[0 -> 28] 各位投資界的朋友大家好歡迎參加新世界發展2023財政年度中期業績網上分析員會議我是投資者及利益相關方總監Christy在今天會議當中我會擔任主持人我先介紹一下出席會議的管理層執行部主席兼行政總裁鄭志剛博士Adrian新世界發展首席財務總監劉富強先生Edward [29 -> 58] 如果各位有任何問題可以在直播的聊天窗口裡面提問我們會選取部分問題解答現在有請劉富強先生Edward介紹集團在2023財政年度的中期業績謝謝Christy在介紹2023上半財年的業績之前我想強調我們這次有三大重點其一我們不會供股 [58 -> 85] 我們不會供股或者做任何股權集資其二我們的淨負債率已經見頂了我們很有信心集團會繼續去槓桿計劃在24年6月進一步下降到低40%的水平第三大家都看到我們今天業績公佈的公告 [86 -> 108] 我们集团正在对各个业务进行全面策略性的检讨我们正在审视如何完善旗下每一家公司的战略焦点并且释放他们的价值我们会分阶段在不同时间通过企业行动进一步提升股东的回报 [112 -> 140] 現在我介紹一下我們2023上半財年的業績大家都知道大環境非常嚴峻受到內地封城和防疫限制香港和內 ...

Financial Performance - The group recorded total revenue of HKD 68,212.7 million, remaining stable compared to the fiscal year 2021 [17]. - Basic profit increased by 1.8% to HKD 7,084.6 million, while profit attributable to shareholders rose by 8.5% to HKD 1,249.2 million [18]. - The group achieved a reduction of approximately 4.7% in recurring administrative and operational expenses due to strict cost control measures [18]. - Non-core asset sales for the fiscal year 2022 amounted to approximately HKD 13.9 billion, exceeding the annual target [18]. - Overall financing costs decreased from 2.8% in fiscal year 2021 to 2.5% in fiscal year 2022 [18]. - The final dividend for the fiscal year 2022 was HKD 1.5 per share, maintaining a sustainable and progressive dividend policy [18]. Property Development - Property contract sales in Hong Kong amounted to approximately HKD 8.24 billion, while total property contract sales in mainland China reached approximately RMB 171.0 billion, with the southern region contributing about 73% [18]. - The segment performance for mainland property development grew by 10.9% year-on-year, with profit margin increasing from 40% in fiscal year 2021 to 57% in fiscal year 2022 [18]. - In the fiscal year 2022, the company's property development revenue in Hong Kong, including joint ventures, was HKD 5,842.8 million, with segment performance contributing HKD 2,384.1 million [27]. - The company's attributable property contract sales in Hong Kong amounted to approximately HKD 8.24 billion, primarily from residential projects such as Ying Hai and Aloha, as well as the Grade A office project, South Commercial Financial Innovation Center [27]. - The South Commercial Financial Innovation Center, a Grade A office project, was completed in May 2022, with a total floor area of approximately 520,000 square feet, and 73% of the total floor area sold, contributing HKD 6.0 billion to property contract sales [27]. Investment and Land Reserves - Available funds totaled approximately HKD 105 billion, including cash and bank balances of about HKD 62.2 billion and available bank loans of approximately HKD 42.8 billion [18]. - The company has a land reserve in Hong Kong of approximately 9,318,700 square feet and agricultural land reserve of about 16,327,400 square feet as of June 30, 2022 [26]. - The company successfully acquired a residential project site in Kai Tak for a total consideration of HKD 7.948 billion, enhancing its land reserve in a prime location [29]. - The company plans to develop four agricultural land sites in Yuen Long, with a total floor area of approximately 500,000 square feet, expected to provide over 9,000 residential units [29]. Social Responsibility and Community Engagement - The group aims to align business success with social progress, contributing to national development and economic growth [19]. - The company established a non-profit social enterprise, "New World Build a Good Life," at the end of 2021 to alleviate housing pressure for young people in Hong Kong [22]. - The company is actively involved in social innovation initiatives, including the establishment of a non-profit housing organization aimed at addressing local housing issues [32]. - The group launched the "Share for Good" donation matching platform during the peak of the pandemic in March 2022, effectively delivering supplies to those in need [60]. - The group has initiated various community support measures, including the provision of 200 large heaters during a winter cold snap and offering hotel rooms for healthcare workers [60]. Sustainability and Environmental Initiatives - The company is committed to sustainable development with a "2030 Sustainable Development Vision," focusing on environmental protection, health, intelligence, and care [22]. - The company aims to achieve net-zero emissions by 2050, with short-term targets approved by the Science Based Targets initiative [91]. - The company has launched the "Create Shared Value Leasing" program to enhance tenant awareness of sustainability and reward performance in energy saving and waste management [84]. - The company has been recognized with over 40 sustainability awards for corporate and construction projects in the fiscal year 2022 [82]. - The company has committed to linking its 2030 sustainability vision performance with the compensation of its CEO and employees [84]. Governance