Financial Performance - The group's profit attributable to shareholders for the year ended December 31, 2023, was HKD 9.706 billion, an increase of HKD 77 million or 0.8% compared to HKD 9.629 billion in the previous year[2]. - The basic earnings per share for the year was HKD 2.00, compared to HKD 1.99 in 2022[2]. - The group recorded a fair value loss of HKD 4.45 billion on investment properties, compared to HKD 3.9 billion in 2022[2]. - The total rental income attributable to the group increased by 4% to HKD 6.74 billion, while attributable pre-tax rental net income rose by 7% to HKD 4.91 billion[28]. - The net profit for the year was HKD 9,778 million, compared to HKD 9,503 million in the previous year, reflecting an increase of about 2.9%[73]. - The company reported a total revenue of HKD 27,570 million for the year ended December 31, 2023, an increase from HKD 25,551 million in 2022, representing a growth of approximately 7.9%[72]. - The total comprehensive income for the year was HKD 7,575 million, significantly up from HKD 1,843 million in the previous year[74]. Property Development - The total property sales in Hong Kong for the year amounted to approximately HKD 14.752 billion, a decrease of HKD 774 million from the previous year[5]. - The group expects a profit contribution of approximately HKD 1.407 billion from the sale of "Port Exchange" to be recognized in the 2024 fiscal year[5]. - The total area available for sale in 2024 is approximately 3.3 million square feet, including unsold units from major development projects[7]. - The company plans to launch 10 new projects in 2024, including Belgravia Place Phase 1 with 293,604 square feet and 714 residential units[13]. - The company has 28 ongoing development projects with a total remaining residential unit count of 3,882 and a total remaining usable area of 2,111,924 square feet[9]. - The group has an unrecognized property sales total of approximately HKD 9.418 billion as of December 31, 2023, with HKD 7.114 billion expected to be recognized in 2024[5]. Urban Redevelopment - The group has acquired over 240,000 square feet of self-owned floor area for redevelopment projects in urban areas[6]. - The group has two existing properties under redevelopment, expected to provide approximately 900,000 square feet of self-owned floor area upon completion[15]. - There are 22 newly acquired urban redevelopment projects, with 100% ownership in several projects, contributing an estimated future self-owned floor area of 785,371 square feet[18]. - The total estimated self-owned floor area from projects with 80% to 100% ownership is 1,553,426 square feet[20]. - The group has 29 ongoing urban redevelopment projects, with an expected self-owned floor area of approximately 183,000 square feet upon full acquisition[22]. Rental Properties - The average occupancy rate of the group's rental properties as of December 31, 2023, was 92%[28]. - The group's completed rental property portfolio expanded to approximately 9.9 million square feet, with retail space accounting for 55%, office space 37%, and industrial space 4%[29]. - The retail property portfolio maintained a stable occupancy rate, with rental renewals showing an increase, and foot traffic exceeding pre-pandemic levels from 2018[30]. - The office leasing market in Hong Kong faced challenges due to high vacancy rates and significant future supply, yet the group's office properties maintained stable occupancy rates[31]. Strategic Initiatives - The group is actively pursuing market expansion through new project launches and strategic partnerships in the real estate sector[12]. - The group is monitoring the government's "Northern Metropolis" development plan, which is expected to have a significant impact on land prospects in Hong Kong[27]. - The group is currently developing the Central Waterfront project, which will have a total floor area of 1.6 million square feet and over 300,000 square feet of public green space, with completion expected in Q4 2026 and Q4 2032[24]. Financial Position - The group's net debt stood at HKD 71.89 billion as of December 31, 2023, with a debt ratio of 22.6%[67]. - The company’s total liabilities increased to HKD 138,316 million from HKD 124,164 million, indicating a rise of 11.4%[76]. - The company’s equity attributable to shareholders was HKD 326,542 million, down from HKD 327,948 million in the previous year[76]. - The company reported a decrease in inventory to HKD 94,164 million from HKD 97,258 million, a decline of 3.2%[75]. Market Conditions - The Hong Kong economy grew by only 3.2% in 2023, with private consumption rebounding by 7.3% after a decline of 2.2% in 2022[4]. - The mainland real estate market is in a consolidation phase, with policies such as "recognizing houses but not loans" and reduced mortgage rates aimed at stimulating demand, yet overall market activity remains down[35]. Sustainability and Corporate Governance - The group has received multiple accolades for its sustainability efforts, including the "3 Years + Environmental Pioneer" award and recognition as "Company with Outstanding ESG Performance" in the real estate sector[34]. - The board of directors has confirmed compliance with the corporate governance code as per the Hong Kong Stock Exchange rules[167].

