Financial Performance - For the year ended December 31, 2024, the Group achieved total revenue of approximately RMB 3,713.9 million, representing a decrease of approximately 39.3% year-on-year compared to RMB 6,117.6 million in 2023 [53]. - Gross profit for the year was approximately RMB 150.9 million, with a gross profit margin of 4.1%, down from 25.8% in 2023, indicating a decline of 21.7 percentage points [53][58]. - The Group reported a loss of approximately RMB 5,433.7 million, an increase of approximately 154.8% year-on-year, with loss attributable to owners of the Company amounting to RMB 5,171.4 million, up 143.2% from 2023 [54][58]. - Basic loss per share was RMB 100.69 cents, representing an increase of approximately 141.4% year-on-year from RMB 41.71 cents in 2023 [54][58]. - The average finance costs for the year were 8.0%, slightly down from 8.2% in 2023, while the liabilities to assets ratio increased to 76.9% from 72.2% [59]. - Revenue from property sales was approximately RMB 2,627.9 million, representing a decrease of approximately 47.6% compared to RMB 5,010.8 million in 2023, attributed to the sales of specific projects [115]. - Revenue from commercial property investment and operations amounted to approximately RMB 666.4 million in 2024, representing a year-on-year decrease of approximately 4.9% from RMB 700.9 million in 2023 [95]. - Comprehensive services generated revenue of RMB 419.5 million in 2024, reflecting a year-on-year increase of approximately 3.4% from RMB 405.9 million in 2023 [96]. Market Conditions - China's GDP for 2024 reached RMB 134.9 trillion, reflecting a growth of 5.0% compared to the previous year [16]. - The real estate market experienced a double-digit decline in sales and investment, but government policies led to a short-term recovery in the fourth quarter [17]. - The sales of new housing and second-hand property transactions showed a steady increase, indicating a stabilization in the property market [17]. - The decline in property prices and land costs in first-tier cities has ended, indicating a potential recovery in the market [17]. - The overall market for real estate is anticipated to remain in a trough stage, but policy support and market stabilization efforts are expected to drive recovery [31][34]. - The real estate sector's investment in 2024 was RMB 10,028.0 billion, a decrease of 10.6% year-on-year, with residential housing investment down by 10.5% [41]. - Sales of newly built commodity housing in 2024 totaled RMB 9,675.0 billion, reflecting a decline of 17.1%, with residential housing sales decreasing by 17.6% [41]. - The real estate market in China is expected to stabilize, with increased supply of quality homes driving improved housing demand [97]. Strategic Focus and Development - LVGEM (China) maintained a dual business model focusing on both residential and commercial development, with "NEO" and "Zoll" as core commercial brands [19]. - The Group plans to focus on five high-quality projects and enhance asset management capabilities to shift growth momentum across segments in 2025 [32]. - Urban renewal is expected to play a significant role in stabilizing economic growth, with the Group leveraging its 40 years of experience in this area [33]. - The Group aims to adopt a "Technology + Real Estate" model to improve development efficiency and meet future urban function demands [33]. - The Group is actively restructuring its offshore debts to optimize its financial position and ensure robust business operations [27][29]. - The Group is exploring debt restructuring options with creditors to alleviate liquidity stress and focus on the operation and development of five quality projects [36]. - The Group plans to continue focusing on the development of the Greater Bay Area (GBA) and promote urban renewal projects, adopting a "Technology + Real Estate" model to enhance operational efficiency [51][55]. Construction and Projects - The total construction area for LVGEM (China) was approximately 1.8 million square meters, including 2 new projects under construction (110,000 square meters), 3 completed projects (390,000 square meters), and 2 delivered projects (290,000 square meters) [18]. - The total area of construction included 2 new projects, 3 completed projects, and 2 delivered projects, showcasing ongoing development efforts [18]. - The Group's land reserve as of December 31, 2024, was approximately 6.4 million square meters, with 84% located in core areas of first-tier cities in the Greater Bay Area, indicating strong future revenue potential [87]. - The Baishizhou Urban Renewal Project is recognized as the largest urban renewal project in Shenzhen and China, consolidating global resources to create a new urban living space [62][65]. - The Group's iconic projects, including the Shenzhen Baishizhou Urban Renewal Project, have maintained good momentum and are well-recognized in the market [61]. - The construction of LVGEM Baishizhou Jingting was completed one month ahead of schedule, showcasing the project's efficient development [71]. - The delivery rate for the second phase of the Hongshuwan project reached 98%, with 939 residential units delivered within 7 days, and the delivery was two months ahead of schedule [75]. Financial Management and Challenges - Cash flow pressure is a major challenge for the Group, necessitating sophisticated fund management and the disposal of inefficient assets to generate cash [26][29]. - The Group disposed of part of its commercial units and parking spaces for RMB 814 million to alleviate liquidity pressure, demonstrating proactive cash flow management [85]. - The Group is actively communicating with overseas creditors to restructure and optimize its debt, ensuring smooth daily operations and reducing financing costs [88]. - The Group's total borrowings amounted to approximately RMB 33,578.7 million as of December 31, 2024, down from RMB 35,350.0 million in 2023 [132]. - The Group's gearing ratio as of December 31, 2024, was approximately 126.2%, up from 106.6% in 2023, indicating increased financial leverage [141]. - Current assets as of December 31, 2024, were approximately RMB 62,624.4 million, while current liabilities were approximately RMB 59,441.1 million, resulting in a significant decrease in net current assets from RMB 20,578.3 million in 2023 to RMB 3,183.4 million [142]. Management and Governance - The company has a strong management team with diverse backgrounds in finance, real estate, and corporate governance [178]. - The management team emphasizes independent judgment and performance scrutiny to enhance corporate governance [174]. - The Group's directors believe that the fair market value of the underlying properties can cover the outstanding mortgage loans guaranteed by the Group in case of default [158]. - The Group's treasury policies focus on risk management and transactions directly related to its underlying business [161]. - The Group's employee training and development programs are ongoing to enhance workforce capabilities [162]. - The Group's management discussion includes important events that occurred during the year ended December 31, 2024 [185]. Environmental and Social Responsibility - The Group emphasizes the importance of environmental protection for its long-term development and will continue to improve management practices [189]. - An "Environmental, Social and Governance Report" will be published alongside the annual report [190].

