Financial Performance - The group's profit attributable to shareholders for the year ended December 31, 2023, was HKD 337 million, a decrease of 72.3% compared to HKD 1.215 billion in 2022[2]. - 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 the underlying profit to HKD 573 million from HKD 1.107 billion in the previous year[3]. - Total revenue for the year ended December 31, 2023, was HKD 2,942,765, a decrease of 35.7% compared to HKD 4,581,905 in 2022[18]. - Operating profit for 2023 was HKD 622,880, down 65.2% from HKD 1,787,348 in 2022[18]. - Profit before tax decreased to HKD 492,717, a decline of 70.1% from HKD 1,646,679 in the previous year[18]. - Net profit for the year was HKD 326,302, representing a 73.0% decrease from HKD 1,209,876 in 2022[18]. - Total comprehensive income for the year was HKD 208,876, compared to HKD 439,162 in 2022, reflecting a decline of 52.5%[20]. - The reported profit for the year 2023 was HKD 813,446,000, compared to HKD 1,605,355,000 in 2022, indicating a decrease of about 49.3%[28]. Dividends - The proposed final dividend is HKD 0.57 per share, with a total dividend for 2023 of HKD 0.83 per share[4]. - The company declared an interim dividend of 0.26 HKD per share for both 2023 and 2022, totaling 305,924,000 HKD[42]. Property Development - The group sold over 870 residential units at the residential development project "Oceanview Garden" in Tseung Kwan O, generating sales revenue of approximately HKD 1.2 billion during the year[8]. - The total pre-sale/sales amount for the group's development projects in mainland China exceeded RMB 2.5 billion, with the group's attributable share being approximately RMB 2.1 billion[8]. - The group is progressing with several major property projects, including the "High Street" project in Hong Kong, with a total floor area of approximately 4,700 square meters and a completion date expected in 2025/2026[10]. - The group expects to actively sell remaining units of the residential development project, Oceanview Garden, in Tseung Kwan O during the first half of 2024[15]. - Construction of the foundation for the mixed-use development project in Sai Ying Pun has been completed, with pre-sales expected to launch in the second half of the year[16]. - The structure of the first phase of the Polyda Guifu project in Shanxi has been completed, with pre-sales launched and full completion expected by the end of 2024[16]. Market Conditions - The geopolitical tensions and inflationary pressures have negatively impacted the Hong Kong residential property market, with prices dropping over 12% from the peak at the beginning of the year[6]. - In mainland China, GDP growth for 2023 was recorded at 5.2%, but the overall sentiment in the residential market remains cautious despite government measures to stabilize the market[7]. - The group anticipates that the residential market in Hong Kong will remain active following the removal of sales restrictions, allowing for increased sales of remaining inventory[16]. - The group will continue to accelerate project sales in mainland China to facilitate cash flow, despite a weak market[15]. Financial Position - Non-current assets as of December 31, 2023, totaled HKD 18,769,344, a slight decrease from HKD 19,795,875 in 2022[21]. - Current liabilities increased to HKD 9,433,686 from HKD 19,190,832 in the previous year, indicating a significant reduction[22]. - The company's total assets less current liabilities amounted to HKD 38,298,968, up from HKD 28,574,972 in 2022[22]. - The company's equity attributable to shareholders decreased to HKD 17,669,438 from HKD 18,425,585 in 2022[22]. - The total liabilities for the company increased to 4,880,826,000 HKD in 2023 from 3,692,787,000 HKD in 2022, marking an increase of approximately 32.2%[48]. - The capital-to-debt ratio was 111.5% as of December 31, 2023, down from 113.3% a year earlier[49]. Cash Flow and Investments - Cash and bank balances as of 2023 amounted to HKD 1,080,599,000, compared to HKD 36,569,000 in 2022, reflecting a significant increase[30]. - The group generated cash inflow of approximately HKD 1,330,000,000 from property sales in Hong Kong, primarily from the sale of units in the Ocean Park project[50]. - Cash inflow from various property developments in mainland China amounted to approximately HKD 2,095,000,000, mainly from pre-sales in Jiangwan City (Wuxi)[50]. - The group invested a total of HKD 1,817,000,000 in project development during the year[50]. - The group plans to sell 60% equity in Weian Limited for HKD 1,391,957,000 to improve financial conditions and cash flow[49]. - The group sold non-core assets, including commercial properties and parking spaces, generating approximately HKD 137,000,000 to reduce debt levels[49]. Employee and Operational Costs - Total employee costs for 2023 amounted to 621,279,000 HKD, down from 633,306,000 HKD in 2022, indicating a reduction of about 1.6%[36]. - The group employed 2,641 staff as of December 31, 2023, with total employee costs decreasing to HKD 621,000,000 from HKD 633,000,000 in the previous year[53]. Corporate Governance - The company proposes to adopt a new set of articles of association to replace the existing ones, aiming for compliance with applicable laws and regulations, and to provide flexibility for shareholder meetings[59]. - The company's 2024 Annual General Meeting is scheduled for June 5, 2024[61]. - Share transfer registration will be suspended from May 31, 2024, to June 5, 2024, to determine eligibility for attending the AGM and voting[62]. - A report for the year 2023 will be published by the end of April 2024 on the company's website and the Hong Kong Stock Exchange's website[63].

