Revenue and Profitability - Revenue for the six months ended June 30, 2021, was HK$519,703,000, a decrease of 37.8% from HK$835,273,000 in the same period of 2020[17] - Gross profit for the period was HK$306,535,000, down 22.5% from HK$395,630,000 year-on-year[17] - Profit before tax increased significantly to HK$608,352,000, compared to HK$322,233,000 in the previous year, representing an increase of 88.9%[17] - Profit for the period was HK$347,881,000, up 72.6% from HK$201,449,000 in the same period last year[17] - The profit for the period attributable to owners of the Company was HK$366,052,000, a significant increase from HK$200,205,000 in the previous year, representing an 83% growth[20] - Basic earnings per share rose to HK$24.39, compared to HK$13.34 in the prior year, reflecting an increase of 83%[20] - Total comprehensive income for the period was HK$451,784,000, compared to a loss of HK$447,162,000 in the previous year, indicating a turnaround in performance[23] Expenses and Financial Performance - Other income and gains rose to HK$185,752,000, an increase of 12.5% from HK$165,161,000 in 2020[17] - Marketing and distribution expenses increased to HK$39,695,000, up 81.9% from HK$21,799,000 in the previous year[17] - Administrative expenses totaled HK$166,122,000, an increase from HK$142,598,000 in the same period of 2020[17] - The net impairment losses on loans were HK$19,096,000, compared to a gain of HK$520,000 in the previous year[17] - Interest paid increased to HK$164,880,000 in 2021 from HK$133,744,000 in 2020, reflecting a rise of approximately 23.2%[54] Assets and Liabilities - Non-current assets increased to HK$28,835,662,000 from HK$27,020,468,000, showing a growth of approximately 6.7%[25] - Current liabilities increased to HK$10,702,769,000 from HK$8,247,983,000, reflecting a rise of 29.8%[27] - The total equity attributable to owners of the Company was HK$26,176,441,000, compared to HK$25,659,355,000, an increase of 2%[27] - The Company reported a net current assets position of HK$6,329,422,000, down from HK$7,352,196,000, indicating a decrease of 13.9%[27] - Interest-bearing borrowings increased to HK$2,638,544,000 from HK$1,827,289,000, representing a rise of 44.4%[27] Cash Flow and Financing Activities - Net cash used in operating activities for the six months ended June 30, 2021, was HK$227,598,000, an improvement from HK$950,663,000 in the same period of 2020[52] - Net cash from financing activities for the six months ended June 30, 2021, was HK$249,437,000, compared to a net cash outflow of HK$114,475,000 in the same period of 2020[54] - The net decrease in cash and cash equivalents for the six months was HK$608,975,000, compared to a decrease of HK$1,425,887,000 in the prior year[54] - The company raised new bank and other loans amounting to HK$1,311,203,000, a significant increase from HK$464,720,000 in the previous year[54] - The repayment of bank and other loans was HK$578,972,000, up from HK$304,189,000 in the same period of 2020[54] Investment and Property Development - The Group's interests in associates amounted to HK$2,755,593,000, and interests in joint ventures were HK$8,134,208,000[75] - The Group acquired an additional 40% interest in a subsidiary for HK$45,556,000, which is engaged in property development in China[49] - The addition of investment properties netted HK$89,020,000 after value-added tax, compared to HK$2,212,000 in the previous year[52] - The Group transferred completed property inventories amounting to HK$127,423,000 to investment properties during the six months ended June 30, 2021, compared to HK$224,123,000 in 2020[108] - The Group's investment properties saw a fair value increase of HK$200.7 million compared to a decrease of HK$31.8 million in the same period last year[190] Market Conditions and Future Outlook - The Group remains confident in the long-term prospects of the property market in Mainland China and Hong Kong[195] - The Chinese government has introduced measures to limit property speculation, which has curbed the rise in housing prices, while a new policy allowing couples to have three children is expected to