Financial Performance - For the six months ended June 30, 2024, the company reported a loss of RMB 1,610,419,000 compared to a loss of RMB 580,389,000 for the same period in 2023, representing an increase in loss of approximately 177.5%[2] - The company's revenue for the six months ended June 30, 2024, was RMB 1,942,823,000, up from RMB 1,344,909,000 in the same period of 2023, indicating a growth of approximately 44.5%[3] - The basic and diluted loss per share attributable to shareholders for the period was RMB 29.98, compared to RMB 13.36 in the previous year, reflecting an increase of approximately 125.5%[2] - The group reported a net loss of RMB 1,610 million for the six months ending June 30, 2024, due to a slowdown in the property market in mainland China[7] - The group reported a total profit of RMB 437,732 thousand for the six months ended June 30, 2024, down from RMB 585,109 thousand in the same period of 2023[20] - The fair value changes of investment properties resulted in a loss of RMB 951,714 thousand for the current period, compared to a loss of RMB 197,063 thousand in the previous year[20] - The group’s consolidated gross profit for the six months ended June 30, 2024, was approximately RMB 437.7 million, a decrease of about 25.2% compared to RMB 585.1 million for the same period last year, with a gross profit margin of approximately 23%[64] Assets and Liabilities - The total assets as of June 30, 2024, were RMB 60,460,909,000, compared to RMB 59,957,745,000 as of December 31, 2023, showing a slight increase of about 0.84%[5] - The company's non-current assets decreased from RMB 45,554,813,000 as of December 31, 2023, to RMB 44,501,994,000 as of June 30, 2024, a decline of approximately 2.3%[5] - The total liabilities decreased from RMB 39,379,480,000 as of December 31, 2023, to RMB 37,108,463,000 as of June 30, 2024, indicating a reduction of about 5.8%[5] - The company’s equity attributable to shareholders decreased from RMB 23,178,428,000 as of December 31, 2023, to RMB 21,681,055,000 as of June 30, 2024, a decline of about 6.5%[5] - As of June 30, 2024, the group's total borrowings were approximately RMB 35,726.3 million, compared to RMB 35,350.0 million as of December 31, 2023, with a debt-to-equity ratio of 113.1%[73] - The group's total assets as of June 30, 2024, were approximately RMB 104,962.9 million, a slight decrease from RMB 105,512.6 million as of December 31, 2023, with total liabilities of approximately RMB 77,154.0 million[74] Cash Flow and Liquidity - The company's cash and cash equivalents increased from RMB 486,345,000 as of December 31, 2023, to RMB 812,350,000 as of June 30, 2024, representing a growth of approximately 67%[5] - The group maintained a bank balance and cash (including restricted bank deposits) of RMB 4,270.5 million, compared to RMB 4,016.6 million in the previous year[40] - The company continues to monitor its liquidity position closely, ensuring sufficient cash flow for ongoing operations and future investments[6] - As of June 30, 2024, the group's outstanding borrowings and convertible bonds significantly exceeded its cash and cash equivalents, raising substantial doubt about its ability to continue as a going concern[7] - The board believes that the group will have sufficient working capital to meet its financial obligations due within at least the next 12 months[9] Revenue Sources - Revenue from property sales reached RMB 1,389,244 thousand, up 78.3% from RMB 777,779 thousand year-on-year[13] - Revenue from customer contracts was RMB 1,600,115 thousand, compared to RMB 988,809 thousand in the previous year, reflecting a 61.8% increase[13] - The group’s rental income was RMB 342,708 thousand, slightly down from RMB 356,100 thousand in the previous year[13] - The group reported total revenue of approximately RMB 1,942.8 million for the six months ending June 30, 2024, representing a year-on-year increase of 44.5% compared to RMB 1,344.9 million for the same period in 2023[39] - Revenue from rental investment properties was approximately RMB 342.7 million, a decrease of 3.8% from RMB 356.1 million in the same period last year[63] Market Conditions and Strategy - The group plans to actively adjust its sales and pre-sale activities to better respond to market demand and achieve budgeted sales volumes and amounts[8] - The real estate market is expected to show positive changes in the second half of 2024 due to ongoing policy support and market optimization[35] - The company aims to continue its long-term development strategy in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on core cities like Shenzhen, Hong Kong, and Zhuhai[37] - The group is focusing on the Greater Bay Area, with business covering comprehensive real estate development, commercial investment and operation, and property management services[42] Corporate Governance and Compliance - The company has adhered to all corporate governance codes as stipulated in the listing rules as of June 30, 2024[81] - The independent auditor conducted a review of the interim financial information for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[84] - The board of directors includes executive directors and independent non-executive directors, ensuring governance and oversight[89] Employment and Human Resources - The group employed 2,073 staff as of June 30, 2024, a decrease from 2,368 staff as of June 30, 2023[80]

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].