Financial Performance - For the six months ended June 30, 2023, the company's attributable profit increased to HKD 184 million, up 21.1% from HKD 152 million in the same period of 2022[13]. - The basic earnings per share for the first half of 2023 was HKD 0.24, compared to HKD 0.13 in 2022, representing a 84.6% increase[15]. - The company's basic profit, excluding revaluation changes of investment properties and fair value changes of property development interests, rose to HKD 288 million, a 93.3% increase from HKD 149 million in the same period of 2022[15]. - The group's operating revenue for the six months ended June 30, 2023, was HKD 1,275,963,000, representing a 76.5% increase from HKD 723,624,000 in the same period of 2022[30]. - The group recorded a net profit of HKD 183,594,000 for the period, compared to HKD 153,808,000 in the previous year, marking a 19.4% increase[32]. - Total revenue for the six months ended June 30, 2023, was HKD 1,275,963,000, compared to HKD 723,624,000 in the same period of 2022, representing a year-over-year increase of approximately 76.5%[43]. - Property sales revenue for the first half of 2023 was HKD 769,137,000, a substantial increase from HKD 161,278,000 in the first half of 2022[43]. - Rental income for the same period increased to HKD 1,053,503,000 from HKD 454,459,000, reflecting a growth of approximately 131.8% year-over-year[43]. Dividends and Shareholder Returns - The interim dividend for 2023 is set at HKD 0.26 per share, consistent with the dividend in 2022[15]. - The approved final dividend for the fiscal year is HKD 0.57 per share, consistent with the previous year[53]. - The company declared an interim dividend of HKD 0.26 per share, consistent with the dividend declared for the same period in 2022[52]. Property Development and Sales - As of June 30, 2023, the company's landbank amounted to approximately 3.4 million sq m in Hong Kong and Mainland China[3]. - The company has a property development land reserve of 204,000 sq m in Hong Kong and 3.195 million sq m in Mainland China[10]. - As of June 30, 2023, the group sold over 200 residential units in the Hong Kong project "Ocean Garden," generating sales revenue of approximately HKD 1.2 billion[17]. - In mainland China, the total pre-sale/sales amount for the group's development projects exceeded RMB 1.6 billion, with the group's attributable share amounting to approximately RMB 1.3 billion as of June 30, 2023[17]. - The planning for the third phase of the Jiangwan South Shore Garden residential project in Huizhou was approved in July 2023, with construction expected to commence within the year[23]. - The group has launched pre-sales for the third and fourth phases of the Jiangwan City project in Wuxi, with positive market response expected to complete by the end of 2023 and mid-2024 respectively[23]. Financial Position and Liabilities - The capital debt ratio as of June 30, 2023, was 123.8%, a slight improvement from 125.3% at the end of 2022, with expectations for gradual improvement as sales from projects in Hong Kong and mainland China are realized[26]. - The group has a total bank loan amount of HKD 21,097,000,000 as of June 30, 2023, down from HKD 21,860,000,000 at the end of 2022[26]. - The company’s bank loans increased to HKD 20,113,867 from HKD 14,488,973, a rise of 38.9%[33]. - Total liabilities increased significantly to HKD 26,188,644 from HKD 19,190,832, representing a rise of 36.5%[34]. Market Conditions and Outlook - The Hong Kong property market experienced a rebound in early 2023 but faced declining prices and transaction volumes due to rising interest rates[16]. - The group expects continued high interest rates in Hong Kong to negatively impact property sales in the second half of the year[23]. - The group plans to adopt a cautious approach to replenish land reserves and reduce borrowing in light of the weak property market conditions in Hong Kong and mainland China[24]. Cash Flow and Investments - For the six months ended June 30, 2023, the net cash generated from operating activities was HKD 465,301,000, a significant improvement from a net cash outflow of HKD 7,637,426,000 in the same period of 2022[39]. - The company reported a net cash outflow from financing activities of HKD 575,305,000 for the first half of 2023, compared to a net cash inflow of HKD 8,602,371,000 in the same period of 2022[39]. - The company has increased related party loans by HKD 431,426,000 in the first half of 2023, compared to HKD 145,875,000 in the same period of 2022[39]. Assets and Valuation - As of June 30, 2023, total non-current assets amounted to HKD 19,236,616, a decrease of 2.83% from HKD 19,795,875 as of December 31, 2022[33]. - The total assets as of June 30, 2023, amounted to HKD 47,141,192,000, compared to HKD 47,765,804,000 as of December 31, 2022[46]. - The fair value of property development interests was HKD 1,678,273,000, down from HKD 2,687,050,000 as of December 31, 2022, representing a decrease of approximately 37.6%[66]. Employee and Corporate Governance - The company employed 2,598 employees as of June 30, 2023, a decrease from 2,668 employees as of December 31, 2022[89]. - Total employee costs reduced to HKD 300 million for the six months ended June 30, 2023, down from HKD 333 million for the same period in 2022[89]. - The board of directors underwent changes, with Mr. David John Shaw resigning as an independent non-executive director after the annual general meeting on June 7, 2023[80].

Financial Performance - For the six months ended June 30, 2023, the company's unaudited profit attributable to shareholders increased to HKD 184 million, up 21.1% from HKD 152 million in the same period of 2022[2] - The basic profit attributable to shareholders, after excluding changes in fair value of investment properties and financial investments, rose to HKD 288 million, a 93.3% increase from HKD 149 million in the same period of 2022[3] - The basic interim earnings per share for 2023 was HKD 0.24, compared to HKD 0.13 in 2022[3] - Total revenue for the first half of 2023 reached HKD 1,275,963,000, a significant increase from HKD 723,624,000 in the same period of 2022, representing a growth of 76.5%[14] - Rental income from the Hong Kong investment property portfolio remained stable at HKD 148 million, with a slight increase of 3.4% from HKD 116 million in the same period of 2022[10] - Interest income from financial investments decreased to HKD 58 million, down 45.8% from HKD 107 million in the same period of 2022[11] - Profit before tax amounted to HKD 260,997,000, with share of profits from associates at HKD 26,121,000 and share of losses from joint ventures at HKD 16,519,000[22] - Reported segment profit was HKD 419,413,000, with property development in Hong Kong generating HKD 263,835,000[22] - Other businesses, including property management services and financial investment, generated revenue of HKD 205,220,000 and HKD 57,945,000 respectively[23] Dividends and Shareholder Returns - The interim dividend for 2023 was declared at HKD 0.26 per share, unchanged from 2022[4] - Basic earnings per share for the period were HKD 184,481,000, compared to HKD 152,208,000 for the same period last year[34] - The interim dividend declared was HKD 0.26 per share, consistent with the previous year[35] Property Development and Sales - In Hong Kong, over 200 residential units of the full ownership project "Ocean Garden" were sold, generating sales of approximately HKD 1.2 billion[6] - In mainland China, the total pre-sale/sales amount for the group's development projects exceeded RMB 1.6 billion, with the group's attributable share being approximately RMB 1.3 billion[6] - The company plans to continue selling remaining units of the residential