EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | --- | | 發行人所發行上市權證/可轉換債券 不適用 | | 其他信息 | | 其他信息 不適用 | | 發行人董事 | | 於本公告日期，發行人董事包括：執行董事柯為湘先生（主席）、黎家輝先生、柯沛鈞先生及林勇禧先生；非執行董事吳志文女士 及楊國光先生；以及獨立非執行董事李國星先生、陸恭正先生及徐嘉文先生。 | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 九 龍 建 業 有 限 公 司 | | 股份代號 | 00034 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之中期股息及暫停辦理股份過戶登記 | | | 公告日期 | 2 ...

[Summary](index=1&type=section&id=Summary) [Interim Results and Dividends](index=1&type=section&id=Interim%20Results%20and%20Dividends) The Group reported an 8.0% increase in underlying profit attributable to shareholders to HKD 312 million, with interim dividend maintained at HKD 0.10 per share Interim Financial Highlights | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Underlying Profit Attributable to Shareholders | 312 million | 289 million | +8.0% | | Basic Interim Earnings Per Share | 0.239 | 0.246 | -2.8% | | Unaudited Profit Attributable to Shareholders | 125 million | 113 million | +10.6% | | Interim Dividend Per Share | 0.10 | 0.10 | Flat | [Market Overview and Business Review](index=2&type=section&id=Market%20Overview%20and%20Business%20Review) [Hong Kong Property Market](index=2&type=section&id=Hong%20Kong%20Property%20Market) Hong Kong residential property prices saw increased activity after stamp duty abolition and HIBOR decline, while commercial and retail property rents and prices generally decreased - Hong Kong residential property prices initially declined due to high interest rates and ample supply but saw active transactions after the government abolished stamp duties[7](index=7&type=chunk) - HIBOR significantly decreased from May, promoting residential sales and prices[7](index=7&type=chunk) - Commercial and retail property rents and prices generally fell due to high vacancy rates, weak demand, and changing consumption patterns[7](index=7&type=chunk) [Mainland China Property Market](index=2&type=section&id=Mainland%20China%20Property%20Market) Despite central government stabilization policies, the Mainland China property market's response has been limited, with property prices and demand showing restricted effects - Despite government stabilization policies, the Mainland China real estate market's response has not yet caught up in the past six months[7](index=7&type=chunk) [Property Development Sales](index=2&type=section&id=Property%20Development%20Sales) Hong Kong's High Park project sold 95% of units, recognizing HKD 1.4 billion in sales revenue, while Mainland China projects generated RMB 756 million in recognized sales revenue with limited profit contribution [Hong Kong Property Development Sales](index=2&type=section&id=Hong%20Kong%20Property%20Development%20Sales) Hong Kong's High Park project has sold over 1,480 residential units, representing 95% of the total, with HKD 1.4 billion in sales revenue recognized - The High Park project in Tseung Kwan O, Hong Kong, has sold over **1,480 residential units**, representing approximately **95% of the total**[8](index=8&type=chunk) Hong Kong Property Sales Revenue | Project | Sales Revenue (HKD) | | :--- | :--- | | High Park (Recognized during review period) | 1.4 billion | [Mainland China Property Development Sales](index=3&type=section&id=Mainland%20China%20Property%20Development%20Sales) Mainland China development projects generated RMB 671 million in total pre-sales/sales, with RMB 756 million in recognized sales revenue, contributing limited profit to the Group Mainland China Property Sales Performance | Indicator | Amount (RMB) | | :--- | :--- | | Total Pre-sales/Sales of Development Projects | 671 million | | Group's Attributable Pre-sales/Sales | 518 million | | Group's Attributable Sales Revenue (Recognized during review period) | 756 million | - Mainland China sales revenue contributed limited profit to the Group during the period[9](index=9&type=chunk) [Property Development](index=3&type=section&id=Property%20Development) The Group unified ownership of a Hong Kong site for redevelopment, holding 2.9 million sq.m. of land bank for development, with progress detailed for various projects in Hong Kong and Mainland China [Land Bank and New Projects](index=3&type=section&id=Land%20Bank%20and%20New%20Projects) The Group formed a joint venture to redevelop a Hong Kong site into a 4,600 sq.m. commercial/residential complex, with its total land bank for development reaching 2.9 million sq.m. - The Group established a joint venture and successfully unified the ownership of the Fuk Chak Street site in Hong Kong, planning to redevelop it into a high-rise commercial/residential complex[10](index=10&type=chunk) Key Development Metrics | Indicator | Value | | :--- | :--- | | Fuk Chak Street Project Total Gross Floor Area | Approx. 4,600 sq.m. | | Group's Attributable Total Gross Floor Area of Land Bank for Development | Approx. 2,900,000 sq.m. | [Progress of Major Property Projects](index=3&type=section&id=Progress%20of%20Major%20Property%20Projects) The report details the progress of major property projects in Hong Kong and Mainland China, covering various stages from superstructure works to design approvals and foundation preparations Major Property Project Progress | Property Project | Region/City | Usage | Approx. Gross Floor Area (sq.m.) | Group's Attributable Interest | Project Progress | Estimated Completion Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mid-Levels Grandeur | Sai Ying Pun, Hong Kong | Residential & Commercial | 4,600 | 60% | Superstructure works in progress | H1 2026 | | Clear Water Bay Road | Ngau Chi Wan, Kowloon | Residential & Commercial | 201,000 | 100% | Superstructure works in progress | 2027 to 2029 | | Fuk Chak Street | Tai Kok Tsui, Kowloon | Residential & Commercial | 4,600 | 50% | Preparing for demolition | To be confirmed | | Riverfront City (Shenyang) | Hunnan New District, Shenyang | Residential & Commercial | 630,000 | 100% | Phase 5A planning modification in progress | To be confirmed | | Cui Di Wan (Shenyang) | Shenhe District, Shenyang | Residential & Commercial | 2,000,000 | 100% | Phase 4 design approval in progress | To be confirmed | | Riverfront South Garden (Huizhou) | Huicheng District, Huizhou | Residential & Commercial | 520,000 | 60% | Phase 3 design modification completed | To be confirmed | | Shanyu Lake (Foshan) | Nanhai District, Foshan | Residential & Commercial | 1,600,000 | 50% | Phase 5 construction completed | To be confirmed | | City Plaza (Tianjin) | Hedong District, Tianjin | Residential, Commercial & Office | 850,000 | 49% | Phase 3B superstructure works in progress | End 2026 | | Yangpu (Shanghai) | Yangpu District, Shanghai | Residential, Commercial & Office | 75,000 | 40% | Preliminary construction permit obtained; foundation construction preparation in progress | End 2029 | | Polytec Grand Mansion (Shanxi) | Jiexiu City | Residential & Commercial | 463,000 | 100% | Phase 2 planning in progress | To be confirmed | | Hengda Plaza (Zhuhai) | Xiangzhou District, Zhuhai | Commercial, Office & Apartment | 199,000 | 70% | Phase 1 superstructure works in progress | End 2025 | [Property Investment](index=4&type=section&id=Property%20Investment) The Group's total rental income from Hong Kong investment properties decreased by 10.8% to HKD 132 million in the first half of 2025 Hong Kong Investment Property Rental Income | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Rental Income from Hong Kong Investment Properties | 132 million | 148 million | -10.8% | [Outlook](index=5&type=section&id=Outlook) [Market Outlook](index=5&type=section&id=Market%20Outlook) Residential transaction volume and prices are expected to stabilize or rise in the second half, while commercial and retail properties will likely remain in an adjustment phase - If HIBOR remains low and Hong Kong's economy grows healthily in the second half, residential transaction volume is expected to improve, with prices stabilizing or rising[14](index=14&type=chunk) - Commercial buildings and retail shops are expected to remain in an adjustment phase in the second half due to market supply-demand imbalance[14](index=14&type=chunk) [Hong Kong Project Outlook](index=5&type=section&id=Hong%20Kong%20Project%20Outlook) High Park sales are expected to complete, Mid-Levels Grandeur will launch, Clear Water Bay Road's first phase targets 2027 completion, and Fuk Chak Street construction is planned for 2026 - Hong Kong's High Park project in Tseung Kwan O is expected to largely complete residential unit sales in the second half[15](index=15&type=chunk) - The Mid-Levels Grandeur project in Sai Ying