Core Viewpoint - DBS has issued a "Buy" rating for Henderson Land Development (00012), lowering the target price from HKD 26.7 to HKD 24.7 [1] Group 1: Asset Sales and Financial Strength - The company sold the entire North Point Harbour City building for HKD 2.21 billion to Li Ning (02331), which is viewed positively as it enhances profitability and financial strength [1] - The remaining three plots of land in the Fanling North New Development Area will be compensated in cash by the government, providing substantial profits for the company [1] Group 2: Land Reserves and Market Potential - Henderson Land Development possesses the largest agricultural land reserves in Hong Kong, with most located in the Northern Metropolis area [1] - Any positive news regarding the development of the Northern Metropolis is expected to create upward pressure on the company's stock price [1] Group 3: Income and Valuation Outlook - The expansion of the leasing investment portfolio is expected to improve the recurring income base, leading to better earnings quality [1] - In the long term, this improvement is anticipated to support a higher stock valuation for the company [1]

Financial Performance - For the six months ended June 30, 2023, the group's attributable underlying profit was HKD 6.073 billion, an increase of 18% from HKD 5.137 billion in the same period last year[3]. - The group's attributable profit, including fair value losses, was HKD 5.957 billion, up 25% from HKD 4.781 billion year-on-year[3]. - Basic earnings per share for the period were HKD 1.25, compared to HKD 1.06 in the previous year, reflecting an increase of 18%[3]. - The interim dividend declared was HKD 0.50 per share, unchanged from the previous year[3]. - The group recorded a 26% decrease in property development revenue, amounting to HKD 3.26 billion, and a 35% decrease in pre-tax profit, amounting to HKD 696 million compared to the same period last year[42]. - The group achieved a total self-owned residential contract sales amount of approximately RMB 3.34 billion, a 14% increase year-on-year, equivalent to HKD 3.69 billion[42]. - The company reported a profit of HKD 6,122 million for the six months ended June 30, 2023, compared to HKD 4,899 million for the same period in 2022, representing a 25% increase[115]. - The total revenue from property sales for the group was HKD 4,337 million, a slight increase of HKD 28 million or 1% from HKD 4,309 million in the same period of 2022[79]. Property Development - Total revenue from property development in Hong Kong increased by HKD 0.7 billion to HKD 43.01 billion, while the attributable pre-tax profit decreased by HKD 0.196 billion to HKD 9.62 billion[5]. - The total contracted sales amount for self-owned properties in Hong Kong was approximately HKD 67.25 billion, a 10% increase compared to the same period last year[5]. - As of June 30, 2023, the unrecognized contracted sales amount for self-owned properties in Hong Kong was approximately HKD 148.24 billion, with about HKD 69.99 billion expected to be recognized in the second half of 2023[5]. - The group has acquired a total of approximately 3.4 million square feet of self-owned floor area for urban redevelopment projects, with over 600,000 square feet planned for sale in the second half of 2023[6]. - The total saleable floor area for projects available for sale in the second half of 2023 is 2.6 million square feet, with an additional 0.9 million square feet from ongoing urban redevelopment projects[7]. - The group has purchased 2.8 million square feet of land with full ownership, expected to be available for sale or lease between 2024 and 2025[7]. - The group has 601,314 square feet remaining for sale at The Henley project, with 100% ownership[10]. - The group has 543,498 square feet remaining for sale at the Tian Tang project, with 18% ownership[10]. Rental Income and Property Management - The total rental income attributable to the group in Hong Kong increased by 3% year-on-year to HKD 3.31 billion for the six months ended June 30, 2023[29]. - The attributable net rental income before tax rose by 6% year-on-year to HKD 2.47 billion during the same period[29]. - The average occupancy rate of the group's rental properties in Hong Kong was 93% as of June 30, 2023[29]. - The group owns approximately 970 million square feet of completed rental properties in Hong Kong, categorized as follows: 5.4% retail, 3.5% office, 0.4% industrial, and 0.4% residential[30]. - The rental income from shopping malls and offices remained stable at HKD 398.9 million, with an EBITDA of HKD 349.9 million[52]. - The rental rate for "688 Plaza" in Shanghai reached 95% by the end of June 2023, while other projects in the city had rental rates around 90%[45]. - The average occupancy rate of the group's rental properties in Hong Kong was 93% as of June 30, 2023[29]. Debt and Financing - The net debt to equity ratio was 24.0%, a slight decrease from 24.1% in the previous year[2]. - The group's net borrowings as of June 30, 2023, were HKD 77.855 billion, with a debt-to-equity ratio of 24.0%, slightly down from 24.1% at the end of 2022[69]. - The overall effective borrowing interest rate for bank and other borrowings in Hong Kong was approximately 3.79% for the six months ended June 30, 2023, compared to approximately 1.53% in 2022[96]. - The group issued guaranteed notes totaling HKD 6,847,000,000 under its medium-term note program during the six months ended June 30, 2023, compared to HKD 3,620,000,000 in the same period of 2022[98]. - The group has secured over HKD 48 billion in green and sustainable financing since 2020, including the first social responsibility loan for property developers in Hong Kong[69]. - The total debt as of June 30, 2023, was HKD 91,179,000,000, slightly up from HKD 90,381,000,000 as of December 31, 2022[96]. Market Outlook and Strategy - The company expects the local real estate market to remain sluggish in the second half of the year unless new government measures are introduced[71]. - The group plans to continue exploring property development opportunities in collaboration with local developers, leveraging its brand reputation and financial strength[38]. - The company plans to launch five urban projects in the second half of 2023, with approximately 5,660 self-owned residential units or about 240,000 square meters available for sale[72]. - The group is actively pursuing sustainable and human-centered design in its new developments, setting a new benchmark for green buildings in Hong Kong[32]. - The company continues to explore new strategies for market expansion and potential acquisitions to enhance its portfolio[143]. Other Business Segments - The restaurant business reported revenue of HKD 138.6 million with an EBITDA of HKD 15.7 million, a significant increase from HKD 65.2 million and a loss of HKD 6 million in the same period last year[53]. - The tourism business generated revenue of HKD 337.4 million and an EBITDA of HKD 10.5 million, compared to HKD 10.8 million in revenue and a loss of HKD 790,000 in the previous year[54]. - The hotel room business generated revenue of HKD 154 million, an increase of HKD 98 million (or 175%) compared to the same period in 2022, with a pre-tax profit of HKD 33 million, reversing a loss from the previous year[92]. - The total revenue from hotel operations was HKD 1,557 million, with a profit of HKD 33 million[146]. - The total revenue from other businesses, which includes hotel management and construction services, increased to HKD 1,557 million from HKD 807 million[127]. Sustainability and Innovation - The group continues to innovate in construction materials, winning a gold medal at the 48th Geneva International Exhibition for a new silicone sealant[33]. - The group has been recognized with multiple awards for sustainability, including the "Developer of the Year - Hong Kong" at the 2023 Asia Property Awards[70]. - The clean coal chemical production facility in Inner Mongolia has commenced production using a mix of waste tires and coal, achieving international sustainable system certification[61]. - The group is participating in a land-sharing pilot scheme in Tai Po, proposing to provide a total of 12,120 residential units, with 70% allocated for public housing[28].

