Financial Performance - Revenue for the six months ended June 30, 2023, increased to HK$1,129,178,000, up from HK$912,475,000 in the same period of 2022, representing a growth of 24%[69] - Gross profit for the period was HK$410,280,000, compared to HK$529,741,000 in the previous year, indicating a decrease of 22.5%[69] - Profit before tax rose to HK$693,446,000, up from HK$507,003,000, reflecting an increase of 37%[69] - Profit for the period was HK$581,231,000, compared to HK$390,101,000 in the prior year, marking a growth of 49%[69] - The profit for the period attributable to owners of the Company was HK$581,231,000, compared to HK$390,101,000 in the previous year, representing an increase of approximately 49%[85] - Basic earnings per share increased to HK$39.37 from HK$28.66, reflecting a growth of about 37% year-on-year[74] Expenses and Costs - Administrative expenses increased to HK$158,100,000 from HK$130,882,000, representing a rise of 20.8%[69] - Marketing and distribution expenses were HK$67,826,000, up from HK$42,041,000, reflecting a rise of 61.5%[69] - The cost of inventories recognized as expenses for the six months ended June 30, 2023, was HK$554,914,000, significantly higher than HK$230,175,000 in the same period of 2022[191] Assets and Liabilities - As of June 30, 2023, non-current assets totaled HK$31,150,888, a slight decrease from HK$31,410,056 as of December 31, 2022, representing a decline of approximately 0.82%[101] - Current liabilities amounted to HK$14,797,605, an increase from HK$13,935,306 as of December 31, 2022, reflecting a rise of about 6.19%[106] - Total equity attributable to owners of the Company decreased to HK$26,290,145 from HK$26,882,419, indicating a decline of approximately 2.20%[106] - The net current assets stood at HK$3,506,343, down from HK$3,902,885, indicating a decrease of about 10.12%[106] - Total assets less current liabilities decreased to HK$34,657,231 from HK$35,312,941, a decline of about 1.85%[106] Cash Flow - Cash and cash equivalents increased to HK$6,779,342 from HK$5,158,505, marking a significant rise of about 31.36%[106] - For the six months ended June 30, 2023, the net cash from operating activities was approximately HK$992.8 million, a significant increase from HK$284.0 million in the same period of 2022, representing a growth of 249%[128] - The net cash from financing activities for the six months ended June 30, 2023, was HK$1,133.06 million, compared to a net cash outflow of HK$1,200.58 million in the same period of 2022[136] - The Group reported a net increase in cash and cash equivalents of HK$1,897.98 million for the six months ended June 30, 2023, compared to a decrease of HK$764.33 million in the prior year[136] Investments and Acquisitions - The company completed an acquisition of a property in Hong Kong for a total payment of HK$1,000,000,003 on July 5, 2023[176] - The Group entered into two sale and purchase agreements during the six months ended June 30, 2023, to acquire a property in Hong Kong and to dispose of certain non-core properties[131] - The Group acquired additional shares of China Medical & HealthCare Group Limited for approximately HK$234.75 million, increasing its stake to about 33.03%[132] Future Outlook - The company has plans for market expansion and new product development to enhance future growth prospects[68] - Future outlook remains positive with ongoing developments in new products and technologies aimed at enhancing market competitiveness[85] - The company has not disclosed any new product launches or technological advancements during this reporting period[163] - Future outlook remains focused on property development and investment in the PRC and Hong Kong markets[163] Shareholder Information - The total number of issued shares held by substantial shareholders includes 99,420,400 shares (6.78%) held by SKK Special Situation Fund and 102,809,400 shares (7.01%) held by Argyle Street Management Limited[72] - The substantial shareholders collectively control approximately 74.99% of the total issued shares of AGL, indicating strong ownership concentration[89] Other Financial Metrics - The Company reported an exchange difference loss of HK$518,317,000 due to currency translation, compared to a loss of HK$590,379,000 in the previous year[85] - The total tax charge for the six months ended June 30, 2023, was HK$112,215,000, a decrease from HK$116,902,000 in the same period of 2022[186] - Interest income from bank deposits for the six months ended June 30, 2023, was HK$47,723,000, compared to HK$14,529,000 in 2022[178]

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。 截至二零二三年六月三十日止六個月 之未經審核中期業績 天安中國投資有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績連同 二零二二年同期之比較數字如下： 簡明綜合損益表 截至二零二三年六月三十日止六個月 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|---------|-----------------------------------------------------------|------------------------------------------| | | 附 註 | （未經審核） 截至六月三十日止六個 ...