Pun will be launched for sale in the second half, with good sales response anticipated[15](index=15&type=chunk) - Superstructure works for the Clear Water Bay Road development in Ngau Chi Wan are progressing, with the first phase targeted for completion by the first half of 2027 or earlier[15](index=15&type=chunk) - The Fuk Chak Street joint venture project site in Tai Kok Tsui is preparing for demolition, with construction planned to commence in 2026[15](index=15&type=chunk) [Mainland China Project Outlook](index=5&type=section&id=Mainland%20China%20Project%20Outlook) Mainland China projects show varied progress, with Huizhou and Shenyang in design/approval, Shanxi Phase 1 sales strong, Zhuhai and Tianjin targeting 2025/2026 completion, and Shanghai preparing for foundation work - Huizhou Riverfront South Garden Phase 3 residential project has completed design modifications and will commence construction after approval[15](index=15&type=chunk) - Shanxi Polytec Grand Mansion Phase 1 sales are strong, with approximately **75% of units sold**, and sales are expected to largely complete within the year[16](index=16&type=chunk) - Zhuhai Hengda Plaza Phase 1 is expected to be completed and occupied by end-2025[17](index=17&type=chunk) - Tianjin City Plaza Phase 3B superstructure works are ongoing, with completion expected by end-2026[17](index=17&type=chunk) - The Shanghai Yangpu project has obtained preliminary construction permits, with foundation work preparation underway[17](index=17&type=chunk) [Financial Strategy and Dividend Policy](index=6&type=section&id=Financial%20Strategy%20and%20Dividend%20Policy) The Group anticipates High Park sales and rental income to drive second-half results and will adopt a conservative dividend policy due to industry challenges and significant project funding needs - The Group expects sales and rental income from Hong Kong's High Park project to be the main contributors to performance and revenue in the second half of 2025[18](index=18&type=chunk) - Given the challenging operating environment in the property sector and the substantial funding requirements for the large-scale Clear Water Bay Road development project, the Group deems it necessary to adopt a conservative dividend policy[18](index=18&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=7&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Operating revenue increased to HKD 2.429 billion, with operating profit at HKD 240 million and profit attributable to equity holders at HKD 125 million, resulting in HKD 0.10 basic and diluted earnings per share Consolidated Statement of Profit or Loss Highlights | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,428,801 | 1,940,947 | +25.1% | | Cost of Sales | (1,275,466) | (916,223) | +39.2% | | Fair Value Changes of Investment Properties | (186,798) | (189,846) | -1.6% | | Fair Value Changes of Property Development Interests | (293) | 14,050 | -102.1% | | Operating Profit | 239,920 | 269,188 | -10.9% | | Finance Costs | (73,965) | (85,140) | -13.1% | | Profit Before Tax | 195,801 | 199,345 | -1.8% | | Profit for the Period | 115,121 | 113,104 | +1.8% | | Profit Attributable to Equity Holders of the Company | 124,556 | 113,453 | +9.8% | | Earnings Per Share – Basic and Diluted | HKD 0.10 | HKD 0.10 | Flat | [Consolidated Statement of Financial Position](index=9&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities were HKD 36.89 billion, net assets were HKD 17.625 billion, with notable decreases in joint venture interests, inventories, and various current liabilities Consolidated Statement of Financial Position Highlights | Indicator | As of June 30, 2025 (HKD thousand) | As of Dec 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Investment Properties | 13,295,290 | 13,416,380 | -0.9% | | Property Development Interests (Non-current) | 1,232,238 | 1,239,499 | -0.6% | | Interests in Joint Ventures | 1,588,019 | 1,898,578 | -16.4% | | Interests in Associates | 2,320,253 | 2,245,931 | +3.3% | | Inventories | 20,508,918 | 21,278,307 | -3.6% | | Cash and Bank Balances | 956,812 | 791,467 | +20.9% | | Trade and Other Payables (Current) | 2,663,313 | 3,231,671 | -17.5% | | Amounts Due to Joint Ventures (Current) | 0 | 557,725 | -100% | | Bank Loans (Current) | 1,709,454 | 2,374,807 | -28.0% | | Total Assets Less Current Liabilities | 36,890,009 | 36,200,159 | +1.9% | | Net Assets | 17,625,085 | 17,567,526 | +0.3% | [Notes](index=11&type=section&id=Notes) [Basis of Preparation](index=11&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared under HKEX Listing Rules and HKAS 34, with accounting policies consistent with 2024 annual statements, except for Note 2 changes - The interim financial report is prepared in accordance with Hong Kong Listing Rules and HongAS 34[23](index=23&type=chunk) - Accounting policies are consistent with the 2024 annual financial statements, except for changes detailed in Note 2[23](index=23&type=chunk) [Changes in Accounting Policies](index=12&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 amendments with no significant impact, and no new standards or interpretations not yet effective were adopted in this period - Amendments to Hong Kong Accounting Standard 21 have been applied but have no significant impact on this interim report[24](index=24&type=chunk) - No new standards or interpretations not yet effective have been adopted in the current accounting period[25](index=25&type=chunk) [Segment Reporting](index=12&type=section&id=Segment%20Reporting) The Group manages its business across three reportable segments: property development (Hong Kong/Mainland China), property investment, and other businesses, with operating revenue from various property-related activities [Segment Results and Assets](index=13&type=section&id=Segment%20Results%20and%20Assets) In H1 2025, Hong Kong property development generated HKD 1.419 billion revenue and HKD 364.5 million profit, Mainland China property development generated HKD 600.2 million revenue and HKD 46.5 million profit, and total segment assets were HKD 40.475 billion Segment Performance and Assets (H1 2025) | Segment | H1 2025 Operating Revenue (HKD thousand) | H1 2025 Reportable Segment Profit/(Loss) (HKD thousand) | As of June 30, 2025, Reportable Segment Assets (HKD thousand) | | :--- | :--- | :--- | :--- | | Property Development (Total) | 2,428,801 | 498,697 | 40,475,189 | | - Hong Kong | 1,419,027 | 364,467 | 15,383,133 | | - Mainland China | 600,249 | 46,460 | 11,199,793 | | Property Investment | 132,151 | 102,532 | 13,312,565 | | Other Businesses | 277,374 | (14,762) | 579,698 | [Profit Before Tax](index=15&type=section&id=Profit%20Before%20Tax) Finance costs decreased by 13.1% to HKD 74.0 million in H1 2025 due to lower loan interest and higher capitalized costs, while interest income significantly declined [Finance Costs](index=15&type=section&id=Finance%20Costs) Net finance costs decreased by 13.1% to HKD 74.0 million, after capitalizing HKD 348.9 million in borrowing costs at an annual interest rate of 1.89%–6.98% Finance Costs Breakdown | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans | 377,164 | 543,149 | -30.6% | | Interest on Related Company Loans | 45,692 | 73,904 | -38.2% | | Less: Amount Capitalized | (348,891) | (531,913) | -34.4% | | Total Finance Costs | 73,965 | 85,140 | -13.1% | - Borrowing costs capitalized were calculated at an annual interest rate of **1.89%–6.98%**[34](index=34&type=chunk) [Other Items](index=16&type=section&id=Other%20Items) Depreciation and amortization were HKD 6.2 million, while interest income significantly decreased to HKD 12.1 million in the first half of 2025 Other Income and Expenses | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation and Amortization | 6,184 | 10,155 | -39.1% | | Interest Income | (12,095) | (36,425) | -66.8% | [Income Tax](index=16&type=section&id=Income%20Tax) Total income tax decreased by 6.4% to HKD 80.7 million, with Hong Kong profits tax at HKD 75.8 million, new withholding tax of HKD 13.8 million, and a significant reduction in land appreciation tax Income Tax Breakdown | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Tax for the Period | 80,680 | 86,241 | -6.4% | | Profits Tax Provision – Hong Kong | 75,780 | 77,775 | -2.6% | | Profits Tax Provision – Outside Hong Kong | 9,188 | 397 | +2213.4% | | Withholding Tax | 13,830 | 0 | N/A | | Land Appreciation Tax | 20 | 818 | -97.6% | | Deferred Tax | (18,138) | 7,251 | -350.1% | - Hong Kong profits tax is calculated at a rate of **16.5%**[36](index=36&type=chunk) - Mainland China land appreciation tax is levied