Financial Performance - Core operating profit from continuing operations was HKD 6,898 million, a year-on-year decrease of 18%[2] - Revenue from continuing operations was HKD 35,782 million, down 34% year-on-year, with gross profit declining 22% to HKD 12,849 million[2] - The group reported a loss attributable to shareholders of HKD 11,807 million, leading to a decision not to declare a final dividend of HKD 0.20 per share[2] - The company reported a net loss from continuing operations of HKD 9,810.8 million, compared to a profit of HKD 1,272.1 million in the previous year[40] - The total comprehensive loss for the year was HKD 12,344.4 million, compared to a loss of HKD 10,532.6 million in 2023[42] - The company reported a significant reduction in investment properties, which decreased to HKD 207,711.8 million from HKD 209,478.8 million, a decline of about 0.8%[43] - The company reported a net loss of HKD 17,125.9 million for the year, which includes a loss of HKD 8,257.1 million from discontinued operations[82] - The total comprehensive loss from discontinued operations was HKD (7,315.1) million for 2024, compared to a profit of HKD 2,229.0 million in 2023[101] Revenue Breakdown - Hong Kong property development revenue was HKD 2,412 million, while revenue from mainland China property development was HKD 13,713 million[2] - Property development revenue decreased to HKD 16,124.9 million in 2024 from HKD 27,308.1 million in 2023, representing a decline of 41.0%[79] - Revenue from property investment construction fell to HKD 9,388.7 million in 2024, down 45.4% from HKD 17,285.8 million in 2023[79] - The total revenue from discontinued operations was HKD 10,615.2 million in 2024, a decrease of 53.3% from HKD 22,791.1 million in 2023[79] - Revenue from property investment was HKD 16,266.4 million, down by HKD 141.5 million, while construction revenue was HKD 9,478.5 million, a decrease of HKD 89.8 million[81] Asset and Liability Management - Cash and bank balances amounted to approximately HKD 28 billion, with available bank loans of about HKD 18.3 billion, totaling around HKD 46.3 billion in available funds[2] - The group's net debt was HKD 123,657.1 million, a decrease from HKD 130,755.9 million on June 30, 2023[29] - Total assets as of June 30, 2024, decreased to HKD 445,157.6 million from HKD 609,014.0 million in the previous year, representing a decline of approximately 27%[43] - Total liabilities decreased to HKD 220,268.8 million from HKD 334,921.2 million, a reduction of approximately 34%[44] - Cash and bank deposits decreased significantly to HKD 27,399.6 million from HKD 53,263.9 million, representing a drop of approximately 49%[43] Cost Management - The group strictly controlled costs, with capital expenditures and administrative expenses decreasing approximately 23% and 17% year-on-year, respectively[2] - Financial expenses rose to HKD 5,895.2 million due to interest rate hikes, with HKD 5,508.1 million attributed to continuing operations[30] - The company incurred financial expenses of HKD 5,508.1 million, an increase from HKD 4,571.8 million in 2023[39] Property Development and Sales - Total property contract sales in mainland China amounted to RMB 12.48 billion, with the southern region and the Yangtze River Delta contributing over 85%[2] - The group expects to recognize approximately HKD 11,194 million in unrecognized property contract sales revenue in the fiscal years 2025 and 2026[3] - The total contracted sales in mainland China amounted to RMB 12.482 billion, with an average residential price exceeding RMB 44,000 per square meter[10] - The southern region (Greater Bay Area) contributed RMB 7.059 billion to the total contracted sales, while the eastern region (Yangtze River Delta) contributed RMB 3.53 billion[11] Market and Operational Insights - K11 MUSEA and K11 Art Mall saw sales and total foot