Financial Performance - The group's unaudited profit attributable to shareholders for the six months ended June 30, 2023, was HKD 60.73 billion, an increase of HKD 9.36 billion or 18% compared to HKD 51.37 billion in the same period last year [2]. - The basic earnings per share for the period was HKD 1.25, up from HKD 1.06 in 2022 [2]. - The net profit for the same period was HKD 6,122 million, representing a 24.8% increase compared to HKD 4,899 million in the previous year [74]. - The company's profit attributable to shareholders for the six months ended June 30, 2023, was HKD 5,957 million, an increase of 24.6% compared to HKD 4,781 million for the same period in 2022 [75]. - The total comprehensive income for the period was HKD 2,706 million, compared to HKD 1,256 million in the same period last year, reflecting a significant increase of 115.5% [77]. - The group’s basic profit, excluding the impact of fair value changes in investment properties, was HKD 6,073 million, compared to HKD 5,137 million in the previous year, indicating a growth of 18.3% [101]. Revenue and Sales - The group's revenue for the six months ended June 30, 2023, was HKD 10,278 million, an increase of 8.1% from HKD 9,506 million in the same period last year [74]. - The total projected usable area from ongoing redevelopment projects is approximately 900,000 square feet [15]. - The total contracted sales amount for the group's self-owned properties in Hong Kong was approximately HKD 67.25 billion, a 10% increase compared to the same period last year [4]. - The company reported a total self-owned residential contract sales amount of approximately RMB 3.34 billion, a 14% increase compared to the same period last year, equivalent to HKD 3.6886 billion [41]. - The cumulative revenue expected to be recognized from pre-sold properties as of June 30, 2023, is HKD 15.426 billion, an increase from HKD 12.210 billion as of December 31, 2022 [89]. Property Development and Projects - The group has a total of 14.8 million square feet of development area across various projects, with significant portions expected to be available for sale or lease between 2024 and 2027 [8]. - The company has acquired over 340,000 square feet of self-owned floor area for redevelopment projects in urban areas, with plans for over 60,000 square feet to be launched for sale in the second half of 2023 [5]. - The company has acquired 27 old buildings for redevelopment, with an estimated self-owned floor area of 3,993,421 square feet [17]. - The company plans to launch several projects in the second half of 2023, including Henley Park with a floor area of 397,967 square feet and 740 residential units [14]. - The group plans to launch five urban projects in the second half of the year, with approximately 5,660 residential units or about 240,000 square feet available for sale [71]. Rental Income and Property Management - The rental income from the group's properties in Hong Kong increased by 3% year-on-year to HKD 3.31 billion for the six months ending June 30, 2023, while the pre-tax net rental income rose by 6% to HKD 2.47 billion [29]. - The average occupancy rate of the group's rental properties was 93% as of June 30, 2023 [29]. - The group owns approximately 970,000 square feet of completed rental properties, with 5.4 million square feet (56%) being retail space, 3.5 million square feet (36%) office space, and 0.4 million square feet (4%) industrial space [30]. - The property management division manages a total area of approximately 7.85 million square feet, including 3,300 parking spaces [45]. - The total rental income from subsidiaries for the six months ended June 30, 2023, was HKD 3,427 million, a slight increase of HKD 30 million (or 1%) from HKD 3,397 million in 2022 [141]. Debt and Financing - The group's net debt as of June 30, 2023, was HKD 778.55 billion, with a debt-to-equity ratio of 24.0% [68]. - The total debt of the group as of June 30, 2023, was HKD 91,179 million, an increase from HKD 90,381 million as of December 31, 2022 [156]. - The interest coverage ratio for the six months ended June 30, 2023, was 2.65 times, down from 5.08 times in 2022, with operating profit at HKD 6,986 million compared to HKD 6,190 million in 2022 [157]. - Financing costs increased significantly, with bank loan interest rising to HKD 1,147 million from HKD 469 million, and other loan interest increasing to HKD 1,315 million from HKD 463 million [96]. - The group issued guaranteed notes totaling HKD 6,847 million under its medium-term note program for the six months ending June 30, 2023, compared to HKD 3,620 million in 2022 [154]. Market Outlook and Strategic Initiatives - The group is actively monitoring the government's "Northern Metropolis" development plan, which is expected to significantly impact land prospects in Hong Kong [28]. - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming quarters [108]. - Future guidance indicates a positive outlook for revenue growth across all segments, driven by ongoing development projects and market demand [108]. - The company is focusing on strategic acquisitions and partnerships to bolster its growth trajectory and market share [108]. - The group was recognized in the 2023 S&P Global Sustainability Yearbook, ranking in the top 15% of its industry for sustainability practices [70]. Challenges and Risks - The office rental market remains under pressure due to high vacancy rates and increasing supply, yet the group's properties continue to perform robustly [32]. - The total tax expense for the six months ended June 30, 2023, was HKD 117 million, a decrease from HKD 617 million in the same period of 2022 [98]. - The company reported a net loss of HKD 18 million for the six months ended June 30, 2023, compared to a profit of HKD 24 million in the same period last year [46]. - The fair value loss from investment properties and development properties was HKD 96 million for the current period, compared to a loss of HKD 45 million in the previous year [101]. - The group recognized a cumulative fair value gain of HKD 9 million from the sale of investment properties during the six months ended June 30, 2023 [112].