at progressive rates ranging from **30% to 60%**[37](index=37&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) Basic earnings per share remained at HKD 0.10, with profit attributable to equity holders at HKD 124.6 million and no dilutive potential ordinary shares during the period Earnings Per Share Details | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Earnings Per Share | HKD 0.10 | HKD 0.10 | | Profit Attributable to Equity Holders of the Company | HKD 124,556,000 | HKD 113,453,000 | | Weighted Average Number of Ordinary Shares in Issue | 1,306,206,058 shares | 1,176,631,296 shares | - There were no dilutive potential ordinary shares during the period[39](index=39&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board declared an interim dividend of HKD 0.10 per share for 2025, consistent with the prior year, payable on January 7, 2026 Interim Dividend Declaration | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Interim Dividend of HKD 0.10 Per Share Declared After Period End | 130,621 | 130,621 | - The interim dividend will be paid on **January 7, 2026**[6](index=6&type=chunk) [Property Development Interests](index=17&type=section&id=Property%20Development%20Interests) Property development interests, accounted for at fair value, represent joint investments in Mainland China, with HKD 458.1 million expected to be recovered within one year - Property development interests represent joint investments by the Group and Polytec Holdings in Huizhou and Zhuhai, Mainland China[41](index=41&type=chunk) - These interests are accounted for at fair value, with **HKD 458.1 million** expected to be recovered within one year and classified as current assets[41](index=41&type=chunk) [Trade and Other Receivables / Loans](index=18&type=section&id=Trade%20and%20Other%20Receivables%20%2F%20Loans) Total trade receivables and loans decreased to HKD 384 million, with HKD 351 million current, as the Group maintains specific credit policies to mitigate risk Trade and Other Receivables / Loans | Indicator | As of June 30, 2025 (HKD thousand) | As of Dec 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables and Loans | 384,015 | 425,517 | -9.7% | | - Current | 351,261 | 368,761 | -4.8% | | Other Receivables and Prepayments | 393,702 | 377,139 | +4.4% | | Total | 876,175 | 906,680 | -3.4% | - The Group maintains specific credit policies and close monitoring to mitigate credit risk[42](index=42&type=chunk) [Trade and Other Payables](index=19&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased to HKD 2.663 billion, with trade payables at HKD 1.795 billion and contract liabilities significantly reduced to HKD 259.8 million Trade and Other Payables Breakdown | Indicator | As of June 30, 2025 (HKD thousand) | As of Dec 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 1,794,679 | 2,006,327 | -10.5% | | Contract Liabilities – Deposits Received for Property Sales | 259,804 | 524,646 | -50.5% | | Total | 2,663,313 | 3,231,671 | -17.5% | [Financial Review](index=19&type=section&id=Financial%20Review) [Financial Resources and Bank Borrowings](index=19&type=section&id=Financial%20Resources%20and%20Bank%20Borrowings) Total bank loans decreased to HKD 18.74 billion, with net bank borrowings at HKD 17.783 billion and a gearing ratio of 100.9%, supported by cash inflows from property sales Financial Resources and Bank Borrowings Highlights | Indicator | As of June 30, 2025 (HKD) | As of Dec 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total Bank Loans | 18.74 billion | 19.125 billion | -2.0% | | Net Bank Borrowings | 17.783 billion | N/A | N/A | | Gearing Ratio | 100.9% | 104.4% | -3.5% | | Cash Inflow from Hong Kong Property Project Sales | 1.367 billion | N/A | N/A | | Cash Inflow from Mainland China Development Project Pre-sales/Sales | 368 million | N/A | N/A | - The Group prioritizes reducing its gearing ratio as a key financial strategy, achieved through disposing of non-core assets and launching projects for sale[46](index=46&type=chunk) - The Group cautiously advanced project development, investing approximately **HKD 657 million** in construction costs during the period[47](index=47&type=chunk) - All Group borrowings are arranged at floating interest rates, with RMB income and borrowings naturally hedging RMB exchange rate risk[47](index=47&type=chunk) [Capital Commitments](index=20&type=section&id=Capital%20Commitments) The Group's capital commitments totaled HKD 94 million as of June 30, 2025, primarily allocated to investment properties Capital Commitments | Indicator | As of June 30, 2025 (HKD) | | :--- | :--- | | Capital Commitments | 94 million | - Capital commitments are primarily for investment properties[48](index=48&type=chunk) [Pledged Assets](index=20&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged HKD 26.421 billion in properties and HKD 13 million in deposits as security for banking facilities and performance guarantees Pledged Assets | Indicator | As of June 30, 2025 (HKD) | | :--- | :--- | | Pledged Properties | 26.421 billion | | Pledged Deposits | 13 million | - Pledged assets primarily serve as security for banking facilities and performance guarantees[49](index=49&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group provided HKD 38 million in guarantees to financial institutions for subsidiary performance guarantees Contingent Liabilities | Indicator | As of June 30, 2025 (HKD) | | :--- | :--- | | Guarantees for Subsidiary Performance | 38 million | [Other Information](index=20&type=section&id=Other%20Information) [Review of Interim Financial Report](index=20&type=section&id=Review%20of%20Interim%20Financial%20Report) The Audit Committee reviewed the unaudited interim financial report, which was also reviewed by independent auditor KPMG in accordance with HK SRE 2410 - The Audit Committee has reviewed the interim financial report[51](index=51&type=chunk) - Independent auditor KPMG has reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[51](index=51&type=chunk) [Compliance with Corporate Governance Code](index=21&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with all Listing Rules Appendix C1 Part 2 code provisions, except for C.2.1 (chairman and CEO roles combined) and F.2.2 (Nomination Committee chairman's AGM absence) - The Company has complied with all code provisions in Part 2 of Appendix C1 to the Listing Rules, with two exceptions[53](index=53&type=chunk) - Code provision C.2.1: The roles of Chairman and Chief Executive Officer are held by Mr. Ko Wai Cheung[53](index=53&type=chunk) - Code provision F.2.2: Mr. Ko Wai Cheung, Chairman of the Nomination Committee, was unable to attend the 2025 Annual General Meeting due to medical arrangements[54](index=54&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[55](index=55&type=chunk) [Closure of Register of Members](index=21&type=section&id=Closure%20of%20Register%20of%20Members) The Company will suspend share transfer registration from December 15-16, 2025, requiring shareholders to register by December 12, 2025, to qualify for the interim dividend - The register of members will be closed from **December 15 to December 16, 2025**[56](index=56&type=chunk) - Shareholders must register their transfers by **4:30 p.m. on December 12, 2025**, to qualify for the interim dividend[56](index=56&type=chunk) [Publication of Interim Report](index=22&type=section&id=Publication%20of%20Interim%20Report) The 2025 interim report, with all Listing Rules information, will be published online by end-September 2025, and printed copies will be sent upon request - The 2025 interim report will be published on the HKEXnews website and the Company's website by the end of **September 2025**[57](index=57&type=chunk) - Printed copies will be sent to shareholders upon request[57](index=57&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公 告 的內容概 不負 責，對 其準 確 性或 完 整性 亦 不發 表任 何 聲明 ，並 明 確表 示，概 不對 因 本 公 告 全部或任何部分 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。 香港， 二零二 五年八月 八 日 於本公 告日期，本公司董事包括：執行董事柯為湘先生（主 席）、黎家輝先 生、柯沛鈞先生及 林勇禧 先生；非執行董事吳志文女士及楊國光先生；以及 獨立非執行董事李國星先生、陸恭正 先生 及徐嘉文 先生。 九 龍 建 業 有 限 公 司 KOWLOON DEVELOPMENT COMPANY LIMITED 九龍建業有限公司 – 公告 二零二五年八月八日 （於香港註冊成立之有限公司） （股份代號：34） 董事會會議通知 九 龍 建 業 有 限 公 司 （「 本公司 」） 謹 此 宣 布 ，本公司將於二零二 五 年 八 月 二 十 二 日 （星期五 ）舉行董事會會議，以（其中包括）考慮及批准本公司及 其附屬公司截至 二零二 五 年六月三十日止六個月之中期業績及考慮派付中 期股息。 承董事會命 九龍建業有限公司 公司秘書 謝華婷 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 九龍建業有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 九龍建業有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00034 | 說明 | | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1 ...