Financial Performance - The company reported a revenue of RMB 36,117,628 thousand for the year ended December 31, 2023, compared to RMB 2,340,921 thousand in 2022, indicating a significant increase[1]. - The gross profit for the year was RMB 1,576,254 thousand, up from RMB 1,032,651 thousand in the previous year, reflecting a growth of approximately 52.7%[1]. - The annual loss attributable to shareholders was RMB 2,126,475 thousand, compared to a loss of RMB 730,147 thousand in 2022, representing an increase in losses[1]. - The company reported a basic and diluted loss per share of RMB 41.71 for the year, compared to RMB 14.32 in the previous year, indicating a worsening of financial performance[1]. - The group reported a net loss of RMB 2,132 million for the year ending December 31, 2023, and a net operating cash outflow of RMB 3,628 million[6]. - The group reported a net loss before tax of RMB 1,844,093 thousand, contrasting with a profit of RMB 679,536 thousand in the previous year[24]. - The pre-tax loss for the year 2023 was RMB 2,126,475,000, compared to a loss of RMB 730,147,000 in 2022, indicating a significant increase in losses[37]. - The group’s net loss attributable to shareholders for the year ended December 31, 2023, was approximately RMB 2,126.5 million, an increase of about 191.2% from RMB 730.1 million in 2022[83]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 59,957,745 thousand, compared to RMB 56,040,368 thousand in 2022, showing an increase of approximately 5.2%[4]. - The company’s total liabilities increased to RMB 39,379,480 thousand in 2023 from RMB 26,772,694 thousand in 2022, indicating a significant rise in financial obligations[4]. - The net asset value decreased to RMB 29,389,024 thousand in 2023 from RMB 30,976,512 thousand in 2022, reflecting a decline of approximately 5.1%[4]. - The group’s total borrowings were approximately RMB 35,350.0 million, an increase from RMB 34,351.7 million in 2022, with a debt ratio of 106.6% (2022: 99.3%)[86]. - The group had cash and bank balances of approximately RMB 4,016.6 million as of December 31, 2023, compared to RMB 3,605.0 million in 2022[84]. - The group recorded a decrease in net current assets from approximately RMB 29,267.7 million in 2022 to RMB 20,578.3 million in 2023, primarily due to increases in bank balances and other liabilities[87]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to RMB 486,345 thousand from RMB 1,569,935 thousand in 2022, highlighting a liquidity challenge[4]. - The group’s cash and cash equivalents amounted to RMB 486 million as of the reporting date, raising concerns about sufficient operating funds[6]. - The group plans to continue monitoring its cash flow situation closely to ensure sufficient liquidity for ongoing operations[5]. - The group must successfully generate sufficient cash flow to meet its financial obligations within the next twelve months[8]. - The group has initiated discussions with bondholders to seek their consent not to exercise redemption rights on certain domestic corporate bonds totaling RMB 845 million[6]. Revenue Sources - The group's revenue from property sales, hotel operations, property management services, and other services amounted to RMB 6,296,374 thousand for the year ended December 31, 2023, compared to RMB 2,340,921 thousand in 2022, reflecting a significant increase[14][20]. - Revenue from property sales was RMB 5,010,846 thousand in 2023, up from RMB 1,211,312 thousand in 2022, indicating a growth of approximately 314%[14][20]. - Rental income from customer contracts reached RMB 713,628 thousand in 2023, compared to RMB 702,042 thousand in 2022, showing a slight increase of about 1.3%[14][20]. - The total reported segment profit for the year was RMB 1,576,254 thousand, compared to RMB 648,257 thousand in the previous year, representing an increase of approximately 143%[19]. Operational Strategies - The group plans to actively adjust sales and pre-sale activities to better respond to market demand and achieve the latest budgeted sales and pre-sale amounts[6]. - The group is considering a loan financing plan from a private equity investor amounting to no less than $500 million, with a term of at least three years[7]. - The group is negotiating with banks for refinancing by increasing the loan-to-value ratio of its mortgaged investment properties[7]. - The group is also in discussions to sell certain investment properties if necessary to improve cash flow[7]. Market Conditions - The overall performance of the real estate industry remains sluggish, with the market gradually stabilizing and recovering[43]. - The national commercial housing sales amount for 2023 was RMB 1,166.22 billion, representing a year-on-year decline of approximately 6.5%[46]. - The national real estate development investment in 2023 was RMB 1,109.13 billion, a decrease of 9.6% year-on-year, with residential investment down 9.3%[52]. - The Chinese real estate market is expected to further stabilize in 2024, with local policies likely to be optimized, providing new opportunities for urban renewal[71]. Corporate Governance and Compliance - The independent auditor issued an unqualified audit opinion on the consolidated financial statements for the year ended December 31, 2023[97]. - The group has complied with all corporate governance code provisions as of December 31, 2023[94]. - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[104]. Future Outlook - The group plans to leverage its resources to participate deeply in urban renewal strategies, aiming to expand business scale and economic benefits[50]. - The group aims to be a respected creator of urban value, focusing on improving urban functionality and quality of life for residents[73].