Market Capitalization and Financial Performance - The market capitalization of the company as of December 31, 2022, was HKD 132 billion, while the total market capitalization including subsidiaries and associates was approximately HKD 295 billion[2]. - The group's total revenue for property development reached HKD 23,335 million, a 23% increase from HKD 19,005 million in the previous year[11]. - The group's basic earnings attributable to shareholders decreased by 29% to HKD 9,629 million, down from HKD 13,624 million in the previous year[13]. - The total rental income from property leasing was HKD 8,528 million, a slight decrease of 1% compared to HKD 8,631 million last year[11]. - The net rental income before tax was HKD 6,212 million, showing a marginal increase of 0.5% from HKD 6,182 million[11]. - The group recorded a fair value loss of HKD 390 million on investment properties, compared to a loss of HKD 429 million in the previous year[13]. - The total contracted sales of self-owned properties in Hong Kong amounted to approximately HKD 137,430 million for the year[17]. - The unrecognized contracted sales of self-owned properties as of December 31, 2022, were approximately HKD 120,720 million, with HKD 71,910 million expected to be recognized in 2023[17]. - The group has a total of six listed subsidiaries, contributing to its diversified investment portfolio[9]. - The company's profit attributable to shareholders for the year ended December 31, 2022, was HKD 9,239 million, a decrease of 30% from HKD 13,195 million in 2021[168]. Sustainable Development and ESG Commitment - The company has a strong focus on sustainable development, receiving multiple awards including the Asia Pacific Green Building Leadership Award 2022 and the Outstanding ESG Progress Award 2022[5][7]. - The company has a BBB rating in the MSCI Environmental, Social, and Governance (ESG) assessment, indicating a solid commitment to sustainable practices[7]. - The group received multiple awards for its commitment to green building and innovation, including the highest honor at the "Green Building Awards 2021"[46]. - The group received the highest honor of "Sustainable Development Corporate Leader" at the Asia Pacific Green Building Leadership Awards 2022, reaffirming its leadership in sustainability[86]. - The group is committed to supporting the Science Based Targets initiative (SBTi) to establish climate science-based emission reduction targets[86]. - The company launched the "Kwang Wah Chip," the first RISC-V IoT security chip in the industry, aimed at enhancing data security for smart kitchen devices[76]. - The company issued USD 200 million in sustainable development-linked bonds through its subsidiary, Kwang Wah Smart Energy, to fund its "waste-to-energy" projects[77]. Property Development and Urban Redevelopment - The company has significant land reserves in both Hong Kong and mainland China, which are crucial for future development projects[3]. - The company has acquired over 330,000 square feet of self-owned floor area for urban redevelopment projects[18]. - The total area of ongoing urban projects is 7.0 million square feet, with significant contributions from newly acquired redevelopment projects totaling 2.6 million square feet, expected to be available for sale or lease between 2024 and 2025[19]. - The total area of major ongoing projects in the New Territories is 5.0 million square feet, bringing the cumulative total of all projects (A, B, and C categories) to 15.0 million square feet[19]. - The company has a projected future self-owned floor area of 3,333,485 square feet from various redevelopment projects in Kowloon and the New Territories[30]. - The company has acquired 24 old buildings for redevelopment, with 100% ownership expected to yield a self-owned floor area of 852,833 square feet[29]. - The company plans to launch 10 projects in 2023, totaling a residential floor area of 3,760,467 square feet and 7,655 residential units[24]. - The company is focusing on urban redevelopment and has several ongoing projects in the pipeline[111]. - The company is strategically positioned to capitalize on the growing demand for real estate in urban areas[111]. Rental Income and Property Management - The total rental income in Hong Kong decreased by 1% to HKD 6.457 billion, while pre-tax rental net income increased by 1% to HKD 4.609 billion[39]. - The average occupancy rate of the group's rental properties in Hong Kong was 93% as of December 31, 2022[39]. - The group owned approximately 9.7 million square feet of completed rental properties in Hong Kong, with retail space accounting for 56% and office space 36%[40]. - The group has introduced more fitness centers, massage parlors, and pet shops in its malls to attract local consumers, reflecting a shift in local consumption patterns[42]. - The group’s rental income also benefits from approximately 8,400 self-owned parking spaces[41]. - The property management division manages approximately 83,000 residential and commercial units, covering 10 million square feet of shopping malls and office space, along with 20,000 parking spaces[48]. - The company has received multiple awards for its property management services, including the "Outstanding Employer Award" and "Corporate Volunteer Award" for community service during the pandemic[49]. Financial Strategy and Debt Management - The company maintains a prudent financial strategy, with a moderate debt level and a reasonable average financing cost[166]. - The net debt of the group as of December 31, 2022, was HKD 79.086 billion, down from HKD 91.968 billion in 2021, with a debt-to-equity ratio of 24.1% compared to 27.5% in the previous year[84]. - The group has secured over HKD 47 billion in green and sustainable financing since 2020, including a HKD 1 billion social responsibility loan, marking a first for local property developers[84]. - The group has established hedging arrangements with several counterpart banks to mitigate interest rate and foreign exchange risks associated with its borrowings[198]. - The group aims to fund its capital expenditure needs for the year ending December 31, 2023, through internal cash flows, bank deposits, and capital market fundraising[200]. Market Expansion and Strategic Focus - The company has plans for market expansion, leveraging its strong brand and reputation in the real estate sector[2]. - The company is strategically focusing on first-tier and key second-tier cities for residential and integrated development projects[51]. - The company continues to explore quality investment properties in core locations of major cities to drive future growth[50]. - The company is committed to enhancing its property portfolio through acquisitions and new developments[111]. - The company is focused on expanding its commercial and residential portfolio in key urban areas, leveraging existing infrastructure and transportation links[116]. Project Updates and Future Developments - The company plans to develop a comprehensive property with a total floor area of 1.6 million square feet in Central, with completion expected in Q4 2026 and Q4 2032 for two phases[34]. - The company has a total of 1,590 residential units planned for completion in the third quarter of 2023 at the Kai Tak new Kowloon site, with a total floor area of 722,059 square feet[96]. - The Miami Quay project, with 1,219 residential units and a total floor area of 574,614 square feet, is expected to be completed in the first quarter of 2023[94]. - The company is actively seeking environmentally friendly projects and investing in innovative technology and product development to ensure continuous revenue generation from its subsidiary, Hong Kong and China Gas[88]. - The group is committed to developing smart buildings to shape the future urban landscape, focusing on sustainability and human-centered design[89].

