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。 渝 太 地 產 集 團 有 限 公 司* Y. T. REALTY GROUP LIMITED (於百慕達註冊成立之有限公司) (股份代號：00075) 2022年度業績公告 渝太地產集團有限公司(「本公司」)之董事會欣然宣佈本公司及其附屬公司(「本集團」)於截至 2022年12月31日止年度之綜合業績。審核委員會已經審閱本年度業績。 綜合損益表 截至2022年12月31日止年度 附註 2022 2021 港幣千元 港幣千元 收入 2, 3 出售物業 2,681,239 1,184,478 租金收入 25,543 38,811 利息收入 181 974 收入總額 2,706,963 1,224,263 銷售成本 (2,581,026) (792,600) 毛利 125,937 431,663 其他收入及盈利 9,976 6,459 其他支出及虧損 (2,567) (1,457) 銷售及推廣支出 (308, ...

Financial Performance - For the first half of 2022, the group's revenue decreased by 6.4% to HKD 509.7 million compared to HKD 544.3 million in the same period last year[9]. - The property sales value for the first half of 2022 was approximately HKD 1,840.9 million, down from HKD 4,297.5 million in 2021, with recognized revenue of HKD 497 million[12]. - The rental income from investment properties was HKD 12.7 million, a decrease of 48.2% from HKD 24.4 million in the previous year[14]. - The net loss attributable to shareholders for the first half of 2022 was HKD 73.9 million, an improvement from a loss of HKD 81.9 million in the same period last year[9]. - Total revenue for the six months ended June 30, 2022, was HKD 509,664,000, a decrease of 6.3% from HKD 544,263,000 in the same period of 2021[50]. - Property sales revenue was HKD 496,998,000, down 4.2% from HKD 518,857,000 year-on-year[50]. - The company reported a loss before tax of HKD 106,802,000, an improvement from a loss of HKD 131,200,000 in the same period last year[50]. - The loss attributable to equity holders of the company was HKD 73,901,000, compared to HKD 81,863,000 in the previous year[50]. - The basic and diluted loss per share was HKD 0.092, an improvement from HKD 0.102 in the same period of 2021[50]. - The total comprehensive loss for the period amounted to HKD 218,220,000, significantly higher than HKD 87,379,000 in the same period last year[52]. Assets and Liabilities - As of June 30, 2022, total assets less current liabilities amounted to HKD 4,851,401,000, an increase from HKD 4,800,078,000 in the previous year[57]. - Non-current assets, including property, plant, and equipment, totaled HKD 1,395,378,000, slightly down from HKD 1,411,689,000 in 2021[55]. - Current assets increased to HKD 17,088,701,000 from HKD 14,538,932,000, reflecting a growth of approximately 17.5%[55]. - Total liabilities increased to HKD 13,632,678,000 from HKD 11,150,543,000, indicating a growth of about 22.3%[55]. - The company's equity attributable to shareholders decreased to HKD 1,488,426,000 from HKD 1,635,789,000, a decline of about 9%[57]. - Total non-current liabilities rose to HKD 3,362,975,000 from HKD 3,164,289,000, representing an increase of approximately 6.3%[57]. Cash Flow and Financing - The group's cash and bank balances were HKD 764,900,000 as of June 30, 2022, down from HKD 1,675,400,000 at the end of 2021[23]. - Operating cash generated was HKD 957,588,000, a decrease of 34.8% from HKD 1,471,546,000 in the same period last year[62]. - Net cash from operating activities amounted to HKD 877,982,000, down 35.6% from HKD 1,364,914,000 year-on-year[62]. - Cash used in investing activities totaled HKD 164,270,000, compared to HKD 61,959,000 in the previous year, indicating a significant increase in investment outflows[62]. - Cash used in financing activities was HKD 1,400,296,000, a decrease of 8.5% from HKD 1,530,288,000 in the same period last year[62]. - The net decrease in cash and cash equivalents was HKD 686,584,000, compared to a decrease of HKD 227,333,000 in the previous year[62]. - The company reported a decrease in income tax paid to HKD 38,665,000 from HKD 45,671,000 in the previous year[62]. Investments and Acquisitions - The group completed the acquisition of Golden Honour Global Limited for HKD 230 million, which holds a 53.6% interest in a property development project in Sichuan, China[16]. - The group successfully acquired land use rights in Sichuan, China for RMB 241,970,000, covering an area of approximately 101,965.1 square meters[18]. - The company acquired a subsidiary for HKD 215,096,000 during the reporting period[62]. - The acquisition of investment properties amounted to approximately HKD 16,001,000, compared to HKD 15,112,000 in the same period of 2021[103]. Market Outlook and Strategy - The overall economic environment remains challenging, with ongoing geopolitical tensions affecting supply chains and inflationary pressures in major economies[8]. - The group maintains a cautious and proactive approach to managing operations and investments in a challenging economic environment[20]. - The group remains optimistic about the long-term economic outlook for the real estate market in mainland China[20]. Employee and Management - The group employed 98 staff members as of June 30, 2022, and provides various employee benefits including medical insurance and retirement plans[30]. - Total remuneration paid to key management personnel increased to HKD 3,116,000 in the first half of 2022, compared to HKD 2,542,000 in the same period of 2021[133]. - Short-term employee benefits for key management personnel rose to HKD 3,016,000 in the first half of 2022, compared to HKD 2,524,000 in the same period of 2021[133]. Dividends and Shareholder Returns - The group has no interim dividend recommendation for the six months ended June 30, 2022[31]. - The company did not engage in any share buybacks or repurchases during the reporting period[43]. - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[102].