traffic increase by 17% and 20% respectively, driven by luxury consumption and cultural events[5] - The office leasing market showed slight growth, with approximately 40% of the office space at the "83 Qionglin Street" project pre-leased, totaling about 400,000 square feet[6] - The overall occupancy rate of Shanghai K11 reached 94% by year-end, driven by diverse events and activities[17] - Guangzhou K11 Art Mall saw a nearly 40% increase in foot traffic post-pandemic, with double-digit sales growth[17] Strategic Initiatives - The company plans to expand its urban renewal projects, which are expected to yield better returns compared to public land auction projects[22] - The group anticipates approximately 112,000 units of new private residential supply in Hong Kong over the next three to four years, becoming a major market supply source[24] - The K11 MUSEA will see seven major international luxury brands upgrade and expand their business footprint by over 30,000 square feet over the next four years[24] - The group aims to enhance its presence in major Chinese cities, with significant projects like the Guangzhou Yau Shing New World Plaza expected to deliver office and residential units by 2025[26] Accounting and Financial Reporting - The company has adopted new accounting standards related to insurance contracts, which may impact future financial reporting[46] - The group announced the sale of all shares in a newly created entity, with the financial results classified as "discontinued operations" in the consolidated income statement for the year ending June 30, 2024[57] - The group has adopted Hong Kong Financial Reporting Standard No. 17, resulting in changes to the main accounting policies used in preparing the consolidated financial statements[58] - The group recognizes losses from onerous insurance contracts immediately in profit or loss upon initial recognition[65] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for C.1.3 regarding employee trading of company securities[115] - The audit committee reviewed the risk management framework and policies for the year ending June 30, 2024, ensuring compliance with financial reporting standards[114] - The auditors have issued unqualified reports for the financial statements of both years, with no emphasis of matter or reservations noted[116]

Investment Rating - The report assigns a "Buy" rating for the company New World Development (17 HK) [2][6]. Core Insights - The company is expected to report a core operating profit of HKD 6.5 billion to HKD 6.9 billion for the fiscal year 2024, representing a year-on-year decline of 18% to 23% due to a lack of revenue recognition from major projects completed in the previous fiscal year [2][5]. - A significant non-cash impairment loss is anticipated, estimated between HKD 8.5 billion to HKD 9.5 billion, primarily related to the revaluation of investment and development properties [2][5]. - The target price has been adjusted down to HKD 10.18, reflecting an 80% discount to the forecasted net asset value, with a potential upside of 49% from the current price of HKD 6.83 [2][6]. Financial Summary - For the fiscal year ending June 30, 2024, the projected revenue is HKD 55.93 billion, a decrease of 41.3% compared to the previous year [5][7]. - The core profit is expected to drop to HKD 1.17 billion, a decline of 80.8% year-on-year [5][7]. - The company anticipates a net loss attributable to shareholders of HKD 19 billion to HKD 20 billion for the fiscal year 2024 [2][5]. - The earnings per share (EPS) for 2024 is projected at HKD 0.47, with a significant downward adjustment of 63.7% from previous forecasts [5][7]. Market Performance - The stock has seen a year-to-date decline of 43.65% and has a market capitalization of approximately HKD 17.19 billion [4][5]. - The stock's 52-week high was HKD 15.65, while the low was HKD 6.83 [4][5].

