Financial Performance - For the financial year ended 30 June 2021, the Group reported total revenue of HK$86,719,000, a decrease of approximately 6% compared to HK$92,054,000 in 2020[12]. - Gross profit for the same period was HK$58,614,000, down about 11% from HK$65,587,000 in 2020, with a gross profit margin of 68% (2020: 71%) due to reduced rental income from investment properties in mainland China[12][9]. - Other income increased to HK$32,419,000 from HK$16,180,000 in 2020, primarily driven by imputed and bank interest income of HK$19,525,000[13]. - The loss attributable to shareholders for the year was HK$14,065,000, an improvement from HK$28,413,000 in 2020, with a basic loss per share of HK$0.059 (2020: HK$0.12)[14]. - The total comprehensive income for the year was HK$187,028,000, compared to a loss of HK$105,459,000 in the previous year[192]. - The Group's overall comprehensive income attributable to shareholders was HK$181,050,000, compared to a total comprehensive expense of HK$105,884,000 in 2020[10]. Investment Properties - The decrease in fair value of investment properties amounted to HK$22,069,000, significantly lower than HK$80,332,000 in 2020[13]. - The Group's investment properties amounted to HK$2,074,921,000, representing approximately 75% of the Group's total assets as of June 30, 2021[188]. - The fair value of investment properties in Beijing increased by RMB66,200,000, compared to RMB51,560,000 in 2020, resulting in a profit of HK$98,650,000 for the segment, up from HK$74,864,000 in 2020[25]. - The fair value of investment properties in Shanghai depreciated by RMB85,000,000, compared to RMB124,000,000 in 2020, leading to a segment loss of HK$59,146,000, improved from a loss of HK$90,333,000 in 2020[26]. - The valuations of residential portions and carparks under direct comparison approach amounted to HK$326,291,000, dependent on key inputs including market unit sales rate[188]. - The valuations of commercial portions and office units under income capitalization approach amounted to HK$1,748,630,000, reliant on key inputs including capitalization rates and market unit rents[188]. Rental Income - The decline in rental income was primarily due to subdued market conditions affecting investment properties in mainland China[12]. - The Group's rental income from investment properties in Shanghai and Beijing was RMB73,874,000, a decrease of 11% compared to RMB83,011,000 in the previous year[21]. - The average occupancy rate for community shopping malls in Beijing dropped to 80%, down from 89% in the previous year, leading to rental income of RMB24,906,000, a decline of approximately 9%[23]. - The rental income from the Group's premium office building in Shanghai was RMB48,968,000, reflecting a 9% decline from RMB54,099,000 in the previous year[24]. - The average occupancy rate of the community mall in Chaoyang District, Beijing, was about 80%, down from 89% in 2020, leading to a rental income of RMB24,906,000, a decrease of approximately 9% compared to RMB28,912,000 in 2020[25]. - In Shanghai, the average occupancy rate of "Eton Place" was about 82%, up from 79% in 2020, with rental income totaling RMB48,968,000, also a decline of 9% from RMB54,099,000 in 2020[26]. Exchange Gains and Losses - The Group recognized a net exchange gain of HK$9,629,000, compared to a net exchange loss of HK$3,951,000 in 2020, attributed to the appreciation of RMB against HKD[13]. - The Group reported a net exchange gain of HK$9,629,000 due to RMB appreciation against HKD, compared to a net exchange loss of HK$3,951,000 in 2020[32][34]. Dividends - The final dividend recommended by the Board is 1 Hong Kong cent per share, totaling 2 Hong Kong cents per share for the year, including the interim dividend[19]. - The total dividend for the year is subject to approval at the upcoming annual general meeting scheduled for December 17, 2021[19]. - An interim dividend of HK$2,377,000 was paid to shareholders, with a final dividend of HK$2,377,000 recommended, totaling 2 Hong Kong cents per share for the year ended 30 June 2021[142]. Corporate Governance - The Company has established an internal corporate governance code