Financial Performance - For the year ended December 31, 2021, the group reported a net loss attributable to shareholders of HKD 121,000,000, compared to a net loss of HKD 134,300,000 for the year ended December 31, 2020, representing a 9.0% improvement in losses [8]. - The group's revenue increased by 328.0% to HKD 1,224,300,000 in 2021, up from HKD 286,100,000 in 2020 [15]. - Revenue from property sales rose by 400.6% to HKD 1,184,500,000 in 2021, compared to HKD 236,600,000 in 2020 [15]. - The group recorded a revaluation surplus of HKD 22,800,000 for its property portfolio in 2021, compared to a revaluation loss of HKD 19,000,000 in 2020 [16]. - The net asset value attributable to equity holders as of December 31, 2021, was HKD 1,675,000,000, down from HKD 1,766,600,000 as of December 31, 2020 [10]. - The group did not recommend the payment of a final dividend for the year ended December 31, 2021, consistent with no interim dividend declared in 2020 [9]. - The group’s loss per share for 2021 was HKD 0.151, an improvement from HKD 0.168 per share in 2020 [15]. Property Development - The group had three property projects under pre-sale in Sichuan Province, with a contract sales value of approximately HKD 6,850,300,000 in 2021, up from HKD 3,042,900,000 in 2020 [17]. - In 2021, the total contract sales value was RMB 5,682.3 million, with an average selling price of RMB 11,159 per square meter for the project in Sichuan Province [18]. - The company successfully acquired land use rights for two plots in Dazhou, Sichuan, for a total consideration of RMB 902.6 million, with the first plot covering approximately 97,465 square meters and the second plot approximately 132,963 square meters [22]. - The group expanded its property development business into mainland China through acquisitions, integrating existing property operations to capture long-term sustainable demand in the Chinese property market [151]. Rental and Financial Management - Rental income from investment properties decreased by 14.3% to HKD 38,800,000 in 2021, down from HKD 45,300,000 in 2020 [15]. - Financial management income fell by 76.6% to HKD 1,000,000 in 2021, compared to HKD 4,200,000 in 2020 [15]. - Rental income for the year was HKD 38.8 million, a decrease of approximately 14.3% compared to HKD 45.3 million in the previous year, primarily due to the sale of the property in the UK [20]. - Financial management revenue dropped by 76.6% to HKD 1 million in 2021 from HKD 4.2 million in 2020, mainly due to reduced bank interest and bond income [21]. Corporate Governance - The company emphasizes good corporate governance principles, focusing on effective board management and risk control systems to enhance performance [47]. - The board is responsible for reviewing corporate governance policies and practices annually, ensuring compliance with the Corporate Governance Code [49]. - The company aims to maintain a balance of power and authority between the board and management, ensuring shareholder interests are protected [50]. - The company has a commitment to continuous improvement in governance standards and processes [48]. - The board includes experienced independent non-executive directors, contributing to effective oversight and governance [44]. - The company provides training and professional development for directors and senior management to enhance governance practices [49]. Risk Management - The company has established a risk management framework that includes the board, audit committee, internal audit functions, and management to oversee the effectiveness of the risk management system [86]. - The board is committed to maintaining an appropriate and effective risk management and internal control system to protect shareholder investments and company assets [86]. - The board conducts regular meetings to review the group's operational and financial performance against established budgets and targets [76]. - The company has adopted procedures and internal controls to regulate the handling and disclosure of inside information [91]. - The board is responsible for identifying and assessing risks, formulating appropriate risk management policies, and strategies [93]. Environmental, Social, and Governance (ESG) - The group has established a comprehensive corporate governance framework to effectively communicate its environmental, social, and governance (ESG) strategies, with the board responsible for reviewing and approving ESG policies and performance [152]. - In 2021, the group set new greenhouse gas emission targets as part of its roadmap for operational decarbonization, demonstrating its commitment to environmental protection [156]. - The company has committed to enhancing low-carbon transformation and sustainable development practices in response to climate change challenges [156]. - The company aims to enhance stakeholder awareness regarding environmental protection and sustainability efforts [168]. - The company has established a stakeholder engagement strategy to understand expectations and assess the effectiveness of its sustainability measures [162]. Employee Management - The group had 96 employees as of December 31, 2021, and regularly reviews employee compensation, offering benefits such as medical insurance and retirement plans [37]. - The company provides comprehensive compensation and benefits, training opportunities, and equal employment opportunities to employees [200]. - The company reviews and adjusts compensation annually to ensure alignment with performance and shareholder interests [200]. - The company has a total of 98 employees as of December 31, 2021, with 12 based in Hong Kong and 86 in mainland China [175]. Climate Change and Sustainability - The company has identified extreme weather events as a climate-related risk that could significantly impact operations, particularly in Sichuan due to increased rainfall [198]. - The company anticipates increased operational costs due to stricter environmental policies aimed at achieving carbon reduction and net-zero targets [199]. - The company is committed to improving its environmental sustainability by annually disclosing greenhouse gas emissions and assessing the effectiveness of current measures [199]. - The company has implemented measures to monitor contractors' emissions and ensure compliance with emission control measures [173]. - The company encourages the use of public transportation for employees and promotes online meetings to reduce unnecessary travel [173].