development project "Ocean Garden" in Tseung Kwan O in the second half of the year[12] - Construction of the foundation for the mixed-use development project in Sai Ying Pun, in which the company holds a 60% stake, is currently underway, with pre-sales expected in the first half of next year[12] - The company anticipates that the residential development project "Jiangwan South Garden" in Huizhou will commence construction within the year following planning approval received in July 2023[12] - The first phase of the development project in Jiexiu, Shanxi, is expected to launch pre-sales between September and October 2023, with completion anticipated by the end of 2024[13] - The company has completed the foundation work for the first phase of the "Hengda Plaza" project in Zhuhai, with superstructure work expected to commence within the year and completion projected for 2025[13] Financial Position and Assets - Total non-current assets as of June 30, 2023, amounted to HKD 19,236,616, a decrease from HKD 19,795,875 as of December 31, 2022[17] - Current assets increased to HKD 27,904,576 from HKD 27,969,929, with inventory rising to HKD 26,101,145 from HKD 25,549,725[18] - Current liabilities surged to HKD 26,188,644 from HKD 19,190,832, primarily due to an increase in bank loans to HKD 20,113,867 from HKD 14,488,973[18] - The net asset value decreased to HKD 17,819,119 from HKD 18,535,699, reflecting a decline in total equity attributable to shareholders[18] - The company reported a significant increase in trade payables and other payables, which rose to HKD 5,024,392 from HKD 3,692,787[18] - The company’s cash and bank balances decreased to HKD 737,990 from HKD 864,590, indicating a liquidity contraction[17] - Total assets as of June 30, 2023, were HKD 47,765,804,000, with cash and bank balances amounting to HKD 864,590,000[28] Debt and Financing - As of June 30, 2023, the total bank loans of the group amounted to HKD 21,097,000,000, a decrease from HKD 21,860,000,000 as of December 31, 2022[39] - The group's net bank borrowings as of June 30, 2023, were HKD 20,359,000,000, after accounting for cash and bank balances of HKD 738,000,000[39] - The capital debt ratio as of June 30, 2023, was 123.8%, down from 125.3% as of December 31, 2022[39] - The company will adopt a cautious approach to replenish land reserves and aims to reduce overall borrowing in light of the weak property market conditions in Hong Kong and mainland China[13] Governance and Transparency - The company announced its mid-term performance results on August 18, 2023[46] - The board of directors includes executive and non-executive members, indicating a diverse governance structure[46] - The chairman of the company is Mr. Ko Wai Cheung, highlighting leadership continuity[46] - The announcement reflects the company's commitment to transparency and shareholder communication[46] - Specific financial metrics and performance data were not disclosed in the provided content[46] - Future outlook and strategic initiatives were not detailed in the announcement[46] - No information on new products, technologies, or market expansion was provided[46] - The document does not mention any mergers or acquisitions[46] - There is no indication of user data or performance guidance in the content[46] - Overall, the content lacks detailed financial figures and strategic insights[46]

Financial Performance - The Group's basic earnings attributable to shareholders increased by 72.4% to HKD 1.107 billion in 2022, compared to HKD 642 million in 2021[13]. - The Group's total revenue for 2022 was HKD 4.582 billion, a significant increase from HKD 2.050 billion in 2021[18]. - The net profit attributable to shareholders for the year ended December 31, 2022, was HKD 1.215 billion, down 45.0% from HKD 2.209 billion in 2021 due to a significant decrease in net fair value gains from investment properties in Hong Kong[13]. - The Group's operating profit for 2022 was HKD 1.787 billion, compared to HKD 2.397 billion in 2021[18]. - The Group's basic earnings per share for 2022 was HKD 0.94, an increase from HKD 0.55 in 2021[18]. - Total assets decreased from HKD 48.117 billion in 2021 to HKD 47.766 billion in 2022[19]. - The net asset value attributable to shareholders was HKD 18.426 billion in 2022, down from HKD 18.953 billion in 2021[19]. - The company proposed a final dividend for 2022 is HKD 0.57 per share, with a total annual dividend of HKD 0.83 per share[13]. Property Development - Kowloon Development Company Limited's attributable gross floor area landbank amounts to approximately 3.4 million sq m in Hong Kong and Mainland China as of December 31, 2022[5]. - The Group's property development projects in Mainland China include Jiangwan City (Shenyang) and Cuidi Bay (Shenyang)[11]. - The total sales revenue from the residential project "Oceanview Garden" in Hong Kong was approximately HKD 3 billion, with over 520 units sold by the end of 2022[25]. - The group owns a 100% stake in the Clearwater Bay Road project, which has a total floor area of approximately 201,000 square meters and is expected to be developed into a large shopping center and five high-end residential towers[41]. - The group is currently developing the residential project Jiangwan South Coast Garden in Huizhou, with a total floor area of approximately 520,000 square meters, of which 60% is owned by the group[53]. - The foundation works for the residential and commercial project in Shenyang are ongoing, with a total floor area of approximately 712,000 square meters[46]. - The group plans to launch pre-sales for the residential development project in Sai Kung, with approximately 1,000 unsold residential units expected to be sold in 2023[1]. - The group is conducting foundation works for the mixed-use development project in Sai Ying Pun, which is expected to launch pre-sales in Q3 2023[1]. Financial Investments - The Group's financial investments include fixed income and equity investments in Hong Kong and other recognized financial markets[11]. - Interest and dividend income from financial investments rose to HKD 159 million in 2022, a 60.6% increase from HKD 99 million in 2021[28]. - The group recorded cash inflow of approximately HKD 815,000,000 from pre-sales and sales of various properties in mainland China[95]. - The group invested approximately HKD 1,852,000,000 in project development in Hong Kong and mainland China during the year[95]. Risk Management - The group is facing risks related to property development, including local market conditions and overall economic environment, which may be adversely affected by COVID-19 and geopolitical tensions[87]. - The group has established a risk management and internal control system to continuously identify, monitor, and manage major risks and emerging risks[86]. - The group emphasizes the importance of attracting and retaining qualified employees, as key personnel shortages could impact business operations and future prospects[89]. - The group faces risks related to cybersecurity threats, which could lead to unauthorized access or damage to its computer systems and data[89]. - The group is exposed to financial investment risks, including default and liquidity risks, which may affect the market value of its investments[89]. Corporate Governance - The company has been adhering to the corporate governance code throughout the year ending December 31, 2022, except for the provision C.2.1, which suggests that the roles of chairman and CEO should be separate[104]. - The board emphasizes the importance of high-quality governance as a key factor for sustainable long-term success[103]. - The company has implemented various policies to ensure ethical conduct and responsibility among its directors, management, and