to facilitate compliance with the Corporate Governance Code and provide guidance to Directors and senior management[72]. - The Board believes that its efforts in enhancing corporate governance practices have contributed to sustained business growth in past years[70]. - The Company has adhered to the principles and code provisions of the Corporate Governance Code, with some deviations disclosed[71]. - The Board is responsible for establishing overall strategic development and monitoring the performance of the business and senior management[75]. - The Company continuously reviews and enhances its corporate governance practices with reference to local and international best practices[70]. - The Company aims to ensure transparency and accountability to its stakeholders, including shareholders, customers, suppliers, employees, and the public[69]. Management and Directors - Dr. TAN Lucio C. has been the Chairman and Executive Director since 2019, with extensive experience in real estate, banking, and other industries[50]. - Mr. CHIU Siu Hung has served as the Chief Executive Officer since 2019 and has over 30 years of experience in real estate and finance[51]. - The management team has a strong background in various sectors, including real estate, banking, and manufacturing, enhancing the company's strategic capabilities[52]. - The Board of Directors currently comprises seven Executive Directors and four Independent Non-executive Directors, with the latter representing more than one-third of the Board[74]. - The Company has established three committees: Remuneration Committee, Nomination Committee, and Audit Committee, each with defined terms of reference[85]. Risk Management and Internal Control - The Board is responsible for establishing and overseeing the Group's risk management and internal control systems, ensuring their effectiveness is reviewed regularly[107]. - The Audit Committee is tasked with reviewing and monitoring corporate governance functions delegated by the Board[106]. - The risk management and internal control systems provide reasonable assurance against material misstatement or loss, and the Board considers them effective and adequate based on the annual review results[113]. - For the year ended June 30, 2021, the Board and Audit Committee conducted an annual review of the effectiveness and adequacy of the risk management and internal control systems, covering all material controls[111]. Environmental and Social Responsibility - The Group is committed to supporting environmental sustainability and complying with applicable laws and regulations regarding environmental protection[133]. - Further details of environmental, social, and governance reporting will be disclosed in the "Environment, Social and Governance Report 2020-2021" within three months after the publication of the annual report[185]. - The Company will upload the environmental, social, and governance report to the Stock Exchange and its website no later than three months after the annual report publication[185].

Financial Performance - For the six months ended December 31, 2020, the group recorded total revenue of HKD 42,337,000, a decrease of approximately 13% compared to HKD 48,782,000 in the same period last year[9]. - Gross profit for the same period was HKD 29,607,000, reflecting a decline of about 15% from HKD 34,823,000 year-on-year, with a gross margin of approximately 70%[9]. - The group reported a loss attributable to shareholders of HKD 34,086,000, compared to a profit of HKD 7,377,000 in the prior year, resulting in a basic loss per share of HKD 0.1434[10]. - The company reported a loss before tax of HKD 63,973,000, compared to a loss of HKD 14,009,000 in the previous year, indicating a significant increase in losses[49]. - Basic and diluted loss per share was HKD (14.34), compared to earnings of HKD 3.14 in the same period last year[50]. - Total comprehensive income for the period was HKD 138,116,000, a turnaround from a loss of HKD 32,402,000 in the prior year[50]. Revenue and Income Sources - Other income increased to HKD 19,384,000 from HKD 7,249,000, primarily due to bank interest income and a net exchange gain