Financial Performance - The group's attributable profit for the year ended December 31, 2022, was HKD 9.62 billion, a decrease of HKD 3.99 billion or 29% compared to HKD 13.62 billion in the previous year[3]. - The basic earnings per share for the year were HKD 1.99, down from HKD 2.81 in the previous year[3]. - The group's attributable profit, after accounting for fair value losses, was HKD 9.23 billion, a decrease of HKD 3.95 billion or 30% from HKD 13.19 billion in the previous year[3]. - The net profit for the year was HKD 9,503 million, down 29.5% from HKD 13,360 million in the previous year[74]. - The company's profit for the year ended December 31, 2022, was HKD 9,503 million, a decrease of 29.5% compared to HKD 13,360 million in 2021[75]. - The adjusted basic profit, excluding fair value changes of investment properties, was HKD 9,629 million, down from HKD 13,624 million, indicating a decrease of approximately 29.5%[99]. - The total comprehensive income for the year amounted to HKD 1,843 million, significantly lower than HKD 16,125 million in 2021[75]. - The company's total revenue for the year ended December 31, 2022, was HKD 25,551 million, an increase of 8.6% from HKD 23,527 million in 2021[73]. - The total revenue for the year ended December 31, 2022, was HKD 73,079 million, with a consolidated segment profit of HKD 15,496 million[105]. Property Development - The total attributable revenue from property development in Hong Kong increased by HKD 3.34 billion to approximately HKD 15.53 billion[5]. - The total contract sales amount for self-owned properties in Hong Kong was approximately HKD 13.74 billion for the year ended December 31, 2022[5]. - The group has acquired over 330,000 square feet of self-owned floor area for urban redevelopment projects, with an additional 600,000 square feet planned for sale in 2023[6]. - The total saleable floor area for projects planned for sale in 2023 is estimated at 3.0 million square feet[7]. - The company has 26 major development projects for sale, with a total floor area of approximately 1,570,759 square feet[10]. - The remaining residential units across these projects total 3,389, with a remaining usable area of 1,339,893 square feet[12]. - The company has acquired 24 urban redevelopment projects, with 100% ownership in several, totaling an estimated future self-owned floor area of approximately 1,116,855 square feet[18]. - The total land reserve currently owned by the company in Hong Kong is approximately 25.2 million square feet, including 13.7 million square feet of properties under development[24]. - The group has 1.38 million square feet of land in the North District, with potential for 373,200 square feet of residential floor area and 545,000 square feet of commercial floor area pending land premium agreements[27]. Rental Income and Property Management - The group's rental income from properties in Hong Kong decreased by 1% to HKD 6.45 billion, while the pre-tax net rental income increased by 1% to HKD 4.609 billion[31]. - The average occupancy rate of the group's rental properties as of December 31, 2022, was 93%[31]. - The group owns approximately 970,000 square feet of completed rental properties, with 56% being retail space, 36% office space, and 4% industrial and residential units[32]. - The group holds around 8,400 self-owned parking spaces as an additional source of rental income[32]. - The retail property portfolio maintained a high occupancy rate as of December 2022, with foot traffic recovering to near pre-pandemic levels and overall tenant sales returning to growth[33]. - The group expanded its tenant base in response to local consumption patterns, introducing more fitness centers, massage parlors, and pet shops to attract families[33]. - The total rental income attributable to the group decreased by 1% year-on-year to HKD 2.071 billion, while the attributable pre-tax rental net income also decreased by 1% to HKD 1.603 billion[47]. - The total rental income from subsidiaries for the year ended December 31, 2022, was HKD 6,731 million, a 3% increase from HKD 6,505 million in 2021[143]. Financial Position and Debt Management - As of December 31, 2022, net borrowings were HKD 79.086 billion, down from HKD 91.968 billion in 2021, with a debt ratio of 24.1% compared to 27.5% in the previous year[68]. - The company reported a decrease in bank borrowings to HKD 38,227 million from HKD 44,151 million, indicating a reduction in leverage[77]. - The group has secured over HKD 47 billion in green and sustainable development loans since 2020, including HKD 1 billion in social responsibility loans[68]. - The total debt of the group as of December 31, 2022, was HKD 90,381 million, a decrease from HKD 102,915 million in the previous year[153]. - The group's borrowing ratio as of December 31, 2022, was 24.1%, down from 27.5% in the previous year[157]. - The effective annual interest rate on bank and other borrowings in Hong Kong rose from approximately 1.67% in 2021 to about 2.15% in 2022, leading to higher interest expenses[160]. Future Outlook and Strategic Initiatives - The group plans to launch ten development projects in 2023, with approximately 6,900 residential units or 289,000 square meters available for sale in Hong Kong[70]. - The group is actively seeking environmental projects and investing in innovative technologies and product development through its subsidiary Hong Kong and China Gas[71]. - The group aims to build sustainable smart cities to enhance the quality of life for citizens, supported by its new brand vision[71]. - The company plans to continue focusing on strategic investments and market expansion to enhance future growth prospects[78]. - The group is committed to supporting the Science Based Targets initiative (SBTi) and has integrated climate-related strategies into its decision-making processes[69]. Challenges and Risks - The group anticipates that actual results may differ significantly from forward-looking statements due to risks and uncertainties[172]. - The company has identified potential uncertainties in acquiring full ownership of certain projects, which may affect redevelopment plans[23]. - The group has not made any distinctions between the roles of the Chairman and CEO, believing that the current arrangement serves the best interests of the company[170].

