月罗湖整合区属的5家公立医院和23家社康中心,成立统一法人代表的罗湖医院集团以来,罗湖医院集团智慧医疗成果显著。罗湖医院集团获评“全国卫生计生系统先进集体”,“强基层、促健康”

的罗湖医改模式获国务院领导和国家卫计委充分肯定,入选国家深化医改重大典型经验;2018年,罗湖区妇幼保健院成为三级医院,开始“创三甲”;罗湖区中医院挂牌成为上海中医药大学深圳医院,引进了7个“三名工程”团队;2018
年,罗湖区中医院莲塘新院(上海中医药大学深圳医院)开业,开放床位585张,成立老年病专科医院、春风院区(原流花医院)。2014年-2018年,罗湖医院集团三四级手术例数由2980例增加至1.05万例,平均增长率达37.31,CD型

42
病历数由1.18万例增加至23.16万例,平均增长率达
29.79%。2016年-2018年,罗湖医院集团累计获批16项国家自然资金,数量位居深圳第三名,发表SCI论文54篇,
成功获批1项国家科技部重点专项,参与申报并获批3项国家重点专项,开发先诊后付Fintech医疗平台等,使罗湖医院集团的营运能力显著提高,不仅提高医疗服务保障能力,
也使罗湖医院集团的门诊收入、住院收入得以增长。

资金监管方面,本项目的专项债发行做到全流程监控,
同时专项债资金必须做到专款专用。

总体而言,深圳市(罗湖区)公立医院专项债券项目保障还本付息能力较强,受市场波动、医院运营风险较小,罗湖医院集团运营收入对其拟使用的专项债券资金保障程度较高,债券兑付能力强,是充分可行的。


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