Investment Rating - The investment rating for the company is "Buy" (first coverage) [2] Core Views - The company, New World Development (00017.HK), is strategically positioned with a dual market layout, focusing on high-quality development in the Greater Bay Area and Yangtze River Delta regions [12][19] - The company has a clear shareholding structure, with the Cheng family as the actual controller, and has divested non-core assets to concentrate on its main business [15][19] - The company's performance in the mainland market remains strong, with a focus on urban renewal projects and a robust cash collection ability [25][31] Summary by Sections 1. Company Overview - New World Development has evolved into a leading enterprise known for quality since its establishment in 1970, with a clear strategic direction and a focus on high-quality development [12][19] 2. Sales and Revenue - The company reported a revenue of HKD 95.2 billion for FY2023, a year-on-year increase of 39.6%, but a significant decline of 57.4% in the first half of FY2024 due to asset sales [19][25] - The mainland sales in FY2024 are projected to reach HKD 150 billion, with a strong focus on the Greater Bay Area [25][31] 3. Market Conditions - The Hong Kong property market is showing signs of recovery, with the company benefiting from favorable policies and a substantial land reserve in the Northern Metropolis area [44][54] 4. Investment Properties - The company has seen a 17.0% year-on-year increase in property investment income in Hong Kong, driven by improved operational efficiency and higher foot traffic in its K11 properties [64] 5. Financial Performance - The company is expected to optimize its debt structure and improve financial flexibility through the sale of non-core assets, aiming to reduce the net debt ratio to 30% by FY2026/2027 [22][34]

Financial Performance - The company's core profit from continuing operations was HKD 4,866.3 million, an increase of 12% year-on-year[9]. - Revenue from continuing operations was HKD 17,065.5 million, a decrease of 25% year-on-year, primarily due to reduced property development revenue in Hong Kong and mainland China[9]. - Gross profit increased by 2% to HKD 7,257 million, benefiting from higher margins in the K11 project[9]. - Revenue for the six months ended December 31, 2023, was HKD 17,065.5 million, a decrease of 25.2% compared to HKD 22,785.9 million in 2022[66]. - Operating profit for the period was HKD 5,729.0 million, compared to HKD 5,333.0 million in 2022, reflecting a growth of 7.4%[66]. - The company reported a loss of HKD 5,772.0 million for the period, a significant decline from a profit of HKD 2,477.4 million in the same period last year[67]. - The company’s total comprehensive loss for the period was HKD 2,988.2 million, compared to a loss of HKD 6,280.9 million in the prior year[67]. - The company reported a net profit of HKD 1,021.0 million for the six months ended December 31, 2023, compared to a profit of HKD 1,265.0 million in the previous period, reflecting a decrease of approximately 19.3%[75]. - Total comprehensive loss for the period amounted to HKD 6,697.3 million, significantly impacted by other comprehensive losses including a foreign exchange loss of HKD 6,646.8 million[75]. Dividends and Shareholder Returns - The interim dividend for the fiscal year 2024 is set at HKD 0.20 per share[9]. - The company declared an interim dividend of HKD 0.2 per share, down from HKD 0.46 per share in 2022[66]. - The company paid dividends totaling HKD 4,756.0 million during the period, impacting retained earnings significantly[73]. - The interim cash dividend declared is HKD 0.2 per share for the fiscal year ending June 30, 2024, expected to be distributed on April 18, 2024[199]. Assets and Liabilities - Total assets decreased to HKD 470,168.6 million from HKD 609,014.0 million, representing a reduction of 22.8%[69]. - The company’s total liabilities decreased to HKD 231,955.0 million from HKD 334,921.2 million, a reduction of about 30.7%[71]. - As of December 31, 2023, total equity decreased to HKD 238,213.6 million from HKD 274,092.8 million as of June 30, 2023, representing a decline of approximately 13.1%[71]. - The company's cash and bank deposits fell to HKD 37,795.5 million, down from HKD 53,263.9 million, a decrease of 29.1%[69]. - The company’s cash and cash equivalents decreased by HKD 18,105.5 million, ending the period at HKD 34,725.7 million, compared to HKD 52,772.8 million at the end of the previous period[77]. Property Development and Investment - Revenue from Hong Kong property development was HKD 1,246 million, while revenue from mainland China property development was HKD 5,495 million[9]. - The group achieved a total property contract sales amount of RMB 7.55 billion in mainland China, completing 50% of the RMB 15 billion sales target for the 2024 fiscal year[24]. - The average contract sales price in mainland China exceeded RMB 41,000 per square meter, with a total sales area of approximately 183,000 square meters[24]. - The group’s sales in Guangzhou's residential project exceeded RMB 4 billion, indicating strong market demand in the Greater Bay Area[24]. - The group reported a fair value loss of HKD 365 million on investment properties, with total impairments amounting to HKD 1,801 million[17]. - The total floor area of completed projects in mainland China during the review period was approximately 550,000 square meters, primarily located in the Greater Bay Area, with an expected completion of approximately 1,312,000 square meters in the 2024 fiscal year[26]. Hotel and Other Operations - Hotel revenue in Hong Kong increased by 55% year-on-year, driven mainly by room business, with total visitor arrivals estimated at 21 million from July to December 2023[45]. - In mainland China, hotel revenue grew over 70%, with Beijing hotels experiencing a significant increase