of HKD 5,995,000[9]. - Rental income from investment properties in Shanghai and Beijing totaled RMB 36,852,000, down approximately 16% from RMB 43,733,000 in the previous year[14]. - The company recorded a significant foreign exchange gain of HKD 172,215,000, compared to a loss of HKD 40,017,000 in the previous year[50]. - The interest income received during the period was HKD 2,584,000, an increase from HKD 1,694,000 in the prior year, reflecting a growth of 52.5%[56]. - Property rental income included variable lease payments of HKD 1,975,000, down from HKD 3,066,000 in the previous year, showing a decline of 35.6%[62]. Investment Properties and Market Conditions - The fair value of investment properties decreased by HKD 84,669,000, compared to a decrease of HKD 33,463,000 in the previous year, indicating a significant decline in market conditions[9]. - The total fair value reduction of investment properties in Shanghai amounted to RMB 60,000,000, compared to RMB 24,000,000 in the previous year, resulting in a loss of HKD 47,651,000 for the period[16]. - The total fair value reduction of investment properties in Beijing was RMB 13,700,000, leading to a loss of HKD 5,505,000 for the period[15]. - The overall performance was impacted by the COVID-19 pandemic and a weak rental market in China, leading to a decline in revenue from leasing operations[13]. Administrative and Operational Expenses - The group’s administrative expenses increased to HKD 23,188,000 from HKD 15,581,000 year-on-year, reflecting higher operational costs[9]. - The company incurred financing costs of HKD 985,000 for the six months ended December 31, 2020, down from HKD 2,038,000 in the same period of 2019[66]. - Administrative expenses were reduced to HKD 271,000 from HKD 15,581,000, reflecting cost-cutting measures[49]. Equity and Liabilities - The company’s total equity attributable to owners was RMB 1,786,784,000 as of December 31, 2020, with a net asset value per share of RMB 7.52[24]. - The company’s total bank borrowings were approximately HKD 97,586,000, with a debt ratio of 5% as of December 31, 2020[24]. - The company reported a net liability of HKD 10,822,000 for Shenzhen Zhenhua, with total liabilities of HKD 284,790,000[42]. - The company’s total liabilities to related parties included lease liabilities of HKD 6,792,000 and other receivables of HKD 1,864,000 as of December 31, 2020[94]. Future Outlook and Strategic Plans - The group anticipates a stabilization in vacancy rates in Beijing in 2021, although rental rates may take additional time to recover to pre-COVID levels[29]. - In Shanghai, the group expects a better business environment due to economic recovery, but office rental income may face downward pressure due to competitive leasing terms[29]. - The group plans to adjust leasing and marketing strategies to maintain tenant occupancy and regular income[29]. - Shenzhen is expected to develop further as a high-tech hub, enhancing the value of new land developments in the area[30]. - The group will continue to monitor the impact of RMB fluctuations to mitigate negative effects on its financial performance[24]. Shareholder Information - As of December 31, 2020, the total number of shares held by Dr. Chan Wing Choi is 93,701,279, representing approximately 39.42% of the total issued shares of 237,703,681[34]. - Zedra Asia Limited holds 89,321,279 shares, accounting for approximately 37.58% of the total issued shares[38]. - The company’s total issued shares as of December 31, 2020, represented approximately 10% of the total shares approved for the stock option plans[87]. Joint Ventures and Related Parties - The company holds a 49% equity interest in Shenzhen Zhenhua Port Bay Enterprises Co., Ltd., which has ceased operations since January 16, 2014[77]. - The joint venture's net assets will be distributed to the partners upon completion of the liquidation process, which is expected to take more than a year[78]. - The company has recognized a profit distribution of HKD 10,368,000 from the joint venture as of December 31, 2020, which has not been confirmed due to the need for unanimous consent from the Chinese partner[76].