金十数据4月9日讯，绿景中国地产发布公告，针对公司的清盘呈请聆讯延期至5月14日。绿景中国地产 极力反对呈请。据该公司此前的公告，2月4日，翘石集团环球有限公司向香港高等法院提出针对该公司 的清盘呈请，内容有关该公司所担保约本金21万美元另加应计利息的财务义务。对于境外债务，绿景中 国地产的态度是寻求债务解决方案。3月24日，该公司发布公告，截至公告日，公司尚未支付总额约为 4.585亿美元的到期本金款项，公司正在积极与相关债权人协商，延长原定到期日。 绿景中国地产：香港清盘呈请聆讯延期至5月14日，寻求境外债务解决方案 ...

業 績 綠 景（中 國）地 產 投 資 有 限 公 司（「本公司」或「綠 景（中 國）」）董 事 會（「董 事」或「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 綜 合 業 績 連 同 去 年 的 比 較 數 字 如 下： 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 之 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 截至二零二四年十二月三十一日止年度全年業績 綜合損益表 截至二零二四年十二月三十一日止年度 | | | 二零二四年 | 二零二三年 | | --- | --- | --- | --- | | | 附 註 | 人民幣千元 | 人民幣千元 | | 收 益 | 3 | 3,713,887 | 6,117, ...

Core Viewpoint - Greentown China Holdings (00095) is unable to fulfill all of its offshore payment obligations by the due date or within the relevant grace period, with approximately $458.5 million in overdue principal payments as of the announcement date [1] Group 1 - The company is actively negotiating with creditors to extend the original due dates for its debts [1] - The inability to make payments may lead creditors to demand accelerated repayment or take further enforcement actions [1] - The company is committed to handling all offshore debts fairly and justly, respecting the legal status and repayment order of all creditors [1] Group 2 - The company has appointed Ample Advisory Limited as its financial advisor and YTLaw as its legal advisor to assist in evaluating its capital structure and financial condition [2] - These advisors are working closely with the company to assess the situation, conduct due diligence, and seek all possible practical solutions [2] Group 3 - Despite the challenging market environment, the company remains focused on delivering completed properties as per contracts and continuing its business operations [1] - The company is implementing strict cost-saving measures, including reducing non-core and non-essential business operations and expenditures [1]