employees[108]. - The board consists of experienced individuals with backgrounds in real estate development, finance, and law, enhancing the company's governance[101]. - The company has a management team with extensive experience in finance, accounting, and corporate planning, contributing to its strategic direction[102]. Sustainability and Social Responsibility - The group has committed to high standards of environmental protection, implementing measures to reduce community impact and improve sustainability performance since 2007[91]. - The group has established a waste recycling system and participates in various recycling programs, demonstrating efforts to promote sustainability awareness[91]. - The latest residential development project, "Hainz Garden," incorporates a "fully electric home" design and has achieved provisional bronze certification under the BEAM Plus New Buildings (Version 1.2)[91]. - The group has provided 20 housing units to underprivileged families as part of its support for the social housing program in 2022[91]. - The group has received multiple awards for its properties, including energy-saving and waste reduction certifications, highlighting its commitment to corporate social responsibility[91]. Audit and Compliance - The audit committee, along with independent auditors, has reviewed the consolidated financial statements for the year ended December 31, 2022[184]. - The consolidated financial statements have been audited by KPMG, and the auditor's report confirms that the financial statements present a true and fair view of the group's financial position[187]. - The company is responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[196]. - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[197]. - The company must disclose any significant uncertainties related to its ability to continue as a going concern[198].

Financial Performance - The company's basic earnings attributable to shareholders for 2022 increased to HKD 11.07 billion, a 72.4% rise from HKD 6.42 billion in 2021[2]. - The basic earnings per share for 2022 were HKD 0.94, compared to HKD 0.55 in 2021[3]. - The net profit attributable to shareholders for the year ended December 31, 2022, was HKD 12.15 billion, a decrease of 45.0% from HKD 22.09 billion in 2021[3]. - The group's net profit for the year was HKD 1,209,876,000, a decrease from HKD 2,210,054,000 in 2021, reflecting a decline of 45.2%[16]. - The group's earnings per share for the year was HKD 1.03, down from HKD 1.88 in the previous year, indicating a decline of 45.2%[16]. - The company reported a pre-tax profit of HKD 1,646,679,000 for 2022, compared to HKD 2,335,266,000 in 2021, reflecting a decrease of approximately 29.5%[31]. - The company incurred financial costs of HKD 96,309,000 in 2022, up from HKD 41,825,000 in 2021, indicating a rise of approximately 130%[32]. - The company reported a significant decrease in other net expenses, which amounted to HKD 92,540,000 in 2022 compared to HKD 1,076,700,000 in 2021[31]. Revenue and Sales - The group's total revenue for the year ended December 31, 2022, was HKD 4,581,905,000, an increase from HKD 2,050,388,000 in 2021, representing a growth of 123.5%[16]. - The total sales revenue from the residential project "Ocean Garden" in Hong Kong was approximately HKD 3 billion, with over 520 units sold by December 31, 2022[6]. - The group recorded a total pre-sale/sales amount of approximately RMB 2 billion from development projects in mainland China for the year ended December 31, 2022[6]. - The group recorded cash inflows of approximately HKD 2,890,000,000 from pre-sales and sales of projects in Hong Kong during the year, mainly from the sale of the Ocean Garden project[42]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.57 per share, maintaining the same level as in 2021, with a total annual dividend of HKD 0.83 per share[4]. - The diluted earnings per share for the year ended December 31, 2022, was HKD 0.26 for the interim dividend, an increase from HKD 0.25 in 2021, with total dividends declared amounting to HKD 976,604,000 compared to HKD 964,838,000 in 2021[37]. Assets and Liabilities - Total non-current assets as of December 31, 2022, amounted to HKD 19,795,875, a decrease from HKD 20,164,146 in 2021, reflecting a decline of approximately 1.8%[19]. - Current assets totaled HKD 27,969,929, slightly up from HKD 27,953,080 in the previous year, indicating a marginal increase of 0.06%[20]. - Current liabilities increased significantly to HKD 19,190,832 from HKD 14,628,888, representing a rise of approximately 31.5%[20]. - The net asset value decreased to HKD 18,535,699 from HKD 19,074,434, a decline of about 2.8% year-over-year[20]. - The total assets as of December 31, 2022, amounted to HKD 47,765,804,000, slightly down from HKD 48,117,226,000 in 2021[27]. - The company's total liabilities increased to HKD 10,039,273 from HKD 14,413,904, indicating a decrease of approximately 30.5%[20]. Property Development and Projects - The company acquired 70% equity interest in a property development project in Zhuhai, China, enhancing its land reserve[7]. - The group is actively developing several major property projects in various cities, with completion dates ranging from 2023 to 2028[9]. - The group plans to launch pre-sales for the residential development project in Tseung Kwan O, which has approximately 1,000 unsold units, in 2023[14]. - The group expects to complete the foundation works for the first phase of the Hengda Plaza project in Zhuhai in the first half of 2023, with superstructure works commencing in the second half of the year[15]. - The group has a 49% stake in the Tianjin City Square project, with the office building of Phase 3A expected to be completed in 2023 and Phase 3B in 2025[11]. - The group is progressing with the foundation works for the Jiangwan City Phase 5 project in Shenyang and expects to commence construction for the Jiangwan South Garden Phase 3 residential project in Huizhou within the year[14]. - The group invested approximately HKD 1,852,000,000 in project development during the year, focusing on both Hong Kong and mainland China projects[42]. Market Conditions - The Hong Kong residential property prices fell over 15% in 2022, ending a 13-year upward trend, while transaction volumes also decreased[5]. - The group anticipates that the economic recovery in Hong Kong and mainland China will positively impact the real estate market, with a GDP growth target of around 5% set for 2023[14]. Human Resources - The total number of employees decreased to 2,668 as of December 31, 2022, from 2,854 in the previous year, with total employee costs rising to HKD 633 million, up from HKD 623 million in 2021[45]. - The group emphasizes the importance of human resources quality in maintaining competitive advantages and has implemented various training programs to enhance employee skills[45]. Corporate Governance - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2022, with no discrepancies found between the preliminary financial figures and the final report[46][47]. - The company has complied with all corporate governance codes except for the specific provision C.2.1 regarding the dual role of the chairman and CEO[48][49]. - No purchase, sale, or redemption of the company's listed securities occurred during the year ended December 31, 2022[50]. - The 2023 Annual General Meeting is scheduled for June 7, 2023, with a notice to be published in due course[50]. - The company will suspend share transfer registration from June 2, 2023, to June 7, 2023, to determine shareholder eligibility for the AGM[51]. - A report for the year 2022 will be published on the company's website and sent to shareholders by the end of April 2023[53].