Financial Performance - Revenue for the year ended December 31, 2022, was HK$5,087.0 million, a 98% increase compared to HK$2,574.7 million in 2021[7] - Profit attributable to owners of the company increased by 7% to HK$1,528.6 million in 2022, up from HK$1,430.3 million in 2021[7] - Earnings per share for 2022 were HK$1.04, compared to HK$0.96 in 2021[7] - Net asset value per share attributable to owners of the company was HK$18.34 at the end of 2022, down from HK$18.82 in 2021[7] - The board declared an interim dividend of HK25 cents per share (in lieu of a final dividend) for 2022, up from HK20 cents per share in 2021[7] - The Group declared an interim dividend of HK25 cents per share for the year ended 31st December 2022, compared to HK20 cents per share in 2021[181] Property Development and Sales - Sales of completed properties increased by HK$2,528.5 million, mainly due to revenue recognition of residential projects in Jiangsu and Zhejiang Provinces[7] - Total attributable registered sales increased by 26% to 488,600 m² in 2022 (2021: 387,300 m²)[15] - Total attributable gross floor area completed increased by 92% to 860,000 m² in 2022 (2021: 448,200 m²)[15] - Total attributable gross floor area under construction decreased by 28% to 1,463,000 m² at the end of 2022 (2021: 2,021,900 m²)[15] - Phase 2 of Tian An Cloud Park in Shenzhen, with a GFA of 599,400 m², is completed and ready for sale or lease[15] - Guangming Tian An Cloud Park in Shenzhen (382,800 m²) and part of Deqing Tian An Cloud Park in Zhejiang (308,000 m²) were completed in 2022[15] - Property development revenue increased from HK$1,884.8 million in 2021 to HK$4,413.3 million in 2022, driven by sales of projects such as Ningbo Tian An First Mansion and Nantong Tian An First Mansion (Phase 1)[28][31] - Sales activities in 2022 were concentrated on projects such as Ningbo Tian An First Mansion and Changchun Tian An City One (Phase 4 Part 3)[36] Rental Income and Investment Properties - Rental income slightly increased by 0.4% compared to 2021[15] - Rental income slightly increased by 0.4% from HK$518.7 million in 2021 to HK$521.0 million in 2022[29][32] - The Group acquired investment properties totaling approximately HK$618,623,000 during the year, with a revaluation deficit of HK$113,907,000 recognized in the consolidated statement of profit or loss[182] - The Group transferred completed property inventories valued at HK$48,997,000 to investment properties[182] Joint Ventures and Associates - Share of profit from joint ventures increased by HK$235.1 million[7] - Share of profit from joint ventures increased significantly from HK$444.4 million in 2021 to HK$679.5 million in 2022[33] - Share of profit from associates rose from HK$2.0 million in 2021 to HK$12.3 million in 2022[33] - The Group holds a 50% interest in 天安數碼城（集團）有限公司 with an investment cost of US$60 million, and the carrying amount of the interests as of December 31, 2022, was approximately HK$2,777.8 million, representing 5.6% of the Group's total assets[48] - 天安數碼城（集團）有限公司 reported a profit for the year of approximately HK$1,281.8 million, with the Group's share of profits amounting to HK$600.3 million for the year[48] Landbank and Construction - Total landbank of the company is approximately 9,838,100 m², with 5,604,600 m² attributable to the company, including 1,201,100 m² of completed investment properties and 4,403,500 m² of properties under development and for development[38][39] - The company's land portfolio includes 2,114,200 m² of commercial properties and 2,289,300 m² of residential properties under development and for development[41] - Completed investment properties total 1,022,000 m² of commercial space and 179,100 m² of residential space[43] - Major inventories of completed residential properties include Huizhou Huiyang Tian An Sun Life City (84,100 m²), Ningbo Tian An First Mansion (32,900 m²), and Wuxi Tian An Manhattan (27,400 m²)[39] - The company's land portfolio is primarily located in Southern China (1,166,800 m²), Eastern China (1,682,000 m²), Northern China (695,600 m²), and Australia (859,100 m²)[41] - The company's completed investment properties are concentrated in Southern China (479,200 m²), Eastern China (497,600 m²), and Northern China (167,600 m²)[43] Financial Position and Borrowings - The company's total bank balances and cash reserves were approximately HK$9,127.4 million as of December 31, 2022, compared to HK$4,345.5 million in 2021[44][45] - Total borrowings of the company amounted to approximately HK$6,603.5 million as of December 31, 