Financial Performance - For the year ended December 31, 2024, the attributable profit to shareholders was HKD 450 million, a decrease of 21.5% compared to HKD 573 million in 2023[19] - The basic earnings per share for 2024 was HKD 0.36, down from HKD 0.49 in 2023[19] - The fair value changes of property development rights and financial investments, along with impairment of investment properties, resulted in a profit attributable to shareholders of HKD 116 million, a decline of 65.6% from HKD 337 million in 2023[19] - The total revenue for 2024 was HKD 5.39 billion, an increase from HKD 2.94 billion in 2023[28] - The operating profit for 2024 was HKD 317 million, significantly lower than HKD 623 million in 2023[28] - The total rental income from the company's investment properties in Hong Kong for 2024 is HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[41] - The company plans to distribute a final cash dividend of HKD 0.12 per share for the year ending December 31, 2024, compared to a scrip dividend of HKD 0.57 per share in 2023[32] - The total rental income from the Hong Kong property portfolio for 2024 is projected to be HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[84] Property Development and Management - The Group's landbank amounted to approximately 3.0 million sq m of attributable gross floor area in Hong Kong and Mainland China as of December 31, 2024[5] - The Group is engaged in property development projects in various locations, including Shenyang, Huizhou, and Tianjin, with a total development land reserve of 2.777 million sq m[16] - The Group manages properties totaling 1.348 million sq m in Hong Kong and other recognized financial markets[16] - The group has sold over 1,380 residential units at the residential development project "Haein Garden" in Tseung Kwan O, accounting for 88.7% of the total units, with sales revenue of approximately HKD 2 billion recognized during the year[35] - The group’s pre-sale/sales total for development projects in mainland China is approximately RMB 1.7 billion, with the group's attributable share being approximately RMB 1.4 billion[35] - The overall vacancy rate for commercial properties in Hong Kong reached approximately 17% by year-end 2024, indicating a slowdown in demand[34] - The group is actively selling remaining units in the residential project at Tseung Kwan O, having sold approximately 510 units in 2024[47] - The Clearwater Bay project has a total floor area of approximately 201,000 square meters and is currently in the basement and superstructure construction phase, with completion expected between 2026 and 2028[59] Financial Position and Debt Management - The capital debt ratio for 2023 is 111.53%, reflecting a significant increase from 61.07% in 2020[29] - The company completed the repurchase of 60% equity and shareholder loans of its wholly-owned subsidiary for a total consideration of HKD 1.39 billion, improving liquidity and reducing the capital debt ratio[36] - As of December 31, 2024, the total bank loans of the group amounted to HKD 19.125 billion, a decrease from HKD 20.897 billion in 2023[103] - The net bank borrowings decreased to HKD 18.334 billion, with cash and bank balances totaling HKD 0.791 billion[103] - The capital-to-debt ratio as of December 31, 2024, was 104.4%, down from 111.5% in 2023[103] - The group generated cash inflow of approximately HKD 2.14 billion from property sales in Hong Kong, primarily from the sale of the Hain Villa[103] - The group recorded cash inflow of about HKD 1.132 billion from pre-sales and sales of various properties in mainland China, mainly from Jiangwan City (Wuxi)[103] - The group has strategically sold non-core assets totaling over HKD 300 million to reduce debt levels and enhance cash flow[104] Corporate Governance and Management - The company has a strong commitment to corporate governance, ensuring transparency and accountability to shareholders[120] - The board consists of nine members as of December 31, 2024, reflecting a diverse range of expertise[128] - The company emphasizes a positive corporate culture aligned with its vision and values, which is crucial for achieving long-term success[125] - The company has been compliant with the corporate governance code, with the exception of the separation of roles between the chairman and CEO[121] - The management team has extensive experience in real estate development, financial investment, and information technology, contributing to strategic decision-making[116] - The company focuses on employee development, workplace safety, and sustainability, which are essential for building a strong workforce[127] - The board regularly reviews corporate governance practices to maintain the company's long-term health and development[120] - The company has implemented high standards of business ethics and governance across all operations[126] Risk Management - The group faces various risks in property development and has established a risk management system to monitor and manage these risks[86] - The group's performance is significantly influenced by local property market conditions and overall economic environment, with risks including economic recovery weakness and a sluggish property market[88] - The group faces regulatory risks due to strict market and industry regulations, requiring compliance with various legal and tax obligations[89] - Financial risks include interest rate, credit, liquidity, foreign currency, and other price risks arising from daily business operations[91] - The risk management framework follows the "three lines of defense" model, with operational management as the first line, and internal audit as the third line[179] - The internal audit department reports to the chairman and the audit committee, assessing the effectiveness of the risk management and internal control systems[185] - The risk management system aims to provide reasonable assurance against significant misstatements or losses, addressing financial, operational, compliance, and ESG risks[179] Environmental, Social, and Governance (ESG) - The group is committed to high environmental protection standards, continuously improving environmental performance since 2007, and has implemented strict measures to ensure compliance with regulations[96] - The latest residential development project, "Haein Garden," incorporates energy-efficient designs and has received a silver rating from the Green Building Council[97] - The group has provided 33 transitional housing units under the Lok Sin Tong social housing program to support government initiatives[100] - The group actively engages with stakeholders to assess their views on environmental, social, and governance issues through annual surveys[99] - The group has established a comprehensive environmental, social, and governance (ESG) framework, integrating ESG management into its operations and decision-making processes[183] Shareholder Relations - The company emphasizes the importance of shareholder privacy and will not disclose shareholder information without consent, except as required by law[192] - The company has established a shareholder communication policy to ensure timely access to public information for shareholders and the investment community[191] - The company actively updates its website to provide shareholders with access to announcements, financial reports, and corporate governance developments[191] - The total voting rights at the annual general meetings over the past five years were as follows: 2020 - 72.81%, 2021 - 72.55%, 2022 - 72.45%, 2023 - 72.74%, and 2024 - 44.95%[196] - The company declared a final dividend of HKD 0.57 per share for the year ending December 31, 2023, with a support rate of 99.99% from shareholders[197] - The company received 100% approval for the reappointment of KPMG as auditors and authorization for the board to determine their remuneration[197] - The company obtained 97.17% approval for a general mandate to issue new shares not exceeding 20% of the total issued shares[197] - The company approved a buyback of shares not exceeding 10% of the total issued shares with 100% support from shareholders[197]

Financial Performance - The company's basic earnings attributable to shareholders for the year ended December 31, 2024, were HKD 450 million, a decrease of 21.5% from HKD 573 million in 2023[4]. - The basic earnings per share for 2024 were HKD 0.36, compared to HKD 0.49 in 2023[5]. - The total attributable profit for the year, including fair value changes of property development rights and financial investments, was HKD 116 million, down 65.6% from HKD 337 million in 2023[5]. - The consolidated revenue for the year ended December 31, 2024, was HKD 5,389,846, an increase of 83.3% compared to HKD 2,942,765 in 2023[24]. - The operating profit decreased to HKD 317,070, down 49.1% from HKD 622,880 in the previous year[24]. - The net profit for the year was HKD 114,520, a decline of 65.0% compared to HKD 326,302 in 2023[24]. - Total comprehensive income for the year was a loss of HKD 69,824, compared to a gain of HKD 208,876 in 2023[26]. - The basic and diluted earnings per share decreased to HKD 0.09 from HKD 0.29 in the previous year[24]. - The company reported a pre-tax profit of HKD 134,255,000 for 2024, a decrease from HKD 492,717,000 in 2023, representing a decline of 72.8%[43]. - Interest income decreased to HKD 49,255,000 in 2024 from HKD 140,681,000 in 2023, a decline of 65.0%[54]. Dividends - The proposed final cash dividend is HKD 0.12 per share, with a total annual dividend of HKD 0.22 per share for 2024, down from HKD 0.83 in 2023[6]. - The interim dividend declared for 2024 was HKD 0.10 per share, significantly lower than HKD 0.26 per share in 2023, indicating a decrease of approximately 61.5%[60]. - The group plans to implement a conservative dividend policy over the next two years due to the challenging real estate market conditions and the substantial capital required for the Clearwater Bay development project[23]. Property Development and Sales - The group sold over 1,380 residential units at the "Oceanview Garden" project in Tseung Kwan O, generating sales revenue of approximately HKD 2 billion during the review year[9]. - The total pre-sale/sales amount for projects in mainland China was approximately RMB 1.7 billion, with the group's attributable share being RMB 1.4 billion[11]. - The group anticipates significant revenue from the sales and rental income of the completed "Hai Yin Zhuang Yuan" and the upcoming "Half Mountain Ming Hui" projects in 2025[23]. - The "Jiangwan South Coast Garden" Phase 3 residential development in Huizhou is undergoing design modifications according to new regulations, with construction to commence upon approval[19]. - The "Cui Di Wan" Phase 4 development project in Shenyang is in the design coordination phase regarding height restrictions, with construction to start once procedures are completed[20]. - The "Poly Da•Gui Fu" Phase 1 project in Jiexiu, Shanxi, is expected to sell out within the year, with planning for Phase 2 ongoing[22]. - The "Heng Da Plaza" Phase 1 project in Zhuhai, comprising approximately 900 units, is progressing smoothly and is expected to be completed by the end of 2025[22]. - The "Shan Yu Hu" Phase 5 project in Foshan has completed construction and is now in pre-sale, while the "Tianjin City Square" Phase 3B project is ongoing and expected to be completed by the end of 2026[22]. Financial Position and Assets - Non-current assets totaled HKD 19,393,998, an increase from HKD 18,769,344 in 2023[28]. - Current assets decreased to HKD 23,314,398 from HKD 28,963,310 in the previous year[30]. - Current liabilities decreased to HKD 6,508,237 from HKD 9,433,686 in 2023[30]. - The total assets less current liabilities amounted to HKD 36,200,159, down from HKD 38,298,968 in the previous year[30]. - The company's equity attributable to shareholders decreased to HKD 17,471,141 from HKD 17,669,438 in 2023[30]. - The total assets reported for 2024 amounted to HKD 42,708,396,000, an increase from HKD 47,732,654,000 in 2023[45]. - Cash and bank balances stood at HKD 791,467,000 in 2024, down from HKD 1,080,599,000 in 2023, reflecting a decrease of 26.8%[45]. - The company's total liabilities for 2024 were not explicitly stated but are implied to have increased due to higher financial costs, which rose to HKD 204,654,000 from HKD 178,736,000 in 2023[53]. Market Conditions - The overall vacancy rate for commercial properties in Hong Kong reached about 17% by year-end, indicating a slowdown in demand[7]. - The Hong Kong housing market is expected to face downward pressure on prices due to an ample supply of over 100,000 units projected in the next three to four years[7]. Employee and Operational Costs - The total employee cost increased to HKD 668 million from HKD 621 million in the previous year due to workforce adjustments and salary adjustments in July 2024[75]. - The group employed 2,476 staff as of December 31, 2024, down from 2,641 in the previous year[75]. Future Plans and Meetings - The group will hold its 2025 Annual General Meeting on June 4, 2025[81]. - The group plans to publish its 2024 annual report by the end of April 2025[85].