Economic Overview - In the first half of 2023, China's GDP reached approximately RMB 59.3 trillion, representing a year-on-year increase of approximately 5.5% at constant prices[10]. - The macroeconomic recovery in China is supported by favorable government policies and the release of backlog demands[10]. - The Organisation for Economic Co-operation and Development has lowered its forecast for global economic growth to approximately 2.7%[10]. - The overall economic environment remains complicated and challenging, impacting the real estate sector's recovery[10]. Real Estate Market Performance - Real estate development investment in China for the first half of 2023 amounted to approximately RMB 5.86 trillion, a decrease of approximately 7.9% year-on-year[11]. - The sales area of commodity housing in China for the first half of 2023 was approximately 595 million square meters, down approximately 5.3%[11]. - The sales amount of commodity housing was approximately RMB 6.3 trillion, an increase of approximately 1.1%, with residential sales increasing by approximately 3.7%[11]. - The Central Government's policies aimed at stabilizing the real estate industry have not yet led to significant improvement in housing loan demand[11]. - The real estate industry is facing continued pressure on new construction projects and overall investment[11]. - The real estate industry is expected to experience dynamic adjustments as the main theme of development for the second half of the year[11]. Company Financial Performance - For the six months ended 30 June 2023, the Group achieved total revenue of approximately RMB 1,344.9 million, representing an increase of approximately 28.7% year-on-year[19]. - Gross profit for the same period was approximately RMB 585.1 million, reflecting a year-on-year increase of approximately 34.7%[20]. - The Group recorded a loss of approximately RMB 580.4 million, a decrease of approximately 156.5% year-on-year compared to a profit of RMB 1,026.8 million in the same period of 2022[19]. - Basic loss per share was approximately RMB 13.36 cents, down approximately 208.0% from basic earnings per share of RMB 12.37 cents in the previous year[20]. - The gross profit margin for the six months ended 30 June 2023 was approximately 43.5%, an increase of 1.9 percentage points from 41.6% in the same period of 2022[20]. Project Developments - The Baishizhou Urban Renewal Project is expected to officially launch for sale in the second half of 2023, nearing government pre-sale guidelines[16]. - The official commencement of sales for Phase I of the Baishizhou Project is anticipated to lead to substantial cash inflow and asset quality improvement[16]. - The Baishizhou Project is expected to become a core asset in Shenzhen, providing sustainable rental yields and long-term growth potential[29]. - The Baishizhou Project is expected to significantly boost the Group's sales scale and cash inflow as urban renewal projects progress[28]. - The Baishizhou Project will include residential, apartment, and commercial developments, with a commercial area exceeding 50,000 square meters, and strategic cooperation established with over 300 brands[29]. Land Reserves and Acquisitions - As of June 30, 2023, the Group had land reserves of approximately 7.048 million square meters, with about 79% located in core areas of major cities in the GBA[36]. - The Group aims to expand its land reserves by acquiring additional urban renewal projects in the Greater Bay Area (GBA) to enhance its market presence[18]. - The Group has established a strong competitive barrier in the urban renewal segment in major cities within the GBA[14]. Cash Flow and Financial Position - As of 30 June 2023, bank balances and cash amounted to RMB 3,068.2 million, a decrease from RMB 3,605.0 million as of 31 December 2022[21]. - The average finance costs increased to 7.4% from 6.9% in the previous period[21]. - The liabilities to assets ratio rose to 70.5% from 68.9% as of 31 December 2022[21]. - The Group fully repaid US$ 470 million in senior notes during the first half of 2023, eliminating credit crisis risks related to US dollar senior notes[35]. - The Group's total liabilities as of June 30, 2023, represented a liabilities to assets ratio of 70.5%, an increase from 68.9% as of December 31, 2022[81]. Market Sentiment and Policy Impact - Over 100 provinces and cities in China issued more than 300 real estate-related policies in the first half of 2023 to support the market[55]. - The market sentiment for home purchases has cooled down since the second quarter of 2023, indicating a need for more intensive supporting policies in the second half of the year[55]. - The real estate market in major supercities has shifted from rapid development to quality improvement, indicating new opportunities for urban renewal[56]. Corporate Governance and Shareholder Information - The company emphasizes good corporate governance practices, focusing on a quality board, transparency, and accountability to shareholders[114]. - The Group's directors believe that it will have sufficient working capital to maintain operations and meet financial obligations for at least twelve months from the end of the reporting period[142]. - The company has been notified of substantial shareholders holding 5% or more of the issued share capital as required under the SFO[105]. Future Outlook - The company is exploring market expansion opportunities and new product development strategies[110]. - Future outlook includes potential mergers and acquisitions to enhance market position[110]. - The Group plans to actively adjust sales and presale activities to respond to market needs and achieve budgeted sales volumes[140].

[2 -> 29] 欢迎各位投资人来到2023年中报录演季上市公司录演现场本次录演由知通财经与第一上海联合主办录演即将开始请各位投资者将手机调至静音接下来有请绿井中国进行录演然后主讲的是绿井中国投资者关系经理刘佳瑶以及CFO陈总 [32 -> 57] 大家好 我们就不用这个了吧因为我们这个场域比较小我就先简单介绍一下我们绿井中国我们也有幸请到了我们的CFO陈总之后有什么问题也可以跟他们进行一个交流我们先简单介绍一下我们绿井中国这家公司大家可能也是比较少听到在机场里面少听到我们的名字 [57 -> 80] 因为呢我们主要是做城市更新就是旧改这一块的那我们呢也是跟其他做旧改的不同的呢就是我们是百分之百去做旧改的我们是几乎不会去公开市场上面去通过招牌挂拿地的这样的一个地产公司所以区别于其他的一些比如龙光啊佳兆业啊这些我们的特点就是我们是百分之百做旧改的 [80 -> 99] 純粹的這樣的合作就擺在這樣的一個標的另外我們公司的戰略也不是全國化去鋪排去佈局的我們主要也是在佈局我們越南澳大灣區的一些一二級等級這樣的一些高等級的城市比如說我們的深圳還有我們的珠海然後東莞這樣的一些城市 [99 -> 127] 所以我们很少会 ...