2025年将是原生鸿蒙关键一年。 重大资产重组，两公司双双停牌 3月16日晚，湘财股份公告，公司与上海大智慧股份有限公司正在筹划通过湘财股份向大智慧全体A股 换股股东发行A股股票的方式换股吸收合并大智慧，并发行A股股票募集配套资金。因筹划重大资产重 组，公司A股股票自2025年3月17日起停牌，预计停牌时间不超过10个交易日。 大智慧也同时发布了筹划重大资产重组和股票停牌的公告。 2024年三季报显示，湘财股份是大智慧第二大股东，持有大智慧1.28亿股股份，持股比例为6.4%；股东 户数来看，湘财股份10.03万户，大智慧13.15万户，合计23.18万户。截至最新收盘，湘财股份总市值 197亿元，大智慧总市值180.55亿元，合计总市值约378亿元。 同日晚，国泰君安发布公告称，合并重组相关股份发行已全部完成，换股新增的59.86亿股A股、21.14 亿股H股将于3月17日分别在上交所和香港联交所上市流通。公司拟将中文名称变更为国泰海通证券股 份有限公司，A股证券简称变更为国泰海通，H股证券简称变更为國泰海通。公司A股证券代码保持不 变。 东吴证券指出，新一轮并购升温，证券行业整合仍具备较大空间。政策引导叠 ...

Economic Overview - In the first half of 2024, China's GDP reached RMB 61.7 trillion, reflecting a year-on-year growth of 5.0%[15]. - The World Bank forecasts a global economic growth rate of 2.6% for 2024, indicating a stabilization after three years of sluggish growth[15]. Real Estate Market Trends - National investment in real estate development totaled RMB 5.25 trillion, a year-on-year decrease of 10.1%, with RMB 3.99 trillion allocated to residential housing, down 10.4% year-on-year[16]. - The sales area of newly built commodity housing in China was 479 million square meters, a decline of 19.0% year-on-year, while the sales amount reached RMB 4.71 trillion, down 25.0% year-on-year[16]. - The real estate market is experiencing a gradual recovery due to new policies aimed at stabilizing the market and reducing inventory[16]. - The Chinese real estate market is shifting towards a "destocking" paradigm, with policies focused on reducing existing property inventory[16]. - The decline in new construction projects and completions has stabilized, suggesting a potential turnaround in the real estate sector[16]. - The residential credit policy has significantly boosted market confidence, contributing to the recovery of newly-built commodity housing sales[16]. - The overall real estate market in China is expected to stabilize in the second half of 2024, with a gradual narrowing of the year-on-year decline in new home sales[65]. Company Performance - For the six months ended 30 June 2024, the Group achieved total revenue of approximately RMB 1,942.8 million, representing an increase of approximately 44.5% year-on-year[24]. - Gross profit for the same period was approximately RMB 437.7 million, reflecting a decrease of approximately 25.2% year-on-year, with a gross profit margin of approximately 22.5%[24]. - The Group recorded a loss of approximately RMB 1,610.4 million, an increase of approximately 177.5% year-on-year, with a loss attributable to owners of the Company of approximately RMB 1,528.2 million, up 124.4% year-on-year[24]. - Basic loss per share was approximately RMB 29.98 cents, representing an increase of approximately 124.4% year-on-year[26]. - The Group's contracted sales amounted to approximately RMB 5,389.7 million, reflecting a year-on-year increase of approximately 82.5% from RMB 2,953.1 million in the first half of 2023, primarily driven by contributions from the Baishizhou Project, LVGEM Royal Bay in Zhuhai, and LVGEM International Garden[46]. Financial Position - As of 30 June 2024, bank balances and cash amounted to RMB 4,270.5 million, an increase from RMB 4,016.6 million as of 31 December 2023[27]. - The liabilities to assets ratio increased to 73.5% from 72.2%[27]. - The Group's total assets were approximately RMB 104,962.9 million as of June 30, 2024, down from RMB 105,512.6 million on December 31, 2023, with total liabilities increasing to approximately RMB 77,154.0 million from RMB 76,123.5 million[92]. - The Group's gearing ratio was 113.1%, up from 106.6% on December 31, 2023[91]. - Total borrowings as of June 30, 2024, amounted to approximately RMB 35,726.3 million, an increase from RMB 35,350.0 million as of December 31, 2023[88]. Urban Renewal and Development Projects - The government plans to commence the renovation of 54,000 old communities in 2024, indicating significant urban renewal efforts[20]. - LVGEM (China) has over 20 years of successful experience in urban renewal, providing numerous "Urban Renewal Solutions" for Shenzhen[19]. - Major projects include the Shenzhen Baishizhou Urban Renewal Project, which is positioned in a high-demand area with significant commercial potential[33]. - The Baishizhou Urban Renewal Project features a gross floor area of approximately 5.00 million square meters, integrating various developments including commercial, office, hotel, and residential spaces[50]. Corporate Governance and Management - The Group's strategy focuses on the Greater Bay Area (GBA) and includes real estate development, commercial property investment, and comprehensive services[32]. - The management emphasizes the importance of solid management and control in promoting the revitalization of the housing market[16]. - The Group continues to adopt a dual-driven strategy of "residential + commercial" to ensure balanced growth and provide strategic buffers during economic fluctuations[46]. - The roles of Chairman and CEO being held by the same individual are believed to facilitate the execution of business strategies and improve operational efficiency[122]. Shareholder Dynamics - The substantial shareholders' interests indicate a significant concentration of ownership among a few entities, with the top five shareholders holding over 50% of the total shares[117]. - The ownership structure reveals multiple layers of control, particularly with entities like ARTE Special Situation Fund L.P. and its affiliates[117]. - The company is subject to complex ownership arrangements, which may impact governance and strategic decisions[117]. Cash Flow and Liquidity - The Group's liquidity position is being closely monitored, including sensitivity analysis of forecast bank and cash balances[151]. - The Group's cash flow forecasts cover a period of not less than twelve months from the end of the reporting period[151]. - The Group successfully refinanced its syndicated loans and other borrowings totaling RMB 7,730 million with repayment terms of 12 to 36 months[154]. Market Challenges and Future Outlook - The Group's operations have been impacted by the slowing property market in Mainland China, leading to lower pre-sale proceeds than expected[151]. - The Group is negotiating refinancing facilities with banks by increasing the loan-to-value ratio of pledged investment properties[155]. - The Group will actively adjust sales and pre-sale activities to meet market needs and achieve budgeted sales volumes[154].

