Financial Performance - The total assets of the company reached HK$235.7 billion, while the turnover was HK$36.5 billion[22]. - The Group recorded a profit attributable to shareholders of HK$2,481 million for the year, representing a year-on-year increase of 32.0%[27]. - For the year ended December 31, 2021, the Group recorded a revenue of HK$36,513 million, representing an increase of 16.7% compared to the previous year[75]. - Profit attributable to shareholders amounted to HK$2,481 million, reflecting a year-on-year increase of 32.0%[75]. - Basic and diluted earnings per share were HK67.35 cents, representing increases of 31.2% and 31.3% year-on-year, respectively[75]. - The group's revenue for the year ended December 31, 2021, was HKD 36.513 billion, an increase of 16.7% compared to HKD 31.281 billion in 2020[78]. - Shareholders' profit for the year was HKD 2.481 billion, reflecting a year-on-year growth of 32.0% from HKD 1.880 billion in 2020[78]. Market Environment - In 2021, China's economy grew by 8.1%, maintaining its leading position globally despite various challenges[23]. - The real estate industry in China faced significant pressures due to policies like the "three red lines" and centralized land supply, leading to a decline in the performance of major property developers[24]. - The completion rate of sales targets for major property developers has generally declined, indicating a challenging market environment[24]. - The Central Economic Work Conference outlined a development direction for 2022 focusing on promoting growth while maintaining stability, with coordinated fiscal and monetary policies[38]. - The real estate control policy will continue to emphasize "no speculation of residential properties," aiming to meet reasonable demands for property development and investment[39]. Development Strategy - The company operates in 30 major cities, including Shanghai, Hong Kong, and Guangzhou, focusing on both residential and commercial property development[19]. - The company aims to enhance architectural quality and commercial value by integrating cultural substance into its projects[7]. - The company is focused on professionalism, market-orientation, and internationalism in its development strategy[7]. - The Group aims to achieve significant growth in contracted sales and maintain high quality in equity and collection ratios[44]. - The Company plans to seek breakthroughs in financing channels and optimize average funding costs[44]. - Poly Property will focus on promoting the reform of its professional talent system to enhance operational performance[44]. - The Company intends to extend property management services to public spaces and third-party properties while increasing the proportion of asset-light operations[44]. Sales and Contracts - Contracted sales amounted to RMB56.6 billion, reflecting a year-on-year increase of 9%, with a sales collection of RMB53.4 billion and a collection rate of 94%[28]. - The average selling price of contracted sales was RMB18,038 per square meter, with the mainland market average at RMB17,469 per square meter, maintaining a similar level to the previous year[28]. - The total contracted area sold amounted to approximately 3,138,000 square meters, with 106 continual launches and 24 debut launches during the year[77]. - The total completed GFA by the end of 2021 reached 13,086,000 square meters[126]. - The average selling price for recognized sales was approximately RMB 14,589 per square meter[128]. - Ordinary residential properties accounted for 83% of total sales value, while villas, retail shops, offices, and parking spaces accounted for 8%, 5%, 1%, and 3% respectively[138]. Land Acquisition and Reserves - The Group acquired 19 development projects during the year, with over 80% of investments made in the second half, focusing on high-turnover cities like Shenzhen, Shanghai, and Ningbo[32]. - The proportion of attributable land reserves in first-tier and second-tier cities reached 83%, a year-on-year increase of 3 percentage points, while the Yangtze River Delta and Greater Bay Area accounted for 40%, up 6 percentage points[31]. - The cost of land for new reserves was considered reasonable, indicating a strategic approach to land acquisition[85]. - The company is expanding its presence in emerging residential areas with projects like the Suzhou Sheng Pu and Kunshan Huangpu River Road[116]. Financial Health - The average funding cost was reduced by 0.20 percentage points to 4.52% through innovative financing channels[34]. - Total debts decreased slightly, with the proportion of trust loans dropping by 3 percentage points to 12% and short-term debts due within one year reduced by 5 percentage points to 27%[35]. - The Group's cash-to-short-term debt ratio was 1.58, indicating sufficient liquidity and solvency[35]. - As of December 31, 2021, total equity attributable to shareholders amounted to HK$38,415,644,000, an increase from HK$35,444,032,000 in 2020, with a net asset value per share of HK$10.35 compared to HK$9.68 in 2020[181]. - The Group's gearing ratio was 80.3% as of December 31, 2021, slightly down from 80.9% in 2020[181]. Project Development and Locations - The total GFA under construction was approximately 12,692,000 square meters, with an attributable area of approximately 9,708,000 square meters[116]. - The company has a significant presence in the Yangtze River Delta Region, with completed GFA of 164,000 square meters in the Shanghai Jiading Affordable Housing Project[125]. - The company is committed to delivering residential projects that are strategically located near metro lines, which is expected to drive future sales growth[150]. - The company is actively developing projects like Wonderful Times and Above The Clouds, both located near significant transportation infrastructure[150]. - The company is focusing on expanding its market presence in the Pearl River Delta region with multiple ongoing and planned projects[156]. Employee and Governance - The Group employed approximately 9,700 employees with total remuneration of about HK$1,781 million for the year[195]. - The Company has complied with most provisions of the Corporate Governance Code, with some deviations explained in the report[199]. - The Board collectively reviews and approves the structure, size, and composition of the Board, rather than establishing a separate nomination committee[200].