Financial Performance - For the six months ended June 30, 2022, the property sales revenue was HKD 8,502 million, an increase of 41% compared to HKD 6,016 million in the same period last year[2]. - The group's basic earnings attributable to shareholders decreased by 34% to HKD 5,137 million from HKD 7,806 million year-on-year[3]. - The total rental income from property leasing was HKD 4,292 million, showing a slight increase of 0.1% from HKD 4,286 million in the previous year[2]. - The group recorded a fair value loss of HKD 356 million on investment properties during the period, compared to a loss of HKD 1,257 million in the previous year[3]. - The group announced an interim dividend of HKD 0.50 per share, unchanged from the previous year[4]. - The net gearing ratio improved to 25.8% from 27.5% year-on-year, a decrease of 1.7 percentage points[2]. - The group reported a total revenue of HKD 9,506 million for the six months ended June 30, 2022, representing an 8% increase from HKD 8,792 million in the same period of 2021[84]. - The group's basic profit after tax from joint ventures for the same period was HKD 1,152,000,000, up HKD 249,000,000 or 28% from HKD 903,000,000 in 2021, mainly due to increased contributions from property sales in Xi'an, Hefei, and Chengdu[101]. Property Development - The total contracted sales in Hong Kong for the six months amounted to HKD 6,112 million, a decrease of 22% compared to the same period last year[7]. - As of June 30, 2022, the unrecognized contracted sales in Hong Kong totaled approximately HKD 15,164 million, with about HKD 7,759 million expected to be recognized in the second half of 2022[7]. - The group launched the "One Innovale Phase 1" project in Fanling in August 2022, which received strong buyer interest[7]. - The total floor area of unsold units in major development projects is approximately 3.1 million square feet, with 2.0 million square feet expected to be available for sale in the second half of 2022[8]. - The group has 7.5 million square feet of floor area in ongoing urban projects, with significant portions expected to be available for sale or lease between 2023 and 2026[8]. - The total area of major ongoing projects in the New Territories is 4.2 million square feet, bringing the overall total to 14.8 million square feet across all categories[9]. - The group has 23 major development projects currently for sale, with a total remaining usable area of 1,132,802 square feet as of June 30, 2022[11]. - The group plans to launch several projects in the second half of 2022, including One Innovale with a total floor area of 612,685 square feet and residential units totaling 603,200 square feet[15]. Rental Income and Property Management - The group's rental income in Hong Kong decreased by 2% year-on-year to HKD 3.21 billion, while the pre-tax rental net income fell by 1% to HKD 2.34 billion[32]. - The average occupancy rate of the group's rental properties as of June 30, 2022, was 93%[32]. - The group has approximately 970,000 square feet of completed rental properties in Hong Kong, with 56% being retail space and 36% office space[33]. - The group’s rental income growth is expected to be further supported by new projects such as "The Henderson" and the Central Waterfront commercial site[80]. - The total rental income contribution from the group increased by HKD 297 million (or 10%) to HKD 3,397 million for the six months ended June 30, 2022[93]. Urban Redevelopment and Land Acquisition - The group has acquired over 3.9 million square feet of self-owned floor area for urban redevelopment projects, with an additional 200,000 square feet planned for sale in the second half of 2022[8]. - The company has two redevelopment projects in urban areas, expected to provide approximately 900,000 square feet of self-owned floor area upon completion[19]. - There are 27 newly acquired urban redevelopment projects, with a projected self-owned floor area of 786,648 square feet after redevelopment[20]. - The company has acquired approximately 2.5 million square feet of land reserves in Hong Kong, with 390,000 square feet pending land premium agreements[25]. - The company has purchased about 230,000 square feet of new land in the New Territories, increasing its total land reserves in that area to approximately 4.51 million square feet[28]. Financial Position and Debt Management - The group has a net debt of HKD 85.18 billion as of June 30, 2022, down from HKD 91.97 billion at the end of 2021, with a debt-to-equity ratio of 25.8%[76]. - The group has secured green loans and sustainable development loan facilities exceeding HKD 41 billion since 2020, reflecting its commitment to environmental sustainability[76]. - The group issued a total of HKD 31.027 billion in medium-term notes since 2018 to diversify funding sources and extend debt repayment periods[76]. - The group’s total debt of the group was HKD 98,586,000,000, a decrease from HKD 102,915,000,000 as of December 31, 2021[103]. - The average borrowing rate for bank and other loans in Hong Kong was approximately 1.53% as of June 30, 2022, down from 1.78% in the previous year[103]. Market Outlook and Strategic Initiatives - The group aims to enhance its position as an international financial center through integration with the Greater Bay Area and anticipates a stable development of the local property market[79]. - The group is actively seeking environmentally friendly projects and investing in innovative technology and product development through its subsidiary Hong Kong and China Gas[81]. - The company plans to continue exploring market expansion opportunities and new product developments in the upcoming quarters[132]. - The overall performance indicates a positive outlook for the company, with strategic focus on property development and utilities sectors[167].

Financial Performance - The group's attributable basic profit for the fiscal year ended December 31, 2021, was HKD 13.62 billion, a decrease of 9% from HKD 14.89 billion in the previous year[10]. - The group's attributable profit increased by 29% to HKD 13.20 billion, compared to HKD 10.19 billion in the previous year[10]. - Total property sales revenue for the year was HKD 18.43 billion, down 13% from HKD 21.11 billion in the previous year[10]. - Total rental income was HKD 8.63 billion, a slight increase of 0.3% from HKD 8.60 billion in the previous year[10]. - The group recorded a fair value loss of HKD 4.29 billion on investment properties, compared to a loss of HKD 47.07 billion in the previous year[10]. - The net debt to equity ratio increased to 27.5% from 25.6% in the previous year[10]. - The basic earnings per share for the year was HKD 2.81, down from HKD 3.08 in the previous year[10]. - The proposed final dividend is HKD 1.30 per share, maintaining the total dividend at HKD 1.80 per share for the year[11]. Market Presence and Expansion - The company has a significant presence in both Hong Kong and mainland China, with a diversified portfolio of commercial and residential projects expected to generate substantial revenue in the coming years[4]. - The company is focused on expanding its market presence through new projects and strategic acquisitions in both local and international markets[4]. - The group is actively pursuing various strategies for market expansion and new product development to enhance its competitive position[15]. - The group plans to launch 12 development projects within the year, primarily located in urban areas, with approximately 10,500 residential units or 288,000 square feet of self-owned residential floor area available for sale in 2022[100]. - The group is strategically expanding its presence in first-tier and key second-tier cities, leveraging its brand reputation and financial strength[57]. Land Reserves and Development Projects - The total land reserves available for development in Hong Kong and mainland China amounted to 4.45 million square feet in New Territories, 0.81 million square feet in Kowloon, and 0.95 million square feet in Hong Kong Island, among other regions[4]. - The group has a land reserve of 25.4 million square feet in Hong Kong, up from 24.4 million square feet in the previous year[10]. - The group currently holds land reserves of approximately 25.4 million square feet in Hong Kong, including 14.3 million square feet of properties under development[36]. - The group has purchased approximately 450,000 square feet of land in the New Territories, increasing its total land reserves in the region to about 4.49 million square feet[38]. - The group has acquired 25 urban redevelopment projects, with 80% to 100% ownership, totaling an estimated future gross floor area of 1,052,358 square feet[29]. Awards and Recognition - The company received multiple awards in 2021, including the Asia Pacific Property Awards for Best High-Rise Residential Development and Best Mixed-Use Development[5]. - The company has been recognized for its sustainable development initiatives, receiving a three-star rating from the China Healthy Building Design Label[5]. Sustainable Development Initiatives - The group is committed to sustainable development, focusing on innovative and green building projects, including the flagship commercial project "The Henderson" and the Central New Waterfront site, which will support Hong Kong's "net zero carbon emissions" goal[92]. - The group emphasizes sustainable development and environmental considerations in its business operations[196]. Rental Income and Property Management - Total rental income in Hong Kong decreased by 4% to HKD 6.534 billion, while the pre-tax rental net income fell by 9% to HKD 4.556 billion[43]. - The average occupancy rate of the group's main rental properties in Hong Kong was 95% as of December 31, 2021[43]. - The group's self-owned rental property portfolio expanded to approximately 9.7 million square feet, with retail space accounting for 56% and office space 36%[44]. - The group has approximately 8,300 self-owned parking spaces as an additional source of rental income[44]. - The group's property management segment has expanded to manage approximately 5.4 million square feet of commercial space, including office buildings and shopping malls[68]. Strategic Acquisitions - The group acquired the Central Waterfront Site No. 3 for HKD 50.8 billion, with a total floor area of 1.6 million square feet planned for development in two phases, expected to be completed in 2027 and 2032[15]. - The group also won a redevelopment project in To Kwa Wan for HKD 8.189 billion, which will provide over 700,000 square feet of residential units, commercial properties, and public parking, with a 50% stake in the project[15]. - The company has invested HKD 50.8 billion in acquiring a new site at Central Waterfront, which will provide a total gross floor area of 1,600,000 square feet, with the first phase expected to be completed by 2027[33]. Challenges and Market Conditions - The company is facing uncertainties regarding the full acquisition of properties, which may affect redevelopment plans[32]. - The group has seen a diversification in the real estate market, with varying performance across different regions due to government policies[55]. Community Engagement and Support - The group has donated HKD 7.8 million to support 150 elderly homes and 5,000 households affected by COVID-19[95]. - The group has provided rent relief to struggling tenants in the retail and dining sectors due to ongoing social distancing measures[97]. - The group established the "Henderson Land Anti-Epidemic Fund," donating approximately HKD 20 million in anti-epidemic supplies to frontline medical staff and grassroots individuals[94].