Financial Performance - The basic earnings attributable to shareholders for the first half of 2024 slightly increased to HKD 289 million, compared to HKD 288 million in the same period of 2023, representing a 0.3% increase [13]. - The unaudited profit attributable to shareholders for the six months ended June 30, 2024, decreased to HKD 113 million, down 38.6% from HKD 184 million in the same period of 2023 [15]. - The basic interim earnings per share for 2024 is HKD 0.246, compared to HKD 0.245 in 2023 [15]. - The interim dividend for 2024 is set at HKD 0.10 per share, down from HKD 0.26 per share in 2023 [15]. - The company reported a total revenue of HKD 1,940,947,000 for the six months ended June 30, 2024, compared to HKD 1,275,963,000 for the same period in 2023, representing an increase of approximately 52.1% [34]. - Operating profit decreased to HKD 269,188,000 for the first half of 2024, down from HKD 313,391,000 in the previous year, reflecting a decline of about 14.1% [34]. - The net profit for the period was HKD 113,104,000, a decrease of 38.3% from HKD 183,594,000 in the prior year [35]. - Basic and diluted earnings per share were HKD 0.10, down from HKD 0.16 in the same period last year, indicating a decline of 37.5% [34]. - The total comprehensive income for the period was HKD 78,542,000, compared to a loss of HKD 45,900,000 in the same period last year [35]. - The company reported a profit of HKD 113,453 for the six months ended June 30, 2024, compared to HKD 184,481 for the same period in 2023, reflecting a decrease of approximately 38.4% [38]. Property Development and Sales - The group's attributable gross floor area landbank amounts to approximately 3.2 million sq m in Hong Kong and Mainland China as of June 30, 2024 [3]. - The group is engaged in property development, investment, and management, with major projects including Jiangwan City in Shenyang and other developments in Mainland China [12]. - In Hong Kong, the group achieved sales revenue of approximately HKD 1.2 billion from the sale of over 1,100 residential units at the Haiyin Garden project by June 30, 2024 [17]. - In mainland China, the total pre-sale/sales amount for the group's development projects reached approximately RMB 643 million, with the group's attributable share being about RMB 558 million [17]. - The group is progressing with the construction of a mixed-use development project in Sai Ying Pun, with a 60% interest, expected to meet strong demand due to its prime location [23]. - The group is adjusting the planning for the third phase of the Jiangwan South Garden residential project in Huizhou in response to market changes, with construction to commence upon approval [23]. - The group continues to sell remaining units in joint venture projects in Foshan and Tianjin, with ongoing construction for the fifth phase of the Shanyu Lake project and the third phase of the City Square project [23]. - The group anticipates that sales from remaining units in the Sea Garden project and other development projects will contribute significantly to revenue in the second half of the year [24]. Market Conditions - The residential price index in June 2024 was 301.8, marking a nearly eight-year low and a decline of approximately 2.55% from the beginning of the year [16]. - The overall vacancy rate for office buildings in Hong Kong reached a new high, putting pressure on rental income [16]. - The market conditions in Hong Kong have been challenging, with high interest rates affecting purchasing sentiment and leading to a decline in property prices [16]. Financial Position and Liabilities - As of June 30, 2024, the group’s total bank loans were HKD 19,348,000,000, with HKD 2,898,000,000 due within one year [26]. - The company’s total liabilities decreased to HKD 8,474,882,000 from HKD 9,433,686,000, reflecting a reduction of about 10.2% [37]. - The company’s total liabilities decreased to HKD 16,449,906,000 from HKD 17,151,977,000, indicating a reduction of approximately 4.1% [68]. - The bank loans due within one year decreased to HKD 2,898,391,000 from HKD 3,744,569,000, reflecting a decline of about 22.7% [68]. - The total bank loans as of June 30, 2024, were HKD 19,348,297,000, down from HKD 20,896,546,000 at the end of 2023, indicating a decrease of approximately 7.4% [69]. Cash Flow and Investments - Cash inflow from sales in Hong Kong projects amounted to approximately HKD 1,205,000,000, primarily from the sale of the Sea Garden project, while cash inflow from mainland China projects was about HKD 351,000,000 [27]. - The company reported a significant decrease in cash and bank balances, which fell to HKD 708,832,000 from HKD 1,080,599,000, a decline of approximately 34.4% [36]. - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 1,076,035, an increase from HKD 1,005,443 in the same period of 2023, representing a growth of approximately 7.0% [39]. - The net cash used in investing activities for the six months ended June 30, 2024, was HKD 104,928, a recovery from HKD (11,258) in the same period of 2023 [39]. - The company incurred financial costs of HKD 85,140,000 for the six months ended June 30, 2024, slightly lower than HKD 95,034,000 in the previous year [52]. Corporate Governance and Compliance - The company has complied with all relevant corporate governance codes except for one specific provision regarding the dual role of the chairman and CEO [82]. - The company’s board members have confirmed full compliance with the securities trading standards during the review period [83]. - The independent auditor, KPMG, reviewed the interim financial report for the six months ending June 30, 2024, in accordance with Hong Kong standards [95]. Employee and Operational Insights - As of June 30, 2024, the company employed 2,743 staff, an increase from 2,641 staff as of December 31, 2023, reflecting business growth [93]. - Total employee costs rose to HKD 329 million, up from HKD 300 million as of June 30, 2023, due to salary adjustments and increased headcount [93]. - The company emphasizes competitive salary levels and discretionary bonuses based on performance to attract and retain talent [93]. - A series of training programs are conducted to enhance employee skills and knowledge, preparing them for a rapidly changing economic environment [93].

2024 Interim Results Announcement Summary [Interim Results and Dividend Overview](index=1&type=section&id=Interim%20Results%20and%20Dividend%20Overview) Kowloon Development Company Limited reported a slight increase in underlying profit attributable to shareholders but a significant decrease in unaudited profit, leading to a substantial reduction in interim dividends per share H1 2024 Key Financial Performance | Metric | H1 2024 (HKD) | H1 2023 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Underlying Profit Attributable to Shareholders | 289 million | 288 million | +0.3% | | Basic Interim Earnings Per Share | 0.246 | 0.245 | - | | Unaudited Profit Attributable to Shareholders | 113 million | 184 million | -38.6% | | Interim Earnings Per Share | 0.10 | 0.16 | - | | Interim Dividend Per Share | 0.10 | 0.26 | -61.5% | [Market Overview and Business Review](index=2&type=section&id=Market%20Overview%20and%20Business%20Review) [Market Overview](index=2&type=section&id=Market%20Overview) Hong Kong's property market in H1 2024 experienced low buying sentiment due to high interest rates, with a brief stimulus from the government's removal of sales restrictions, while mainland China saw continued declines in both property sales volume and prices - High bank interest rates in Hong Kong severely impacted market buying sentiment[5](index=5&type=chunk) - The government's complete removal of property sales restrictions in late February provided only a short-term stimulus, with transaction volumes gradually declining[5](index=5&type=chunk) - Hong Kong's residential property price index reached a nearly eight-year low, falling approximately **2.55%** from its year-start high and over **24%** from its historical peak in September 2021[5](index=5&type=chunk) - Mainland China's property market experienced generally sustained low buying sentiment, leading to declines in both sales volume and prices nationwide[5](index=5&type=chunk) [Property Sales](index=2&type=section&id=Property%20Sales) The Group continued to sell its Grand Mayfair project in Tseung Kwan O, Hong Kong, recognizing approximately HKD 1.2 billion in sales revenue in H1, while mainland China development projects achieved total pre-sales/sales of approximately RMB 643 million, with the Group's attributable share being approximately RMB 558 million - Over **1,100 residential units** at the Grand Mayfair project in Tseung Kwan O, Hong Kong, have been sold cumulatively[6](index=6&type=chunk) - Sales revenue of approximately **HKD 1.2 billion** from Grand Mayfair was recognized in H1[6](index=6&type=chunk) Mainland China Development Projects Pre-sales/Sales (Six Months Ended June 30, 2024) | Metric | Amount | | :--- | :--- | | Total Pre-sales/Sales | Approximately RMB 643 million | | Group's Attributable Pre-sales/Sales | Approximately RMB 558 million | [Property Development](index=3&type=section&id=Property%20Development) The Group sold a 60% equity interest in a Shanghai property development project for a total consideration of HKD 1.392 billion to enhance liquidity and reduce its gearing ratio, with total attributable gross floor area of land bank at approximately 3.2 million square meters as of June 30, 2024, and various key property projects in Hong Kong and mainland China progressing towards their estimated completion dates - The Group completed the disposal of a **60% equity interest** in a subsidiary holding a Shanghai property development project, along with a **60% shareholder loan**, for a total consideration of **HKD 1,391,957,000** on June 