2022, with a gearing ratio of -9% (2021: 14%)[44][46] - Approximately 37% of the company's outstanding borrowings will mature within 2 years, with 8% being fixed-rate borrowings and the remainder floating-rate[47] - The company plans to acquire potential quality landbank and accelerate construction works by obtaining bank borrowings with reasonable pricing terms[47] Corporate Governance and Board Structure - The company has five independent non-executive directors (INEDs), representing not less than one-third of the Board, with at least one having appropriate professional qualifications or accounting expertise[125] - The Board held four meetings during the year, with individual attendance records for each Director at Board, Remuneration Committee, Audit Committee, and general meetings provided[125] - The Board regularly discusses the Group's overall strategy, operational and financial performance, and reviews annual and interim results[125] - The Board has delegated day-to-day responsibilities to executive management under the supervision of the Executive Committee, which has specific written terms of reference[127] - Regular Board meetings are scheduled in advance with at least 14 days' notice, and agendas are sent to all Directors at least 3 days before the meeting[130] - Directors have access to Board papers, related materials, and the Company Secretary's advice, as well as independent access to senior management[130] - The Board ensures compliance with Listing Rules and regulatory requirements, and Directors are encouraged to seek external independent professional advice when necessary[130] - The Board currently has a female Director out of eleven Directors, achieving a gender diversity of 9.1%[135] - The workforce (including senior management) achieved a gender ratio of 57(male):43(female) as of 31st December, 2022[138] - The Board Diversity Policy was adopted in December 2013 and updated in June 2022, aiming for balanced diversity[135] - The Board targets to maintain at least the current level of female representation, with the ultimate goal of increasing the proportion of female members over time[135] - The eleven Directors have diverse and complementary backgrounds, including management, property development, and financial expertise[135] - The Chairman and Chief Executive roles are separate, with Mr. Lee Seng Hui as Chairman and Mr. Patrick Lee Seng Wei as Managing Director[139] - The Board conducted an annual review of the implementation and effectiveness of the Board Diversity Policy and found it to be properly implemented and effective[135] - Directors participated in continuous professional development activities, including reading regulatory updates and attending relevant trainings and seminars[133] - The Company's Board Diversity Policy includes measurable objectives such as gender, age, cultural background, and professional experience[135] - The Board's responsibilities are clearly segregated and have been set out in writing, approved in June 2005, and updated in April 2012 and January 2019[139] - All NEDs (including INEDs) were appointed for a specific term of two years commencing from 1st January, 2021, except for Mr. Jiang Guofang who was appointed on 22nd June, 2022 with no designated length of service[142] - The appointment of all remaining NEDs (including INEDs) has been renewed from 1st January, 2023[142] - At each AGM, one-third of the Directors shall retire from office by rotation, and every Director shall be subject to retirement by rotation at least once every three years[143] - The Company disclosed the year of appointment of Messrs. Francis J. Chang Chu Fai and Jin Hui Zhi in the 2022 Circular, but omitted the length of tenure of all long-serving INEDs due to misinterpretation of code provision B.2.4(a)[143] - The Company issued a supplemental announcement on 27th April, 2022 to disclose the length of tenure of all INEDs[143] - To comply with code provision B.2.4(b) of the CG Code, the Company appointed Mr. Jiang as an additional INED with effect from 22nd June, 2022[143] - The Board has adopted written terms of reference for corporate governance functions since April 2012, including policy development, compliance monitoring, and training for Directors and senior management[146] - The Board established various committees (Nomination, Remuneration, Audit, and Executive Committees) with specific written terms of reference, and their decisions are reported to the Board[146] - The Nomination Committee, established in March 2012, consists of six members, including five independent non-executive