of 120% to 140% year-on-year[45]. - The company operates 17 hotel properties across Hong Kong, mainland China, and Southeast Asia, providing a total of 6,567 rooms as of December 31, 2023[47]. - The insurance segment reported a 12% increase in operating profit due to business growth and higher investment returns[52]. - The construction segment's performance rose by 9% year-on-year, with major projects including commercial and residential developments in Hong Kong[53]. Financial Management and Strategy - The company is actively managing cash flow and has reduced capital expenditures and operating costs by approximately 21% and 16%, respectively, during the review period[64]. - The company plans to continue optimizing its asset portfolio by selling non-core assets, aiming to enhance operational efficiency and create more value for shareholders[64]. - The company is committed to integrating environmental, social, and governance factors into its operational strategies to create long-term value for stakeholders[64]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer engagement[78]. Accounting and Financial Reporting - The company has adopted new accounting standards related to insurance contracts, which may impact future financial reporting[79]. - The adoption of HKFRS 17 resulted in a total equity increase from HKD 268,491.4 million to HKD 274,371.8 million, reflecting an adjustment of HKD 5,880.4 million[90]. - The group has begun evaluating the impact of the amendments and interpretations of standards, which may lead to changes in accounting policies and disclosures[92]. - The group adopted Hong Kong Financial Reporting Standard No. 17, leading to changes in key accounting estimates and judgments related to insurance contracts[125].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.6 [2][3]. Core Views - The company's core profit from continuing operations increased by 12% year-on-year, with a flagship project, Shenzhen K11 ECOAST, set to open within the year [2][3]. - The company has a robust land bank that is expected to support a recovery in sales, with significant land reserves in both Hong Kong and mainland China [3]. - The company is focused on improving operational efficiency and optimizing its financial structure through asset sales and debt buybacks [3]. Financial Summary - Revenue (in million HKD) is projected to decline significantly from 95,214 in 2023A to 45,910 in 2024E, before gradually increasing to 48,219 by 2026E, reflecting a -51.8% change in 2024E [4]. - Core net profit (in million HKD) is expected to decrease from 901 in 2023A to 670 in 2024E, with a gradual recovery to 751 by 2026E, indicating a -25.6% change in 2024E [4]. - The earnings per share (in HKD) is forecasted to drop from 0.37 in 2023A to 0.27 in 2024E, with a slight recovery to 0.30 by 2026E, showing a -25.4% change in 2024E [4]. - The company’s dividend per share (in HKD) is expected to decrease from 0.76 in 2023A to 0.40 in 2024E, maintaining this level through 2026E, resulting in a dividend yield of 4.6% [4]. Operational Insights - The company’s rental income increased by 12% year-on-year to HKD 2.67 billion, with Hong Kong rental income growing by 17% to HKD 1.75 billion [3]. - The company has a significant land bank of 8 million square feet in Hong Kong, with 90% of its agricultural land located in the "Northern Metropolis" area, indicating strong development potential [3]. - The company plans to launch 2,500 residential units in the next six months to capitalize on market opportunities [3]. Financial Health - As of December 2023, the company’s net debt ratio is 49.9%, with available funds of approximately HKD 52 billion, including cash and bank deposits of HKD 39 billion [3]. - The company aims to increase the target for selling non-core projects from HKD 6 billion to HKD 8 billion to accelerate cash flow [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.80, indicating a potential upside of 56.7% from the current price of HKD 10.08 [1][23]. Core Insights - The company's revenue for the first half of the 2024 fiscal year decreased by 25% year-on-year to HKD 17 billion, primarily due to a decline in deliverable projects. However, core profit from ongoing operations increased by 12% to HKD 4.86 billion, attributed to improved profit margins and cost control measures [1][6]. - The company anticipates a 40-50% increase in transaction volume in the Hong Kong market following policy relaxations, and plans to accelerate sales of its projects in Kai Tak and Wong Chuk Hang, with approximately 2,500 units available for sale [2][6]. - Rental income from both Hong Kong and mainland China showed growth, with increases of 17.0% and 3.7% respectively. The overall operating profit margin improved by 1.3 percentage points to 65.6% [2][7]. - The company has raised its target for disposing of non-core assets to HKD 8 billion from the previous HKD 6 billion [2][6]. Financial Performance Summary - For the first half of the 2024 fiscal year, the company's revenue from property development fell by 40.2% to HKD 6.74 billion, while operating profit margin surged by 26.7 percentage points to 58.6% [6][8]. - The rental income segment reported a 12.0% increase, with Hong Kong rental income rising by 17.0% and mainland rental income by 3.7% [7][8]. - The company expects a compound annual growth rate of approximately 23% in rental income from 2024 to 2026 [2][6]. Financial Data Overview - The company's projected revenue for the fiscal year 2024 is HKD 68.43 billion, reflecting a year-on-year decline of 28.1%. Core profit is expected to drop to HKD 3.23 billion, a decrease of 47.3% [5][24]. - The price-to-earnings ratio is projected to be 7.9 for 2024, with a dividend yield of 6.4% [5][24]. - The net debt ratio is expected to be around 50.6% in the coming years, indicating a relatively high level of leverage compared to industry peers [24].