increase the population in the long run[195] - Despite the recovery of the economies in China and Hong Kong, market confidence has been affected by geopolitical tensions and strict global travel restrictions[195] Financial Guarantees and Contingent Liabilities - Guarantees provided by the Group for mortgage loans and loan facilities amounted to approximately HK$2,895.3 million as of June 30, 2021, with possible contingent liabilities from legal actions estimated at approximately HK$279.4 million[194] - Financial guarantees provided to banks for joint ventures amount to HK$510,477,000, an increase from HK$363,363,000[1] Employee and Operational Measures - The Group employed 1,323 staff as of June 30, 2021, maintaining competitive remuneration packages and performance-related rewards[194] - The Group has implemented various COVID-19 preventive measures, including flexible working plans and temperature screenings, to ensure the health and safety of employees[195]

Financial Performance - The Group's revenue for the year ended December 31, 2020, was HK$2,359.4 million, an increase of 6% compared to HK$2,221.9 million in 2019[8]. - Profit attributable to owners of the Company decreased by 54% to HK$618.0 million from HK$1,345.9 million in 2019, primarily due to a decrease in the share of results of joint ventures by HK$560.2 million[8]. - Earnings per share for 2020 amounted to HK$0.41, down from HK$0.89 in 2019, while the net asset value per share was HK$17.10, compared to HK$16.16 in 2019[8]. - The Board declared an interim dividend of HK$0.20 per share for the year ended December 31, 2020, consistent with the interim dividend declared in 2019[8]. - The Group experienced a decrease in fair value of investment properties by HK$166.5 million, compared to an increase of HK$246.6 million in 2019[8]. - The company reported a loss of HK$56.7 million for the year ended December 31, 2020, compared to a profit of HK$58.0 million in 2019[15]. - Revenue from property development increased from HK$1,543.1 million in 2019 to HK$1,740.2 million in 2020, reflecting a growth of approximately 12.8%[36]. - Rental income decreased from HK$513.8 million to HK$477.4 million, representing a decline of about 7.1%[41]. Operational Challenges and Strategies - The Group's operational review highlighted challenges faced in joint ventures and investment properties, impacting overall profitability[8]. - Future outlook includes a focus on strategic investments and potential market expansions to recover from the current downturn[8]. - The financial summary indicates a need for strategic adjustments to improve performance in the upcoming fiscal year[6]. - The company plans to adjust the quality of its landbank through acquisitions and disposals to balance short-term returns and long-term capital appreciation[16]. - The company aims to responsibly increase project leverage rather than overutilizing equity to enhance return on equity[16]. - The company will focus on developing cyberparks and urban renewal projects, which are expected to be well-received by the government and local market[16]. Landbank and Development Projects - The Group's landbank totals approximately 10,590,700 m², with 5,972,400 m² attributable to the Group, including 920,400 m² of completed investment properties and 5,052,000 m² under development[46]. - Total attributable registered sales for 2020 amounted to 406,200 m², an increase of 120% compared to 184,400 m² in 2019[15]. - Total attributable gross floor area completed in 2020 was approximately 210,000 m², a decrease of 57% from 487,600 m² in 2019[15]. - Total attributable gross floor area under construction at year-end 2020 was approximately 1,647,400 m², representing a 74% increase from 947,800 m² in 2019[15]. - The Group's properties under development in Southern China total 1,414,100 m², with 782,300 m² for commercial use and 631,800 m² for residential use[47]. Financial Position and Borrowings - As of December 31, 2020, the total bank balances and cash reserves of the Group were approximately HK$4,893.5 million, an increase from HK$3,546.6 million in 2019[49]. - The total borrowings of the