Financial Performance - For the financial year ended 30 June 2020, the Group recorded total revenue of HK$92,054,000, a decrease of approximately 13% compared to HK$106,206,000 in 2019[10]. - Gross profit for the same period was HK$65,587,000, down 19% from HK$80,799,000 in 2019, with a gross profit margin of 71% (2019: 76%) due to reduced rental income from investment properties in mainland China[14]. - The loss attributable to shareholders for the year was HK$28,413,000, contrasting with a profit of HK$48,730,000 in 2019, resulting in a basic loss per share of HK$0.12[16]. - The total comprehensive expense attributable to shareholders was HK$105,884,000, compared to HK$40,919,000 in 2019, reflecting the impact of currency translation losses[17]. - The profit for the year ended June 30, 2020, was HKD 48,730,000, with total comprehensive income showing a loss of HKD 105,884,000[196]. - The basic loss per share was HK$12.0 compared to earnings of HK$21.5 per share in 2019[193]. Rental Income and Property Valuation - The Group's total rental income from investment properties in Beijing and Shanghai was RMB83,011,000, representing a 10% decrease compared to RMB92,474,000 in 2019[20]. - The average occupancy rate for the community mall in Chaoyang District, Beijing, was approximately 89%, down from 91% in 2019, with rental income totaling RMB28,912,000, a decline of about 10% from RMB32,019,000 in 2019[23]. - The rental income from the Group's premium office building in Shanghai was RMB54,099,000, reflecting an 11% decrease from RMB60,454,000 in 2019, with an average occupancy rate dropping to about 79% from 90%[22]. - The fair value of the Group's investment properties decreased by RMB72,440,000, translating to HK$80,332,000, compared to an appreciation of RMB3,100,000 in 2019[20]. - The segment results for property rental recorded a loss of RMB13,949,000, down from a profit of RMB73,596,000 in 2019[20]. - The fair value of investment properties decreased in fair value by HK$168,560,000, contrasting with an increase of HK$3,560,000 in the previous year[193]. Currency and Exchange Impact - The Group experienced a 3.8% devaluation of the renminbi against the Hong Kong dollar during the year, compared to a 4.3% devaluation in 2019, affecting financial results[12]. - The net exchange loss due to currency fluctuations was HK$3,951,000, down from HK$5,841,000 in 2019, indicating some improvement in currency risk management[15]. - The comprehensive expense due to exchange differences amounted to HK$78,898,000, a decrease from HK$91,249,000 in the previous year[29]. - The exchange differences arising on translation resulted in a loss of HKD 89,649,000 for the year[196]. - The Group experienced an exchange loss of HKD 77,471,000 during the year[196]. Administrative and Operational Efficiency - Administrative expenses decreased to HK$37,053,000 from HK$43,730,000 in the previous year, indicating cost management efforts[15]. - The Group's net current assets increased to HK$169,050,000 as of June 30, 2020, from HK$77,356,000 in the previous year, resulting in a current ratio of 2.21 compared to 1.32[31]. - The Group maintained un-utilised credit facilities of HK$11,000,000 as of June 30, 2020, compared to HK$16,000,000 in the previous year[31]. - The Group has not made any significant capital expenditure commitments during the year[31]. Corporate Governance and Management - The Company has established an internal corporate governance code to facilitate compliance with the Corporate Governance Code[61]. - The Board believes that its efforts in enhancing corporate governance practices have contributed to sustained business growth in past years[59]. - The Company has adopted a code for securities transactions by Directors in line with the Listing Rules, confirming compliance by all Directors for the year ended 30 June 2020[62]. - The Board consists of five Independent Non-executive Directors, representing more than one-third of the Board, with several possessing relevant professional qualifications in accounting or financial management[67]. - The Company has established three committees: Remuneration Committee, Nomination Committee, and Audit Committee to oversee specific aspects of the Group's affairs[81]. Future Outlook and Market Conditions - The overall economic downturn due to COVID-19 led to increased vacancy rates and lower effective rental income, impacting the profitability of the Group[20]. - The economic outlook remains challenging due to uncertainties from the COVID-19 pandemic and trade tensions, but recovery is anticipated driven by strong domestic demand and digital innovation[34]. - Despite challenges, it is anticipated that China's economy will rebound, driven by robust domestic demand and digital innovation, leading to gradual improvements in leasing activities in the office and retail sectors in Beijing and Shanghai[37]. - In Beijing, retail operations are gradually resuming, with expectations of improved retail leasing and turnover volumes as consumer confidence returns post-pandemic[39]. - The Group will continue to adopt competitive rental strategies to attract new tenants and retain existing ones, including property refurbishment and value-added services[39]. Shareholder and Dividend Information - The Group did not recommend a final dividend for the year ended June 30, 2020, compared to a dividend of 4 Hong Kong cents per share in 2019[19]. - The Group's retained earnings available for distribution to shareholders amounted to HK$125,913,000 as of 30 June 2020[138]. - A final dividend of 4 Hong Kong cents per share was paid to shareholders for the year ended June 30, 2019[135]. - An interim dividend of 2 Hong Kong cents per share totaling HK$4,754,000 was distributed during the year[135]. Risks and Challenges - The Group faces significant risks due to economic uncertainties, particularly from the ongoing COVID-19 pandemic and trade frictions between the US and China, impacting the property rental segment in Beijing and Shanghai[36]. - The Group is actively monitoring the progress of land swaps and related approvals, although there is no assurance against significant delays or impediments[41]. - The assets of Zhen Wah are expected to be sold through public auction or other means, with complexities involved in the compulsory liquidation process that may lead to delays and disputes[42].