Financial Performance - Core profit from continuing operations reached HKD 4,866 million, a year-on-year increase of 12%[4] - Revenue from continuing operations was HKD 17,066 million, a year-on-year decrease of 25%, primarily due to reduced property development revenue in Hong Kong and mainland China[4] - The group reported a loss of HKD 5,772.0 million for the period, compared to a profit of HKD 2,477.4 million in the previous year[65] - Total revenue for the six months ended December 31, 2023, was HKD 27,680.7 million, a decrease of 22.5% from HKD 35,729.3 million in the same period of 2022[119] - The company reported a net loss of HKD 5,772.0 million for the period, primarily due to a loss from discontinued operations amounting to HKD 8,257.1 million[124] Revenue Breakdown - Revenue from property development was HKD 6,741.5 million, down 40.5% from HKD 11,277.7 million year-on-year[119] - Revenue from hotel operations increased to HKD 683.4 million, up 47.2% from HKD 464.1 million year-on-year[119] - Revenue from discontinued operations for the six months ended December 31, 2023, was HKD 10,615.2 million, down from HKD 12,943.4 million in the same period of 2022[155] - Revenue from construction decreased to HKD 5,107.6 million, a decline of 25.0% compared to HKD 6,803.8 million in the previous year[119] Property Development and Investment - In Hong Kong, property development revenue was HKD 1,246 million, with a segment performance of HKD 817 million, primarily from residential projects[6] - The group holds approximately 8 million square feet of land reserves in Hong Kong, with 3.234 million square feet available for immediate development[10] - The group has a total land reserve of approximately 4.35 million square meters in mainland China, with about 2.30 million square meters designated for residential use[30] - The average contract sales price exceeded RMB 41,000 per square meter, with a total sales area of approximately 183,300 square meters[15] Cost Management - The group maintained strict cost control, with capital expenditures and administrative expenses decreasing by approximately 21% and 16% year-on-year, respectively[4] - Capital expenditures and administrative and operational costs decreased by approximately 21% and 16% respectively during the review period, indicating improved cost efficiency[52] Cash and Debt Management - The group has a total available cash of approximately HKD 52 billion, including cash and bank balances of about HKD 39 billion and available bank loans of around HKD 13 billion[4] - The net debt as of December 31, 2023, was HKD 118.9 billion, down from HKD 130.8 billion as of June 30, 2023[54] - Financial expenses increased to HKD 2.91 billion due to interest rate hikes, with HKD 2.52 billion attributed to continuing operations[55] Strategic Initiatives - The group plans to continue focusing on the Greater Bay Area and key regions in the Yangtze River Delta for strategic expansion and diversification of rental income[26] - The group plans to launch over 2,500 residential