Financial Performance - For the six months ended June 30, 2023, the company reported a loss attributable to shareholders of RMB (580,389) thousand, compared to a profit of RMB 1,026,762 thousand in the same period of 2022[3]. - Revenue for the six months ended June 30, 2023, was RMB 1,344,909 thousand, an increase of 28.7% from RMB 1,045,034 thousand in the same period of 2022[3]. - Gross profit for the same period was RMB 585,109 thousand, up 34.6% from RMB 434,396 thousand in 2022[3]. - The company reported a total comprehensive loss of RMB (760,509) thousand for the period, compared to a total comprehensive income of RMB 809,168 thousand in the same period of 2022[4]. - The company reported a total profit of RMB 585,109 thousand for the six months ended June 30, 2023, compared to RMB 434,396 thousand in the same period of 2022, marking an increase of approximately 34.6%[20]. - The total comprehensive income for the period was RMB 1,344,909 thousand, compared to RMB 1,045,034 thousand in the previous year, indicating a growth of approximately 28.7%[20]. - The company reported a loss attributable to shareholders of RMB (680,956) thousand for the six months ending June 30, 2023, compared to a profit of RMB 630,794 thousand in the same period of 2022[27]. - The company reported a loss of approximately RMB 580.4 million for the six months ended June 30, 2023, a decrease of about 156.5% compared to a profit of RMB 1,026.8 million in the same period of 2022[38]. - The loss attributable to shareholders was approximately RMB 681.0 million, down about 208.0% from a profit of RMB 630.8 million in the previous year[39]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 75,450,351 thousand, an increase from RMB 72,931,899 thousand as of December 31, 2022[5]. - The company's net asset value stood at RMB 30,858,581 thousand, a slight decrease from RMB 30,976,512 thousand at the end of 2022[5]. - Current liabilities decreased to RMB 29,095,206 thousand from RMB 26,772,694 thousand at the end of the previous year[5]. - As of June 30, 2023, the group's total assets reached RMB 104,545,557 thousand, an increase of 4.4% from RMB 99,704,593 thousand as of December 31, 2022[21]. - The total borrowings as of June 30, 2023, were approximately RMB 35,721.6 million, an increase from RMB 34,351.7 million as of December 31, 2022[70]. - The capital debt ratio as of June 30, 2023, was 105.8%, up from 99.3% as of December 31, 2022[72]. - The group had total assets of approximately RMB 104,545.6 million and total liabilities of approximately RMB 73,687.0 million as of June 30, 2023, resulting in a debt-to-asset ratio of 70.5%[73]. - The group recorded a net asset value of approximately RMB 30,858.6 million as of June 30, 2023, slightly down from RMB 30,976.5 million as of December 31, 2022[73]. - As of June 30, 2023, loans secured by properties amounted to approximately RMB 29,681.8 million, compared to RMB 24,235.6 million as of December 31, 2022[74]. Cash Flow and Financing - The company incurred financing costs of RMB (802,207) thousand, slightly higher than RMB (787,605) thousand in the previous year[3]. - The group forecasts sufficient cash flow to meet operational and contractual obligations for at least the next twelve months, assuming normal business activities continue[8]. - The total principal amount of domestic bonds is RMB 1,135 million, with additional borrowings of RMB 1,390 million, contingent on bondholders not exercising redemption options within the next twelve months[7]. - The group continues to monitor its liquidity closely, analyzing various short-term and medium-term factors affecting cash flow[7]. - The group has a significant related party balance of RMB 4,050 million that will not be demanded for repayment until the group is financially capable[7]. - The group’s financing costs for the six months ended June 30, 2023, were approximately RMB 802.2 million, an increase of about 1.9% from RMB 787.6 million in the same period last year[67]. - Income tax expenses for the six months ended June 30, 2023, were approximately RMB 134.0 million, a significant decrease from RMB 784.3 million in the same period in 2022, primarily due to negative fair value changes in investment properties[68]. - The group had outstanding borrowings of RMB 10,628 million, convertible bond debt of RMB 115 million, and domestic corporate bonds of RMB 1,135 million, all due within one year[84]. - The group's cash and cash equivalents amount to RMB 1,175 million, raising concerns about sufficient operating funds if the borrowings and bonds need to be repaid[84]. - The board believes that the group will have adequate operating funds to meet its financial obligations due within at least the next twelve months, assuming successful refinancing of the borrowings[84]. - There is significant uncertainty regarding the ability to refinance the borrowings and the implementation of the operational and financing plans, which may cast doubt on the group's ability to continue as a going concern[84]. Revenue Sources - Revenue from property sales amounted to RMB 777,779 thousand, compared to RMB 496,668 thousand in the previous year, reflecting a significant increase of about 56.6%[13]. - Revenue from customer contracts was RMB 988,809 thousand, up from RMB 706,764 thousand, indicating a growth of approximately 39.8%[13]. - Rental income increased to RMB 356,100 thousand from RMB 338,270 thousand, showing a growth of about 5.3%[13]. - The real estate development and sales generated revenue of approximately RMB 777.8 million for the six months ended June 30, 2023, representing a year-on-year increase of about 56.6% compared to RMB 496.7 million for the same period in 2022[48]. - The group generated revenue of approximately RMB 356.1 million from commercial property investment and operations, representing a year-on-year increase of about 5.3% compared to RMB 338.3 million in the same period last year[53]. - The group's integrated services generated revenue of RMB 211.0 million, a slight increase of about 0.4% from RMB 210.1 million in the same period last year, contributing stable cash flow[56]. Market Conditions and Strategic Initiatives - The real estate market sentiment has cooled since the second quarter of 2023, indicating a need for stronger support policies to curb the downward trend in the housing market[57]. - The group is focusing on urban renewal in core cities, aligning with national policies to stimulate urban vitality and sustainable development[57]. - The company is actively promoting urban renewal projects in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area, transitioning to a new growth phase[35]. - The government has approved guidelines to support urban village renovations, indicating a significant policy push for urban renewal[33]. - The company has established a strong competitive barrier in the urban renewal sector within the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its core competitiveness[34]. - The company aims to enhance its long-term value through sustainable operations and strategic development in urban renewal[47]. - The group aims to continue enhancing urban value through a "dual-core" strategy, focusing on high-value residential and commercial projects in core urban areas[59]. - The group has established itself as a leader in urban renewal within the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging nearly 30 years of experience[59]. Corporate Governance and Compliance - The group has adhered to all corporate governance codes as stipulated in the listing rules as of June 30, 2023[79]. - The independent auditor has reviewed the interim financial information for the six months ended June 30, 2023, confirming compliance with applicable accounting standards[81]. - The group has not recognized any significant losses related to the guarantees provided, as the