Financial Performance - The total revenue for the six months ended December 31, 2019, was HKD 48,782,000, a decrease of approximately 8% compared to HKD 53,286,000 in the same period of 2018[9]. - Gross profit for the same period was HKD 34,823,000, down 16% from HKD 41,505,000 in 2018, resulting in a gross margin of approximately 71%[9]. - The profit attributable to shareholders for the period was HKD 7,377,000, significantly down from HKD 44,418,000 in 2018, with basic earnings per share at HKD 0.0314[10]. - The company reported a loss before tax of HKD 14,009,000, compared to a profit of HKD 40,315,000 in the previous year[45]. - Net profit for the period was HKD 7,615,000, significantly lower than HKD 45,148,000 in the prior year, indicating a decline of 83.1%[46]. - Basic earnings per share decreased to HKD 3.14 from HKD 19.69, representing a drop of 84.1%[46]. - The company's total equity was HKD 2,103,127,000, down from HKD 2,132,518,000, indicating a slight reduction in shareholder value[48]. Income and Expenses - Other income amounted to HKD 7,249,000, primarily from bank interest income, which totaled HKD 8,746,000, down from HKD 9,170,000 in 2018[10]. - Administrative expenses for the period were HKD 15,581,000, compared to HKD 14,557,000 in 2018[10]. - The company experienced a significant foreign exchange loss of HKD 40,017,000, compared to a loss of HKD 82,932,000 in the previous year[46]. - The net cash generated from operating activities for the six months ended December 31, 2019, was HKD 16,748,000, a decrease of 34.5% compared to HKD 25,769,000 in the same period of 2018[51]. - The net cash used in investing activities was HKD 14,664,000, compared to a net cash inflow of HKD 6,533,000 in the previous year, indicating a significant shift in investment strategy[51]. Rental Income and Property Valuation - Rental income from investment properties in mainland China was RMB 43,733,000, a decrease of approximately 7% from RMB 46,776,000 in 2018[15]. - The fair value of investment properties decreased by HKD 33,463,000 during the period, contrasting with an increase of HKD 14,923,000 in 2018[10]. - The rental income from the Beijing property amounted to RMB 16,050,000, representing a slight increase from RMB 16,043,000 in 2018, accounting for approximately 37% of the group's total revenue[16]. - The average occupancy rate for the Beijing shopping mall was about 90%, down from 92% in 2018[16]. - In Shanghai, the rental income totaled RMB 27,683,000, reflecting a decline of about 10% compared to RMB 30,733,000 in 2018, with an average occupancy rate of approximately 80%[17]. - The fair value of investment properties in Shanghai decreased by RMB 24,000,000, contrasting with an increase of RMB 11,000,000 in 2018[17]. Debt and Equity - As of December 31, 2019, the total equity attributable to the owners of the company was RMB 1,851,306,000, with a net asset value per share of RMB 7.79[23]. - The group's total bank borrowings amounted to approximately HKD 93,881,000, with a debt ratio of about 5%[23]. - The group has maintained an unused credit facility of HKD 16,000,000 for working capital purposes[24]. - The group has mortgaged properties with a total book value of HKD 885,262,000, down from HKD 918,536,000 as of June 30, 2019[25]. Shareholder Information - As of December 31, 2019, Dr. Chen Yongzai holds a total of 93,701,279 shares, representing approximately 39.42% of the issued share capital[30]. - The total number of issued shares was 237,703,681, with major shareholders Carnation Investments Inc. and Zedra (Hong Kong) Limited each holding 89,321,279 shares, representing 37.58% of the total shares[36]. - The interim dividend declared was HKD 0.02 per share, down from HKD 0.03 per share in 2018[13]. COVID-19 Impact and Future Outlook - The COVID-19 pandemic and US-China trade tensions are expected to pressure China's economic outlook, impacting rental demand for office and retail spaces in Beijing and Shanghai[26]. - The group anticipates a significant reduction in rental demand for retail spaces in Beijing due to consumer spending constraints and lockdown measures[26]. - The group will implement strict measures to protect tenants and maintain occupancy rates, including enhanced online and offline leasing