and Leadership - Dr. Zheng Jiachun has been the chairman since March 2012 and has extensive experience in various public companies in Hong Kong [68]. - Dr. Zheng Zhigang has been the executive vice chairman and CEO since May 2020, overseeing strategic directions for property development and investment projects [70]. - The board includes independent non-executive directors who contribute to the audit and remuneration committees, ensuring corporate governance [72]. - The company emphasizes the importance of risk management and wealth management in its strategic planning [76]. - The company is committed to enhancing its governance structure through the appointment of qualified and experienced board members [73][74][75][76]. Employee Engagement and Development - The employee satisfaction survey covered 16 categories, with sustainability, culture, performance management, diversity and inclusion, and corporate governance receiving the highest scores [199]. - The company emphasizes diversity and inclusion in its recruitment and training processes, ensuring equal opportunity for all applicants [199]. - Mandatory ESG and innovation training is provided to all employees, including board members, to address climate change and business redesign needs [200]. - The company is committed to professional development through various training opportunities, including workshops led by internal and external experts [199]. - The employee satisfaction working group was established to gather feedback and improve employee engagement and satisfaction [199]. Technology and Innovation - The company has implemented a blockchain platform for property transactions, enhancing customer service and streamlining the buying process [185]. - The company has established Asia's largest hybrid solar photovoltaic and thermal energy system, producing 177,000 kWh of energy annually [145]. - The company has integrated IoT monitoring devices in 11 SKIES to manage indoor air quality in real-time, reducing the risk of air pollution transmission [184]. - The company collaborates with Tencent Cloud to develop smart screens in the Guangfo New World project, integrating information and data effectively [193]. - The implementation of Building Information Modeling (BIM) technology has optimized resource usage across project lifecycles, contributing to improved efficiency [174]. Market Expansion and Future Projects - The company aims to launch 28 K11 projects in Hong Kong and mainland China by fiscal year 2026, enhancing the unique shopping experience nationwide [22]. - The "11 Sky" project at Hong Kong International Airport is set to open in phases from 2022 to 2025, with a total floor area of 3.8 million square feet [58]. - The company plans to increase the proportion of female board members to 30% in the fiscal year 2023 to enhance board diversity [86]. - The K11 ECOAST project in Shenzhen, set to open by the end of 2024, covers a total floor area of 228,500 square meters and aims to promote sustainable living through innovative design and environmental protection [110]. - The company has successfully generated 36 business integrations with 30 startups over the past three years, addressing social and environmental challenges [126].

Financial Performance - The group recorded consolidated revenue of HKD 35,572.8 million, remaining stable compared to HKD 35,577.3 million in the first half of the 2021 fiscal year[4]. - Basic profit increased by 4.8% to HKD 3,898.2 million, with profit attributable to shareholders rising by 41.2% to HKD 1,430.4 million[5]. - Gross profit increased to HKD 10,061.3 million, compared to HKD 9,314.9 million in the previous year, reflecting a growth of 8.0%[43]. - Operating profit rose significantly to HKD 6,003.7 million, up from HKD 4,214.4 million, marking an increase of 42.5%[43]. - The net profit for the period was HKD 3,467.8 million, a 37.7% increase from HKD 2,518.4 million in 2020[44]. - Basic earnings per share improved to HKD 0.57, compared to HKD 0.40 in the prior year, representing a growth of 42.5%[43]. - The total comprehensive income for the period was HKD 19,487.5 million, compared to HKD 16,456.2 million in the previous period, representing an increase of approximately 18.4%[49]. Property Development - The property contract sales in Hong Kong amounted to approximately HKD 3.88 billion, while in mainland China, it reached approximately RMB 9.34 billion[5]. - The segment performance for property development in mainland China showed a strong growth of 86.6%, with profit margin increasing from 30% to 66%[5]. - The group's property development revenue in Hong Kong for the review period was HKD 767.1 million, with a segment performance of HKD 542.2 million, reflecting a year-on-year increase of 5.1% in contract sales value[10]. - The group's attributable property contract sales in Hong Kong amounted to approximately HKD 38.8 billion, primarily