Financial Performance - For the six months ended June 30, 2021, the company's attributable basic profit was HKD 7.806 billion, an increase of HKD 2.624 billion or 51% compared to HKD 5.182 billion in the same period last year[5]. - The company's attributable profit, after accounting for a fair value loss of HKD 1.257 billion on investment properties, was HKD 6.549 billion, up HKD 3.715 billion or 131% from HKD 2.834 billion in the previous year[5]. - Basic earnings per share increased to HKD 1.61 from HKD 1.07 year-on-year[5]. - The group reported a 20% decrease in total revenue to HKD 8.79 billion for the six months ended June 30, 2021, compared to HKD 10.94 billion in the same period last year[79]. - The group's attributable profit for the period was HKD 6,549 million, up from HKD 2,834 million in the previous year, indicating strong growth[147]. - The total revenue for the period was HKD 7,318 million, reflecting a 76% increase in comprehensive income compared to the previous year[125]. Property Sales and Revenue - The total sales revenue from property sales in Hong Kong was HKD 37.05 billion, a decrease of 31% year-on-year, while the pre-tax profit contribution was HKD 12.02 billion, down 52%[7]. - The group's attributable property sales revenue for the six months ended June 30, 2021, was HKD 2.31 billion, a decrease of 21% compared to the same period last year[48]. - Property sales revenue for the six months ended June 30, 2021, was HKD 3,450 million, down from HKD 6,511 million in the same period of 2020, a decrease of about 47.1%[136]. - The total revenue from property sales for the group was HKD 3,450 million, a decrease of HKD 3,061 million or -47% compared to HKD 6,511 million in the previous year[81]. Rental Income and Leasing - The group's rental income in Hong Kong decreased by 6% year-on-year to HKD 3.267 billion, while the pre-tax rental net income fell by 9% to HKD 2.364 billion for the six months ended June 30, 2021[33]. - The total revenue from property leasing for the six months ended June 30, 2021, was HKD 3,100 million, an increase from HKD 2,938 million in the same period of 2020, representing a growth of approximately 5.5%[167]. - Rental income attributable to the group increased by 13% to HKD 1.01 billion, while attributable net rental income rose by 8% to HKD 789 million, mainly due to an 8% appreciation of the RMB against the HKD[49]. Development Projects and Land Reserves - The company has a land reserve of approximately 44.6 million square feet in New Territories and 31.2 million square feet in Mainland China for future development[4]. - The company has ongoing urban redevelopment projects with a total area of 6.8 million square feet, expected to be available for sale between 2022 and 2023[9]. - The group has acquired 24 urban old building redevelopment projects, with over 80% to 100% ownership, expected to yield significant self-occupied floor area[20]. - The group has signed six cooperative development projects in mainland China this year, adding approximately 8 million square feet of buildable area[75]. Financial Position and Debt Management - The net debt to equity ratio improved to 20.0% from 25.6% year-on-year[4]. - The group's net borrowings were HKD 65.69 billion as of June 30, 2021, down from HKD 83.75 billion at the end of 2020, with a debt ratio of 20.0%[74]. - The group's total debt as of June 30, 2021, was HKD 79,734,000,000, a decrease from HKD 89,556,000,000 as of December 31, 2020[98]. - The effective interest rate on bank and other borrowings in Hong Kong was approximately 1.78% for the six months ended June 30, 2021, down from 2.45% in the previous year[94]. Strategic Initiatives and Market Expansion - The company plans to continue expanding its market presence and developing new projects in response to the recovering economy[7]. - The group plans to launch eight development projects in the second half of the year, with approximately 5,700 residential units and 230,000 square feet of office and industrial space available for sale in Hong Kong[75]. - The group is actively pursuing urban redevelopment strategies to enhance its property portfolio and market presence[20]. Taxation and Provisions - The deferred tax provision for the period was HKD 583 million, down from HKD 1,145 million in the previous year, showing a reduction in tax liabilities[146]. - The group’s total tax provision for the period was HKD 628 million, compared to HKD 1,720 million in the previous year, reflecting a decrease in overall tax expenses[145]. Employee and Operational Metrics - The total employee cost for the six months ended June 30, 2021, was HKD 1,315,000,000, reflecting a 10% increase from HKD 1,200,000,000 in the same period of 2020[110]. - The company employed 10,189 full-time employees as of June 30, 2021, an increase of 1,124 employees compared to December 31, 2020[110]. Investment and Acquisitions - The company acquired an additional 103,000 shares of Miramar, increasing its stake to 50.002% as of June 30, 2021, from approximately 49.987% prior to the acquisition[106]. - The total income recognized from the revaluation of previously held equity in Miramar after gaining control amounted to HKD 1,889,000,000, including HKD 1,887,000,000 from the 49.987% stake and HKD 2,000,000 from bargain purchase gains[106].