11, 2024[7](index=7&type=chunk) - The disposal helps enhance the Group's liquidity and reduce its gearing ratio[7](index=7&type=chunk) - As of June 30, 2024, the Group's attributable total gross floor area of land bank available for development was approximately **3,200,000 square meters**[7](index=7&type=chunk) Overview of Major Property Project Progress | Property Project | Region/City | Usage | Group's Interest | Project Progress | Estimated Completion Date | | :--- | :--- | :--- | :--- | :--- | :--- | | High Street | Sai Ying Pun, Hong Kong | Residential & Commercial | 60% | Superstructure works in progress | End of 2025 | | Clearwater Bay Road | Ngau Chi Wan, Kowloon | Residential & Commercial | 100% | Foundation works in progress | 2026 to 2028 | | Jiangwan City (Shenyang) | Hunnan New District, Shenyang | Residential & Commercial | 100% | Phase 5A planning modification in progress | Phase 5A to be determined | | Cui Di Wan (Shenyang) | Shenhe District, Shenyang | Residential & Commercial | 100% | Phase 4 design approval in progress | Phase 4 to be determined | | Jiangwan South Bank Garden (Huizhou) | Huicheng District, Huizhou | Residential & Commercial | 60% | Phase 3 planning in progress | Phase 3 to be determined | | Shan Yu Hu (Foshan) | Nanhai District, Foshan | Residential & Commercial | 50% | Phase 5 superstructure works in progress | 2024/2025 | | Jiangwan City (Wuxi) | Liangxi District, Wuxi | Residential & Commercial | 100% | Phase 4 interior fitting-out works in progress | Q3 2024 | | City Plaza (Tianjin) | Hedong District, Tianjin | Residential, Commercial & Office | 49% | Phase 3B superstructure works in progress | End of 2026 | | Yangpu (Shanghai) | Yangpu District, Shanghai | Residential, Commercial & Office | 40% | Preliminary construction permit obtained; site formation works in progress | End of 2029 | | Polytec • Guifu (Shanxi) | Jiexiu City | Residential & Commercial | 100% | Phase 1 interior fitting-out works in progress | End of 2024 | | Henda Plaza (Zhuhai) | Xiangzhou District, Zhuhai | Commercial, Office & Serviced Apartments | 70% | Phase 1 superstructure works in progress | End of 2025 | [Property Investment](index=4&type=section&id=Property%20Investment) In the first six months of 2024, the Group's total rental income from its Hong Kong investment property portfolio was HKD 148 million, with its flagship property, Pioneer Centre, experiencing a 3.3% year-on-year decline in total rental income to HKD 116 million, reflecting pressure from a weak retail market and record-high office vacancy rates - The Group's total rental income from its Hong Kong investment property portfolio was **HKD 148 million**[10](index=10&type=chunk) Pioneer Centre Total Rental Income (H1 2024) | Metric | H1 2024 (HKD) | H1 2023 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Pioneer Centre Total Rental Income | 116 million | 120 million | -3.3% | [Outlook](index=5&type=section&id=Outlook) The Group anticipates a boost in the Hong Kong property market from factors such as declining US interest rates, the removal of stamp duties, and a temporary halt in land sales, with a focus on selling remaining units at Grand Mayfair and launching pre-sales for the new High Street project in Sai Ying Pun in the second half of the year, while the outlook for mainland China remains challenging with limited profit contribution expected; the Group will continue to operate cautiously and has temporarily reduced its interim dividend to navigate the severe market conditions, with plans to resume increasing dividends when market conditions permit - Hong Kong interest rates are expected to gradually decline after September, following US interest rates, and the Hong Kong government's removal of stamp duties and temporary halt in land sales are anticipated to boost market buying confidence[11](index=11&type=chunk) - The Group will launch pre-sales for its new project on High Street in Sai Ying Pun, Hong Kong Island, in the fourth quarter of this year[12](index=12&type=chunk) - Operating income from mainland China will primarily come from the sale of remaining units in Wuxi and other development projects, but given the current low property prices in mainland China, the contribution of domestic development projects to the Group's profit is expected to be limited[12](index=12&type=chunk) - Under the principle of prudent operation, the Group has temporarily altered its strategy of gradually increasing dividends over the past decade, reducing this interim dividend, and will resume increasing dividends when market conditions permit[12](index=12&type=chunk) [Interim Financial Report](index=7&type=section&id=Interim%20Financial%20Report) [Consolidated Statement of Profit or Loss](index=7&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) In H1 2024, the Group's operating revenue significantly increased to HKD 1.941 billion, but profit for the period decreased by 38.6% to HKD 113 million due to an expanded fair value loss on investment properties and a reversal from loss to gain in fair value changes of property development interests Consolidated Statement of Profit or Loss Key Data (Six Months Ended June 30, 2024) | Metric | 2024 (HKD thousand) | 2023 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,940,947 | 1,275,963 | +52.1% | | Cost of Sales | (916,223) | (402,254) | +127.8% | | Operating Profit | 269,188 | 313,391 | -14.1% | | Fair Value Change of Investment Properties | (189,846) | (36,972) | +413.5% (Loss widened) | | Fair Value Change of Property Development Interests | 14,050 | (8,777) | Turned from loss to profit | | Profit Before Tax | 199,345 | 260,997 | -23.6% | | Profit for the Period | 113,104 | 183,594 | -38.4% | | Profit Attributable to Equity Holders of the Company | 113,453 | 184,481 | -38.5% | | Earnings Per Share – Basic and Diluted | HKD 0.10 | HKD 0.16 | -37.5% | [Consolidated Statement of Comprehensive Income](index=8&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) In H1 2024, the Group's total comprehensive income for the period turned from a loss in the prior year to a profit of HKD 78.542 million, primarily due to a significant narrowing of exchange differences on financial statements of subsidiaries outside Hong Kong and the release of exchange reserves upon disposal of a subsidiary Consolidated Statement of Comprehensive Income Key Data (Six Months Ended June 30, 2024) | Metric | 2024 (HKD thousand) | 2023 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Profit for the Period | 113,104 | 183,594 | -70,490 | | Exchange Differences on Financial Statements of Subsidiaries Outside Hong Kong | (32,719) | (129,063) | +96,344 | | Exchange Reserve Released on Disposal of Subsidiary | 17,082 | - | +17,082 | | Share of Other Comprehensive Income of Joint Ventures and Associates | (18,925) | (100,431) | +81,506 | | Total Comprehensive Income for the Period | 78,542 | (45,900) | +124,442 (Turned from loss to profit) | [Consolidated Statement of Financial Position](index=9&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets decreased from the end of 2023, mainly due to a reduction in inventories, while net current liabilities improved and the gearing ratio decreased, with a significant increase in interests in associates within non-current assets reflecting investments in these entities Consolidated Statement of Financial Position Key Data (As of June 30, 2024) | Metric | June 30, 2024 (HKD thousand) | December 31, 2023 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Total Assets | 44,455,032 | 47,732,654 | -3,277,622 | | Investment Properties | 13,502,300 | 13,633,020 | -130,720 | | Interests in Associates | 2,287,563 | 1,315,962 | +971,601 | | Inventories | 22,845,215 | 26,551,788 | -3,706,573 | | Cash and Bank Balances | 708,832 | 1,080,599 | -371,767 | | Net Current Liabilities | 16,431,556 | 19,529,624 | -3,098,068 | | Bank Loans (Current) | 2,898,391 | 3,744,569 | -846,178 | | Bank Loans (Non-current) | 16,449,906 | 17,151,977 | -702,071 | | Loans from Related Companies (Non-current) | 1,079,763 | 2,789,185 | -1,709,422 | | Total Equity | 17,846,513 | 17,767,971 | +78,542 | [Notes to the Financial Statements](index=11&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes to the financial statements provide detailed information on the basis of preparation, changes in accounting policies, segment reporting, components of profit before tax, income tax calculation, earnings per share, dividend policy, property development interests, and trade and other receivables/payables, offering a deeper understanding of the Group's financial performance [Basis of Preparation](index=11&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the disclosure requirements of the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, consistently applying the accounting policies used in the 2023 annual financial statements - This interim financial report is prepared in accordance with the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[17](index=17&type=chunk) - Except for changes in accounting policies expected to be reflected in the 2024 annual financial statements, the accounting policies adopted in the 2023 annual financial statements have been consistently applied in this interim financial report[17](index=17&type=chunk) [Changes in Accounting Policies](index=12&type=section&id=Changes%20in%20Accounting%20Policies) Revisions to Hong Kong Financial Reporting Standards effective for the current accounting period had no material impact on the preparation and presentation of the Group's current or prior period results and financial position - The Hong Kong Institute of Certified Public Accountants has issued certain amendments to Hong Kong Financial Reporting Standards that are effective for the Group's current accounting period, but they have no material impact on the preparation and presentation