Revenue Performance - For the first half of 2021, the total revenue of the company increased by 2087.3% to HKD 544,300,000 compared to HKD 24,900,000 in the same period last year[11]. - The revenue from property sales amounted to HKD 518,900,000, while rental income from investment properties was HKD 24,400,000, representing a 10.4% increase from HKD 22,100,000 in the previous year[11][17]. - Total revenue for the six months ended June 30, 2021, was HKD 544,263,000, a significant increase from HKD 24,883,000 in the same period of 2020[57]. - Property sales contributed HKD 518,857,000 to the total revenue, with rental income at HKD 24,432,000, compared to HKD 22,125,000 in 2020[57]. - For the six months ending June 30, 2021, the company reported segment revenues of HKD 24,432,000 from property investment, HKD 518,857,000 from property development and sales, and HKD 974,000 from financial management, totaling HKD 544,263,000[97]. Financial Losses - The net loss attributable to shareholders for the first half of 2021 was HKD 81,900,000, compared to a loss of HKD 43,200,000 in the same period last year, with a loss per share of HKD 0.102[14]. - The company reported a loss before tax of HKD 131,200,000, compared to a loss of HKD 46,139,000 in the previous year[57]. - The net loss for the period was HKD 111,258,000, with a loss attributable to equity holders of the company amounting to HKD 81,863,000[57]. - The company reported a significant increase in development properties to HKD 9,241,833,000 from HKD 8,104,321,000, suggesting ongoing expansion in property development[62]. - The basic loss attributable to ordinary shareholders for the six months ended June 30, 2021, was HKD 81,863,000, compared to a loss of HKD 43,190,000 for the same period in 2020, representing an increase in loss of approximately 89%[117]. Asset and Liability Management - The company’s net borrowings as of June 30, 2021, were HKD 1,646,800,000, a decrease from HKD 2,723,700,000 as of December 31, 2020, with a capital to debt ratio of 96.4%[29]. - As of June 30, 2021, the total borrowings amounted to HKD 2,522,800,000, down from HKD 3,811,900,000 as of December 31, 2020, with approximately 65.7% denominated in RMB and 34.3% in HKD[30]. - The company’s equity attributable to shareholders decreased to HKD 1,690,449,000 from HKD 1,775,427,000, indicating a decline in shareholder equity[64]. - Total assets less current liabilities decreased to HKD 4,385,935,000 as of June 30, 2021, down from HKD 6,021,560,000 at the end of 2020, showing a decline in net asset value[64]. - The total value of interest-bearing bank and other borrowings as of June 30, 2021, was HKD 2,522,764,000, down from HKD 3,811,881,000 as of December 31, 2020, indicating a reduction of approximately 34%[129]. Cash Flow and Liquidity - The company’s cash and cash equivalents, including restricted bank balances, were HKD 876,000,000 as of June 30, 2021, down from HKD 1,088,200,000 as of December 31, 2020, with approximately 90.6% in RMB[29]. - Operating cash generated amounted to HKD 1,471,546, a significant increase from HKD 43,029 in the previous year, representing a growth of approximately 3,328%[70]. - Net cash from operating activities reached HKD 1,364,914, compared to HKD 40,641 in the same period last year, indicating a substantial increase[70]. - The cash and cash equivalents balance decreased to HKD 475,639 from HKD 2,057,331, reflecting a decline of approximately 77%[70]. - The company had cash and bank balances of HKD 475,639, down from HKD 1,157,331, reflecting a decrease in liquidity[70]. Investment and Development Activities - The company successfully acquired land use rights for two plots in Dazhou, Sichuan, for a total consideration of RMB 902,607,000, with the first plot covering approximately 97,465 square meters and the second plot approximately 132,963 square meters[22]. - The company acquired development properties and land use rights amounting to approximately HKD 1,257,966,000 during the six months ended June 30, 2021, compared to HKD 1,333,173,000 in the same period of 2020[123]. - The company reported a significant increase in development properties to HKD 9,241,833,000 from HKD 8,104,321,000, suggesting ongoing expansion in property development[62]. - The company’s financing costs for the property development and sales segment were HKD 67,760,000, impacting overall financial performance[97]. - The company remains optimistic about the long-term economic outlook in China and the real estate market, planning to continue expanding its real estate business in China[28]. Corporate Governance and Compliance - The company maintained compliance with the Corporate Governance Code, with some deviations noted regarding the roles of the chairman and CEO[47]. - The company plans to continue reviewing its board structure to ensure a balance of power and authority between the board and management[47]. - The company did not engage in any share buybacks, sales, or redemptions during the reporting period[50]. - No share options were granted, exercised, or cancelled under the share option scheme during the reporting period[42]. - The interim financial information was approved by the board of directors on August 23, 2021[157].

Financial Performance - The net loss attributable to shareholders for the year ended December 31, 2020, was HKD 134.3 million, compared to a profit of HKD 83.8 million for the year ended December 31, 2019, representing a significant decline [8]. - The total rental income for the year was HKD 45.3 million, a slight decrease of approximately 0.6% from HKD 45.5 million in the previous year, primarily due to a decline in the GBP exchange rate [16]. - The group recorded a revaluation loss of HKD 19 million on its property portfolio, compared to a revaluation gain of HKD 56.3 million in 2019 [15]. - The financial management business revenue decreased by 44.5% to HKD 4.2 million in 2020, down from HKD 7.5 million in 2019, mainly due to reduced bank interest income [17]. - The group did not recommend a final dividend for the year ended December 31, 2020, compared to a dividend of HKD 0.01 per share in 2019 [9]. Market Conditions - The unemployment rate in Hong Kong rose to over 6% by the end of 2020, with local GDP declining by approximately 6% due to the impact of the COVID-19 pandemic [14]. - The group faced significant pressure in the commercial real estate market, particularly in retail, leading to a notable decline in rental values and increased vacancy rates [14]. - The group’s business activities were severely impacted by the COVID-19 pandemic, with many countries implementing lockdown measures that reduced commercial activities [11]. Real Estate Expansion - In 2020, the company expanded its real estate business by acquiring 4 property projects in mainland China, with a total contract sales value of approximately HKD 3,042,900,000 and recognized revenue of HKD 236,600,000 [19]. - The contract sales details for 2020 include two projects in Sichuan Province, with sales values of RMB 1,237,889,000 for Binjiang Ruicheng and RMB 1,804,961,000 for Binjiang Licheng, translating to average prices of RMB 11,032 and RMB 8,644 per square meter respectively [20]. - The company completed the acquisition of Prime Circle Global Limited for a total consideration of HKD 350,000,000, gaining an 80% interest in a property development project in Sichuan Province [21]. - The company also acquired Great Giant Investment Limited for HKD 30,000,000, obtaining a 67% interest in another property development project in Sichuan Province [21]. Financial Position - As of December 31, 2020, the company's net borrowings amounted to HKD 2,723,700,000, with a capital to debt ratio of 154.2% [22]. - The total borrowings were HKD 3,811,900,000, with approximately 70.8% denominated in RMB and 29.2% in HKD [22]. - The company provided financial guarantees amounting to HKD 1,499,600,000 for mortgage loans related to certain buyers of its properties in mainland China [26]. Corporate Governance - The company has maintained a commitment to good corporate governance principles, emphasizing effective board management and robust risk management systems [43]. - The board has reviewed its corporate governance policies and practices annually, ensuring compliance with the Corporate Governance Code [45]. - The company has experienced a significant leadership structure, with the chairman also serving as the managing director, which the board believes promotes effective execution of business strategies [45]. - The company has not established formal appointment letters for directors, which deviates from the Corporate Governance Code, but ensures compliance with applicable laws and regulations [46]. - The board consists of experienced members, including three independent non-executive directors, ensuring a balanced distribution of power and authority [45]. Risk Management - The board has established a risk management framework to protect shareholder investments and company assets [79]. - The board evaluates and determines the nature and scope of risks faced in achieving the company's strategic objectives [79]. - The company emphasizes the importance of maintaining effective risk management systems and regularly evaluates their performance with the audit committee [83]. - The risk management process includes identifying risk factors, analyzing risk levels, and assessing their impact on business performance, with a commitment to review risks at least annually [83]. Environmental Responsibility - The company is committed to sustainable development and reducing environmental impact through the 3R principles: Reduce, Recycle, and Reuse [141]. - The company actively participates in environmental programs and initiatives to reduce carbon emissions and improve energy efficiency [142]. - Total greenhouse gas emissions for 2020 were 11.30 tons, a decrease of 6.9% from 2019's 12.14 tons [151]. - The company has implemented measures to reduce emissions, including encouraging public transport use and optimizing air conditioning settings [153]. - The company promotes the use of digital communication to reduce paper consumption and encourages recycling initiatives [153]. Employee Welfare - The company maintains a strong commitment to employee welfare, providing comprehensive compensation and benefits, including medical insurance and retirement plans [176]. - There were no reported violations of employment laws affecting the company during the year [177]. - The company has established health and safety measures to ensure a safe working environment, with no reported violations during the year [178]. - The group has not violated any significant labor laws regarding child labor or forced labor during the year [181]. Community Engagement - The group actively participates in community investment through donations to education, charity, sports, and cultural initiatives [187]. - The group encourages employee participation in volunteer work and charitable events to enhance social responsibility awareness [187]. - The group has established a corporate social responsibility policy to minimize the environmental impact of its business activities [193].