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 之 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 (1,610,419) (580,389) 人民幣分 人民幣分 （未 經 審 核） （未 經 審 核） 截至二零二四年六月三十日止六個月中期業績 業 績 綠 景（中 國）地 產 投 資 有 限 公 司（「本公司」或「綠 景（中 國）」）董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 二 零 二 三 年 同 期 的 比 較 數 字 如 下： 簡明綜合損益表 截至二零二四年六月三十日止六個月 收 益 銷售成本 期 內虧 損 以下人士應佔期內 虧 ...

Economic Overview - In 2023, China's GDP exceeded RMB 126 trillion, indicating a recovery from the economic impacts of the COVID-19 pandemic[8]. - The annual GDP of China in 2023 was RMB 126,058.2 billion, representing an increase of 5.2% over the previous year[25]. - In 2023, China's GDP reached RMB 12,605.82 billion, growing by 5.2% year-on-year at constant prices[27]. - The Greater Bay Area's total annual GDP exceeded RMB 13.6 trillion, with nine cities in Guangdong Province surpassing RMB 11 trillion[28]. - The GDP of Hong Kong and Macao reached over RMB 2.6 trillion, highlighting the economic significance of the Greater Bay Area[28]. Real Estate Market Trends - The real estate market experienced significant changes, with commodity residential transactions in 100 cities shrinking to a low level, indicating a bottoming out phase[9]. - The overall performance of the real estate industry was sluggish, but there are signs of recovery in market confidence and home buying expectations[9]. - The total sales of commodity housing in China for 2023 were RMB 11,662.2 billion, reflecting a year-on-year decrease of approximately 6.5%, with the sales area declining by approximately 8.5% to 1,117.35 million square meters[14]. - The total investment in real estate development in China for 2023 was RMB 11,091.3 billion, a decrease of 9.6% from the previous year[26]. - The sales area of commodity housing in China for 2023 was 1,117.35 million square meters, down 8.5% from last year[26]. - The sales amount of commercial housing in 2023 was RMB 1,166.22 billion, a decline of 6.5%, with residential sales amount decreasing by 6.0%[27]. - The real estate market in 2023 showed a trend of "high in the beginning and low afterwards," with a temporary boom at the start of the year followed by a decline[33]. Company Performance - For the year ended December 31, 2023, the Group achieved total revenue of approximately RMB 6,117.6 million, representing an increase of approximately 161.3% year-on-year[30]. - Gross profit for the same period amounted to approximately RMB 1,576.3 million, reflecting a year-on-year increase of approximately 52.6%[30]. - The loss attributable to owners of the Company was approximately RMB 2,126.5 million, representing an increase of approximately 191.2% year-on-year[30]. - Basic loss per share was RMB 41.71 cents, which is an increase of approximately 191.2% compared to the previous year[30]. - The gross profit margin for the year was 25.8%, down from 44.1% in 2022, a decrease of 18.3 percentage points[30]. - The Group's revenue from comprehensive services for the year ended December 31, 2023, was approximately RMB 405.9 million, representing a year-on-year decrease of about 5.1%[18]. - The Group's revenue from commercial property investment and operations was approximately RMB 700.9 million, showing a slight year-on-year decrease of about 0.2%[20]. Urban Renewal Initiatives - LVGEM (China) focused on urban renewal projects, particularly the Baishizhou Urban Renewal Project, which has entered the harvesting stage, supporting long-term stable development[10]. - The Group's strategic focus remains on urban renewal in core cities within the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its extensive experience and resources[12]. - The Baishizhou Project officially launched for sale in the second half of 2023, marking a significant milestone for the Group and enhancing its brand in urban renewal[16]. - The Group's urban renewal project, Baishizhou, made significant progress with the first phase officially launched in the second half of 2023[20]. - The Baishizhou Urban Renewal Project has a gross floor area of approximately 5.00 million square meters, with a capacity gross floor area of approximately 3.58 million square meters, expected to be completed in