Group amounted to approximately HK$8,122.2 million, up from HK$6,715.3 million in 2019, with a gearing ratio of 12%[49]. - Approximately 67% of the Group's outstanding borrowings will mature within 2 years, with most bank borrowings denominated in Renminbi[49]. - The Group intends to obtain bank borrowings with reasonable pricing terms to maintain flexible cash flow for land acquisition and project development[49]. - The increase in finance costs is mainly due to the increase in borrowings[49]. Corporate Governance - The company emphasizes high standards of corporate governance, focusing on transparency, accountability, and independence[114]. - The Board has had four Independent Non-Executive Directors (INEDs) representing not less than one-third of the Board throughout the year[122]. - The Board's responsibilities include overall strategy, annual operating budget, and approval of Directors' appointments[125]. - The Company has adopted a board diversity policy in December 2013 to achieve balanced diversity at the Board, considering criteria such as gender, age, and professional experience[132]. - The roles of Chairman and Chief Executive are clearly separated, with Mr. Lee Seng Hui as Chairman and Mr. Patrick Lee Seng Wei as Chief Executive, ensuring effective governance[134]. Sustainability and Environmental Practices - The Company has adopted a Sustainability Policy that encompasses principles in employment, business integrity, and environmental and community responsibilities[173]. - The Group is committed to preventing/minimizing air and greenhouse gas emissions, discharges into water and land, and the generation of hazardous and non-hazardous waste[176]. - The Group focuses on efficient use of resources, including energy, water, and other raw materials[176]. - The Group's total electricity consumption in 2020 was approximately 18.7 million kWh, down from 28.5 million kWh in 2019[179]. - The Group encourages the use of energy-saving systems and facilities, such as solar panels and LED lights, in its property development projects[180]. Employee Welfare and Training - The Group employs 1,337 staff, a decrease from 1,427 in 2019, indicating a focus on efficiency in resource consumption[179]. - Employee training totaled 3,984 hours in 2020, down from 5,000 hours in 2019[191]. - The Group emphasizes a culture of continuous learning, with training programs designed to meet workplace demands[191]. - The Group provides a safe and pleasant working environment, along with well-being programs promoting work-life balance[186]. - The Group actively prevents child and forced labor as part of its employment policy[186].

Revenue and Profitability - Revenue for the six months ended June 30, 2020, was HK$835,273,000, a decrease of 17% compared to HK$1,005,980,000 for the same period in 2019[24]. - Profit for the period attributable to owners of the Company was HK$200,205,000, down 76.6% from HK$853,472,000 in 2019[26]. - Basic earnings per share decreased to HK$13.34 from HK$56.64, reflecting a decline of 76.5%[26]. - Profit for the period decreased to HK$201,449,000 from HK$865,402,000, representing a decline of approximately 76.8%[28]. - The Company reported a profit before tax of HK$322,233,000, significantly lower than HK$1,000,913,000 in the prior year[24]. - Total comprehensive expense for the period amounted to HK$245,713,000, compared to a total comprehensive income of HK$627,827,000 in the previous year[28]. - The profit for the period was HK$200,205,000, with total comprehensive income showing a significant decrease due to various expenses[56]. - The decrease in profit was primarily due to a decrease in the share of results of joint ventures by HK$421.7 million[194]. Financial Position - Non-current assets increased to HK$28,513,396,000 from HK$27,426,599,000, reflecting a growth of approximately 3.95%[30]. - Current liabilities rose to HK$9,293,810,000 from HK$8,709,046,000, indicating an increase of about 6.7%[32]. - Total equity decreased to HK$25,006,641,000 from HK$25,595,171,000, representing a decrease of about 2.3%[32]. - Total assets less current liabilities decreased to