directors (INEDs) and one executive director[148] - The Nomination Committee has formulated a Nomination Policy to ensure the Board has a balance of skills, experience, and diversity appropriate for the company's business[148] - The company has a formal and transparent procedure for the selection, appointment, and re-appointment of Directors, managed by the Nomination Committee[148] - The Nomination Committee did not hold any meetings in 2022 and handled matters by way of circulation[150] - The Nomination Committee reviewed and recommended the re-election of retiring Directors at the 2022 and 2023 AGMs[150] - The Nomination Committee reviewed and recommended the extension of the Managing Director's retirement age under the employment contract[150] - The Nomination Committee reviewed and recommended the revised Board Diversity Policy and terms of reference to comply with the CG Code amendments effective from January 1, 2022[150] - The Nomination Committee reviewed and recommended the renewal of NEDs (including INEDs) appointments from January 1, 2023[150] - The Remuneration Committee consists of five members, all of whom are INEDs, and was established in June 2005[152] - The Remuneration Committee deviates from the CG Code by only making recommendations on Executive Directors' remuneration, not senior management[152] - The Remuneration Committee held one meeting in 2022, as required by its terms of reference[152] - The Remuneration Committee reviewed and recommended the revised policy and structure for the remuneration of Directors and terms of reference of the Remuneration Committee in compliance with the amendments to the CG Code effective from 1st January, 2022[154] - The Remuneration Committee reviewed the remuneration packages of all Executive Directors and NEDs (including INEDs) for the year ended 31st December, 2021[154] - The Remuneration Committee reviewed and recommended the bonus for the year ended 31st December, 2021 and the increment in salary for the year 2022 of the Executive Directors[154] - The Remuneration Committee reviewed and recommended the Directors' fee for the year 2022[154] - The Remuneration Committee reviewed and recommended the remuneration and the renewal of appointment of NEDs (including INEDs)[154] - The Audit Committee consists of six NEDs, five of whom are INEDs, and is chaired by an INED with appropriate professional qualifications or accounting or related financial management expertise[155] - The Audit Committee ensures the management has performed its duty to have effective risk management and internal control systems[155] - The Audit Committee ensures co-ordination between the internal and external auditors and that the internal audit function is adequately resourced and has appropriate standing within the listed company[155] - The Board considers that the Audit Committee shall recommend the policy on the engagement of the external auditors to supply non-audit services[155] - INEDs are not in an effective position to implement policy and follow up the same on a day-to-day basis[155] - Reviewed and approved the audit scope and fees for the 2021 Final Audit, 2022 Interim Review, and 2022 Final Audit[158] - Reviewed the audit completion report, independent review report, audit planning report, and final report from the external auditor for the 2021 Final Audit, 2022 Interim Review, and 2022 Final Audit[158] - Recommended the Board's approval for the financial reports for the year ended 31st December 2021, six months ended 30th June 2022, and year ended 31st December 2022[158] - Reviewed internal audit plans and internal audit review reports prepared by the Internal Audit Function[159] - Recommended the Board's approval for updated reports on resources, qualifications, and experience of staff in accounting, internal audit, and financial reporting functions, as well as ESG performance and reporting[159] - Recommended the Board's approval for revised policies on risk management, compliance, and internal control procedures to comply with the amended CG Code effective from 1st January 2022[159] - Recommended the Board's annual review/approval for revised Whistle Blower Policy, Procedures for the Identification and Monitoring of Connected Transactions, and Related Party Transaction Policies and Procedures[159] - Recommended the Board's annual review of the Group's risk management and internal control systems[159] - The Executive Committee is responsible for formulating and implementing policies for the Group's business activities, internal control, and administration, and for