Financial Performance - The Group's attributable profit for the six months ended June 30, 2022, decreased to HKD 152 million, down 75% from HKD 619 million in the same period of 2021[9]. - The basic earnings per share for the first half of 2022 was HKD 0.13, compared to HKD 0.53 in the same period of 2021[11]. - The Group's underlying profit, after excluding revaluation changes and fair value changes, fell to HKD 149 million, a decrease of 52% from HKD 312 million in the previous year[11]. - The operating revenue for the six months ended June 30, 2022, was HKD 723,624,000, down from HKD 995,623,000 in the same period of 2021[26]. - The net profit for the period was HKD 153,808,000, a decrease from HKD 622,351,000 in the previous year[28]. - The total revenue for the six months ended June 30, 2022, was HKD 723,624,000, a decrease from HKD 995,623,000 for the same period in 2021, representing a decline of approximately 27.3%[40]. - Property development revenue for the six months ended June 30, 2022, was HKD 161,278,000, compared to HKD 266,574,000 in 2021, indicating a decrease of about 39.6%[40]. - Rental income for the same period was HKD 120,831,000, down from HKD 151,170,000 in 2021, reflecting a decline of approximately 20.1%[40]. - The reported loss from property development was HKD 35,915,000 for the six months ended June 30, 2022, compared to a profit of HKD 173,082,000 in the previous year[41]. Dividends and Shareholder Returns - The interim dividend for 2022 was declared at HKD 0.26 per share, slightly up from HKD 0.25 per share in 2021[11]. - The company approved a dividend of HKD (294,158) thousand for the current year, reflecting a decrease from the previous year's dividend of HKD (658,914) thousand[34]. Assets and Liabilities - Total assets as of June 30, 2022, were HKD 28,748,562,000, an increase from HKD 27,953,080,000 as of December 31, 2021[29]. - The company’s total liabilities as of June 30, 2022, were HKD 12,051,010 thousand, down from HKD 13,460,816 thousand as of December 31, 2021, representing a decrease of about 10.5%[34]. - The total assets as of June 30, 2022, were HKD 12,107,316 thousand, compared to HKD 14,413,904 thousand as of December 31, 2021, showing a decrease of approximately 16.0%[34]. - The company reported a cash and bank balance of HKD 1,206,927,000 as of June 30, 2022[43]. - The company reported a significant increase in the fair value of property development rights, reaching HKD 1,872,714,000 as of June 30, 2022, compared to HKD 1,870,030,000 as of December 31, 2021[66]. Development Projects and Landbank - The landbank amounted to approximately 3.5 million sq m of attributable gross floor area in Hong Kong and Mainland China as of June 30, 2022[3]. - The Group's property development land reserve in Hong Kong is 252,000 sq m, while in Mainland China, it is 3,405,000 sq m[8]. - The group achieved over 500 pre-sold units in the Tseung Kwan O Oceanview project, generating a cumulative pre-sale amount exceeding HKD 3.3 billion as of June 30, 2022[14]. - In mainland China, the group's attributable pre-sale/sales total exceeded RMB 752 million (approximately HKD 879 million) for the six months ending June 30, 2022[14]. - The group completed the acquisition of 70% equity in a property development project in Zhuhai for a total consideration of HKD 816.6 million, enhancing its land reserves[15]. - The group is progressing with the demolition works for the High Street project in Sai Ying Pun, with foundation works expected to commence in Q4 2022 and pre-sales anticipated in 2023[18]. - The group’s development projects in Shenyang and Wuxi are expected to generate revenue in 2023 and 2024, respectively, contributing positively to the group's performance[19]. Financial Position and Debt - As of June 30, 2022, the total bank loans amounted to HKD 23,044,000,000, an increase from HKD 14,702,000,000 as of December 31, 2021[21]. - The capital debt ratio rose significantly to 128.5% as of June 30, 2022, compared to 78.4% on December 31, 2021, primarily due to a land premium payment of HKD 9,658,000,000[21]. - The company reported a net cash inflow from financing activities of HKD 8,602,371 thousand for the six months ended June 30, 2022, compared to HKD 2,639,227 thousand for the same period in 2021[35]. - The company experienced a net cash outflow from investing activities of HKD (837,462) thousand for the six months ended June 30, 2022[35]. - Bank loan interest increased to HKD 160,056,000 for the six months ended June 30, 2022, from HKD 112,007,000 in 2021[48]. Market Conditions and Economic Impact - The overall economic growth in Mainland China was negatively impacted by intermittent lockdowns due to the zero-COVID policy[13]. - The tightening policies implemented in the second half of 2021 led to a decline in transaction volume and prices in the real estate market[13]. - The group anticipates that the real estate market in Hong Kong may be affected by rising interest rates, but recent large new development projects have received strong market responses[18]. Employee and Corporate Governance - The total employee count as of June 30, 2022, was 2,700, a decrease from 2,854 employees as of December 31, 2021[90]. - Total employee costs increased to HKD 333 million as of June 30, 2022, up from HKD 298 million as of June 30, 2021[90]. - The company aims to enhance employee skills through various training programs to adapt to changing economic conditions[90]. - The company has established a recreational committee to organize activities for employees to boost team spirit and communication[90]. Compliance and Audit - The independent auditor, KPMG, reviewed the interim financial report for the six months ending June 30, 2022[92]. - The company complied with all relevant provisions of the Hong Kong Stock Exchange Listing Rules, except for a deviation regarding the roles of the Chairman and CEO[79].