from the Grade A office project at 888 Lai Chi Kok Road and residential projects[10]. - The total property contract sales area in mainland China for the review period was approximately 245,000 square meters, with a total sales amount of RMB 9.34 billion, averaging over RMB 38,000 per square meter[19][20]. - The group's revenue from property development in mainland China, including joint development projects, was HKD 8,579.5 million, with a segment performance of HKD 5,704.9 million, primarily from Guangzhou, Shenyang, and Ningbo[18]. Property Investment - The group achieved a significant year-on-year growth of 25.8% in the property investment segment, benefiting from increased rental income from K11 MUSEA and K11 ATELIER King's Road[5]. - The group's property investment revenue in mainland China reached HKD 1,020.6 million, an increase of 16.7% compared to the previous year[27]. - The overall occupancy rate of the investment property portfolio remained stable, benefiting from strong sales growth in mainland China[27]. - The K11 MUSEA shopping mall recorded a year-on-year sales growth of 21%, with total foot traffic reaching approximately 12 million, also a 21% increase[12]. - The overall rental rate of K11 Art Mall remained close to 100%, with sales and foot traffic increasing by 28% and 33% year-on-year, respectively[12]. Financial Position - The total available funds amounted to approximately HKD 103.2 billion, including cash and bank balances of about HKD 52.4 billion and available bank loans of approximately HKD 50.8 billion[5]. - The overall financing cost decreased from 2.93% in the first half of the 2021 fiscal year to 2.52% in the first half of the 2022 fiscal year[5]. - Total assets as of December 31, 2021, were HKD 639,684.8 million, an increase from HKD 627,077.4 million as of June 30, 2021[45]. - Total liabilities increased to HKD 339,034.0 million from HKD 322,885.0 million, indicating a rise in financial obligations[46]. - The company's retained earnings stood at HKD 121,922.4 million as of December 31, 2021, compared to HKD 125,032.8 million at the beginning of the period[48]. Strategic Acquisitions and Investments - The group successfully acquired three projects in the Greater Bay Area, enhancing its land reserves and promoting healthy industry development[7]. - The group invested over HKD 200 billion in the Greater Bay Area over the past few years, emphasizing its commitment to high-quality project development[7]. - The group successfully acquired land for residential development in Kai Tak for a total consideration of HKD 7.948 billion, expanding its land reserves in a prime location[13]. - The group plans to convert agricultural land in Yuen Long into large residential projects, with a total attributable floor area of approximately 356,000 square feet, expected to provide nearly 8,000 residential units[14]. Market Outlook and Future Plans - The group anticipates that HKD 6.013 billion of unrecognized property contract sales will be recognized in the second half of the 2022 fiscal year, with HKD 24.809 billion expected in the 2023 fiscal year[10]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44]. - The company plans to launch multiple large-scale projects, including a 360,000 square feet office project in West Kowloon and a 575,000 square feet residential project in the Kai Tak area[39]. - K11 projects are expected to expand to 38 projects across ten key cities in Greater China by the fiscal year 2026, with a total floor area of 2.794 million square meters[41]. Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the last fiscal year-end[55]. - Financial instruments are measured at fair value, with listed investments recorded at market value and classified as Level 1[56]. - The fair value of long-term financial liabilities is estimated based on current market rates for similar financial instruments[56]. Corporate Governance and Sustainability - The company emphasizes investor relations and transparency, ensuring timely and equal access to information for investors[117]. - The company is committed to its "2030 Vision" focusing on "Environmental," "Health," "Smart," and "Caring" initiatives to enhance customer experience[118]. - The company has adhered to all applicable provisions of the Corporate Governance Code, except for provision A.6.4 regarding employee trading of company securities[113].

we create we are artisans we are csv. JL 新世界發展有限公司 (股份代號 : 0017) l 2021年 報 Z f a production of the later of the later of the late 4 f A N Z I TAVA DAPAR TAZAY D control of 11:22 pict of the last 25 - 5 � � 0 0 c 0 r 0 www.sk 0 0 0 0 0- 2 儿 THE ARTISANAL MOVEMENT The Artisanal Movement 是我們的文化願景， 透過推崇手藝、傳統和想像力，承載著人文的 細膩、情感與溫度。 隨著我們的業務與社會一同發展，如今，我們 為這文化願景帶來一個嶄新的目標 — 為社會 上不同的持份者創造共享價值，與社會同創共 贏。 我們相信以商業和創新的力量, 可回饋社會，並 透過聚焦於三大核心 — 文化與創意，可持續發 展和社會創新，讓業務成功與社會進步緊扣一 起。 we create, we are artisans, we are CSV. 目錄 | --- ...