planning and deciding on business strategies within the overall strategy determined by the Board[161] - The Company Secretary, Ms. Cindy Yung Yee Mei, undertook over 15 hours of relevant professional training during the year to update her skills and knowledge[161] - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct, and all Directors confirmed compliance with the required standards[161] - The Directors acknowledge their responsibility for preparing the consolidated financial statements of the Group, adopting Hong Kong Financial Reporting Standards and ensuring the statements are prepared on a going concern basis[162] - The Board reviews annually the effectiveness of the Group's risk management and internal control systems, covering financial, operational, and compliance controls[162] - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss and to assist in achieving the Group's objectives[162] - The company has established systems and procedures to identify, evaluate, and manage risks across different business activities, with annual assessments coordinated by the Internal Audit (IA) Function[165] - A principal subsidiary operates under independent risk management and internal control systems, providing assurance of compliance with the Corporate Governance (CG) Code[165] - The Internal Audit Function reports to the Chairman of the Board and the Audit Committee, conducting independent appraisals of the Group's risk management and internal control systems[165] - The company paid a total of HK$5,983,000 to its external auditor, with HK$5,040,000 for audit services and HK$943,000 for non-audit services[168] - The Board adopted a Policy on the Disclosure of Inside Information in January 2013 to ensure timely and fair dissemination of inside information to the public[165] - The 2022 AGM was held on 20th May, 2022, with the attendance record of the Directors detailed in the "The Board" section of the report[170] - Shareholders representing at least 5% of the total voting rights can request the Directors to convene an EGM by sending a written request to the Registered Office[170] - The Board adopted a new Articles of Association by special resolution at the 2022 AGM, allowing hybrid meetings and setting out related powers for the Board and chairman[171] - The Company's Dividend Policy, adopted in January 2019, aims to provide reasonable and sustainable returns to shareholders while maintaining financial stability[174] - The Board may declare or propose dividends annually, considering operating results, earnings, liquidity, and economic conditions, among other factors[174] - The Company regularly reviews and updates its corporate governance practices based on experience, regulatory changes, and shareholder feedback[174] - Revenue for the year was mainly derived from activities in the People's Republic of China (PRC)[175] - The Group's revenue and profit before taxation breakdown by principal activities are detailed in note 6 of the consolidated financial statements[175] - The Group's business and profitability growth were affected by the volatility and uncertainty of macroeconomic conditions in the PRC[177] - Financial risks include market risk, credit risk, and liquidity risk, with detailed discussions in note 43b of the consolidated financial statements[177] - Operational risks are mitigated through robust internal controls, clear lines of responsibility, and effective internal reporting[177] - The Group is committed to environmental sustainability, complying with local environmental protection laws and regulations[178] - Environmental policies include minimizing paper and electricity consumption, reducing waste, and promoting electronic communication[178] - The Group's environmental, social, and governance (ESG) performance is detailed in a separate ESG report available on the Stock Exchange and Company websites[178] - The Group did not issue any debentures or enter into equity-linked agreements during the year[182] - Bank loans and other borrowings repayable within one year or on demand are classified as current liabilities, with repayment details provided in notes 32 and 33 of the consolidated financial statements[185] - The Group complied with all applicable laws and regulations, with no material breaches reported during the year[181] Directors and Senior Management - The Board of Directors includes executive directors such as Song Zengbin and Patrick Lee Seng Wei, and independent non-executive directors like Francis J. Chang Chu Fai and Jiang Guofang, who was appointed on 22nd June 2022[185] - Song Zengbin, aged 68