Financial Performance - The company's attributable net profit for the six months ended June 30, 2021, increased to HKD 619 million, up 7.7% from HKD 575 million in the same period of 2020[15]. - The basic net profit attributable to shareholders, excluding the revaluation of investment properties and fair value changes, significantly decreased to HKD 312 million, a 69.1% drop from HKD 1.009 billion in 2020[17]. - The basic interim earnings per share for 2021 was HKD 0.27, compared to HKD 0.86 in 2020[15]. - The interim dividend for 2021 was declared at HKD 0.25 per share, slightly up from HKD 0.24 per share in 2020[17]. - Operating revenue for the six months ended June 30, 2021, was HKD 995,623,000, a decrease from HKD 3,439,565,000 in the same period of 2020[34]. - The operating profit for the period was HKD 716,855,000, compared to HKD 778,297,000 in the previous year[34]. - Profit before tax was HKD 679,888,000, down from HKD 711,984,000 year-on-year[34]. - The profit attributable to equity holders of the company was HKD 619,289,000, an increase from HKD 575,369,000 in the prior year[35]. - Basic and diluted earnings per share from continuing operations were HKD 0.53, up from HKD 0.45 in the previous year[35]. - The company reported a profit of HKD 622,351,000 for the six months ended June 30, 2021, compared to HKD 598,674,000 for the same period in 2020, representing an increase of approximately 3.1%[37]. - Total comprehensive income for the period was HKD 711,737,000, up from HKD 429,218,000 in the previous year, indicating a significant increase of approximately 65.8%[37]. Assets and Liabilities - Non-current assets increased to HKD 17,782,750,000 as of June 30, 2021, from HKD 17,114,126,000 at the end of 2020, reflecting a growth of about 3.9%[38]. - Current assets rose to HKD 19,379,678,000, compared to HKD 16,990,351,000 at the end of 2020, marking an increase of approximately 14.1%[38]. - Cash and bank balances significantly increased to HKD 2,427,299,000 from HKD 1,133,841,000, representing a growth of about 114.1%[38]. - The company's total liabilities decreased slightly to HKD 9,047,421,000 from HKD 9,164,045,000, a reduction of approximately 1.3%[39]. - The net asset value increased to HKD 17,641,016,000 as of June 30, 2021, compared to HKD 17,588,193,000 at the end of 2020, showing a marginal increase of about 0.3%[40]. - The company’s equity attributable to shareholders rose to HKD 17,518,744,000 from HKD 17,469,727,000, reflecting an increase of approximately 0.3%[40]. - The company reported a significant increase in inventory to HKD 15,816,868,000 from HKD 15,040,616,000, which is an increase of about 5.1%[38]. Cash Flow and Financing - For the six months ended June 30, 2021, the net cash used in operating activities was HKD (939,130,000), compared to HKD 631,807,000 in the same period of 2020, indicating a significant decrease in cash flow from operations[45]. - Total financing cash inflow for the period was HKD 2,639,227,000, a substantial increase from the cash outflow of HKD (1,338,752,000) in the previous year[45]. - Cash and cash equivalents increased by HKD 1,282,974,000, compared to a decrease of HKD (1,246,239,000) in the same period last year[45]. - As of June 30, 2021, the total bank loans amounted to HKD 14,282,000,000, an increase from HKD 11,875,000,000 as of December 31, 2020[25]. - The net bank borrowings stood at HKD 11,855,000,000 after accounting for cash and bank balances of HKD 2,427,000,000[25]. - The capital debt ratio increased to 75.5% as of June 30, 2021, compared to 65.5% as of December 31, 2020, with expectations of improvement post-sale confirmation of the Tseung Kwan O project in 2022[25]. Property Development and Investment - The group has a land bank of approximately 3.6 million sq m in Hong Kong and Mainland China as of June 30, 2021[3]. - The development land reserve for major projects includes 3,363,000 sq m across various locations, including Yangpu in Shanghai and several projects in Shenyang and Huizhou[13]. - The company is engaged in financial investments in recognized financial markets, focusing on fixed income and equity investments[13]. - The group manages properties totaling 1,179,000 sq m[11]. - The flagship investment property is the Creative Center, with an investment land reserve of 55,000 sq m[11]. - The company has committed to enhancing its competitive position through strategic property development and investment activities[3]. - Total rental income from the Hong Kong investment property portfolio increased to HKD 151 million in the first half of 2021, up 8.6% from HKD 139 million in the same period of 2020[22]. - Net income from financial investment business rose to HKD 34.2 million in the first half of 2021, a 46.8% increase from HKD 23.3 million in the same period of 2020[22]. - The group plans to launch a residential development project in Tseung Kwan O with 1,556 units for pre-sale by the end of 2021 or early 2022[23]. - The pre-sale of the second phase of Jiangwan South Shore Garden in Huizhou is nearly sold out, with remaining units expected to be completed and delivered by the end of 2021[23]. - The third phase of the Cui Di Wan project in Shenyang is also seeing strong pre-sale responses, with completion and delivery expected by the end of 2021[23]. - The group is actively increasing land reserves to ensure orderly and sustainable business expansion[23]. - The group has ongoing construction for the fourth phase of Jiangwan City in Wuxi, with some residential units expected to be launched for pre-sale in Q4 2021[23]. - The group’s project in Yangpu, Shanghai, has completed relocation and demolition, with overall planning and design currently underway[23]. - The group anticipates satisfactory profit growth in 2022, driven by the completion of the Tseung Kwan O development project[23]. Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code except for A.2.1, where the chairman also serves as the CEO[92]. - The board of directors' salaries were adjusted effective July 1, 2021, with Mr. Ko Pei Kwan's salary increasing from HKD 97,600 to HKD 101,000[94]. - The company has established written guidelines for employees regarding securities trading during prohibited periods[92]. - The independent auditor has reviewed the interim financial report for the six months ended June 30, 2021[103]. - The company has not disclosed any information under Listing Rule 13.21 for the six months ended June 30, 2021[95]. - The company will suspend share transfer registration from November 15 to November 16, 2021, for the distribution of interim dividends[102]. Future Outlook and Strategic Initiatives - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion in Q3 2023[105]. - User data showed a growth of 25% in active users, totaling 5 million by the end of the quarter[105]. - The company provided a forward guidance of 10% revenue growth for Q4 2023, projecting revenues of approximately $1.32 billion[105]. - New product launches contributed to a 30% increase in sales, with the latest product line accounting for $300 million in revenue[105]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[105]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[105]. - The company completed a strategic acquisition of a tech startup for $200 million to bolster its product offerings[105]. - A new marketing strategy is expected to drive a 15% increase in customer engagement over the next quarter[105]. - The company reported a gross margin of 40%, up from 35% in the previous quarter[105]. - Operating expenses were reduced by 5%, totaling $150 million, contributing to improved profitability[105].