we create we are artisans we are csy. 2020年報 | 五十周年 UN 新世界登展有限公司 (股份代號:0017) fortisanal " Journent & The 7 目錄 24 集團架構 25 財務摘要 26 主席報告書 28 行政總裁報告書 44 香港主要物業項目 46 中國內地主要物業項目 48 董事簡介 57 高級管理層簡介 58 企業可持續發展 98 企業管治報告 122 投資者關係 124 公司資料 125 董事會報告 150 管理層討論及分析 161 獨立核數師報告 170 綜合收益表 171 綜合全面收益表 172 綜合財務狀況表 174 綜合權益變動表 178 綜合現金流量表 180 財務報表附註 299 五年財務概要 301 主要物業總覽 316 詞彙釋義 聲明 本年報內載列的相片、圖像、繪圖或素描顯示純屬畫家對有關發展項目之想像。有關相片、 圖像、繪圖或素描並非按照比例繪畫及╱或可能經過電腦修飾處理。準買家如欲了解發展項 目的詳情，請參閱售樓說明書。賣方亦建議準買家到有關發展地盤作實地考察，以對該發展 地盤、其周邊地區環境及附近的公共設施有較 ...

Financial Performance - Basic profit decreased by 27% to HKD 3,929.2 million, primarily due to no new property projects completed in Hong Kong [4]. - Revenue for the six months ended December 31, 2019, was HKD 32,464.4 million, a decrease of 34.1% from HKD 49,267.1 million in 2018 [39]. - Gross profit for the same period was HKD 12,264.7 million, down 19.7% from HKD 15,273.7 million in 2018 [39]. - Operating profit decreased significantly to HKD 6,398.8 million, a decline of 60.6% compared to HKD 16,220.2 million in the previous year [39]. - Net profit for the period was HKD 3,095.4 million, representing a 77.1% decrease from HKD 13,507.9 million in 2018 [42]. - Basic earnings per share dropped to HKD 0.10, down from HKD 1.11 in the same period last year [39]. - The company reported a significant increase in financial income to HKD 1,345.7 million, compared to HKD 854.4 million in the previous year [39]. - The company experienced a loss in fair value changes of investment properties amounting to HKD 2,269.2 million, contrasting with a gain of HKD 6,341.7 million in 2018 [39]. - The company reported a net profit of HKD 13,507.9 million for the same period, reflecting strong operational performance [102]. Property Development - Property development in mainland China rose by 59% supported by projects in the Greater Bay Area [4]. - Property development revenue in Hong Kong and Singapore amounted to HKD 3,666.9 million, with segment performance contributing HKD 1,777.0 million [12]. - The group's property sales in Hong Kong reached HKD 3 billion, primarily from projects such as Aolai and Baiwei Mountain [12]. - The group plans to launch a significant residential project in Shatin with over 3,000 units in phases starting in 2020 [12]. - The revenue from property development in mainland China for the review period is HKD 8,319.7 million, with a contribution from major cities like Guangzhou and Shenzhen [19]. - The total area of planned property development projects for the second half of fiscal year 2020 is 524,327 square meters, including residential, commercial, and office spaces [24]. - The company signed an agreement to sell its entire equity in Hunan Success New Century Investment Co., Ltd. for RMB 2,185 million, reflecting its strategy to manage non-core assets [19]. Rental Income - Rental income from property investment in Hong Kong and mainland China increased by 36% and 6% respectively [4]. - Rental income from Hong Kong properties increased by 36% to HKD 1,344.4 million, driven by the full operation of Victoria Dockside [15]. - Total rental income in mainland China reached HKD 844.1 million, an increase of 6% year-on-year, with occupancy rates for key projects such as Shanghai K11 at 97%, Beijing New World Center at 100%, and Wuhan New World International Trade Building at 74% [27]. Financial Position - Total available funds amount to approximately HKD 94.6 billion, consisting of cash and bank deposits of about HKD 63.6 billion and available bank loans of about HKD 31 billion [4]. - The net debt ratio increased to 42.2%, up from 32.1% due to acquisitions and project investments [6]. - The average financing cost remains stable at approximately 3.7% [9]. - The financial position remains robust, with all loans due in the 2020 fiscal year fully addressed, and refinancing for 2021 expected to be completed