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 5,087,025, an increase from HKD 2,574,680 in 2021, representing a growth of 97.5%[2] - Gross profit for 2022 reached HKD 2,233,793, compared to HKD 1,419,931 in 2021, reflecting a growth of 57.3%[2] - The net profit for the year was HKD 1,551,386, up from HKD 1,396,336 in 2021, indicating an increase of 11.1%[3] - Basic earnings per share for 2022 was HKD 1.04, compared to HKD 0.96 in 2021, marking a growth of 8.3%[3] - The profit before tax for 2022 was HKD 2,284,877,000, compared to HKD 2,622,843,000 in 2021, indicating a decrease of about 13%[12] - The profit attributable to shareholders for the year was HKD 1,528.6 million, up 7% from HKD 1,430.3 million in the previous year[27] Assets and Liabilities - The total assets as of December 31, 2022, amounted to HKD 31,410,056, slightly down from HKD 31,445,817 in 2021[5] - Total assets decreased to HKD 35,312,941 thousand in 2022 from HKD 36,227,045 thousand in 2021, a reduction of approximately 2.5%[6] - The total liabilities for 2022 were HKD 21,744,019,000, compared to HKD 18,980,755,000 in 2021, which is an increase of around 14.7%[12][13] - Current liabilities increased to HKD 13,935,306 thousand in 2022 from HKD 10,965,426 thousand in 2021, representing a growth of approximately 27%[6] - Interest-bearing loans decreased to HKD 1,480,793 thousand in 2022 from HKD 3,114,959 thousand in 2021, a reduction of approximately 52.5%[6] Equity and Shareholder Information - Total equity attributable to shareholders decreased to HKD 26,882,419 thousand in 2022 from HKD 27,595,359 thousand in 2021, reflecting a decline of approximately 2.6%[6] - The total equity attributable to shareholders as of December 31, 2022, was HKD 27,504,228,000, up from HKD 28,211,716,000 in 2021, reflecting a decrease of about 2.5%[12][13] - The board declared an interim dividend of HKD 0.25 per share for the fiscal year ending December 31, 2022, compared to HKD 0.20 per share in 2021[21] - The company will suspend share transfer registration from April 6, 2023, to April 11, 2023, to determine eligibility for the interim dividend[39] Operational Highlights - The company operates primarily in property development, property investment, and other operations, with significant revenue generated from the Chinese and Hong Kong markets[11] - The company completed property sales of HKD 2,528.5 million, primarily from residential projects in Jiangsu and Zhejiang provinces[27] - The total attributable registered sales for 2022 was 488,600 square meters, representing a 26% increase from 387,300 square meters in 2021[28] - The completed gross floor area was approximately 860,000 square meters, a 92% increase from 448,200 square meters in 2021[28] - The company successfully completed and delivered residential projects in Jiangsu and Zhejiang in 2022, contributing significantly to profit recognition for the year[5] Financial Strategy and Market Outlook - The company plans to focus on developing new digital cities in regions with sufficient manpower and marketing resources[28] - The company aims to increase project financing appropriately rather than over-leveraging equity to enhance capital returns[33] - The company remains confident in the long-term prospects of the real estate market in mainland China and Hong Kong despite short-term uncertainties[37] Governance and Compliance - The company has adopted new accounting standards effective from January 1, 2022, which did not have a significant impact on the financial statements for the year[10] - The audit committee reviewed the accounting policies and practices adopted by the group for the year ending December 31, 2022[44] - The consolidated financial statements for the year ending December 31, 2022, were approved by the board on March 21, 2023, with figures confirmed by Deloitte[45] - The company has updated the terms of reference for its remuneration and audit committees in accordance with the revised corporate governance code effective January 1, 2022[42] Employee and Market Conditions - As of December 31, 2022, the group employed 1,182 employees, a decrease from 1,329 in 2021[36] - The People's Bank of China lowered the one-year Loan Prime Rate by 15 basis points from 3.8% to 3.65% and the five-year Loan Prime Rate by 35 basis points from 4.65% to 4.30% to alleviate financial burdens in the real estate sector[37]