strategies[27]. Accounting Policies and Compliance - The company applied HKFRS 16 "Leases" for the first time, which replaced HKAS 17, impacting the accounting policies related to lease agreements[55]. - The application of new accounting standards did not have a significant impact on the financial performance and position of the company during the reporting period[54]. - The company confirmed compliance with the securities trading standards as per the listing rules by all directors during the six months ending December 31, 2019[34]. Management and Staff - The company employed approximately 50 staff members as of December 31, 2019, with compensation aligned with market levels, including benefits such as medical insurance and stock option plans[37]. - The total remuneration for key management personnel was HKD 1,121,000 for the six months ended December 31, 2019, down from HKD 1,723,000 in the same period of 2018[112].

Financial Performance - For the financial year ended 30 June 2019, the Group recorded total revenue of HK$106,206,000, a decrease of 6% compared to HK$113,030,000 in 2018[11]. - Gross profit for the same period was HK$80,799,000, reflecting a 9% decline from HK$88,714,000 in the previous year, with a gross profit margin of 76% (2018: 78%) [11]. - The net profit attributable to shareholders for the year was HK$48,730,000, a significant decrease of 61% from HK$126,125,000 in 2018[9]. - Basic earnings per share for the year were HK$0.215, down from HK$0.560 in the previous year[9]. - Total comprehensive expenses for the year were HK$91,249,000, compared to comprehensive income of HK$58,204,000 in 2018, largely due to a 4% depreciation of RMB against HKD[9]. - Other income, gains or losses amounted to HK$15,894,000, down from HK$24,482,000 in 2018, primarily due to fluctuations in currency exchange rates[8]. Investment Properties - The Group's investment properties experienced a significant decrease in fair value increase, amounting to HK$3,560,000 compared to HK$88,171,000 in the previous year[8]. - The fair value of investment properties increased by RMB3,100,000 (HK$3,560,000) during the year, a significant drop from RMB73,300,000 (HK$88,171,000) in 2018, indicating subdued market sentiment [21]. - The fair value of investment properties in Beijing decreased by RMB8,900,000, contrasting with an increase of RMB21,300,000 in 2018[24]. - The Group's investment properties in Beijing and Shanghai had an aggregate asset value of RMB1,804,200,000, slightly up from RMB1,801,100,000 in 2018[20]. Rental Income - The core rental business generated total revenue of RMB92,474,000, a slight decrease of 2% from RMB93,967,000 in 2018, with rental income presented as HK$106,206,000 (2018: HK$113,030,000) [20]. - The rental segment in Beijing generated rental income of RMB32,019,000, a 4% increase from RMB30,661,000 in 2018, contributing to 35% of the Group's total revenue [22]. - In Shanghai, the rental income from the "Yujing International Business Plaza" was RMB60,454,000, a decrease of 5% from RMB63,306,000 in 2018, with an average occupancy rate of 90% [23]. - The segment results of property rental reported a profit of RMB73,596,000, a significant drop of 53% compared to RMB147,984,000 in 2018 [21]. Administrative and Other Expenses - Administrative expenses for the year were HK$43,730,000, an increase from HK$40,461,000 in 2018[8]. - The Group incurred a loss of HK$10,140,000 from Zhen Wah, an increase from HK$9,949,000 in 2018, along with professional fees of HK$12,819,000 for liquidation and arbitration[38]. Exchange Rate Impact - The depreciation of RMB against HKD impacted the Group's financial results, leading to a net exchange loss of HK$5,841,000[8]. - The Group experienced a net exchange loss of HK$5,841,000 due to RMB fluctuations against HKD, contrasting with a net exchange gain of HK$4,006,000 in 2018[39][42]. Shareholder Information - The total dividend for the year is proposed at 7 Hong Kong cents per share, consistent with the previous year [15]. - The Directors recommended a final dividend of 4 Hong Kong cents per share, amounting to HK$9,293,000, payable on 20 December 2019[172]. - An interim dividend of 3 Hong Kong cents per share was paid, totaling HK$6,850,000 during the year[172]. - The