by June 2020 [38]. - The company's total liabilities increased to HKD 316,310.9 million from HKD 227,920.4 million, marking a significant rise of 38.7% [46]. - The consolidated net debt as of December 31, 2019, was HKD 116,868.7 million, up from HKD 88,288.0 million as of June 30, 2019, indicating an increase of approximately 32.4% [142]. Acquisitions and Investments - The acquisition of FTLife Insurance Company has been completed, contributing to the company's new core business [9]. - The acquisition of Futu Insurance was completed in November 2019 for a total consideration of HKD 21.812 billion, with a deposit of HKD 3.12 billion paid during the fiscal year ending June 30, 2019 [157]. - The company successfully bid for the operating rights of Changsha-Liujiang Expressway in July 2019 for RMB 4.571 billion, equivalent to approximately HKD 5.194 billion, with the concession expiring on October 15, 2043 [157]. - The company secured the usage rights for a commercial and residential plot in Hangzhou for approximately RMB 9.792 billion, equivalent to about HKD 11.127 billion, on July 30, 2019 [158]. Land Reserves - As of December 31, 2019, the group held land reserves in Hong Kong totaling approximately 9 million square feet, with 4.2 million square feet available for immediate development [16]. - The total land reserve area for property development is 4,215.2 thousand square feet in Hong Kong Island, 2,941.5 thousand square feet in Kowloon, and 5,974.8 thousand square feet in New Territories, totaling 9,081.6 thousand square feet [17]. - The total area of land reserves in Yuen Long District is 12,410.4 thousand square feet, with an attributable land area of 11,411.6 thousand square feet [17]. - The total area of land reserves in the New Territories is 18,181.2 thousand square feet, with an attributable land area of 16,633.1 thousand square feet [17]. Insurance Business - The insurance segment reported total premiums of HKD 1,931.5 million, with net premiums after reinsurance of HKD 1,887.3 million [95]. - The total insurance contract liabilities as of December 31, 2019, amounted to HKD 32,710.3 million, with HKD 4,718.5 million due within one year [73]. - The company has established a deferred acquisition cost policy for new insurance contracts, which will be amortized based on expected future premiums [68]. - The adequacy of insurance liabilities is tested regularly to ensure they are sufficient to cover future obligations [68]. - The group maintains a solvency ratio above the regulatory requirement of 150%, ensuring sufficient surplus to support its operations [76]. Corporate Governance and Sustainability - The company has adhered to the Corporate Governance Code, with exceptions noted for specific guidelines due to the large employee base exceeding 45,000 [161]. - The company emphasizes investor relations and transparency, ensuring timely and equal access to information for investors [165]. - New World Group has established performance targets aligned with the United Nations Sustainable Development Goals and has begun annual progress reporting [166]. - The group issued its first sustainability performance-linked loan to promote long-term sustainability goals and enhance building resilience against climate change [166]. - The company is committed to resource conservation and waste reduction initiatives [200].

un 新 世界 假份代號：0017 发 2019 年報 CD onement 150 WE CREATE, WE ARE ARTISANS 放縱想像 貼心打 造 工 匠 手 藝 傾心歷 史 現代焦點 THE ARTISANAL MOVEMENT 『 The Artisanal Movement 是一種生活信念， 承載著我們對於文化的希冀。 當時代越趨電子化，人文的細膩、情感與溫度更顯珍貴。 透 過 Collect．Connect．Collide，我們孵化世界各地的美好想法， 讓大家在感受之間，喚醒一直都在的匠心。』 點 端 妹 像 釋 放 無 限 創 意 ・ 用 夢 想 燃 亮 生 活 釋放無限創意，用夢想燃亮生活 VICTORIA DOCKSIDE 貼 心 打 造 珍惜每個相遇，唯一心思，給唯一的人 K11 ATELIER 珍惜每個相遇，唯一心思，給唯一的人 工 匠 手 藝 在心與手之間來回琢磨，是不移的深刻 ROSEWOOD HONG KONG 在心與手之間來回琢磨，是不移的深刻 心 真补 歷 史 把 悠 久 故 事 的 溫 熱 ・ 捧 在 手 心 K11 ARTUS 把悠久故事的溫熱，捧在手心 課 東 ...