directors believe the fair value of the related properties is sufficient to cover any outstanding mortgage loans[75]. - The group continues to provide training and development programs for its employees[78]. - The group has not reported any significant uncertainties related to its ongoing operations in the independent auditor's review report[82]. Employee and Operational Metrics - The group employed 2,368 staff as of June 30, 2023, a decrease from 2,421 staff as of June 30, 2022[78]. - The average occupancy rate of the NEO Urban Business Complex was approximately 80% as of June 30, 2023, down from 91% in the same period last year, primarily due to the transition of new and old tenants[53]. - The Hong Kong Greenview NEO Building achieved an occupancy rate of approximately 71% as of June 30, 2023, compared to about 70% in the same period last year[54]. - The overall occupancy rate of the Zuo Yun shopping centers was approximately 85% as of June 30, 2023, down from 92% in the same period last year[55]. Future Outlook and Projects - The Baishizhou project is expected to cover a total land area of approximately 460,000 square meters, with a total construction area of about 5 million square meters, and is projected to be developed over eight to ten years[42]. - The first phase of the Baishizhou project includes 2,746 residential and apartment units, with unit sizes primarily between 110-125 square meters[42]. - The sales center for the Baishizhou project has received over 5,000 visitor groups, indicating strong interest from potential buyers[42]. - The signing rate for the Baishizhou project has exceeded 95%, marking a significant milestone for the company[43]. - The Shenzhen Shazui Phase II project has achieved a 100% signing rate, with over 80 units expected to be pre-sold in the second half of 2023[44]. - The Zhuhai East Bridge project has a market value of approximately RMB 4 billion, contributing to the company's contract sales revenue[44]. - The Baishizhou project is expected to commence full construction in 2024, contributing to the company's ongoing development[43]. - The commercial area of the Baishizhou project is planned to be over 50,000 square meters, with over 300 strategic brand partnerships established[43]. - The Baishi Village urban renewal project in Shenzhen is a key asset for the group, with the first phase expected to launch pre-sales in Q3 2023, serving as a new growth engine for the group[49]. - The Greenview Hongshuwan No.1 project in Shenzhen is set to launch its second phase pre-sales in the second half of 2023, with a sales rate of approximately 80% achieved during the first phase[49]. - The Liguang project in Longhua District, Shenzhen, has achieved a 100% signing rate in the first half of 2023, currently in the stage of confirming the construction entity[50]. - The Zhuhai Dongqiao urban renewal project contributed approximately RMB 2.5 billion in contracted sales, ranking first in Zhuhai's sales during the first half of 2023[51]. - The Greenview International Flower City project in Huazhou achieved contracted sales of approximately RMB 442 million in the first half of 2023, ranking first in both sales amount and area in Huazhou[52]. - The Hong Kong Liufushan project marks the group's first real estate development in Hong Kong, indicating the brand's international expansion[52]. - The group continues to operate over 30 commercial property projects under the NEO and Zuo Yun brands, contributing to its dual-driven development model[53].

Economic Performance - In 2022, China achieved a GDP exceeding RMB 121 trillion, demonstrating strong economic resilience and potential[11] - In 2022, China's GDP exceeded RMB 121 trillion, indicating a stable economic performance despite challenges[31] - China's GDP growth rate for 2023 is expected to be approximately 5%, significantly higher than the estimated global growth rate of approximately 2.7%[66] Real Estate Market Trends - The real estate industry faced unprecedented downward pressure due to the pandemic and construction suspensions, marking the end of the "high leverage and quick turnover" era[12] - Total real estate sales in China for 2022 amounted to RMB 13.33 trillion, reflecting a year-on-year decrease of approximately 26.7%[17] - The sales area and sales amount of commodity housing in China decreased by approximately 24.3% and 26.7% year-on-year, respectively, marking a significant downturn in the real estate market[32] - Investment in real estate development in China amounted to approximately RMB 13.29 trillion, a decrease of about 10.0% compared to the previous year[32] - The total sales recorded by the top 100 real estate enterprises in 2022 amounted to approximately RMB 7.6 trillion, representing a year-on-year decrease of approximately 41.3%[55] - The overall sales performance of the top 100 real estate companies in China saw a total sales amount of approximately RMB 7.6 trillion, a year-on-year decline of about 41.3%[56] Company Performance - For the year ended December 31, 2022, the Group achieved total revenue of approximately RMB 2,340.9 million, representing a decrease of approximately 46.5% year-on-year compared to RMB 4,378.0 million in 2021[39] - The Group's real estate development and sales generated revenue of approximately RMB 1,211.3 million, representing a decrease of approximately 64.3% compared to the previous year[17] - The Group reported a loss of approximately RMB 296.5 million for 2022, a significant decline from a profit of RMB 1,334.9 million in 2021, marking a decrease of approximately 122.2% year-on-year[39][40] - Loss attributable to owners of the Company was approximately RMB 730.1 million, compared to a profit of RMB 1,152.6 million in 2021, representing a decrease of approximately 163.3% year-on-year[39][41] - Basic loss per share was RMB 14.32 cents, a decline of approximately 163.3% year-on-year from basic earnings per share of RMB 22.61 cents in 2021[39][41] Urban Renewal Projects - The Baishizhou Urban Renewal Project made significant progress and is expected to contribute considerable revenue and cash flow to the Group[13] - The Group anticipates substantial contributions to revenue and cash flow from the Bai Shizhou urban renewal project, which is nearing completion[14] - The Baishizhou Project has secured a dedicated credit facility of RMB 20.7 billion from a syndicate of banks, ensuring sufficient capital for its development and construction[21] - The Baishizhou Project is a super-large urban complex with a gross floor area exceeding 1 million square meters, expected to provide new quality homes for approximately 80,000 residents upon completion[44] - The Baishizhou Project has a planned gross floor area of approximately 5 million square meters, with a capacity gross floor area of approximately 3.58 million square meters, and is expected to be completed in four phases over the next eight to ten years[57] Financial Strategy and Performance - The Group's financial strategy focuses on maintaining a secure financial structure and managing debt size to ensure stability[26] - The Group's bank balances and cash, including restricted bank deposits, decreased to RMB 3,605.0 million from RMB 7,287.1 million in 2021[41] - Average finance costs increased to 6.9% in 2022 from 6.4% in 2021[41] - The liabilities to assets ratio rose to 68.9% in 2022, up from 65.3% in 2021, indicating increased financial leverage[41] - The Group's total borrowings amounted to approximately RMB 34,351.7 million, an increase from RMB 31,187.7 million in 2021[86] Revenue from Different Segments - Revenue from commercial property investments and operations was approximately RMB 702.0 million, reflecting a year-on-year increase of about 9.2%[24] - Revenue from comprehensive services reached approximately RMB 427.6 million, marking a year-on-year increase of approximately 24.6%[25] - The