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$912,475,000, an increase of 75.5% compared to HK$519,703,000 in the same period of 2021[24]. - Gross profit for the period was HK$529,741,000, representing a 72.1% increase from HK$307,209,000 in the previous year[24]. - Profit for the period attributable to owners of the Company was HK$420,245,000, up 14.8% from HK$366,052,000 in 2021[27]. - Basic earnings per share increased to HK$28.66, compared to HK$24.39 in the same period last year, reflecting a growth of 17.5%[27]. - Total comprehensive income for the period was HK$390,101,000, compared to HK$347,881,000 in the same period last year, reflecting an increase of 12.1%[27]. - Profit for the period increased to HK$390,101,000, up from HK$347,881,000, representing a growth of approximately 12.5%[29]. - Total comprehensive (expense) income for the period was HK$(870,746,000), compared to HK$451,784,000 in the previous year, indicating a significant decline[29]. Revenue Breakdown - The Group's revenue for the period was HK$912,475,000, with property development contributing HK$586,785,000, property investment HK$243,287,000, and other operations HK$82,403,000[78]. - Revenue from completed property sales was HK$586,785,000, a significant increase of 160% compared to HK$225,443,000 in the same period of 2021[71]. - Revenue from property management decreased to HK$54,414,000, down 9% from HK$60,119,000 year-on-year[71]. - Total revenue from contracts with customers reached HK$669,188,000, up 131% from HK$289,769,000 in the previous year[71]. - Lease revenue increased to HK$243,287,000, a slight rise of 6% compared to HK$229,934,000 in the same period last year[71]. Financial Position - Non-current assets totaled HK$31,660,474,000, slightly up from HK$31,445,817,000[30]. - Current liabilities increased to HK$10,217,463,000 from HK$10,965,426,000, showing a decrease of approximately 6.8%[32]. - Net current assets decreased to HK$3,353,405,000 from HK$4,781,228,000, reflecting a decline of about 29.9%[32]. - Equity attributable to owners of the Company was HK$26,860,444,000, down from HK$27,595,359,000, a decrease of approximately 2.7%[32]. - Interest-bearing borrowings decreased to HK$2,295,220,000 from HK$3,114,959,000, a reduction of about 26.2%[32]. Cash Flow and Financing - For the six months ended June 30, 2022, the net cash from operating activities was HK$283,971,000, compared to a net cash used in operating activities of HK$227,598,000 in the same period of 2021[55]. - The company reported a net decrease in cash and cash equivalents of HK$764,333,000, with cash and cash equivalents at the end of the period amounting to HK$2,797,388,000[57]. - New bank and other loans raised amounted to HK$263,089,000, a significant decrease from HK$1,311,203,000 in the previous year[57]. - The cash flow from financing activities showed a net cash used of HK$1,200,584,000, compared to a net cash used of HK$249,437,000 in 2021[57]. Impairment and Losses - The net impairment losses on loans and receivables were HK$635,000, a significant decrease from HK$30,422,000 in the same period of 2021[24]. - The fair value gain on investment properties was HK$23,220,000, down from HK$89,158,000, a decline of 74.0% year-on-year[24]. - The Company reported a net decrease in the fair value of investment properties of HK$68,843,000, compared to an increase of HK$200,682,000 in the previous year[24]. Shareholder Information - As of June 30, 2022, Allied Group Limited (AGL) held 745,269,096 shares, representing approximately 50.83% of the total issued shares[194]. - PIA Ltd held 263,518,570 shares, accounting for approximately 17.97% of the total issued shares[194]. - The total number of shares in issue as of June 30, 2022, is 1,466,069,491[11]. - The interests of AGL are held through its wholly-owned subsidiaries, indicating a strong control over the company[198]. Legal and Regulatory Matters - A legal claim for approximately HK$252,861,000 has been raised against the Group by a bank regarding unpaid loans and interest, with the case currently under appeal[136]. - The Group believes it has strong grounds against the claim, which is not expected to have a material effect on the financial statements[138]. - The bank has initiated legal proceedings against a joint venture of the Group for an outstanding loan and interest totaling approximately HK$252,861,000[138]. Market and Economic Conditions - The economic growth in Mainland China and Hong Kong has been impacted by strict measures to contain the Omicron variant and rising interest rates in the US and Europe[185]. - The Group remains confident in the long-term prospects of the property market in Mainland China and Hong Kong despite short-term uncertainties[186].