Financial Performance - For the first half of 2020, the company's revenue decreased by 5% to HKD 24,900,000 compared to the same period last year[10]. - The company reported a net loss attributable to shareholders of HKD 43,200,000 for the first half of 2020, compared to a profit of HKD 34,400,000 in the same period last year[13]. - The company’s loss per share for the first half of 2020 was HKD 0.054, compared to earnings per share of HKD 0.043 in 2019[13]. - Total revenue for the six months ended June 30, 2020, was HKD 24,883,000, a decrease of 4.9% from HKD 26,183,000 in the same period of 2019[44]. - The company reported a loss of HKD 43,672,000 for the six months ended June 30, 2020, compared to a profit of HKD 34,410,000 in the prior year[46]. - The company reported a loss before tax of HKD 46,139 for the six months ended June 30, 2020, compared to a profit of HKD 36,076 in the same period of 2019[74]. - The group reported a pre-tax loss of HKD 43,190,000 for the six months ended June 30, 2020, compared to a profit of HKD 34,410,000 in the same period of 2019[91]. Rental Income and Property Valuation - Rental income from investment properties was HKD 22,100,000, down 3.4% from HKD 22,900,000 in the previous year, primarily due to a decline in the GBP exchange rate[10]. - The company’s investment property portfolio experienced a revaluation loss of HKD 42,000,000, compared to a revaluation gain of HKD 15,300,000 in the previous year[13]. - The fair value change of investment properties resulted in a loss of HKD 41,992,000, contrasting with a gain of HKD 15,281,000 in the same period last year[44]. - The group's investment properties had a net book value of HKD 1,173,220,000 as of June 30, 2020, down from HKD 1,222,819,000 in the previous year[95]. Acquisition and Expansion - The company completed the acquisition of Prime Circle Global Limited for a total consideration of HKD 350,000,000, which holds an 80% interest in a property development project in Sichuan, China[14]. - The acquisition allows the company to enter the Chinese real estate development market, which has long-term sustainable demand[14]. - The company acquired a subsidiary for HKD 125,116,000, expanding its property development business in mainland China[57]. - The identifiable net assets of Prime Circle Group at the acquisition date were temporarily assessed at HKD 171,263,000, with goodwill recognized at HKD 221,445,000[113]. - The company incurred transaction costs of HKD 3,691,000 related to the acquisition of Prime Circle, which were expensed in the income statement[114]. Financial Management and Borrowings - The company’s financial management income decreased by 15.8% to HKD 2,800,000 from HKD 3,300,000 in the previous year[10]. - The group's net borrowings as of June 30, 2020, amounted to HKD 156,900,000, with total borrowings of HKD 2,321,700,000[19]. - The capital to debt ratio was reported at 9.8% as of June 30, 2020, compared to zero on December 31, 2019[19]. - The company’s non-current liabilities amounted to HKD 2,637,034,000, a significant increase from HKD 17,723,000, reflecting a growth of 14,853%[52]. - New borrowings amounted to HKD 1,569,313,000, while repayments were HKD 93,208,000, resulting in a net cash inflow from financing activities of HKD 1,467,713,000[57]. Market Outlook and Strategy - The group anticipates continued pressure on the real estate market for the remainder of the year due to the impact of the COVID-19 pandemic and ongoing US-China trade tensions[18]. - The group remains optimistic about the long-term economic outlook in China and plans to expand its real estate business in the market[18]. - The group will continue to adopt a prudent and proactive approach to manage core investments and seek opportunities in stable property markets[18]. - The company is actively seeking investment opportunities in the real estate market to create sustainable growth and better returns for shareholders[14]. Employee and Governance - As of June 30, 2020, the group had 15 employees and provides various benefits including medical insurance and retirement plans[24]. - The company has complied with the Corporate Governance Code, with some deviations noted regarding the roles of the chairman and CEO[34]. - The total remuneration paid to key management personnel increased to HKD 1,668,000 for the six months ended June 30, 2020, compared to HKD 279,000 in the same period of 2019[121]. Cash Flow and Assets - Cash and cash equivalents surged to HKD 2,057,331,000, a significant increase from HKD 451,571,000, reflecting a growth of 356.5%[49]. - The company recorded a cash flow from operating activities of HKD 34,410,000 for the six months ended June 30, 2020[54]. - Operating cash generated was HKD 9,311,000 compared to HKD 18,146,000 in the previous year, representing a decrease of 48.7%[57]. - Total assets as of June 30, 2020, amounted to HKD 5,808,116, while total liabilities were HKD 4,156,264[73].