of the Group's current or prior period results and financial position[18](index=18&type=chunk) [Segment Reporting](index=12&type=section&id=Segment%20Reporting) The Group's operations are categorized into property development (Hong Kong/Mainland China), property investment, and other businesses, with property development (Hong Kong) contributing the largest operating revenue and profit in H1 2024, while property investment recorded a negative fair value change - The Group manages its businesses by the nature of the business and geographical area, identifying three reportable segments: property development (Hong Kong/Mainland China), property investment, and other businesses[19](index=19&type=chunk) Segment Results and Assets (Six Months Ended June 30, 2024) | Segment | Operating Revenue (HKD thousand) | Reportable Segment Profit (HKD thousand) | | :--- | :--- | :--- | | Total Property Development | 1,940,947 | 497,394 | | - Hong Kong | 1,174,307 | 346,022 | | - Mainland China | 271,326 | 5,024 | | Property Investment | 147,555 | 118,469 | | Others | 347,759 | 27,879 | | Fair Value Change of Investment Properties | - | (189,846) | | Fair Value Change of Property Development Interests | - | 14,050 | Segment Assets (As of June 30, 2024) | Segment | Reportable Segment Assets (HKD thousand) | | :--- | :--- | | Total Property Development | 29,442,882 | | - Hong Kong | 15,483,649 | | - Mainland China | 13,959,233 | | Property Investment | 13,519,341 | | Others | 653,611 | [Profit Before Tax](index=15&type=section&id=Profit%20Before%20Tax) Profit before tax was influenced by fair value gains on other financial assets and finance costs, with an increase in interest on bank loans and related company loans in H1 2024, largely offset by amounts capitalized - Other net expenses primarily consisted of fair value gains on other financial assets of **HKD 669,000** (compared to impairment and fair value losses of **HKD 57,643,000** in the corresponding period of 2023)[28](index=28&type=chunk) Finance Costs (Six Months Ended June 30, 2024) | Metric | 2024 (HKD thousand) | 2023 (HKD thousand) | | :--- | :--- | :--- | | Interest on Bank Loans | 543,149 | 483,723 | | Interest on Loans from Related Companies | 73,904 | 45,362 | | Less: Amounts Capitalized | (531,913) | (434,051) | | Net Finance Costs | 85,140 | 95,034 | - Borrowing costs capitalized were calculated at an annual interest rate of **4.98% – 6.98%** (2023: **2.42% – 6.29%**)[29](index=29&type=chunk) Other Items (Six Months Ended June 30, 2024) | Metric | 2024 (HKD thousand) | 2023 (HKD thousand) | | :--- | :--- | :--- | | Depreciation and Amortization | 10,155 | 10,471 | | Interest Income | (36,425) | (74,346) | [Income Tax](index=16&type=section&id=Income%20Tax) Total income tax for H1 2024 was HKD 86.241 million, an increase from the prior year, mainly due to higher provision for Hong Kong profits tax, with mainland China land appreciation tax calculated at progressive rates Income Tax Components (Six Months Ended June 30, 2024) | Tax Category | 2024 (HKD thousand) | 2023 (HKD thousand) | | :--- | :--- | :--- | | Provision for Hong Kong Profits Tax | 77,775 | 53,605 | | Provision for Profits Tax Outside Hong Kong | 397 | (473) | | Land Appreciation Tax | 818 | 9,139 | | Deferred Tax | 7,251 | 15,132 | | **Total Income Tax** | **86,241** | **77,403** | - Hong Kong profits tax is calculated at **16.5%** of the estimated assessable profit[31](index=31&type=chunk) - Mainland China land appreciation tax is levied at progressive rates ranging from **30% to 60%**[32](index=32&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) Basic earnings per share for H1 2024 decreased to HKD 0.10 from HKD 0.16 in the prior year, with no dilutive potential shares for the Company during the period Basic Earnings Per Share (Six Months Ended June 30, 2024) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company | HKD 113,453,000 | HKD 184,481,000 | | Weighted Average Number of Shares in Issue | 1,176,631,296 shares | 1,176,631,296 shares | | Basic Earnings Per Share | HKD 0.10 | HKD 0.16 | - There were no dilutive potential shares of the Company for the six months ended June 30, 2024 and 2023[34](index=34&type=chunk) [Dividends](index=17&type=section&id=Dividends) The interim dividend declared for H1 2024 was HKD 0.10 per share, a significant reduction from HKD 0.26 per share in the prior year Interim Dividends (Six Months Ended June 30, 2024) | Metric | 2024 (HKD thousand) | 2023 (HKD thousand) | | :--- | :--- | :--- | | Interim Dividend Declared After Period End Per Share | HKD 0.10 (130,621) | HKD 0.26 (305,924) | [Property Development Interests](index=17&type=section&id=Property%20Development%20Interests) Property development interests primarily represent the Group's co-investment agreements with Polytec Holdings for property development projects in Huizhou and Zhuhai, mainland China, with an expected recoverable amount of HKD 439 million within one year as of June 30, 2024 - Property development interests represent the Group's interests in several property development projects in Huizhou and Zhuhai, mainland China, under co-investment agreements with a related company, Polytec Holdings International Limited[35](index=35&type=chunk) Property Development Interests Receivable (As of June 30, 2024) | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Property Development Interests Expected to be Recovered Within One Year | 439,153,000 | 427,589,000 | [Trade and Other Receivables / Loans](index=18&type=section&id=Trade%20and%20Other%20Receivables%20/%20Loans) As of June 30, 2024, total trade and other receivables/loans amounted to HKD 1.064 billion, with current amounts accounting for HKD 405 million, and the Group maintains specific credit policies and regular monitoring to mitigate credit risk Ageing Analysis of Trade and Other Receivables / Loans (As of June 30, 2024) | Ageing | June 30, 2024 (HKD thousand) | December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Current | 405,039 | 444,648 | | Less than Three Months | 28,630 | 22,122 | | Three to Six Months | 3,617 | 3,587 | | Over Six Months | 17,231 | 17,255 | | Total Trade and Other Receivables / Loans | 454,517 | 487,612 | | Utilities and Other Deposits | 17,710 | 17,048 | | Prepaid Taxes | 86,065 | 83,966 | | Other Receivables and Prepayments | 505,858 | 487,459 | | **Total** | **1,064,150** | **1,076,085** | - The Group maintains specific credit policies and regularly prepares and closely monitors the ageing analysis of trade and other receivables/loans to minimize any credit risk associated with receivables and loans[37](index=37&type=chunk) [Trade and Other Payables](index=19&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2024, total trade and other payables amounted to HKD 4.690 billion, with contract liabilities (deposits received for property sales) accounting for HKD 2.178 billion, an increase from the end of 2023 Ageing Analysis of Trade and Other Payables (As of June 30, 2024) | Ageing | June 30, 2024 (HKD thousand) | December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Not Yet Due or Current | 1,980,383 | 2,125,394 | | Less than Three Months | 489 | 107 | | Total Trade Payables | 1,980,872 | 2,125,501 | | Rental and Other Deposits | 78,106 | 78,543 | | Other Payables and Accrued Expenses | 452,683 | 778,061 | | Contract Liabilities – Deposits Received for Property Sales | 2,178,314 | 1,898,721 | | **Total** | **4,689,975** | **4,880,826** | [Financial Review](index=20&type=section&id=Financial%20Review) [Financial Resources and Bank Borrowings](index=20&type=section&id=Financial%20Resources%20and%20Bank%20Borrowings) As of June 30, 2024, the Group's total bank loans were HKD 19.348 billion, with net bank borrowings of HKD 18.639 billion, and the gearing ratio decreased to 104.4%, primarily due to the use of proceeds from the disposal of a 60% interest in a Shanghai property development project for debt repayment and over HKD 200 million in cash generated from the disposal of non-core assets, while project sales in Hong Kong and mainland China contributed significant cash inflows Bank Borrowings and Gearing Ratio (As of June 30, 2024) | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Total Bank Loans | 19,348,000,000 | 20,897,000,000 | | Cash and Bank Balances | 709,000,000 | 1,080,599,000 | | Net Bank Borrowings | 18,639,000,000 | - | | Gearing Ratio | 104.4% | 111.5% | - The Group utilized the **HKD 1,391,957,000** proceeds from the disposal of a **60% equity interest** in a Shanghai property development project for repayment of the Group's borrowings and general working capital, strengthening its financial position and cash flow[39](index=39&type=chunk) - Since 2023, the Group has generated over **HKD 200,000,000** in cash from the disposal of commercial properties and car parking spaces in Hong Kong and mainland China[39](index=39&type=chunk) Project Sales Cash Inflow (During the Period) | Source | Cash Inflow (HKD) | | :--- | :--- | | Hong Kong Project Sales (mainly from Grand Mayfair) | Approximately 1,205,000,000 | | Mainland China Property Development Pre-sales and Sales (mainly from Jiangwan City (Wuxi)) | Approximately 351,000,000 | - The Group invested approximately **HKD 829,000,000** in construction costs during the period[41](index=41&type=chunk) - The Group's borrowings are all arranged on a floating interest rate basis, with RMB income and RMB borrowings generated from mainland China development projects serving as a natural hedge against RMB exchange rate risk[41](index=41&type=chunk) [Capital Commitments](index=21&type=section&id=Capital%20Commitments) As of June 30, 2024, the Group's capital commitments amounted to HKD 80 million, primarily for investment properties Capital Commitments (As of June 30, 2024) | Item | Amount (HKD) | | :--- | :--- | | Total Capital