Group's retained earnings available for distribution to shareholders amounted to HK$105,695,000 as of 30 June 2019[173]. Corporate Governance - The Company has established an internal corporate governance code to facilitate compliance with the Corporate Governance Code and provide guidance to Directors and senior management[87]. - The Board is responsible for establishing overall strategic development, setting business objectives, and monitoring the performance of the business and senior management[93]. - The Company has applied the principles and adhered to the code provisions of the Corporate Governance Code, with some deviations disclosed[86]. - The Independent Non-executive Directors provide independent judgment on the Group's development, performance, internal controls, corporate governance, and risk management[94]. Risk Management - The Group's risk management and internal control systems were reviewed annually, covering all significant controls including financial, operational, and compliance monitoring[132]. - The risk management review covers all material controls, including financial, operational, compliance, and risk management functions[136]. - The Board considers the risk management and internal control systems effective and adequate based on the annual review results[138]. Management and Board Composition - The management team has extensive experience in real estate, banking, and various industries, with several members holding senior positions in multiple listed companies[63][64][68][69]. - The Board currently comprises eight executive Directors and five Independent non-executive Directors, with Independent non-executive Directors representing more than one-third of the Board[90][92]. - The Nomination Committee's main responsibilities include reviewing the Board's composition, structure, size, and diversity, and making recommendations for Director appointments and succession planning[113]. Market Outlook - The ongoing US-China trade tensions are expected to impact the economic outlook in mainland China, but government measures may support market expectations and mitigate economic slowdown effects[46]. - The office market in Shanghai is expected to face fierce competition, with net absorption of office space continuing to decline due to a glut of office projects and economic headwinds, leading to decreased demand and rental rates[51]. - In Beijing, slowing economic growth is anticipated to suppress consumer spending power, impacting retailers' leasing demands, although the integration of online and offline retail is expected to drive demand evolution[50].

Financial Performance - Total revenue for the six months ended December 31, 2018, was HKD 53,286,000, a slight decrease of 2% compared to HKD 54,536,000 in the same period last year[5] - Gross profit for the same period was HKD 41,505,000, down from HKD 42,347,000, maintaining a stable gross margin of 78%[5] - Net profit attributable to shareholders decreased by 44% to HKD 44,418,000, compared to HKD 78,876,000 in the prior year, with basic earnings per share at HKD 0.1969[6] - The total comprehensive expenses for the period amounted to HKD 37,033,000, compared to a total comprehensive income of HKD 156,376,000 in the previous year[7] - The company reported a profit before tax of HKD 40,315,000, significantly lower than HKD 83,114,000 in the previous year, reflecting a decline of approximately 51.5%[36] - The net profit for the period was HKD 45,148,000, compared to HKD 80,214,000 in the prior year, marking a decrease of around 43.7%[36] - The total comprehensive income for the period was a loss of HKD 37,784,000, contrasting with a gain of HKD 159,090,000 in the same period of 2017[36] - The company's profit attributable to owners for the six months ended December 31, 2018, was HKD 44,418,000, a decrease of 43.7% from HKD 78,876,000 in the same period of 2017[37] - Basic earnings per share decreased to HKD 19.69 from HKD 35.05, reflecting a 43.8% drop year-over-year[37] Revenue Sources - Rental income from properties in mainland China was RMB 46,776,000, slightly up from RMB 46,244,000, contributing to overall revenue[9] - Rental income from the Beijing property segment increased by 5% to RMB 16,043,000, compared to RMB 15,214,000 in the previous