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2019, was HKD 83,800,000, representing an increase of 1.8% compared to HKD 82,300,000 in 2018[8]. - Earnings per share for 2019 were HKD 0.105, up from HKD 0.103 in 2018[8]. - The total rental income for the year was HKD 45,500,000, a decrease of approximately 4.3% from HKD 47,600,000 in the previous year[15]. - The revaluation surplus of the property portfolio was HKD 56,300,000, compared to HKD 51,400,000 in 2018[15]. - Financial management income increased by 144.5% to HKD 7,500,000 from HKD 3,100,000 in 2018[16]. - As of December 31, 2019, the group's cash and cash equivalents amounted to HKD 451,600,000, up from HKD 415,500,000 in 2018[17]. - The net asset value of the group as of December 31, 2019, was HKD 1,739,300,000, compared to HKD 1,631,000,000 in 2018[10]. - The proposed final dividend for the year is HKD 0.01 per share, consistent with the previous year[9]. Economic Outlook - The global economic growth is expected to continue facing volatility and uncertainty, significantly impacted by the US-China trade conflict and the COVID-19 outbreak, which has suppressed China's economic growth[20]. - The US Federal Reserve has lowered interest rates by a total of 1.5% in March 2020 to mitigate the economic threats posed by the trade conflict and the pandemic[20]. - The local economy in Hong Kong is anticipated to decline further in 2020, with significant impacts on retail, dining, tourism, and export sectors due to the COVID-19 outbreak[21]. - The Group remains optimistic about the long-term economic outlook in China, despite slower growth compared to previous years, and plans to expand its real estate business in response to sustained demand[21]. - The Group will adopt a prudent and proactive approach to manage core investments and seek investment opportunities, particularly in the property market, to ensure stable returns for shareholders[21]. Corporate Governance - The company emphasizes strong corporate governance principles, focusing on effective board management and risk control systems[34]. - The board is committed to reviewing corporate governance policies and practices annually to ensure compliance with the Corporate Governance Code[36]. - The company has adopted a policy for handling inside information, ensuring timely public disclosure while maintaining confidentiality[40]. - All directors confirmed compliance with the Securities Trading Code throughout the year, ensuring adherence to trading regulations[45]. - The board plays a crucial role in leading and monitoring the company, balancing the interests of various stakeholders[46]. - The board of directors is chaired by Mr. Zhang Songqiao and consists of seven members, with all members serving until the report date except for Mr. Huang Yun, who was appointed on October 15, 2019[47]. - The board held a total of five meetings and one annual general meeting during the year, with all executive directors maintaining a 100% attendance rate[53]. - The nomination committee confirmed that the board achieved an appropriate level of diversity and maintained a balanced composition of executive and independent non-executive directors[48]. - The management team, composed of executive committee members and second-line management, is responsible for the overall management and performance of the group[59]. - The board has delegated certain responsibilities to management while retaining decision-making powers over key areas, including business strategy and financial matters[60]. - The company ensures that all directors receive adequate training opportunities to develop and update their knowledge and skills, particularly regarding their roles and responsibilities as directors of a listed company[65]. - The company has purchased appropriate insurance coverage for directors and senior officers against liabilities arising from legal proceedings, with the coverage reviewed annually by management[66]. - The board meets regularly to review the group's operational and financial performance against established budgets and targets[60]. - The independent non-executive directors have confirmed that they have no significant interests or relationships that could interfere with their independent judgment[48]. - The company provides all directors with monthly updates on the group's performance, condition, and prospects to facilitate informed decision-making[62]. - The chairman and managing director's dual role is intended to enhance the effective implementation of the company's business strategy and ensure consistent leadership direction[67]. - The board is committed to reviewing its structure and composition regularly to maintain a proper balance of power and authority between the board and management[67]. - The board is responsible for ensuring the company maintains an effective risk management and internal control system to protect shareholder investments and company assets[72]. - The company has established risk management procedures to identify, assess, and manage significant risks associated with its operations[77]. - The audit committee receives internal audit reports on major risk areas annually and reports any significant internal control deficiencies to the board[72]. - The company has adopted procedures and internal controls to manage and disclose inside information[75]. - The board held meetings in November 2019 and March 2020 to review compliance with risk management and internal control codes, finding no errors or irregularities[75]. - The executive committee, composed entirely of executive directors, assists the board in guiding and overseeing the company's affairs[80]. - The company emphasizes the importance of board members' active participation in meetings to enhance their understanding of the group[67]. - The company ensures that financial information is complete and disclosed in a timely manner, adhering to applicable accounting standards and legal requirements[71]. Compensation and Nomination - The Compensation Committee held two meetings during the year with a 100% attendance rate[83]. - The committee reviewed and approved management's compensation proposals, ensuring alignment with shareholder interests[87]. - The compensation structure for executives includes fixed and variable components, such as salary, discretionary bonuses, retirement contributions, and stock options[84]. - The Nomination Committee also held two meetings during the year with a 100% attendance rate[90]. - The committee is responsible for recruiting, screening, and recommending candidates for the board to ensure a diverse skill set and experience[89]. - The committee evaluates candidates based on their judgment, commitment to enhancing shareholder value, and ability to provide practical insights[94]. - At least one-third of the board members must meet the definition of independent non-executive directors[95]. - The committee can consider candidates recommended by shareholders, provided they comply with company rules and regulations[92]. - The nomination process includes providing information about candidates to shareholders before the annual