Financial Performance - The Group's revenue for the year ended December 31, 2021, was HK$2,574.7 million, an increase of 9% from HK$2,359.4 million in 2020[7]. - Profit attributable to owners of the Company amounted to HK$1,430.3 million, representing a significant increase of 131% from HK$618.0 million in 2020[7]. - Gross profit increased by HK$455.9 million, primarily due to revenue recognition from a residential project in Southern China[7]. - Earnings per share rose to HK$0.96, up from HK$0.41 in 2020[7]. - The net asset value per share attributable to owners of the Company was HK$18.82 at the end of 2021, compared to HK$17.10 in 2020[7]. - Revenue from property development increased from HK$1,740.2 million in 2020 to HK$1,884.8 million in 2021[38]. - Rental income rose from HK$477.4 million to HK$518.7 million, representing an increase of approximately 8.7%[42]. - Share of profit from associates was HK$2,029, compared to a loss of HK$68,545 in 2020[43]. - Share of profit from joint ventures increased from HK$365,076 to HK$444,411[43]. Dividends - An interim dividend of HK$0.20 per share was declared for the year ended December 31, 2021, consistent with the previous year's interim dividend[7]. - A special dividend of HK$0.95 per share amounting to HK$1,178.6 million was returned to shareholders following the reorganization[17]. - The Group declared an interim dividend of HK$0.20 per share for the year ended December 31, 2021, consistent with the previous year's interim dividend[175]. Sales and Construction - Total attributable registered sales for 2021 amounted to 387,300 m², a decrease of 5% from 2020[15]. - Total attributable gross floor area completed in 2021 was approximately 448,200 m², representing a 113% increase from the previous year[15]. - Total attributable gross floor area under construction at year-end 2021 was approximately 2,021,900 m², a 23% increase over 2020[15]. - The entire Phase 2 of the Tian An Cloud Park project, comprising approximately 599,400 m², is now completed and ready for sale or lease[15]. Landbank and Property Development - The Group has a total landbank of approximately 11,470,000 m², with 6,280,500 m² attributable to the Group, including 1,116,000 m² of completed investment properties and 5,164,500 m² under development[48]. - The land portfolio includes properties under development totaling 5,164,500 m², with significant portions located in Southern China (1,426,900 m²) and Eastern China (1,928,500 m²)[50]. - Completed investment properties total 1,116,000 m², with Southern China accounting for 414,900 m²[52]. - Major completed properties for sale include Huizhou Huiyang Tian An Sun Life City (approximately 63,300 m²) and Wuxi Tian An Manhattan (approximately 38,700 m²) as of December 31, 2021[48]. Financial Position and Borrowings - The Group's total bank balances and cash reserves were approximately HK$4,345.5 million as of December 31, 2021, down from HK$4,893.5 million in 2020[53]. - Total borrowings amounted to approximately HK$8,373.5 million as of December 31, 2021, an increase from HK$8,122.2 million in 2020[54]. - The gearing ratio of the Group was 14% as of December 31, 2021, compared to 12% in 2020[54]. - Approximately 56% of the Group's outstanding borrowings will mature within 2 years[55]. - The Group intends to obtain bank borrowings with reasonable pricing terms to maintain flexible cash flow for land acquisitions and project developments[55]. Corporate Governance - The company emphasizes high standards of corporate governance to enhance shareholder value[120]. - The board of directors consists of ten members, including four executive directors and four independent non-executive directors, ensuring a diverse governance structure[122]. - The Board's responsibilities include overall strategy, annual operating budget, and approval of Directors' appointments[129]. - The company adopted a board diversity policy in December 2013 to achieve balanced diversity at the Board[137]. - 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[138]. Risk Management - The Group's business and profitability growth were affected by the volatility and uncertainty of macroeconomic conditions in China, including policy changes and interest rate fluctuations[171]. - The Group's operational risk is mitigated through robust internal controls and clear lines of responsibility[171]. - The audit committee reviews risk-related policies and ensures effective risk management and internal control systems are in place[169]. - The Group has established systems and procedures to identify, evaluate, and manage risks associated with different business activities[161]. Strategic Initiatives - The Group plans to adjust the quality of its landbank through acquisitions and disposals to balance short-term returns and long-term capital appreciation[18]. - The Group aims to responsibly increase project leverage to enhance return on equity[18]. - The Group will focus on developing cyberparks and urban renewal projects, which are expected to be well-received by the government and local markets[18]. - The company is focused on maintaining strong governance practices, as evidenced by the detailed reporting of directors' interests and service contracts[197].

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].