Financial Performance - The company reported a consolidated revenue of HKD 49,267.1 million for the first half of the 2019 fiscal year, representing a 76% increase compared to the previous year[6]. - The group's basic earnings per share increased by 23% to HKD 0.53, with a net debt ratio of 35.6%[168]. - The net profit for the period was HKD 13,507.9 million, compared to HKD 12,630.5 million in 2017, reflecting an increase of 6.9%[43]. - The gross profit for the same period was HKD 15,273.7 million, up from HKD 10,186.4 million, indicating a growth of 50.6%[198]. - The operating profit decreased to HKD 16,220.2 million from HKD 14,153.8 million, reflecting a decline of 14.6%[198]. - The company reported a profit of HKD 11,284.4 million for the period, contributing to a total comprehensive income of HKD 8,327.0 million[47]. - The company reported a significant increase in investment property fair value changes amounting to HKD 6,341.7 million[73]. Property Development - The property development segment's revenue surged by 202%, driven by proactive sales strategies implemented in the second quarter of 2018, significantly boosting property sales contributions[8]. - The revenue from property development in mainland China reached HKD 8,898.0 million, with a segment performance of HKD 3,150.5 million during the review period[27]. - The group's property sales in Hong Kong contributed HKD 21,007.3 million in revenue, with segment performance at HKD 5,734.6 million[170]. - The group plans to launch over 840 residential units in upcoming projects, including those in To Kwa Wan and Yuen Long, with approximately 3,000 units expected to be released in the Sha Tin area in the 2020 fiscal year[170]. - The total contracted sales area for properties in mainland China was 313,000 square meters, generating total sales of RMB 9,338 million, with an average residential contract sales price of RMB 32,700 per square meter, an increase of 61%[27]. Property Investment - The property investment segment's revenue grew by 33%, attributed to full-period contributions from K11 ATELIER in Hong Kong and Wuhan, along with improved operational and cost management[8]. - The overall performance of investment properties in Hong Kong was strong, with K11 ATELIER achieving an occupancy rate exceeding 80% and rental rates reaching HKD 110 per square foot[164]. - The investment property segment in mainland China experienced a growth of 48%, primarily due to flagship projects in Beijing, Wuhan, Shanghai, and Guangzhou[9]. - Total rental income in Hong Kong reached HKD 940.4 million, an increase of 13% due to improved leasing performance and contributions from K11 ATELIER[17]. - The K11 MUSEA cultural shopping art museum has pre-leased over 80% of its space, indicating strong market interest[17]. Debt and Equity - The debt-to-equity ratio increased to 35.6% from 29.3% year-on-year, indicating a rise in net debt[6]. - The company reported a significant decrease in revenue from construction services provided to joint ventures and associates, totaling HKD 156.4 million for the six months ended December 31, 2018, down from HKD 574.6 million for the same period in 2017[106]. - The total liabilities decreased from HKD 226,272.9 million to HKD 222,307.0 million, a reduction of approximately 1.4%[46]. - The total equity increased to HKD 258,964.3 million as of December 31, 2018, from HKD 255,181.9 million as of June 30, 2018[45]. Strategic Initiatives - The company aims to expand its presence in the Guangdong-Hong Kong-Macau Greater Bay Area through urban complex and urban renewal projects[7]. - The company is collaborating with the Hong Kong Applied Science and Technology Research Institute to create a blockchain platform for property transactions, set to launch in Q2 2019[14]. - The company is actively negotiating the conversion of approximately 1.6 million square feet of agricultural land in Yuen Long and Fanling[23]. - The company is focusing on stabilizing the real estate market and preventing risks, as emphasized by the central government's policies[26]. - The company plans to optimize and adjust its strategies based on local market conditions to further mitigate real estate risks[26]. Market Conditions - The company expressed confidence in the national development prospects and aims to leverage its strengths to meet diverse urban development needs[163]. - Global economic forecasts for 2019 have been downgraded by multiple international organizations, indicating increased risks and uncertainties in the market[195]. - The company is committed to enhancing its operational efficiency and expanding its market presence in mainland China[27]. Employee and Governance - The company has over 43,000 employees, which necessitated a tailored employee trading guideline deviating from the standard code[121]. - The company regularly reviews its compensation policy based on individual performance and market practices[127]. - The company complies with all applicable provisions of the Corporate Governance Code, except for a specific deviation regarding employee securities trading guidelines[121].