Financial Performance - For the first half of 2021, the company's revenue was HKD 14.074 billion, an increase of 8.4% compared to HKD 12.989 billion in the same period last year[7]. - Shareholders' profit for the same period was HKD 1.663 billion, up 100.8% from HKD 0.828 billion year-on-year[7]. - The company achieved a contract sales amount of RMB 31.3 billion, representing a 60% increase year-on-year, completing 50% of the annual sales target of RMB 62 billion[11]. - The total contracted sales amount for the first half of 2021 was RMB 31,262 million, with the Yangtze River Delta region contributing 30% of the total[12]. - The company reported a stable rental rate for its office buildings and shopping malls, with hotel operations continuing to recover[25]. - The group’s property management company achieved revenue of RMB 465 million in the first half of 2021, representing a 17.1% increase year-on-year, managing 248 properties with a total area of approximately 37.96 million square meters, up 7.6% from the previous year[27]. - The company reported a net profit for the period of HKD 1,758,608, up 52.3% from HKD 1,154,292 in the previous year[38]. - Total comprehensive income for the period reached HKD 2,194,193, significantly higher than HKD 808,243 in 2020[38]. - The profit attributable to the owners for the six months ended June 30, 2021, was HKD 1,663,180, compared to HKD 828,398 for the same period in 2020[62]. Asset and Equity Management - As of June 30, 2021, shareholders' equity was HKD 36.987 billion, a 4.4% increase from HKD 35.444 billion at the end of 2020[7]. - The group's total equity was HKD 36.99 billion, with a net asset value per share of HKD 10.10, compared to HKD 35.44 billion and HKD 9.68 per share as of December 31, 2020[28]. - The total assets as of June 30, 2021, were HKD 177,076,102, slightly down from HKD 178,430,596 at the end of 2020[39]. - The total liabilities as of June 30, 2021, were HKD 175,364,729, with segment liabilities in property investment and management at HKD 77,317,383[52]. - The group’s total liabilities decreased to HKD 15,500,375 as of June 30, 2021, from HKD 16,000,000 in the previous year, indicating a reduction of approximately 3.1%[42]. Project Development and Sales - The company launched over ten projects under the "Yue" product line and debuted the "Yuan" product line in Suzhou during the first half of 2021[8]. - The company has 112 projects on sale, with 14 new launches during the reporting period[11]. - The company plans to launch 10 new projects in the second half of 2021, including locations in Shanghai, Guangzhou, Nanning, and Wuhan[13]. - In the first half of 2021, the company commenced 12 new projects with a total construction area of approximately 1,173,000 square meters[14]. - The company added 4 new projects in the first half of 2021, with a total planned construction area of approximately 788,000 square meters[18]. Financial Management and Debt - The average funding cost for the company was 4.63%, maintaining a lower financing cost advantage in the industry[10]. - The group's debt-to-asset ratio was 80.8% as of June 30, 2021, slightly down from 80.9% at the end of 2020[28]. - The total outstanding bank and other borrowings amounted to HKD 85.80 billion, a decrease from HKD 86.59 billion at the end of 2020[28]. - The group had a total of HKD 43.24 billion in mortgaged assets as of June 30, 2021, down from HKD 46.68 billion at the end of 2020[32]. - The maximum guarantee amount provided to banks for property buyers was HKD 32.70 billion as of June 30, 2021, compared to HKD 26.98 billion at the end of 2020[34]. Operational Strategy - The company plans to enhance operational and financial management capabilities to improve asset utilization and resource allocation[10]. - The company is focusing on strategic resource allocation towards the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area[8]. - The company aims to achieve the goal of "recreating Poly Real Estate in the next five years" as part of its 14th Five-Year Plan[10]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer experience in the upcoming quarters[42]. Corporate Governance and Compliance - The company has adopted a code of conduct for directors regarding securities trading, which complies with the standards set out in the listing rules[112]. - As of June 30, 2021, the company confirmed compliance with the code of conduct by all directors during the reporting period[112]. - The company has adhered to the corporate governance code, except for specific provisions regarding the establishment of a nomination committee, which the board believes is in the best interest of the company[122]. - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group, approving the unaudited interim financial statements for the six months ending June 30, 2021[123].