LVGEM Hotel generated an annual revenue of approximately RMB 119.9 million, achieving a record high in recent years[25] - Revenue from leasing of investment properties increased to approximately RMB 702.0 million, up 9.2% from RMB 642.6 million in 2021[74] - Comprehensive services generated revenue of approximately RMB 427.6 million, representing an increase of approximately 24.6% compared to RMB 343.0 million in 2021[75] Management and Governance - The company has a strong management team with diverse backgrounds in finance, investment, and real estate development[105] - The company emphasizes independent judgment and performance scrutiny through its board of directors[108] - The Board comprises five executive directors and three independent non-executive directors, meeting the requirements under the Listing Rules[190] - The positions of Chairman and Chief Executive Officer are held separately to ensure independence and accountability[192] - The Board is responsible for corporate strategy, annual results, succession planning, risk management, and major acquisitions[193] Shareholder Information - The total aggregate interests of substantial shareholders indicate a strong control over the company’s equity structure[164] - Major shareholders include Mr. XU Jun Jia with 2,326,062,492 shares, representing 45.63% of the issued ordinary share capital[166] - The company is actively engaging in market expansion strategies through its substantial shareholder base[164] - Future outlook suggests potential for further market consolidation and strategic partnerships given the significant shareholdings[164] Corporate Social Responsibility - The Group recognizes the importance of environmental protection and will continue to improve its management practices to minimize environmental impact[119][123] - During the year ended December 31, 2022, the Group made charitable donations totaling RMB 830,000[127][134] Compliance and Regulations - The Company is not aware of any non-compliance with relevant laws and regulations that had a significant impact on its operations as of December 31, 2022[118][123] - The Group has complied with relevant disclosure requirements regarding related party transactions[175]

Financial Performance - The company reported a net loss attributable to shareholders of RMB (296,525) thousand for the year ended December 31, 2022, compared to a profit of RMB 1,334,917 thousand in the previous year[3]. - The company's total revenue for the year was RMB 2,340,921 thousand, a decrease from RMB 4,378,017 thousand in the previous year, representing a decline of approximately 46.6%[9]. - Property sales revenue was RMB 1,211,312 thousand, down from RMB 3,392,354 thousand in the previous year, indicating a decrease of about 64.3%[9]. - The reported segment profit for the year ended December 31, 2022, was RMB 1,032,651,000, compared to RMB 2,188,400,000 for the previous year[17]. - The company reported a basic and diluted loss per share of RMB (730,147) thousand for 2022, compared to a profit of RMB 1,156,119 thousand in 2021[29]. - The gross profit for the same period was approximately RMB 1,032.7 million, down approximately 52.8% from RMB 2,188.4 million in 2021, with a gross margin of 44.1%[44]. Assets and Liabilities - Total non-current assets increased to RMB 43,664,225 thousand in 2022 from RMB 32,349,191 thousand in 2021, primarily driven by an increase in investment properties valued at RMB 40,679,017 thousand[4]. - Current assets rose to RMB 56,040,368 thousand in 2022, up from RMB 52,592,862 thousand in 2021, with development properties for sale increasing to RMB 45,274,263 thousand[4]. - The company's total liabilities increased to RMB 26,772,694 thousand in 2022 from RMB 19,171,711 thousand in 2021, reflecting higher borrowings and contract liabilities[4]. - The total assets as of December 31, 2022, amounted to RMB 99,704,593,000, an increase from RMB 84,942,053,000 in the previous year[18]. - The company's accounts payable as of 2022 amounted to RMB 5,449,855 thousand, an increase from RMB 3,642,441 thousand in 2021[33]. - The aging of accounts payable shows that RMB 4,233,541 thousand is due within one month in 2022, compared to RMB 2,680,964 thousand in 2021, reflecting a significant increase[33]. Financing and Cash Flow - The company’s financing costs rose significantly, contributing to the overall loss for the year[2]. - The group had total borrowings of RMB 8,178 million and cash and cash equivalents of RMB 1,570 million as of December 31, 2022[5]. - The company is considering a loan financing plan from a private equity investor for no less than USD 500 million with a term of at least three years[6]. - The group is actively negotiating with financial institutions for project development loans of no less than RMB 1.5 billion[6]. - The average financing cost increased to 6.9% in 2022 from 6.4% in 2021, while the debt-to-asset ratio rose to 68.9% from 65.3%[44]. - The group’s cash and cash equivalents are insufficient to cover the total debt obligations due within one year, raising concerns about operational liquidity[79]. Market and Operational Strategy - The company plans to continue expanding its investment properties and development projects in the upcoming year[1]. - The company is focusing on enhancing its operational efficiency and exploring new market opportunities to improve financial performance[1]. - The company plans to continue adjusting sales and pre-sale activities to meet market demand and achieve budgeted sales targets[5]. - The company plans to continue its strategic focus on urban renewal projects in the Greater Bay Area, leveraging its experience and resources accumulated over 30 years[42]. - The company aims to enhance its brand competitiveness and become a recognized urban renewal service provider in the Guangdong-Hong Kong-Macao Greater Bay Area[53]. Project Developments - The company anticipates significant contributions to revenue and cash flow from the Bai Shizhou urban renewal project, which has made breakthrough progress during the year[34]. - The Baishizhou project has made significant progress, with the first tower reaching ground level by September 2022, and presale expected in Q3 2023[37]. - The total construction area of the Baishizhou project is approximately 3.58 million square meters, recognized as Shenzhen's "old renovation aircraft carrier"[37]. - The company achieved a 100% signing rate for the Hongshu Bay Phase II project, which has entered the main construction phase and is expected to meet pre-sale conditions by mid-2023[46]. - The Hongshu Bay No. 1 project has a total planned construction area of 140,000 square meters and is expected to launch presales in 2023, contributing to contract sales and cash inflow for the group[51]. Revenue Sources - Revenue from hotel operations, property management services, and other services increased to RMB 427,567 thousand from RMB 343,030 thousand, reflecting a growth of approximately 24.8%[9]. - Rental income rose to RMB 702,042 thousand, compared to RMB 642,633 thousand in the previous year, marking an increase of about 9.3%[9]. - Revenue from external customers for the year ended December 31, 2022, was RMB 2,340,921,000, with real estate development and sales contributing RMB 1,211,312,000, commercial property investment and operation at RMB 702,042,000, and integrated services at RMB 427,567,000[15]. Governance and Compliance - The independent auditor issued an unqualified audit opinion on the consolidated financial statements for the year ended December 31, 2022, confirming compliance with Hong Kong Financial Reporting Standards[78]. - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[83]. - The independent auditor's report highlights significant uncertainties regarding the group's ability to continue as a going concern due to potential refinancing challenges[79].