Financial Performance - As of December 31, 2020, the market capitalization of Henderson Land Development Company Limited reached HKD 146 billion, while the total market value including its subsidiaries and associates was approximately HKD 375 billion[14]. - For the fiscal year ending December 31, 2020, the company's property sales revenue was HKD 21,108 million, an increase of 23.5% from HKD 17,088 million in 2019[17]. - The company's pre-tax profit contribution from property sales was HKD 9,649 million, up 63.9% from HKD 5,888 million in the previous year[17]. - The basic earnings attributable to shareholders for the year were HKD 14,899 million, a slight increase of 1.8% from HKD 14,640 million in 2019[22]. - The reported profit attributable to shareholders was HKD 10,192 million, a decrease of 40.0% from HKD 16,994 million in the previous year[22]. - The company's net debt to equity ratio increased to 26.9%, up from 25.5% in 2019, reflecting a rise of 1.4 percentage points[17]. - The total revenue for the year ended December 31, 2020, was HKD 25,020 million, representing a 3% increase from HKD 24,184 million in 2019[192]. - Property development revenue increased by 6% to HKD 16,009 million, with operating profit contribution rising by 60% to HKD 8,648 million[192]. - The company's attributable profit for the year ended December 31, 2020, was HKD 10,192 million, a decrease of 40% from HKD 16,994 million in 2019[193]. - The underlying profit, excluding fair value changes, was HKD 14,899 million, representing a 2% increase from HKD 14,640 million in 2019[194]. Property Development and Sales - Henderson Land Development has a significant land reserve in both Hong Kong and mainland China, which supports its future development projects[3]. - The total contracted sales in Hong Kong amounted to approximately HKD 80,350 million for the fiscal year, indicating strong demand for residential projects[27]. - The company plans to launch new residential projects in Tuen Mun and Yuen Long in early 2021, with positive buyer response expected[27]. - The total self-owned floor area for urban redevelopment projects is 3.7 million square feet, with 500,000 square feet allocated for sale in 2021[28]. - The total floor area of properties available for sale in 2021 is 3.2 million square feet, including 0.8 million square feet of unsold units from major development projects[29]. - The group has 23 major development projects currently for sale, with a total remaining usable area of 926,815 square feet as of December 31, 2020[30]. - The company plans to launch several projects in 2021, with a total floor area of approximately 2,934,977 square feet, including residential and commercial units[32]. - The company is actively expanding its property portfolio in Hong Kong, with multiple projects under construction and positive market reception[115]. - The company is committed to maintaining a strong pipeline of residential units to meet market demand, with several projects nearing completion in the coming quarters[136]. Rental Income and Property Management - Total rental income decreased by 6.1% to HKD 8,603 million, while pre-tax net rental income fell by 8.5% to HKD 6,467 million[17]. - Rental income in Hong Kong decreased by 7% to HKD 6.77 billion, while the pre-tax net rental income fell by 11% to HKD 5 billion due to rental concessions provided to tenants[48]. - The average occupancy rate of the group's rental properties was 94% as of December 31, 2020[48]. - The group owns a total of 9.5 million square feet of completed rental properties, with 55% being retail space, 37% office space, and 4% each for industrial and residential properties[49]. - The property management division manages approximately 80,000 residential and commercial units, covering 10 million square feet of shopping malls and office space[57]. Strategic Direction and Market Position - The company has outlined its strategic direction, which includes expanding its market presence and exploring potential mergers and acquisitions to drive growth[3]. - Future outlook includes leveraging its strong market position and innovative capabilities to navigate potential risks and uncertainties in the real estate sector[4]. - The company is focusing on high-quality office projects, with the completion of the "Xinghuan International Commercial Center" in Guangzhou, which has a total floor area of approximately 970,000 square feet[61]. - The company plans to continue increasing property investments in core urban areas, particularly in first-tier and key second-tier cities[61]. - The company is actively pursuing urban redevelopment projects, having acquired 80% to full ownership of several old buildings for redevelopment[136]. Innovation and Sustainability - The company emphasizes innovation by widely applying smart technologies and self-developed techniques to improve operational efficiency and environmental performance[7]. - The company is committed to providing high-quality products and services that meet environmental and sustainable development needs, aiming to enhance value for shareholders and the community[2]. - The group is actively researching the implementation framework and guidelines for the land-sharing pilot scheme announced by the government[47]. - The company has introduced "Design for Manufacture and Assembly" (DfMA) construction components to reduce construction time and material waste, contributing to cost savings and environmental protection[55]. - The company plans to adopt more prefabricated building components to meet high quality and environmental standards in construction projects[55]. Awards and Recognition - The company has received multiple prestigious awards in 2020, including the Asia Property Awards for Best Mixed-Use Development in Hong Kong and the ESG Leading Enterprise Award for companies with a market capitalization exceeding HKD 20 billion[9]. - The company has received multiple awards, including the "International Property Award" and "Asia Pacific Property Award" since the completion of the H Zentre project in 2019[54]. - The company has been awarded multiple accolades for promoting safety in construction, including the "Active Safety Award" and "2020 Creative Engineering Safety Award"[55]. Land Acquisition and Development Projects - The company currently holds land reserves of approximately 24.4 million square feet, including 13.6 million square feet of properties under development and 10 million square feet of completed rental properties[43]. - The group purchased approximately 590,000 square feet of land in the New Territories during the year, maintaining a total land reserve of about 44.4 million square feet, the largest among developers in Hong Kong[45]. - The company has acquired several new land parcels for residential development, including a mixed-use site in Chengdu with a purchase price of approximately RMB 1.83 billion[63]. - The company is actively expanding its land reserves through the acquisition of old buildings for redevelopment and changing land use in the New Territories[41]. - The company has acquired 23 urban redevelopment projects, with ownership of 80% or more, projected to yield a total self-owned floor area of 1,039,178 square feet[36].