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].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 二零二二年全年業績公佈 董事局主席報告 股東應佔盈利 集團截至二零二二年十二月三十一日止年度之股東應佔基礎盈利為港幣九十六億二千 九百萬元，較去年度之港幣一百三十六億二千四百萬元，減少港幣三十九億九千五百 萬元或 29%。基礎盈利減少部份原因為去年度美麗華酒店企業有限公司(「美麗華」) 於二零二一年四月十四日成為集團之附屬公司，集團以公允價值合併美麗華之資產及 負債，產生應佔收益港幣十八億八千九百萬元所致。每股基礎盈利為港幣 1.99 元 (二 零二一年：港幣 2.81 元)。 本年度，集團建成投資物業及發展中投資物業經重估後錄得應佔公允價值虧損港幣三 億九千萬元(二零二一年 : 港幣四億二千九百萬元)，當中包括已出售投資物業累計公 允價值變動之調整。在計及相關公允價值虧損，集團本年度之股東應佔盈利為港幣九 十二億三千九百萬元，較去年度之港幣一百三十一億九千五百萬元，減少港幣三十九 億五千六百萬元或 3 ...

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