units in the second half of the 2024 fiscal year, capitalizing on an expected supply of approximately 110,000 new private residential units in Hong Kong over the next three to four years[43] - The company aims to optimize its asset portfolio by divesting non-core assets and focusing on core business development to enhance shareholder value[52] Accounting and Financial Reporting - The company adopted new accounting standards related to insurance contracts, which may impact future financial reporting[74] - The transition to the new insurance contract standard is expected to enhance the measurement and disclosure of insurance liabilities[75] - The total equity adjustment of HKD 5,880.4 million reflects the impact of the new accounting standard on the company's financial position[83] Operational Highlights - K11 MUSEA's sales increased by 41% year-on-year, with total foot traffic exceeding 15 million, a 39% increase[7] - The K11 flagship project in Shenzhen, K11 ECOAST, is set to open by the end of 2024, alongside multiple urban renewal projects in the region[49] - The company has implemented a new presentation format for the consolidated statement of financial position, reporting all assets and liabilities in order of liquidity to enhance comparability and understanding[86] Employee and Governance - As of December 31, 2023, the company employed approximately 13,000 staff members, with compensation policies reviewed annually[165] - The company has complied with all applicable provisions of the Corporate Governance Code except for C.1.3 regarding employee trading of company securities[166]

财联社2月28日讯（记者 成孟琦）今日，香港特区政府财政司司长陈茂波发表2024至2025财政年度《财政预算案》，由于现在困扰香港的三大因素为息口高企、“辣招”、以及股票市场不景气，所以股票市场和地产方面的政策受到各界关注与讨论。 股票市场方面，香港证监会及港交所正探讨一系列措施，包括：完善上市机制，研究优化首次公开招股的价格发现流程，以及审视上市公司的公众持股量要求；优化交易机制，探索收窄最低上落价位，以缩窄买卖差价；下一步研究优化股票现货买卖单位。 楼市方面，全面撤销楼市辣招无疑是最重磅的一颗“炸弹”，包括取消买家印花税、新住宅印花税及额外印花税。受“全面撤辣”消息影响，香港本地地产股午后大涨。截至收盘，新世界发展涨2.86%，盘中曾高涨近10%；恒基地产涨超3.83%，盘中最高涨幅达7.66%。 业内人士火速解读香港全面“撤辣” 香港楼市全面撤辣，市场又恢复到2012年颁布“辣招”之前。业内人士指出，2012年楼市供求失衡、炒楼盛行，所以政府引入3项“辣招税”，希望抑制炒楼情况。最近，政府一直不断检视市况，考虑成交量、楼价转变的速度及幅度、息口走势及市场展望气氛等，现时已是“撤辣”的时机。此外，金管局也 ...

(股份代號:0017) 世界發展有限公司 2 0 2 3 年報 we create we are artisan we are csv. 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。 BECAUSE TOGETHER WE CREATE, WE ARE ARTISANS, WE ARE CSV. 目錄 2 集團架構 3 財務摘要 4 主席報告書 6 行政總裁報告書 28 香港主要物業項目 30 中國內地主要物業項目 32 董事簡介 46 高級管理層簡介 48 企業可持續發展 92 企業管治報告 122 投資者關係 124 公司資料 125 董事會報告 148 管理層討論及分析 155 獨立核數師報告 162 綜合收益表 1 ...

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告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告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。 (於香港註冊成立之有限公司) (香港股份代號：0017) 2022/2023 全年業績公告 業績重點:  本集團錄得綜合收入為95,213.8百萬港元，按年增加40%。分部業績為14,550.6百萬港元，核 心盈利為11,011.0百萬港元，分別按年上升5%及21%  本集團香港應佔物業合同銷售為8,859.0百萬港元  本集團中國内地整體物業合同銷售金額為約人民幣151.3億元，以大灣區為首的南部地區及長 三角地區為首的東部地區貢獻超過94%  香港投資物業收入為3,087.0百萬港元及分部業績為2,262.7百萬港元，分別增長10%及7%。 增長主要受惠於位於九龍尖沙咀的K11 MUSEA人文購物藝術館、K11 Art Mall購物藝術館，以 及位於鰂魚涌的的甲級寫字樓K11 ATELIER King’s Road之營運效率提升及租用率改善  中國內地物業投資收入達到1,908.7百萬港元， ...