general meeting[100]. - The board retains final decision-making authority regarding candidates nominated for election at the annual general meeting[102]. - The Audit Committee held three meetings during the year with a 100% attendance rate[107]. - The total fees paid to Ernst & Young amounted to HKD 1,520,000, including HKD 1,170,000 for audit services[109]. - The Audit Committee confirmed that there were no significant control failures or deficiencies identified during the year[112]. - The company maintains a sufficient risk management and internal control system to ensure operational efficiency and compliance with regulations[112]. - The Audit Committee recommended the reappointment of Ernst & Young as the external auditor for the upcoming year[113]. Shareholder Engagement - The company has established a communication policy with shareholders to maintain effective contact[114]. - The company is required to hold an annual general meeting for shareholders[116]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting[117]. - A minimum of 21 days' notice is required for special resolutions at shareholder meetings[118]. - Shareholders can request the circulation of resolutions to be formally presented at the annual general meeting[121]. - The company maintained a good governance standard throughout the reporting period[128]. - The company has not made significant amendments to its organizational documents during the year[126]. Environmental Sustainability - The company is committed to sustainable development and reducing environmental impact through the 3R principles: Reduce, Recycle, and Reuse[134]. - The company actively participates in environmental initiatives and has implemented green office measures to save energy and reduce waste[135]. - The company has complied with all applicable emission laws and regulations, promoting the use of recyclable materials[139]. - The company has established a robust internal control system for environmental, social, and governance risk management[132]. - The company aims to enhance stakeholder awareness of environmental protection and minimize the impact of business activities on the environment[134]. - The company has provided a safe and reliable operational environment across all workplaces during the year[136]. - The company has appointed senior executives to regularly review and discuss environmental, social, and governance matters[132]. - The company continues to support community development activities while striving to reduce potential environmental impacts[134]. - Energy consumption decreased from 7,704 kWh in 2018 to 5,802 kWh in 2019, representing a reduction of 24.7%[141]. - Greenhouse gas emissions from purchased electricity generation fell from 6.09 tons in 2018 to 4.64 tons in 2019, a decrease of 23.8%[141]. - Total greenhouse gas emissions increased from 11.04 tons in 2018 to 12.14 tons in 2019, with emissions per employee rising from 2.21 tons to 2.43 tons[144]. - The total amount of hazardous waste generated remained at 0 tons for both 2018 and 2019, maintaining a density of 0 tons per employee[144]. - Non-hazardous waste increased from 0.79 tons in 2018 to 0.98 tons in 2019, with density per employee rising from 0.16 tons to 0.20 tons[144]. - The company implemented measures to encourage employees to use public transport and reduce air conditioning usage, contributing to energy savings[147]. - The company aims to reduce paper usage by promoting digital communication and recycling initiatives[147]. - The total amount of waste sent to landfills increased from 4.91 tons in 2018 to 7.44 tons in 2019[144]. - The company has not violated any laws or regulations regarding emissions and waste disposal during the year[142]. - The company continues to promote environmental sustainability through various initiatives, including the use of energy-efficient lighting and recycling programs[147]. - Total energy consumption in 2018 was 7,704 kWh, which decreased to 5,802 kWh in 2019, representing a reduction of approximately 24.7%[154]. - Energy consumption per employee decreased from 1,540.80 kWh in 2018 to 1,160.40 kWh in 2019, a reduction of about 24.7%[154]. - Annual water consumption increased from 63.94 cubic meters in 2018 to 89.20 cubic meters in 2019, an increase of approximately 39.5%[154]. - Water consumption per employee rose from 12.79 cubic meters in 2018 to 17.84 cubic meters in 2019, an increase of about 39.5%[154]. - The company promotes energy-saving practices, including the use of energy-efficient appliances and encouraging employees to switch devices to sleep mode when not in use[157]. - The company emphasizes the importance of maintaining a green office culture and encourages employees to adopt simple steps for "green development" strategies[163]. Employee Relations - The company provides comprehensive compensation and benefits, training opportunities, and equal employment opportunities to enhance employee satisfaction and loyalty[166]. - The company conducts annual reviews of employee compensation to ensure alignment with market standards and shareholder interests[167]. - There were no reported violations of employment laws and regulations that significantly impacted the company during the year[167]. - The company actively engages with stakeholders to maintain strong relationships, which are deemed essential for long-term success[166]. - The group generated over 50% of its revenue from property leasing in the UK during the fiscal year[181]. - The company emphasizes the importance of employee training for overall success, providing customized and comprehensive training programs[171]. - The group has maintained a safe and reliable operating environment across all offices without any violations of health and safety regulations during the year[176]. - The company adheres to high standards of business integrity, prohibiting all forms of bribery and corruption, with no violations reported during the year[176]. - The group is committed to sustainable development, implementing measures to reduce waste and environmental impact through a "Reduce, Recycle, Reuse" policy[184]. - The board acknowledges that the group's performance and outlook are influenced by the economic conditions of the real estate market[183]. - The company has established a corporate social responsibility policy aimed at minimizing the environmental impact of its business activities[184]. - The group encourages employee participation in community service and charitable activities to enhance social responsibility awareness[177]. - The company has implemented fair practices in supply chain management to ensure value addition[173]. - The group has not reported any violations of labor standards related to child or forced labor during the year[172]. - The company maintained a safe and reliable operating environment across all workplaces during the year[187]. - The board proposed a final dividend of HKD 0.01 per share, consistent with the previous year[194]. - The company's dividend policy aims to provide stable returns to shareholders while maintaining financial health for future investment opportunities[195].