HK$31,472,245,000 from HK$32,340,578,000, a decline of approximately 2.7%[32]. - The Group's total assets increased to HK$40,766,055,000, while total liabilities stood at HK$15,759,414,000[85]. - The Group's cash and cash equivalents at the end of the period decreased to HK$1,374,153,000 from HK$1,851,157,000, representing a decline of 26%[61]. - The Group reported bank balances and cash reserves of approximately HK$2,226.7 million as of June 30, 2020, down from HK$3,546.6 million at the end of 2019[195]. Cash Flow and Financing Activities - For the six months ended June 30, 2020, the net cash used in operating activities was HK$950,663,000, compared to HK$139,933,000 for the same period in 2019[59]. - The net cash used in financing activities for the six months ended June 30, 2020, was HK$1,425,887,000, compared to HK$318,849,000 for the same period in 2019, indicating a significant increase in cash outflow[61]. - New bank and other loans raised amounted to HK$464,720,000, a decrease of 65.4% from HK$1,342,212,000 in the previous year[61]. - The repayment of bank and other loans was HK$304,189,000, down from HK$658,358,000, reflecting a 53.8% reduction[61]. - The Group obtained new loans of HK$464,720,000 during the six months ended June 30, 2020, compared to HK$1,342,212,000 in the same period of 2019[139]. Investment and Development - The Group acquired an additional 40% interest in a subsidiary for HK$45,556,000, which is primarily engaged in property development in the PRC[57]. - The Group completed approximately 143,300 m² of gross floor area in its urban renewal project in Shenzhen during the first half of 2020[195]. - The Group has acquired new residential projects in Jiangsu and Zhejiang provinces, expected to contribute positively in the coming years[195]. - The Group transferred completed property inventories amounting to HK$224,123,000 to investment properties during the six months ended June 30, 2020, compared to HK$64,302,000 in 2019[110]. Market and Operational Strategies - The Company continues to explore market expansion opportunities and new product development strategies[23]. - The company plans to expand its market presence and invest in new product development to drive future growth[41]. - The Group is actively preventing land development from being classified as idle land and is taking remedial measures to discuss development feasibility with local authorities[199]. - The Group's management continuously monitors its gearing ratio and intends to raise new external borrowings when necessary to maintain cash flow for potential land acquisitions[197]. Legal and Contingent Liabilities - The Group has contingent liabilities including a claim of approximately HK$233,621,000 from a bank regarding outstanding loans and interest[22]. - Legal proceedings initiated by subcontractors against a subsidiary of the Group involve a disputed claim of approximately HK$11,243,000 for outstanding construction costs[22]. - Approximately HK$399.0 million in contingent liabilities may arise from legal actions involving the Group, but it is deemed premature to make additional provisions at this stage[199]. Fair Value and Financial Instruments - Fair value measurements are categorized into three levels based on the observability of inputs used in the valuation[156]. - Level 1 fair value measurements are based on quoted prices in active markets for identical assets or liabilities[157]. - Level 2 fair value measurements are derived from observable inputs other than quoted prices included within Level 1[157]. - The Group's financial assets measured at fair value include equity securities listed in the PRC classified as fair value through profit or loss (FVTPL) amounting to HK$52,972,000 as of June 30, 2020[162]. Employee and Management Compensation - The Group employs 1,423 staff as of June 30, 2020, ensuring compensation aligns with market standards and performance-based rewards[200]. - Key management personnel compensation totaled HK$54,756,000 for the six months ended June 30, 2020, compared to HK$53,006,000 for the same period in 2019, reflecting a slight increase in management costs[172].