year[10] - Property leasing income was HKD 18,276,000, up from HKD 17,941,000 in the previous year, while property sales revenue decreased to HKD 35,010,000 from HKD 36,595,000[60] Investment Properties - The fair value of investment properties increased by HKD 14,923,000, down from HKD 47,408,000 in the previous year, reflecting a significant decline in property value appreciation[6] - The fair value of the group's investment properties decreased to HKD 2,070,532,000 as of December 31, 2018, from HKD 2,136,283,000 as of July 1, 2018[69] - The average occupancy rate for the community shopping mall in Beijing was approximately 92%, down from 95% in the previous year[10] - The average occupancy rate for the group's investment properties in Shanghai was approximately 92%, down from 94% in 2017, with rental income totaling RMB 30,733,000 (approximately HKD 35,010,000), accounting for 66% of total revenue[11] Cash Flow and Assets - The net cash balance as of December 31, 2018, was HKD 270,846,000, an increase from HKD 257,870,000 on June 30, 2018, indicating strong cash flow from rental income[15] - The company's total liabilities decreased to HKD 439,767,000 from HKD 464,668,000, indicating a reduction in financial obligations[39] - The net cash generated from operating activities for the six months ended December 31, 2018, was HKD 25,769,000, compared to HKD 10,566,000 for the same period in 2017, representing a significant increase of 143.5%[45] - The total cash and cash equivalents increased by HKD 29,256,000 for the six months ended December 31, 2018, compared to a decrease of HKD (4,513,000) in the same period of 2017[45] Shareholder Information - As of December 31, 2018, the total number of issued ordinary shares was 228,323,681[21] - The major shareholder Dr. Chen Yongzai holds 89,321,279 shares, representing 41.04% of the total issued share capital[23] - The major shareholder TAN Carmen K. holds 91,511,279 shares, also representing 41.04% of the total issued share capital[23] - Mr. Chen Junwang holds 1,500,000 shares, representing approximately 0.66% of the total issued share capital[20] - Mr. Huang Zhengshun holds a total of 1,582,000 shares, which is about 0.69% of the total issued share capital[20] - Dr. Zhao Shaohong has 1,000,000 shares, accounting for approximately 0.44% of the total issued share capital[20] Dividends - The interim dividend declared was HKD 0.03 per share, with the record date set for April 8, 2019[4] - The interim dividend declared was HKD 0.03 per share, an increase from HKD 0.025 per share in the previous year[32] - The company declared a final dividend of HKD 0.04 per share for the year ended June 30, 2018, totaling HKD 9,133,000, compared to HKD 6,752,000 for the previous year[66] Regulatory Compliance - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations and standards[46] - The company has adopted HKFRS 15, which replaced HKAS 18, impacting the recognition of revenue from property leasing and sales, with no significant effect on retained earnings as of July 1, 2018[48] - The company applies the Hong Kong Financial Reporting Standard 9 (HKFRS 9) for financial instruments, which has led to changes in the classification and measurement of financial assets[52] Management and Governance - The company has not appointed a new chairman or CEO following the resignation of key executives, which may impact governance compliance[31] - The company employs approximately 50 staff members, including directors, with compensation aligned with current market levels[26] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules[22] Joint Ventures and Liquidation - The complexity of the liquidation process for the joint venture partner, Shenzhen Zhenhua, has led to an extension of the liquidation period by six months, with ongoing negotiations regarding land replacement and compensation[12][19] - The group remains committed to protecting its interests in the liquidation of Zhenhua, with potential land disposals subject to approval by Chinese courts[19] - The joint venture's operating period ended on January 16, 2014, and it is currently in the process of liquidation[75] - The group has not recognized additional profits of HKD 10,368,000 from the joint venture due to pending arbitration outcomes[74]