Commitments | 80,000,000 | | Primary Use | Investment Properties | [Pledged Assets](index=21&type=section&id=Pledged%20Assets) As of June 30, 2024, the Group had pledged HKD 26.857 billion in properties and HKD 14 million in deposits, primarily as security for bank facilities and performance guarantees Pledged Assets (As of June 30, 2024) | Asset Category | Amount (HKD) | | :--- | :--- | | Properties | 26,857,000,000 | | Deposits | 14,000,000 | | Primary Use | Security for bank facilities and performance guarantees | [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2024, the Group had provided guarantees of HKD 35 million to financial institutions for performance guarantees entered into by its subsidiaries Contingent Liabilities (As of June 30, 2024) | Item | Amount (HKD) | | :--- | :--- | | Guarantees for Subsidiary Performance | 35,000,000 | [Other Information](index=21&type=section&id=Other%20Information) [Review of Interim Financial Report](index=21&type=section&id=Review%20of%20Interim%20Financial%20Report) The Company's Audit Committee has reviewed the interim financial report, which was also reviewed by KPMG, the independent auditor, in accordance with Hong Kong Standard on Review Engagements 2410 - The Company's Audit Committee has reviewed the Group's unaudited interim financial report for the six months ended June 30, 2024[43](index=43&type=chunk) - The Group's independent auditor, KPMG, has reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[43](index=43&type=chunk) [Compliance with Corporate Governance Code](index=22&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2024, the Company complied with all code provisions set out in Part 2 of Appendix C1 to the Listing Rules, except for code provision C.2.1 (where the roles of Chairman and Chief Executive Officer are performed by the same individual) - The Company has complied with all code provisions set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, save for code provision C.2.1[44](index=44&type=chunk) - Mr. Or Wai Sheun concurrently holds the roles of Chairman of the Board and Chief Executive Officer, responsible for the overall operations of the Group[44](index=44&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the six months ended June 30, 2024, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2024, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[45](index=45&type=chunk) [Closure of Register of Members](index=22&type=section&id=Closure%20of%20Register%20of%20Members) To qualify for the interim dividend, the Company will suspend its share transfer registration from December 16 to December 17, 2024, with all transfer documents to be submitted by 4:30 p.m. on December 13, 2024 - The Company will suspend its share transfer registration from Monday, December 16, 2024, to Tuesday, December 17, 2024 (both days inclusive)[45](index=45&type=chunk) - To qualify for the interim dividend, all transfer documents, together with the relevant share certificates, must be lodged with the Company's share registrar by 4:30 p.m. (Hong Kong time) on Friday, December 13, 2024[45](index=45&type=chunk) [Publication of Interim Report](index=22&type=section&id=Publication%20of%20Interim%20Report) The Company will publish its 2024 Interim Report, containing all required comprehensive information prepared in accordance with the Listing Rules, on the "HKEXnews" website and the Company's website by the end of September 2024, with printed copies sent to shareholders upon request - The Company will publish its 2024 Interim Report, containing all required comprehensive information prepared in accordance with the Listing Rules, on the "HKEXnews" website www.hkexnews.hk and the Company's website www.kdc.com.hk by the end of September 2024[46](index=46&type=chunk)

Financial Performance - For the year ended December 31, 2023, the attributable profit to shareholders was HKD 337 million, a decrease of 72.3% compared to HKD 1.215 billion in 2022[10] - The basic earnings per share for 2023 was HKD 0.49, down from HKD 0.94 in 2022, reflecting a decline of 48.2% in underlying profit to HKD 573 million from HKD 1.107 billion[10] - The Group's total revenue for 2023 was HKD 2.943 billion, a significant drop from HKD 4.582 billion in 2022[15] - The Group's operating profit for 2023 was HKD 623 million, a decrease of 65.1% from HKD 1.787 billion in 2022[15] - Total assets for the year 2023 were HKD 47.732 billion, a slight decrease from HKD 47.766 billion in 2022[16] - The company's total equity as of December 31, 2023, was HKD 17.768 billion, down from HKD 18.536 billion in 2022[16] - The total rental income from investment properties in Hong Kong decreased to HKD 296 million in 2023, down 1.7% from HKD 301 million in 2022[23] - The total interest and dividend income from financial investments fell to HKD 104 million in 2023, a decrease of 34.6% from HKD 159 million in 2022[24] Dividends - The proposed final dividend is HKD 0.57 per share, bringing the total dividend for 2023 to HKD 0.83 per share[10] - The board proposed a final dividend of HKD 0.57 per share for the year ended December 31, 2023, consistent with the previous year's cash dividend[19] - The company declared a final dividend of HKD 0.26 per share for the fiscal year 2023, maintaining the same level as in 2022[158] - The interim dividend for 2023 was also HKD 0.26 per share, consistent with the previous year[158] - The company aims to declare dividends twice a year, subject to financial performance[157] Land and Property Development - The Group's landbank amounted to approximately 3.3 million sq m of attributable gross floor area in Hong Kong and Mainland China as of December 31, 2023[4] - The property development land reserve in Hong Kong is 204,000 sq m, while the land reserve in Mainland China is approximately 3.078 million sq m[9] - The group sold over 870 residential units at the residential development project "Oceanview Garden" in Hong Kong, generating sales revenue of approximately HKD 1.2 billion[22] - The total pre-sale/sales amount for development projects in mainland China exceeded RMB 2.5 billion, with the group's attributable share being approximately RMB 2.1 billion[22] - The group has ongoing projects in mainland China with a total gross floor area of approximately 6,702,000 square meters, including significant developments in Shenyang and Tianjin[33] Market Outlook and Strategy - The group expects the residential market in Hong Kong to remain active and healthy following the removal of sales restrictions, with significant increases in transaction volumes observed in early March[27] - The group plans to actively sell remaining inventory in Hong Kong and mainland China, leveraging the recent market recovery[27] - The group is committed to enhancing its competitive position through property development, investment, and management in both Hong Kong and Mainland China[4] Financial Position and Debt - The capital debt ratio for 2023 was 111.53%, compared to 113.27% in 2022, indicating a slight improvement[16] - As of December 31, 2023, the total bank loans of the group amounted to HKD 20,897,000,000, a decrease from HKD 21,860,000,000 as of December 31, 2022[94] - The group's net bank borrowings as of December 31, 2023, were HKD 19,816,000,000 after accounting for cash and bank balances of HKD 1,081,000,000[94] Corporate Governance - The company has a strong focus on corporate governance, emphasizing high-quality board performance and accountability to shareholders[104] - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2023, except for specific recommendations regarding the separation of roles between the chairman and CEO[105] - The board of directors includes independent non-executive directors with extensive experience in banking, engineering, and finance, enhancing the company's governance structure[102] - The company has a commitment to regular reviews of its corporate governance practices to ensure long-term sustainable development[104] Risk Management - The group faces risks including economic recovery challenges post-pandemic and potential impacts from rising construction costs and competition in the property development sector[84] - The group is exposed to financial risks including interest rate, credit, liquidity, foreign currency, and other price risks, which are detailed in the financial statements[88] - The company is responsible for preparing financial statements that are free from material misstatement due to fraud or error, ensuring internal controls are in place[197] Environmental and Social Responsibility - The group has implemented comprehensive environmental management measures, achieving energy efficiency certifications for ten properties managed as of December 31, 2023[92] - The group has committed to high standards of environmental protection and continuous improvement in its environmental performance[92] - The group made charitable donations totaling HKD 647,000 during the year, an increase from HKD 261,000 in the previous year[170] Audit and Compliance - The consolidated financial statements for the year ended December 31, 2023, were audited and reflect the group's financial position accurately[188] - The audit report emphasizes the importance of identifying and assessing risks of material misstatement due to fraud or error in the consolidated financial statements[199] - The auditor's goal is to provide reasonable assurance that the financial statements are free from material misstatement, which is essential for stakeholders' economic decisions[198]

智通财经APP讯，九龙建业(00034)发布截至2023年12月31日止年度的全年业绩，该集团期内取得营业收 入29.43亿港元，同比减少35.77%;股东应占溢利3.37亿港元，同比减少72.25%;每股基本盈利0.29港元;拟 以代息股份方式派发末期股息每股0.57港元。 公告称，于中国香港，集团继续推售其于将军澳名为海茵庄园的全资拥有住宅发展项目余下之单位。于 2023年12月31日，海茵庄园累积售出超过870个住宅单位，销售收益约12亿港元于回顾年内确认入帐。 于中国大陆，截至2023年12月31日止年度，集团发展项目的预售╱销售总额逾人民币25亿元，其中集团 按其权益应占预售╱销售额约人民币21亿元。 ...