Economic Overview - In the first half of 2022, China's GDP reached RMB 56.26 trillion, representing a year-on-year increase of 2.5%[12]. - The macroeconomic adjustments and pandemic containment measures have effectively coordinated to support economic recovery[12]. - The Central Government emphasized the importance of stabilizing the real estate sector as a means to stabilize the economy, reflecting proactive policy measures[13]. - The overall market sentiment remained sluggish despite the end of the industry's winter, with effective demand inadequately released[13]. Real Estate Market Performance - The real estate sector experienced a significant decline, with commodity housing sales decreasing dramatically and cumulative investment in real estate development recording negative year-on-year growth for the first time[13]. - Local governments implemented over 500 optimization policies to stabilize the real estate market, marking a historical high for the same period[13]. - From May to June 2022, the sales area in key cities showed signs of recovery, indicating a potential market turnaround[13]. - The real estate industry is expected to resume a virtuous cycle as market confidence rebuilds following the recent downturn[13]. - Investment in real estate development in Shenzhen grew by 10.5% in the first half of 2022, indicating a recovery in the property market[20]. Company Financial Performance - The Group achieved total revenue of approximately RMB1,045.0 million for the six months ended June 30, 2022, representing a decrease of approximately 48.5% year-on-year[24]. - Gross profit for the same period was approximately RMB434.4 million, down approximately 54.9% year-on-year, with a gross profit margin of approximately 41.6%[24][26]. - The Group reported a profit of approximately RMB1,026.8 million, an increase of approximately 65.2% year-on-year, while profit attributable to owners was approximately RMB630.8 million, a decrease of approximately 1.1%[25][26]. - For the six months ended June 30, 2022, the Group's real estate development and sales generated revenue of approximately RMB 496.7 million, a decrease of approximately 68.1% year-on-year compared to RMB 1,556.0 million in the same period of 2021[55]. - The total contracted sales based on commodity housing purchase agreements amounted to approximately RMB 2,554.8 million, representing an increase of approximately 22.6% year-on-year compared to RMB 2,083.8 million in the first half of 2021[55]. Debt and Financial Structure - The Group's liabilities to assets ratio increased to 66.1% as of June 30, 2022, compared to 65.3% at the end of 2021[28]. - Average finance costs rose slightly to 6.5% from 6.4% year-on-year, reflecting the financial environment's challenges[28]. - The Group's financial structure was optimized through various financing plans, maintaining a reasonable debt level and ensuring sound liquidity amid external risks[50]. - The Group's total borrowings increased to approximately RMB32,761.4 million as of June 30, 2022, compared to RMB31,187.7 million as of December 31, 2021[126]. - The gearing ratio as of June 30, 2022, was 89.4%, up from 81.2% as of December 31, 2021[138]. Urban Renewal Projects - The Group's strategy of focusing on core cities in the GBA has positioned it as a leading enterprise in urban renewal projects[18][21]. - The Baishizhou Urban Renewal Project has a total site area of approximately 0.46 million square meters and a total gross floor area of approximately 5.0 million square meters, with a planned capacity area of approximately 3.58 million square meters[34]. - The pre-sale of Phase I of the Baishizhou Project is expected to commence in 2023, which is anticipated to significantly increase income and cash flows for the Group[34]. - The Group is focusing on urban renewal in the GBA and aims to develop a brand new smart city, with detailed designs for 14 construction items related to smart city management already in place[42]. - The Group's urban renewal projects, including the Shenzhen Baishizhou Project and Phase II of the Zhuhai Dongqiao Project, have made good progress during the reporting period[55]. Strategic Partnerships and Initiatives - The Group has established long-term strategic partnerships with companies such as China Unicom and Huawei to develop smart city initiatives in the Baishizhou Project[42]. - The Group established a strategic partnership with Vanke, involving an investment of approximately RMB 2.3 billion into the Baishizhou Project, enhancing the project's security and the Group's short-term liquidity[47]. - The Group is committed to exploring low-carbon and zero-carbon urban area construction standards in response to national carbon neutrality strategies[42]. - The Group's commitment to developing smart city management systems aims to enhance operational efficiency across its 12 communities, with full coverage expected by 2022[44]. Shareholder Structure and Management - As of June 30, 2022, Ms. HUANG Jingshu holds 2,400,000,000 shares, representing approximately 47.08% of the company's issued share capital[191]. - The company has a significant concentration of ownership, with several shareholders holding over 20% of the issued ordinary share capital[200]. - The overall shareholder structure suggests a robust backing for the company's future initiatives and market strategies[200]. - The Group's remuneration for employees is aligned with market trends and includes basic salaries, bonuses, and long-term incentives[156].