Financial Performance - The Group's revenue for the year ended December 31, 2019, was HK$2,221.9 million, a decrease of 33% compared to HK$3,291.7 million in 2018[9]. - Profit attributable to owners of the Company increased by 8% to HK$1,345.9 million in 2019, up from HK$1,251.2 million in 2018[9]. - The share of results from joint ventures increased by HK$546.5 million[9]. - Turnover decreased by HK$1,069.8 million, leading to a gross profit decrease of HK$384.4 million and a tax reduction of HK$260.7 million[9]. - There was a decrease in fair value gains from investment properties and transfers to investment properties amounting to HK$82.1 million[9]. - Earnings per share rose to HK$0.89 in 2019, compared to HK$0.83 in 2018[9]. - The net asset value per share attributable to owners of the Company was HK$16.16 at the end of 2019, up from HK$15.85 in 2018[9]. - Revenue from property development decreased from HK$2,627.2 million in 2018 to HK$1,543.1 million in 2019, a decline of approximately 41.2%[33]. - Rental income increased from HK$502.8 million to HK$513.8 million, representing a growth of about 2.2%[36]. Operational Highlights - The Group's financial performance reflects challenges in property sales and investment valuation adjustments[9]. - Total attributable registered sales for 2019 amounted to 184,400 m², a decrease of 15% from 218,200 m² in 2018[16]. - Total attributable gross floor area completed was approximately 487,600 m², an increase of 31% from 371,100 m² in 2018[16]. - The Group completed approximately 456,100 m² of urban renewal project in 2019, with an additional 143,300 m² completed in March 2020[19]. - Major sales activities for the year included projects in Shenzhen, Dongguan, and Foshan, contributing to the overall sales performance[38]. - The Group's operational income sources are primarily derived from property development, property investment, and investments in associates and joint ventures in the PRC[32]. Strategic Focus and Future Outlook - The Group plans to adjust landbank quality through acquisitions and disposals to balance short-term returns and long-term capital appreciation[20]. - The Group aims to responsibly increase project leverage to enhance return on equity[20]. - The property markets in China and Hong Kong are expected to stabilize in the second half of 2020[20]. - The Group will focus on developing cyberparks and urban renewal projects, which are expected to be well-received by the government and local markets[20]. - The Group will review its management and cost structure to improve efficiency and reduce expenses[20]. - The Group's future outlook includes continued focus on property development and expansion in key regions, leveraging its substantial landbank[41]. Financial Position and Borrowings - As of December 31, 2019, the total bank balances and cash reserves of the Group were approximately HK$3,546.6 million, an increase from HK$2,846.0 million in 2018[46]. - The total borrowings of the Group amounted to approximately HK$6,715.3 million, up from HK$5,681.0 million in 2018, with a gearing ratio of 12% compared to 11% in 2018[46]. - Approximately 56% of the Group's outstanding borrowings will mature within 2 years, with around 74% of interest-bearing borrowings at fixed rates[46]. - Bank deposits of approximately HK$604.3 million and properties with a total carrying value of approximately HK$9,749.5 million were pledged for banking facilities as of December 31, 2019[48]. - The Group intends to obtain bank borrowings with reasonable pricing terms to maintain flexible and sufficient cash flow for acquiring potential landbank[46]. - The management continuously monitors its gearing ratio and raises new external borrowings when necessary[46]. Corporate Governance - The Board consists of eleven directors, including five Executive Directors, two Non-Executive Directors, and four Independent Non-Executive Directors[105]. - The Company has four Independent Non-Executive Directors, representing not less than one-third of the Board, ensuring compliance with listing rules[108]. - The Board actively discusses the Group's overall strategy, operational and financial performance, and approves annual and interim results[112]. - The Board has delegated day-to-day responsibilities to executive management under the supervision of the Executive Committee[112]. - The Company emphasizes corporate governance and has established written functions for both the Board and management[112]. - The Board's composition and meeting attendance reflect a commitment to governance and oversight, with a majority of independent directors[107]. Risk Management and Internal Controls - The Audit Committee is responsible for ensuring effective risk management and internal control systems are in place[145]. - The Group has established systems and procedures to identify, evaluate, and manage risks associated with different business activities, with annual assessments coordinated by the Internal Audit Function[165]. - The internal audit function reports to the Chairman of the Board and the Audit Committee, providing independent evaluations of the adequacy and effectiveness of the Group's risk management and internal control systems[167]. - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss, assisting in achieving the Group's objectives[163]. Sustainability and Environmental Impact - The company has adopted a Sustainability Policy focusing on employment practices, business integrity, and environmental impact[188]. - The Group is committed to minimizing air and greenhouse gas emissions, as well as waste generation[195]. - The Group has no material violations of relevant environmental laws and regulations in 2019[197]. - The Group has implemented electronic board paper systems to improve efficiency and reduce paper usage since December 2014[200]. - The Group strictly monitors contractors to exceed minimum legal requirements regarding environmental standards[197].