Financial Performance - The Group recorded a profit attributable to shareholders of HK$3,833 million for the year, representing a year-on-year increase of 71.0%[16] - The Group achieved a net profit attributable to shareholders of HKD 3.833 billion in 2019, representing a year-on-year increase of 71% due to increased revenue recognition[18] - Profit attributable to shareholders amounted to HK$3,832,948,000, with basic and diluted earnings per share increasing by 71% and 70.4% to HK104.68 cents and HK104.31 cents, respectively[54] - For the year ended December 31, 2019, the Group recorded a revenue of HK$39,943,978,000, representing an increase of 71.9% compared to HK$23,233,644,000 in 2018[54] Revenue and Sales - Revenue from the Kai Tak Vibe Centro project in Hong Kong significantly contributed to the overall revenue and net profit during the year[16] - Annual contracted sales reached RMB 43.2 billion, a year-on-year increase of 6%, with an average selling price of RMB 18,303 per square meter[20][22] - The total contracted area sold in 2019 was 2,360,000 square metres, with the Others category accounting for 29% of the total[61] - Total recognized sales for Poly Property Group in 2019 amounted to RMB 33,509 million, with ordinary residential properties contributing 85% of the total sales[112] Market Conditions - The land market has become more rational, reflecting a slowdown in the overall growth of the real estate industry[15] - The growth of prices of new residential properties in 100 cities in China continued to slow down due to ongoing market regulations[17] - The real estate market in China is expected to face increasing competition and higher customer expectations for products and services[28][29] Development Strategy - The Group's development strategy emphasizes professionalism, market-orientation, and internationalism to enhance architectural quality and commercial value[5] - The Group plans to enhance project cycle management to align expansion with sales, aiming to reduce the net debt ratio to an ideal level[54] - The Group aims to control its net debt ratio at a satisfactory level while improving project cycle management[31] Land Acquisition and Projects - The Group acquired a total of 15 land parcels in 2019, focusing on first-tier and second-tier cities in the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Economic Belt[21][23] - The Group has 67 projects under construction or planning, representing a total GFA of approximately 21,732,000 square meters[55] - As of December 31, 2019, Poly Property Group had a total of 67 real estate development projects across 24 cities, with approximately 34% of the total GFA located in the Yangtze River Delta and Pearl River Delta regions[94] Financial Management - The Group plans to enhance liquidity by destocking commercial properties and parking spaces, which have longer sales cycles[30] - The Group will implement cost management policies to enhance project profitability and standardize internal operations[32] - The Group's gearing ratio as of December 31, 2019, was 78.1%, unchanged from 2018[165] Investment Properties - Investment properties held by the Group have a total gross floor area of approximately 803,000 square meters and an asset value of approximately HK$12.1 billion[113] - The Group's major investment properties include Beijing Poly Plaza with a GFA of 15,000 square meters and an occupancy rate of 99%[116] Employee and Governance - The Group employed approximately 11,571 employees with total remuneration of about HK$1,447,713,000 for the year[176] - The Board consists of seven executive directors and four independent non-executive directors, maintaining a balance of power[189] - The Group has complied with the Corporate Governance Code, except for specific provisions related to the establishment of a nomination committee[180]

Financial Performance - In 2018, the Group recorded a profit attributable to shareholders of HK$2,242 million, representing a year-on-year decrease of 9.0% due to a decrease in recognized project sales[22]. - The Group recorded a revenue of HK$23,233,644,000 for the year ended December 31, 2018, representing a decrease of 26.7% compared to HK$31,703,042,000 in 2017[72]. - Profit attributable to shareholders amounted to HK$2,241,590,000, with basic and diluted earnings per share at HK61.22 cents, down from HK67.24 cents in 2017[72]. - The total sales value recognized in 2018 was RMB 18.2 billion, with a total GFA of approximately 1,593,000 square metres sold[145]. - The company recognized total sales of RMB 18,169 million, with apartments contributing 74% of the total sales at RMB 13,424 million[155]. Sales and Contracted Sales - The Group achieved contracted sales of approximately RMB40.8 billion and cash collection of approximately RMB41.2 billion, with a collection rate increase of 2 percentage points year-on-year[23]. - Poly