four phases over eight to ten years[36]. - The Group plans to continue focusing on core cities and areas in the GBA, actively exploring urban renewal projects to expand its land reserves[30]. Financial Management and Strategy - The Group successfully repaid US$ 470 million in senior notes and RMB 1.6 billion in domestic CMBS notes during the year, while new borrowings exceeded RMB 13.09 billion[21]. - The liabilities to assets ratio increased to 72.2% in 2023, compared to 68.9% in 2022[31]. - The Group's bank balances and cash, including restricted bank deposits, increased to RMB 4,016.6 million from RMB 3,605.0 million in 2022[31]. - Average finance costs rose to 8.2% in 2023 from 6.9% in 2022[31]. - The Group's new borrowings in 2023 exceeded RMB 13.09 billion, supporting the development of various urban renewal projects[45]. - The Group aims to enhance its sustainable operation capability and optimize its business layout in response to macroeconomic trends[14]. Corporate Governance - The Company has a strong management team with diverse backgrounds in finance, real estate, and project management[76]. - The Group has been recognized as a leading player in urban renewal projects in Shenzhen and the Greater Bay Area[63]. - The Board comprises five executive directors and three independent non-executive directors, ensuring compliance with Listing Rules regarding board composition[157]. - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended December 31, 2023[155]. - The independent non-executive Directors have confirmed their independence annually in accordance with Rule 3.13 of the Listing Rules[160]. - The Company has established a system for reviewing the implementation and effectiveness of governance mechanisms on an annual basis[159]. Social Responsibility and Environmental Impact - The Group emphasizes the importance of environmental protection and will continue to improve its management practices[90]. - The Group aims to minimize environmental impact and will publish an "Environmental, Social and Governance Report" alongside the annual report[90]. - The Group made charitable donations totaling RMB 652,000 during the year ended December 31, 2023[97]. - The Group's employee count decreased to 2,209 as of December 31, 2023, from 2,379 in 2022, with the majority based in Mainland China[73]. - The Group does not set specific gender targets for its workforce but recognizes the importance of gender diversity in a traditionally male-dominated industry[181]. Market Position and Competitive Landscape - The Group's strategic focus remains on urban renewal in core cities within the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its extensive experience and resources[12]. - The Group's diversified healthy development amidst uncertain cyclical changes in the real estate industry demonstrates its strong market reputation for high-quality products[50]. - The strategic locations of the Group's projects, such as proximity to major transport hubs and luxury residential areas, enhance their market appeal and sales performance[53][55]. - The Group's commercial properties are expected to generate higher revenue due to urbanization and the rapid development of the GBA[48].

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 之 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 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 二零二三年 二零二二年 附 註 人民幣千元 人民幣千元 收 益 3 6,117,628 2,340,921 銷售成本 (4,541,374) (1,308,270) 毛 利 1,576,254 1,032,651 其他收入 4 61,795 97,372 其他收益及虧損 5 124,167 (58,001) 銷售開支 (256,400) (106,860) 行政開支 (454,252) (553,196) 轉 撥 待 售物業至投資物業之公允價值變動確認 60,586 2,355,969 投資物業的公允價值變動 (1,212,128) (301,833) 融資成本 6 (1,744,114) (1,786,564) 應佔一間 ...

gem 紓景(中國)他産投資有限公 LVGEM (CHINA) REAL ESTATE INVESTMENT COMPAI (於開曼群島注冊成立之有限公司) (Incorporated in the Cayman Islands with limited liability) 香港聯交所股份代號：95 HKSE Stock Code: 95 2023 中期報告 INTERIM REPORT 聚 焦 灣 區 轴 勢 待 發 Contents 目錄 Corporate Information 公司資料 2 Management Discussion and Analysis 管理層討論與分析 5 Other Information 其他資料 23 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 36 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 38 Condensed Consolidated Statement of Profit o ...