Financial Performance - Revenue for the six months ended June 30, 2019, was HK$1,005,980,000, a decrease of 57.4% compared to HK$2,355,685,000 in the same period of 2018[25] - Gross profit for the same period was HK$470,483,000, down 54.3% from HK$1,027,895,000 year-on-year[25] - Profit for the period attributable to owners of the Company was HK$853,472,000, a slight increase of 1.3% from HK$836,929,000 in 2018[28] - Basic earnings per share for the period was 56.64 HK cents, compared to 55.54 HK cents in the previous year, reflecting a growth of 1.98%[28] - The Company reported a profit before tax of HK$1,000,913,000, down 23.4% from HK$1,306,616,000 in the same period of 2018[25] - Total comprehensive income for the period reached HK$627,827,000, compared to HK$545,741,000 in the previous year, reflecting an increase of 15%[30] - Profit for the period increased to HK$865,402,000, up from HK$852,023,000, representing a growth of 1.6% year-on-year[30] Investment and Assets - The net increase in fair value of investment properties was HK$131,686,000, compared to HK$107,261,000 in the previous year, representing a growth of 22.8%[25] - Non-current assets totaled HK$27,777,987,000, up from HK$26,838,438,000, indicating a growth of 3.5%[32] - Investment properties amounted to HK$13,712,491,000, a slight increase from HK$13,622,280,000, reflecting a growth of 0.7%[32] - Properties for development decreased to HK$3,661,123,000 from HK$3,818,333,000, indicating a decline of 4.1%[32] Liabilities and Equity - Current liabilities decreased to HK$7,637,433,000 from HK$7,560,710,000, showing a slight increase of 1%[34] - Equity attributable to owners of the Company rose to HK$24,199,848,000, compared to HK$23,883,078,000, marking an increase of 1.3%[37] - Total equity reached HK$25,548,416,000, up from HK$25,253,011,000, reflecting an increase of 1.2%[38] - Interest-bearing borrowings increased to HK$1,637,847,000 from HK$1,328,035,000, representing a rise of 23.3%[34] Cash Flow and Dividends - For the six months ended June 30, 2019, the net cash used in operating activities was HK$139,933,000, compared to HK$85,050,000 in the same period of 2018[63] - The company recognized dividends distributed to non-controlling interests totaling HK$301,354,000 during the period[65] - The interim dividend declared for the period was HK$301,354,000, maintaining the same level as the previous year at HK$0.20 per share[120] Segment Performance - The Group's operations are primarily focused on three main segments: property development, property investment, and other operations, mainly property management[99] - Revenue from completed property sales decreased to HK$679,868,000 in 2019 from HK$2,013,354,000 in 2018, representing a decline of approximately 66.3%[97] - Rental income for the period was HK$251,037,000, compared to HK$255,210,000 in 2018, showing a decrease of about 1.6%[97] Accounting Policies and Standards - The Group's financial statements for the six months ended June 30, 2019, are prepared in accordance with HKAS 34 and applicable disclosure requirements[14] - The Group has applied HKFRS 16 for the first time, which supersedes HKAS 17 "Leases" and related interpretations[71] - The application of new and amendments to HKFRSs has had no material impact on the Group's financial positions and performance for the current and prior periods[72] Legal and Contingent Liabilities - Possible contingent liabilities from legal actions against the Group are estimated at approximately HK$46.5 million, which the Group believes will not materially affect its financial position[188] - A legal claim of approximately HK$13,168,000 was initiated against a joint venture due to the failure to issue ownership certificates, with the judgment favoring the joint venture[141] Management and Personnel - The Group employed 1,416 staff as of June 30, 2019, a slight decrease from 1,429 employees at the end of 2018[188] - Key management personnel compensation totaled HK$53,006,000, with a breakdown of salaries and other short-term benefits, post-employment costs, and consultancy fees included[165]