Financial Performance - For the first half of 2019, the group's revenue increased by 4.6% to HKD 26,200,000 compared to the same period last year[10] - The group's net profit attributable to shareholders for the first six months was HKD 34,400,000, an increase of 1.7% compared to the same period in 2018[11] - Earnings per share for the first half of 2019 were HKD 0.043, compared to HKD 0.042 in 2018[11] - Total revenue for the six months ended June 30, 2019, was HKD 26,183,000, an increase of 4.6% compared to HKD 25,035,000 for the same period in 2018[42] - The company reported a pre-tax profit of HKD 36,076,000, slightly up from HKD 35,315,000 in the prior year, reflecting a growth of 2.2%[42] - Net profit attributable to equity holders for the period was HKD 34,410,000, an increase of 1.7% from HKD 33,819,000 in 2018[42] - The group reported a depreciation expense of HKD 529,000 for the six months ended June 30, 2019, compared to HKD 24,000 for the same period in 2018, indicating a significant increase due to new accounting standards[104] - The total tax expense for the period was HKD 1,666,000, an increase from HKD 1,496,000 in the previous year, reflecting a growth of about 11.36%[95] Revenue Sources - Rental income from investment properties was HKD 22,900,000, a decrease of 5.5% from HKD 24,200,000 in the previous year, primarily due to the depreciation of the British pound[10] - The property investment segment generated revenue of HKD 22,908,000, down from HKD 24,245,000 in the previous year, indicating a decline of about 5.5%[91] - The financial management segment reported revenue of HKD 3,275,000, significantly increasing from HKD 790,000 in the prior year, reflecting a growth of approximately 314.4%[91] - The adjusted profit for the financial management segment was HKD 3,233,000, compared to HKD 758,000 in the previous year, marking an increase of around 326.5%[83] Assets and Liabilities - As of June 30, 2019, the group had cash and cash equivalents of HKD 423,800,000 and no bank borrowings, resulting in a capital-to-debt ratio of zero[15] - The total value of non-current assets as of June 30, 2019, was HKD 1,255,377,000, compared to HKD 1,242,181,000 at the end of 2018, indicating a growth of 1.1%[47] - The company's total equity as of June 30, 2019, was HKD 1,651,468,000, up from HKD 1,630,960,000 at the end of 2018, reflecting an increase of 1.3%[47] - The total assets as of June 30, 2019, amounted to HKD 1,681,360,000, compared to HKD 1,660,946,000 as of December 31, 2018, showing a slight increase of about 1.2%[83] - The total liabilities as of June 30, 2019, were HKD 29,892,000, a decrease from HKD 29,986,000 at the end of 2018, indicating a reduction of approximately 0.3%[83] Cash Flow - Operating cash flow for the six months ended June 30, 2019, was HKD 17,379,000, a decrease of 18.5% from HKD 21,201,000 in 2018[52] - The net increase in cash and cash equivalents was HKD 8,965,000, down from HKD 13,260,000 in the same period last year[52] - Cash and cash equivalents at June 30, 2019, totaled HKD 423,792,000, compared to HKD 418,562,000 at the end of June 2018, showing a modest increase[52] - Cash and bank balances decreased to HKD 53,846,000 from HKD 116,222,000, indicating a significant reduction in liquid assets[52] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, with some deviations noted regarding the roles of the chairman and CEO[32] - The audit committee reviewed the interim report, discussing accounting principles, internal controls, and financial reporting matters[38] - The mid-term financial report was approved by the board on August 23, 2019[119] - The company did not early adopt any new standards, interpretations, or amendments that have been issued but are not yet effective[78] Employee and Shareholder Information - As of June 30, 2019, the company had a total of 5 employees, with compensation reviews conducted periodically[18] - The board did not recommend an interim dividend for the six months ended June 30, 2019, similar to the previous year[19] - Zhang Songqiao holds a total of 136,154,150 shares, representing 17.03% of the company's equity[22] - Palin Holdings and Zhongyu Industrial both hold 93,703,416 shares, each representing 11.72% of the company's equity[29] - The company declared a final dividend of HKD 0.01 per ordinary share, totaling HKD 7,996,000, which was paid on June 6, 2019[101] Accounting Standards and Changes - The company adopted new accounting standards, including HKFRS 16 on leases, which may impact future financial reporting[56] - The implementation of HKFRS 16 requires the recognition of all leases on the balance sheet, affecting the company's asset and liability structure[61] - The company has chosen not to recognize right-of-use assets and lease liabilities for short-term leases of 12 months or less[61] - The carrying amount of right-of-use assets as of June 30, 2019, was HKD 2,424,000 after accounting for depreciation expenses of HKD 422,000[74] - The lease liabilities as of June 30, 2019, were HKD 2,426,000 after interest expenses of HKD 55,000 and lease payments of HKD 475,000[74]

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2018, was HKD 82.3 million, representing a 50.3% increase compared to HKD 54.8 million in 2017[20] - Earnings per share for 2018 were HKD 0.103, up from HKD 0.068 in 2017[20] - Total rental income for the year was HKD 47.6 million, an increase of approximately 5% from HKD 45.3 million in the previous year[25] - The revaluation surplus of the property portfolio was HKD 51.4 million, significantly higher than HKD 15.9 million in 2017[25] - As of December 31, 2018, the group had cash and cash equivalents of HKD 415.5 million, compared to HKD 407.1 million in 2017, with no bank borrowings[29] - The capital to debt ratio was zero, indicating no bank borrowings against shareholders' equity[29] - The group’s net asset value as of December 31, 2018, was HKD 1.631 billion, slightly up from HKD 1.624 billion in 2017[17] Economic Outlook - The group anticipates continued weakness in the global economy, influenced by negative factors such as the US-China trade conflict and uncertainties surrounding Brexit[31] - The local economy in Hong Kong is primarily affected by the economic development of mainland China, which is impacted by the trade war, leading to a challenging outlook for economic growth and the property market in 2019[31] - The UK economy is expected to be inevitably influenced by the uncertainties of Brexit, although London is projected to remain relatively robust compared to other regions in the UK[31] Corporate Governance - The company has deviated from the Corporate Governance Code by having Mr. Zhang Songqiao serve as both Chairman and CEO, which is considered to enhance the execution of business strategies[48] - The board has confirmed compliance with the standards set forth in the Securities Trading Code and has adopted a set of guidelines for employee securities trading that meet or exceed these standards[57] - The board consists of six members, including Mr. Zhang, and has maintained a balanced composition of executive and independent non-executive directors, ensuring diverse perspectives in decision-making[63] - The company conducts regular reviews of its corporate governance policies and practices to ensure compliance with legal and regulatory requirements[48] - The board meets quarterly and holds additional meetings as necessary to effectively fulfill its responsibilities[63] - The company has established a disclosure team to oversee and coordinate the handling of inside information, ensuring compliance with the Securities and Futures Ordinance[53] - All directors have confirmed adherence to the standards of the Securities Trading Code throughout the year[57] - The company has not formalized a director appointment letter, which is a deviation from the Corporate Governance Code[52] - The board is committed to balancing the interests of a wide range of stakeholders while promoting the company's success[58] - The nomination committee believes that the board has achieved an appropriate level of diversity during the year[63] Board Meetings and Structure - The board held four regular meetings and one annual general meeting during the year, with all directors attending 100% of the meetings[65] - The management team consists of executive committee members and second-line management personnel, ensuring continuous oversight of the group's overall management and performance[69] - The board has delegated certain responsibilities to management while retaining key decision-making powers, ensuring effective execution of business strategies[73] - Each