Property Group achieved approximately RMB40.8 billion in contracted sales, reaching 102% of its annual sales target of RMB40.0 billion[79]. - The average contracted sales price reached RMB 18,193 per square meter, representing a year-on-year increase of 20%, with a 32% increase in the average sales price in mainland China[80]. - The total area sold in 2018 was approximately 1.1 million square meters, with the Southwestern region having the highest sales area at 870,000 square meters[84]. - The average selling price of contracted sales was RMB18,193 per square meter, representing a 20% increase compared to the previous year[79]. Project Development and Land Acquisition - The Group added 14 new property projects during the year, including acquisitions in Jinan and Mudanjiang, effectively controlling land prices[27]. - The average cost of new projects acquired by the Group in the mainland market was approximately RMB 4,600 per square meter, enhancing its advantage in low-cost land reserves[27]. - The company acquired 14 new development projects in cities including Jinan, Ningbo, and Shanghai, with a total planned gross floor area (GFA) of approximately 3.427 million square meters[87]. - The Group holds over 70% of its land reserves in first and second-tier cities, positioning itself well for future market opportunities[33]. - The company plans to continue expanding its land reserves while maintaining reasonable land costs[87]. Financial Management and Strategy - The Group actively developed diversified low-cost financing channels, including USD-denominated guaranteed notes and private issuance of corporate bonds specialized in rental housing[23]. - The issuance of USD-denominated guaranteed notes and private corporate bonds was at the lowest coupon rates among similar bonds issued by other property developers during the same period, reflecting market confidence in the Group's performance[23]. - The cash flow management became a main focus for the Group in response to control policies and a more severe financing environment[22]. - The Group aims to maintain a sound financial position by focusing on cash flow management and optimizing its liability structure to reduce gearing ratios and funding costs[38]. - The Group plans to explore investment opportunities in urban redevelopment, industrial real estate, and cooperation with state-owned enterprises[172]. Market Presence and Regional Focus - The Group operates in 24 major cities within and outside China, including Shanghai, Hong Kong, and London, focusing on residential and commercial property development[15]. - The Group's projects are located in economically active areas in China, including the Yangtze River Delta and Pearl River Delta[15]. - The Yangtze River Delta region accounted for 31% of the total contracted sales amount, while the Southwestern region contributed 24%[84]. - As of December 31, 2018, Poly Property Group had a total of 57 residential and complex real estate development projects across 24 cities, with approximately 21% of the total GFA located in the Yangtze River Delta and Pearl River Delta Regions[126]. - The company is focusing on developing high-rise residential complexes primarily targeting first-time and upgrading homebuyers in key development areas[124]. Investment Properties and Rental Income - The investment properties held by the group had a total gross floor area of approximately 807,000 square meters and an asset value of approximately HK$12.6 billion[158]. - The average occupancy rate for Beijing Poly Plaza was 100% in 2018, maintaining the same level as in 2017[162]. - The rental rates for the group’s office buildings and shopping malls increased compared to the previous year, indicating a positive trend in rental income[158]. - The company plans to continue expanding its investment properties in first-tier and second-tier cities to enhance its portfolio and revenue streams[158]. - In 2018, the Group's property management companies recorded total revenue of RMB 809 million, representing a 15% increase compared to the previous year[167]. Future Outlook and Strategic Goals - The Group's strategic focus for 2019 includes stabilizing land prices and housing prices while actively managing inventory to enhance liquidity[34]. - The Group expects the main tone of control policies in the real estate market in 2019 to focus on stabilizing land prices, housing prices, and market expectations[168]. - The Group will continue to strengthen cash flow management and improve development efficiency to achieve steady growth in operating results[173]. - In 2019, the Group aims to enhance its core competitiveness and risk management while optimizing its principal business of real estate development[174]. - The Group will diversify its financing channels and seek low-cost funds by leveraging its status as a state-owned enterprise and overseas listed company[173].