Financial Performance - The Group's revenue for the year ended December 31, 2018, was HK$3,291.7 million, an increase of 196% compared to HK$1,112.9 million in 2017[7]. - Profit attributable to owners of the Company amounted to HK$1,251.2 million, a decrease of 39% from HK$2,054.1 million in 2017, primarily due to the absence of a subsidiary disposal that occurred in the previous year[7]. - Earnings per share for 2018 were HK$0.83, down from HK$1.36 in 2017[7]. - The net asset value per share attributable to owners of the Company was HK$15.85 at the end of 2018, compared to HK$15.55 at the end of 2017[7]. - The Group's profit attributable to shareholders for the year ended December 31, 2018, was HK$112.7 million, down from HK$169.2 million in 2017[13]. Dividends - The Board declared an interim dividend of HK$0.20 per share for the year ended December 31, 2018, in lieu of a final dividend[7]. - The Company will suspend share transfer registration on April 1 and April 2, 2019, to determine eligibility for the interim dividend[8]. Property Development - Total attributable registered sales for 2018 amounted to 218,200 m², an increase of 7% from 203,300 m² in 2017[13]. - Completed gross floor area (GFA) for 2018 was approximately 371,100 m², representing a 30% increase from 284,700 m² in 2017[13]. - Total attributable GFA under construction at year-end 2018 was approximately 1,036,100 m², a 15% increase from 902,700 m² in 2017[13]. - Revenue from property development increased from HK$495.6 million in 2017 to HK$2,627.2 million in 2018, marking a significant growth[33]. - The Group plans to adjust landbank quality through acquisitions and disposals to balance short-term returns and long-term capital appreciation[14]. Rental Income - Rental income increased by 9% compared to 2017, driven by contributions from various properties including Beijing Park Apartments and Nanjing Tian An Cyber Park[13]. - Rental income rose from HK$463.2 million to HK$502.8 million, representing an increase of approximately 8.5%[34]. Financial Position - As of December 31, 2018, the total bank balances and cash reserves of the Group were approximately HK$2,846.0 million, a decrease from HK$4,969.0 million in 2017[49]. - The total borrowings of the Group amounted to approximately HK$5,681.0 million, up from HK$4,399.4 million in 2017, with a gearing ratio of 11% compared to a negative 2% in 2017[49][50]. - Approximately 55% of the Group's outstanding borrowings will mature within 2 years, with around 91% of borrowings bearing fixed interest rates[50]. - The Group has pledged bank deposits of approximately HK$552.7 million and properties valued at approximately HK$4,048.3 million for banking facilities[53]. Corporate Governance - The Board comprises eleven directors, including five Executive Directors, two Non-Executive Directors, and four Independent Non-Executive Directors[108]. - The Company has complied with the Corporate Governance Code during the year ended December 31, 2018, with certain specified deviations[105]. - The Board has established various committees, including a Nomination Committee, Remuneration Committee, Audit Committee, and Executive Committee[138]. - The Company emphasizes transparency, accountability, and independence in its corporate governance practices[105]. Risk Management - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss[170]. - The internal audit function reports to the Chairman of the Board and the Audit Committee, analyzing the adequacy of the risk management and internal control systems[172]. - The Board reviews the effectiveness of the Group's risk management and internal control systems annually, covering financial, operational, and compliance controls[169]. Sustainability - The Company has adopted a Sustainability Policy covering principles in employment, business integrity, environment, and community, contributing to sustainable development[191]. - The Group focuses on minimizing air and greenhouse gas emissions, water and land discharges, and waste generation[197]. - The Group is committed to promoting environmentally sustainable business practices among staff, customers, and partners[197].