director received a set of guidance materials upon appointment, including the latest financial status of the group, to facilitate informed decision-making[75] - The company ensures that all directors receive at least five hours of mixed-mode training annually to support their continuous professional development[77] - The chairman and managing director roles are held by the same individual to promote effective execution of business strategies and ensure consistent leadership direction[79] - The board conducts annual reviews of its structure and composition to maintain a proper balance of power and authority between the board and management[79] Risk Management - The board is responsible for preparing accounts and ensuring that financial information is complete and timely disclosed, adhering to applicable laws and accounting standards[86] - The board is responsible for ensuring the group maintains an appropriate and effective risk management and internal control system to protect shareholder investments and company assets[87] - The audit committee receives internal audit reports and management reports on identified major risk areas annually, focusing on necessary improvements[89] - The company has established risk management procedures and internal control measures to manage and disclose insider information[91] - The risk management process includes identifying risk factors, analyzing and assessing risk levels, and determining priority for risk factors[95] - The board and audit committee regularly evaluate the effectiveness of the systems established and maintained by management[95] Remuneration and Compensation - The remuneration committee reviews and approves management's compensation proposals, ensuring alignment with shareholder interests[103] - The remuneration structure for executives consists of fixed and variable components, including salary, discretionary bonuses, retirement contributions, and stock options[103] - The remuneration committee believes that the compensation levels for executives are in line with market standards[103] - The company conducts annual assessments of individual executive compensation based on personal and company performance[103] Audit Committee Activities - The board held meetings in December 2018 and March 2019 to review compliance with risk management and internal control codes[90] - The Nomination Committee held one meeting during the year with a 100% attendance rate[107] - The committee is responsible for evaluating the independence of independent non-executive directors and providing recommendations for their appointment or reappointment[112] - The committee aims to ensure that at least one-third of the board members meet the definition of independent non-executive directors[113] - The Audit Committee held three meetings during the year, also achieving a 100% attendance rate[123] - The Audit Committee is tasked with overseeing the company's financial reporting system, risk management, and internal control systems[121] - The committee reviewed the composition of the board and the independence of non-executive directors, concluding that the board's composition should remain unchanged[120] - The Nomination Committee adopted policies to assist in fulfilling its duties and responsibilities, which may be revised as necessary[109] - The committee considers diversity factors, including gender, age, cultural background, and professional experience, in its candidate evaluations[112] - The committee may engage professional firms to assist in identifying and evaluating potential nominees[114] - The company ensures compliance with applicable laws and regulations regarding the nomination and election of directors[117] External Audit - The total remuneration for Ernst & Young was HKD 1,400,000, including HKD 1,070,000 for audit fees, HKD 260,000 for agreed procedures on interim financial statements and annual results, and HKD 70,000 for tax compliance services[125] - The audit committee confirmed that there were no significant monitoring failures or deficiencies identified during the year, and no major improvements or modifications were required[130] - The company maintains a sufficient risk management and internal control system, ensuring operational effectiveness and compliance with relevant laws and regulations[130] - The audit committee held regular meetings with Ernst & Young and internal audit functions to discuss identified risks and review key results from risk assessments and audits[129] - The company has sufficient resources, staff qualifications, and training programs for its accounting, internal audit, and financial reporting functions[130] - The audit committee recommended the reappointment of Ernst & Young as the external auditor for the upcoming year at the annual general meeting[130] Environmental Initiatives - The company achieved a reduction in greenhouse gas emissions from paper waste by 21.4%, decreasing from 6.25 tons in 2017 to 4.91 tons in 2018[157] - Energy consumption decreased by 11.5%, from 8,704 kWh in 2017 to 7,704 kWh in 2018, resulting in a reduction of greenhouse gas emissions from purchased electricity from 6.88 tons to 6.09 tons[157] - Water consumption decreased by 14.4%, from 74.70 cubic meters in 2017 to 63.94 cubic meters in 2018, due to the installation of eco-friendly faucets[157] - The company maintained a safe and reliable operating environment across all workplaces during the year[156] - The company has implemented a paperless meeting solution, contributing to its environmental awareness initiatives[157] - The company actively participated in environmental programs, including donating unwanted items to support community recycling efforts[155] - The company has adopted a comprehensive policy for sustainable development and corporate social responsibility[151] - The company emphasizes the importance of environmental, social, and governance (ESG) principles in its business operations[151] - The company has not violated any significant environmental laws or regulations during the year[160] - Total greenhouse gas emissions for 2018 amounted to 13.17 tons, with an employee density of 3.29 tons[164] - Energy indirect greenhouse gas emissions from purchased electricity were 6.88 tons, representing 52.2% of total emissions[164] - Other indirect greenhouse gas emissions totaled 6.29 tons, accounting for 47.8% of total emissions[164] - The company generated 0 tons of hazardous waste in both 2017 and 2018, maintaining a density of 0 tons per employee[164] - Non-hazardous waste generated in 2018 was 0.70 tons, with a density of 0.18 tons per employee[164] - The company implemented measures to encourage employees to use public transport and reduce air conditioning usage, aiming to lower emissions[168] - The company promotes digital communication to save paper and reduce waste, utilizing electronic methods for information sharing[168] - The company has adopted energy-saving guidelines to effectively conserve energy and water resources[175] - The company encourages the use of eco-friendly products and services to improve natural resource management practices[176] - The company has set a goal to enhance energy and water resource efficiency as part of its sustainability strategy[176] - Total energy consumption decreased from 8,704 kWh in 2017 to 7,704 kWh in 2018, representing a reduction of approximately 11.5%[177] - Energy consumption per employee decreased from 2,176 kWh in 2017 to 1,540.80 kWh in 2018, a reduction of about 29.2%[177] - Annual water consumption decreased from 74.70 cubic meters in 2017 to 63.94 cubic meters in 2018, a decrease of approximately 14.8%[177] - Water consumption per employee decreased from 18.70 cubic meters in 2017 to 12.79 cubic meters in 2018, a reduction of about 31.7%[177] - The company promotes energy-saving practices, including the use of energy-efficient appliances and encouraging employees to participate in energy conservation activities[180] - The company aims to minimize the environmental impact of its business activities and is committed to reviewing and implementing necessary environmental policies[200] - The company has implemented measures to reduce water wastage, including regular checks for leaks and the installation of water-saving devices[199] - The company emphasizes the importance of a green office culture and encourages employees to adopt environmentally friendly practices in daily operations[198] - The company has not reported any significant environmental impact from its business activities during the year[200] - The company is committed to enhancing employee awareness of environmental issues through internal seminars and activities[200]