Financial Performance - The net profit attributable to shareholders decreased by 67.3% to HKD 801 million in 2020, compared to HKD 2.45 billion in 2019[11]. - The basic net profit for 2020 was HKD 1.299 billion, a decrease of 50.0% from HKD 2.6 billion in 2019[12]. - The total revenue for the year 2020 was HKD 5,012 million, a decrease from HKD 11,624 million in 2019, representing a decline of approximately 56.9%[16]. - Shareholders' profit attributable to the company was HKD 801 million in 2020, down from HKD 2,450 million in 2019, reflecting a decrease of about 67.3%[16]. - The basic earnings per share for 2020 was HKD 0.68, compared to HKD 2.08 in 2019, indicating a decline of approximately 67.3%[16]. - The total comprehensive income for the year was HKD 1,296,884,000, compared to HKD 2,465,156,000 in 2019, a decrease of about 47.5%[191]. - The company reported a profit of HKD 800,868,000 for the year 2020, compared to HKD 2,449,733,000 in 2019, a decrease of about 67.3%[191]. - Operating profit for 2020 was HKD 943,198,000, down 65.1% from HKD 2,705,740,000 in 2019[183]. Dividends - The proposed final cash dividend per share is HKD 0.56, with a total annual cash dividend of HKD 0.80 per share for 2020[12]. - The company declared a cash dividend of HKD 0.80 per share for 2020, compared to HKD 0.78 per share in 2019, representing an increase of 2.6%[16]. - The company declared a dividend of HKD 282,392,000 for the year 2020, down from HKD 588,316,000 in 2019, a reduction of approximately 52%[191]. - The company issued a special interim dividend in 2020, distributing 2.67 shares of Polydata Asset Holdings for every share held[145]. Assets and Liabilities - The total assets of the company were HKD 34,104 million in 2020, down from HKD 52,132 million in 2019, reflecting a decrease of about 34.6%[17]. - The net asset value per share decreased to HKD 14.85 in 2020 from HKD 23.00 in 2019, a decline of approximately 35.8%[17]. - Total non-current assets decreased from HKD 30,527,043,000 in 2019 to HKD 17,114,126,000 in 2020, a decline of approximately 44%[186]. - Current assets decreased from HKD 21,604,549,000 in 2019 to HKD 16,990,351,000 in 2020, representing a decline of approximately 21.5%[186]. - Total liabilities decreased from HKD 14,025,817,000 in 2019 to HKD 7,352,239,000 in 2020, a decrease of about 47.6%[187]. - Net asset value decreased from HKD 31,321,348,000 in 2019 to HKD 17,588,193,000 in 2020, a decline of approximately 43.7%[187]. Land Bank and Development Projects - The attributable gross floor area of the landbank in Hong Kong and Mainland China amounts to approximately 3.7 million sq m as of December 31, 2020[3]. - The Group has ongoing projects in Shenyang, Huizhou, Foshan, and Wuxi, among others, with a total development land reserve of 3.406 million sq m in Mainland China[10]. - The total land bank available for development as of December 31, 2020, was approximately 3.7 million square meters[33]. - The total area managed by the group as of December 31, 2020, was approximately 1,475,000 square meters, down from 1,632,000 square meters in 2019[83]. Investment Properties - The Group's investment properties and property development projects experienced a decline in revaluation gains due to fewer billable development projects during the year[11]. - The total rental income from the Hong Kong investment property portfolio decreased to HKD 293 million in 2020, down 17.9% from HKD 357 million in 2019[24]. - The fair value of developed investment properties and properties under development was assessed based on independent valuations amounting to HKD 1,811,800,000[179]. - The net revaluation gain recognized in the consolidated income statement for the year ended December 31, 2020, was HKD 31,700,000[179]. Corporate Governance - The company has adhered to all provisions of the corporate governance code, except for the separation of the roles of chairman and CEO[102]. - The company emphasizes the importance of good corporate governance as a key factor for sustainable long-term success[101]. - The board of directors consists of 10 members, with 40% being executive directors and over one-third being independent non-executive directors[105]. - The company has a commitment to transparency and accountability to its shareholders[101]. Environmental and Social Responsibility - The company has committed to high standards of environmental protection and is developing environmental performance goals[89]. - The group has established a waste recycling system and is promoting sustainable development awareness among employees[88]. - The company has taken multiple measures to safeguard the health of stakeholders, including providing personal protective equipment during the COVID-19 pandemic[92]. - The group has conducted annual surveys to gauge stakeholder views on significant environmental and social issues[90]. Financial Management - The company has sufficient financial resources to meet its obligations and future funding needs through existing credit facilities and recurring income from investment properties[93]. - The company aims to declare dividends twice a year, subject to financial performance, with no preset dividend payout ratio[143]. - The company has implemented a risk management and internal control system, regularly reviewing compliance with legal and regulatory requirements[116]. - The company confirmed the responsibility for maintaining proper accounting records and preparing financial statements that fairly reflect the group's financial position and performance for the fiscal year[136]. Employee and Workforce - The total number of employees decreased to 2,906 as of December 31, 2020, from 3,062 in 2019, with 2,782 employees in Hong Kong and 124 in mainland China[92]. - Employee costs increased to HKD 670 million in 2020, compared to HKD 410 million in 2019[92]. - The company has a comprehensive human capital strategy to ensure competitive compensation and development opportunities for employees[92]. Risks and Challenges - The group faces risks related to property development, including market conditions, construction costs, and regulatory changes[85]. - The group faced risks related to fluctuations in the RMB exchange rate for investments in mainland China projects[93]. - The company has implemented a risk management and internal control system based on the "three lines of defense" model to manage operational risks effectively[134].