Economic Performance - China's economic aggregate exceeded RMB 114 trillion in 2021, representing a growth of 8.1%, surpassing the target of 6%[10] - The overall economic growth in China was 8.1% for the year, exceeding the expected target of 6%, providing a supportive backdrop for the real estate sector[12] - Shenzhen's GDP exceeded RMB 3 trillion for the first time in 2021, indicating strong economic resilience and potential[24] - China's GDP reached RMB 114.4 trillion in 2021, marking an increase of 8.1% over the previous year[22] - Real estate development investment in China amounted to RMB 14,760.2 billion, representing a 4.4% increase year-on-year[23] - Residential investment in China was RMB 11,117.3 billion, reflecting a year-on-year increase of 6.4%[23] - The sales area of commodity housing was 1,794.33 million square meters, with a sales amount of RMB 18,193 billion, up 1.9% and 4.8% year-on-year respectively[23] Group's Business Focus - The Group's consolidated business performance for the year ended December 31, 2021, reflects a strong focus on high-value residential and commercial projects in core areas of major cities in the Guangdong-Hong Kong-Macao Greater Bay Area[9] - The Group aims to focus on urban renewal in the Greater Bay Area and develop a brand new smart city, collaborating with leading internet technology companies to enhance living standards[10] - The Group's strategic focus is on core urban areas within the Greater Bay Area, benefiting from favorable policies and economic growth opportunities[13] - The Group aims to become a new smart city developer and operator, focusing on urban renewal projects in the Greater Bay Area[19] - The Group plans to develop "unique properties, resources-linked properties, and smart properties" to enhance its market position[19] - The Group's business model combines residential and commercial sectors, contributing to stable rental income and asset value growth[16] - The Group has positioned itself as a leader in urban renewal within the Greater Bay Area, leveraging over 30 years of experience in the industry[14] Financial Performance - For the year ended December 31, 2021, the Group achieved total revenue of approximately RMB 4,378.0 million, representing a decrease of approximately 19.3% year-on-year[28] - Gross profit was approximately RMB 2,188.4 million, a decrease of approximately 17.9% year-on-year, with a gross profit margin of 50.0%[28] - Profit attributable to owners of the Company was approximately RMB 1,152.6 million, representing a decrease of approximately 66.6% year-on-year[28] - Basic earnings per share decreased to RMB 22.61 cents, down approximately 66.8% year-on-year[28] - The Group's bank balances and cash, including restricted bank deposits, were RMB 7,287.1 million, down from RMB 9,409.7 million[32] - The average finance costs decreased to 6.4%, compared to 7.1% in the previous year[32] - The liabilities to assets ratio increased to 65.3%, up from 62.5%[32] - The Group's liabilities to assets ratio and net gearing ratio met the legal requirements during the year, reflecting effective debt management and a healthy financial structure[18] Urban Renewal Projects - The Baishizhou Urban Renewal Project is expected to commence pre-sale in 2023, which will rapidly realize the value of the land reserve and significantly boost the Group's business growth[15] - The Group's urban renewal projects include significant developments such as the Shenzhen LVGEM Liguang Project and the Zhuhai Dongqiao Urban Renewal Project, which have made satisfactory progress[15] - The Shenzhen Baishizhou urban renewal project has a total planned area of approximately 3.58 million square meters, expected to bring substantial revenue and cash flow to the Group[38] - The Zhuhai Dongqiao Urban Renewal Project, now named LVGEM Royal Bay, occupies a site area of approximately 207,550 square meters and has a planned total gross floor area of approximately 764,920 square meters[55] - The Baishizhou Urban Renewal Project has a planned total gross floor area of approximately 4.4 million square meters, with Phase I covering 675,780 square meters[49] Revenue from Property Development - For the year ended December 31, 2021, the Group's real estate development and sales generated revenue of approximately RMB 3,392.4 million, primarily from projects such as LVGEM Amazing Plaza and LVGEM Joyful Town in Zhuhai[14] - The Group's commercial property investment and operations revenue amounted to approximately RMB 642.6 million, representing a year-on-year increase of approximately 3.6%[16] - Total contracted sales amounted to approximately RMB 3,668.0 million for the year, representing a decrease of approximately 18.1% year-on-year from RMB 4,479.0 million in 2020[45] - Revenue from sales of properties held for sale was approximately RMB 3,392.4 million, a decrease of approximately 24.8% from RMB 4,512.6 million in 2020, with a total gross floor area recognized as revenue of approximately 228,527 square meters[80] Debt Management and Financing - The Group's debt management has improved, achieving a "green" status for its asset-liability ratio and net debt ratio after excluding advance receipts[20] - The Group's liabilities to assets ratio and net gearing ratio were 64.8% and 81.2%, respectively, meeting two of the "three red lines" regulatory targets for real estate enterprises in China[72] - The average financing cost for interest-bearing loans was 6.4% for the year ended December 31, 2021, down from 7.1% in 2020[95] - Total borrowings as of December 31, 2021, were approximately RMB 31,187.7 million, an increase from RMB 30,650.5 million in 2020[98][102] - Loans secured by properties amounted to approximately RMB 23,541.3 million in 2021, up from RMB 15,731.6 million in 2020[103] Corporate Governance - The company is focused on maintaining strong corporate governance through the appointment of qualified independent directors[116] - The independent directors are responsible for providing independent judgment and scrutinizing the company's performance, ensuring accountability[117] - The Board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced governance structure[188] - The positions of Chairman and Chief Executive Officer are held by separate individuals to maintain independence and accountability[188] - The company is committed to good corporate governance practices, emphasizing transparency and accountability to shareholders[186] Environmental and Social Responsibility - The Group recognizes the importance of environmental protection for its long-term development and will continue to improve management practices[123] - An "Environmental, Social and Governance Report" is scheduled to be published in May 2022[124] - The Group is committed to creating a high-quality living environment and pursuing innovation in line with community expectations[76] Employee and Director Information - The Group had a staff roster of 2,281 employees as of December 31, 2021, an increase from 2,097 employees in 2020[106] - The remuneration of Directors and senior management is determined with reference to their duties, responsibilities, performance, and the Group's results[137] - The Company emphasizes employee remuneration based on current industry practices[157] - The Company has arranged appropriate directors and officers liability insurance for legal actions against Directors[196]