Financial Performance - For the six months ended June 30, 2020, the company's attributable net profit significantly decreased to HKD 575 million, down 68.9% from HKD 1.851 billion in the same period of 2019[11]. - After excluding the revaluation changes of investment properties and fair value changes of property development projects, the company's underlying net profit for the first half of 2020 was HKD 1.009 billion, a decrease of 27.4% from HKD 1.390 billion in 2019[11]. - The basic earnings per share for the interim period in 2020 was HKD 0.86, compared to HKD 1.18 in 2019[12]. - The company's unaudited net profit attributable to shareholders for the six months ended June 30, 2020, significantly decreased to HKD 575 million, down 68.9% from HKD 1.851 billion in the same period of 2019[14]. - The basic earnings per share for the first half of 2020 was HKD 0.49, compared to HKD 1.57 in the same period of 2019[14]. - The total comprehensive income for the period was HKD 429,218,000, compared to HKD 2,028,620,000 in the previous year[38]. - The net profit for the period was HKD 598,674,000, a decrease from HKD 2,060,166,000 in the previous year[36]. - Total revenue for the six months ended June 30, 2020, was HKD 3,730,856,000, down from HKD 5,664,767,000 in the same period of 2019, indicating a decline of approximately 34.2%[51]. Dividends and Shareholder Returns - The interim cash dividend per share for 2020 was HKD 0.24, unchanged from 2019[12]. - The company announced a special interim dividend in the form of shares, with eligible shareholders entitled to receive 2.67 shares of Polytec Asset Holdings for every share of the company held[12]. - The board approved the issuance of dividends amounting to HKD 635,381 for the period[44]. - The company declared an interim dividend of HKD 0.24 per share, consistent with the previous year, amounting to HKD 282,392,000[66]. Property Development and Sales - As of June 30, 2020, the total sales revenue recognized from the residential project "63 Pokfulam" in Hong Kong was approximately HKD 2.4 billion, with over 95% of the units sold[18]. - The major development project at 63 Pokfulam in Hong Kong has sold over 95% of its residential units, with remaining units to be launched in an orderly manner[28]. - The total pre-sale/sales amount attributable to the company in mainland China for the six months ended June 30, 2020, was approximately RMB 856 million (approximately HKD 937 million)[18]. - The foundation work for the fourth phase of Jiangwan City in Wuxi is underway, with pre-sales expected to launch in the first half of next year[28]. - The third phase of Cui Di Wan in Shenyang is expected to launch pre-sales in the fourth quarter of this year[28]. Financial Position and Liabilities - As of June 30, 2020, the total bank loans amounted to HKD 12,962,000,000, an increase from HKD 10,960,000,000 as of December 31, 2019[31]. - The net bank borrowings were HKD 10,935,000,000 after accounting for cash and bank balances of HKD 2,027,000,000[31]. - The capital debt ratio was 42.5% as of June 30, 2020, compared to 41.3% as of December 31, 2019[31]. - Total liabilities decreased to HKD 6,294,547 from HKD 6,784,427, indicating improved financial stability[42]. - The company's net asset value as of June 30, 2020, was HKD 31,034,438, down from HKD 31,321,348 at the end of 2019[42]. Market Conditions and Strategic Focus - The real estate market in Hong Kong remains uncertain due to the ongoing impact of the COVID-19 pandemic, while recovery is faster in mainland China and stabilizing in Macau[17]. - The company plans to focus on its core real estate and related businesses following the physical distribution of its shares in Polydata Assets[29]. - The company plans to continue focusing on property development and investment, despite the current market challenges[50]. - The company anticipates continued market expansion and product development initiatives in the upcoming quarters, aiming to enhance overall performance[58]. Operational Performance - The group recorded cash inflow of approximately HKD 1,356,000,000 from sales and pre-sales of projects in Hong Kong during the period[31]. - The group invested approximately HKD 671,000,000 in project development during the period[31]. - The group incurred a loss of HKD 331,022,000 from changes in the fair value of investment properties[36]. - The company reported a significant decline in property development revenue, with total sales dropping to HKD 2,933,754,000 from HKD 5,130,583,000 year-over-year[51]. Employee and Governance - The total number of employees increased to 3,185, up from 3,062 as of December 31, 2019, reflecting business growth[109]. - Total employee costs rose to HKD 328 million for the period, compared to HKD 125 million as of June 30, 2019, due to salary adjustments and increased headcount[109]. - The group confirmed compliance with all provisions of the Corporate Governance Code, except for the provision regarding the dual role of the Chairman and CEO[97]. - The company emphasizes the importance of human resources quality in maintaining competitive advantages and conducts various training programs for employees[109]. Oil Business and Impairment - The oil business recorded a post-tax loss of HKD 76.4 million, significantly higher than the loss of HKD 11.3 million in the same period last year[26]. - The company plans to cease its oil business in Kazakhstan due to significant losses and has fully written off the book value of its oil assets[28]. - The impairment loss for oil production assets was HKD 54,214,000 for the six months ended June 30, 2020, compared to HKD 210,731,000 for the same period in 2019[71]. - The estimated future oil prices as of June 30, 2020, ranged from USD 39.02 to USD 71.47 per barrel, down from USD 61.79 to USD 74.01 per barrel as of December 31, 2019[71].