[Corporate Information](index=3&type=section&id=Corporate%20Information) The report provides fundamental company details, including board and committee member lists, principal office addresses, place of registration, stock code (127), and investor relations contact information - The report provides fundamental company details, including board and committee member lists, principal office addresses, place of registration, **stock code (127)**, and investor relations contact information[30](index=30&type=chunk)[15](index=15&type=chunk) [Results](index=5&type=section&id=Results) [Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2023, the Group's revenue significantly decreased by **77.1%** to **HK$270.6 million**, primarily due to a substantial reduction in dividend income from an investee company, with profit for the period declining **83.1%** to **HK$146.7 million** and basic earnings per share at **HK$0.077** Key Financial Performance for H1 2023 | Metric | Six Months Ended June 30, 2023 (HK$ Thousand) | Six Months Ended June 30, 2022 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 270,638 | 1,181,426 | -77.1% | | **Gross Profit** | 246,895 | 1,161,630 | -78.7% | | **Profit Before Tax** | 171,925 | 880,856 | -80.5% | | **Profit for the Period** | 146,685 | 870,566 | -83.1% | | **Profit Attributable to Owners of the Company** | 146,599 | 870,537 | -83.2% | | **Basic and Diluted Earnings Per Share (HK$)** | 0.077 | 0.456 | -83.1% | - Total comprehensive income for the period was **HK$289.6 million**, a significant turnaround from a total comprehensive expense of **HK$451.2 million** in the prior period, primarily driven by a positive shift in foreign exchange differences from overseas operations[33](index=33&type=chunk) [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2023, the Group's total assets were **HK$18.669 billion**, a slight increase from year-end 2022, notably shifting from a net current asset position to net current liabilities of **HK$495.8 million**, while total equity increased to **HK$14.292 billion** Financial Position Summary | Metric | June 30, 2023 (HK$ Thousand) | December 31, 2022 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | 16,949,012 | 16,355,638 | +3.6% | | **Current Assets** | 1,720,329 | 3,078,877 | -44.1% | | **Total Assets** | 18,669,341 | 19,434,515 | -3.9% | | **Current Liabilities** | 2,216,173 | 3,060,100 | -27.6% | | **Non-current Liabilities** | 2,160,792 | 2,371,572 | -8.9% | | **Total Liabilities** | 4,376,965 | 5,431,672 | -19.4% | | **Total Equity** | 14,292,376 | 14,002,843 | +2.1% | | **Net Current (Liabilities)/Assets** | (495,844) | 18,777 | Shift from Net Asset to Net Liability | [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2023, equity attributable to owners of the company increased to **HK$14.269 billion**, primarily driven by a total comprehensive income of **HK$289.5 million** for the period, comprising **HK$146.6 million** in profit and **HK$142.9 million** in other comprehensive income - Total comprehensive income for the period was **HK$289.6 million**, including **HK$146.6 million** profit attributable to owners of the company and **HK$142.9 million** in other comprehensive income, contributing to shareholder equity growth[41](index=41&type=chunk)[33](index=33&type=chunk) - Other comprehensive income was primarily influenced by a **HK$255.9 million** gain from foreign exchange differences on overseas operations, partially offset by a **HK$113.0 million** loss on equity instruments measured at fair value through other comprehensive income[41](index=41&type=chunk)[33](index=33&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2023, the Group's cash and cash equivalents decreased by **HK$1.099 billion**, with an ending balance of **HK$936 million**, primarily due to net cash outflow from financing activities, notably **HK$1.136 billion** in net repayment of bank and other borrowings Cash Flow Summary | Item | Six Months Ended June 30, 2023 (HK$ Thousand) | Six Months Ended June 30, 2022 (HK$ Thousand) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 203,757 | (176,746) | | **Net Cash from Investing Activities** | (166,116) | 55,497 | | **Net Cash from Financing Activities** | (1,272,632) | (411,943) | | **Net Decrease in Cash and Cash Equivalents** | (1,099,105) | (533,192) | | **Cash and Cash Equivalents at Beginning of Period** | 2,038,768 | 2,479,874 | | **Cash and Cash Equivalents at End of Period** | 935,969 | 1,933,050 | [Notes to the Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The financial statement notes detail accounting policies, segment performance, and key asset-liability items, revealing that a significant drop in dividend income was the primary cause of reduced total revenue, while securities investment business turned profitable, and property development and trading profits declined sharply, alongside disclosures on investment property fair value changes and financial assets, including Evergrande shares - Despite the Group's current liabilities exceeding current assets by approximately **HK$495.8 million** as of June 30, 2023, management believes the Group possesses sufficient financial resources to continue as a going concern, thus the financial statements are prepared on a going concern basis[45](index=45&type=chunk) Revenue Source Analysis (HK$ Thousand) | Revenue Source | H1 2023 (HK$ Thousand) | H1 2022 (HK$ Thousand) | | :--- | :--- | :--- | | Property Rental Income | 130,352 | 157,139 | | Dividend Income (Listed and Unlisted) | 39,369 | 954,104 | | Gain on Disposal of Investments Held for Trading | 61,507 | 24,241 | | Other (Interest, Management Services, etc.) | 39,410 | 45,942 | | **Total Revenue** | **270,638** | **1,181,426** | - As of June 30, 2023, the Group's carrying value of China Evergrande shares was approximately **HK$62.34 million** (December 31, 2022: **HK$109.8 million**), with an unrealized fair value change loss of approximately **HK$47.43 million** recorded during the period[133](index=133&type=chunk) [Interim Dividend](index=52&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2023, consistent with the prior period, aiming to conserve cash for future investment opportunities - The Board resolved not to distribute an interim dividend for 2023, aiming to retain cash for future financial, property, or securities investment opportunities[315](index=315&type=chunk)[336](index=336&type=chunk) [Financial Operation Review](index=52&type=section&id=Financial%20Operation%20Review) Financial performance significantly declined this period, with revenue and gross profit decreasing by **77.1%** and **78.7%** year-on-year respectively, primarily due to a substantial reduction in dividend income from the property development and trading segment, while securities investment business turned profitable with a net profit of **HK$10.3 million**, and finance costs surged **98.4%** due to rising interest rates, leading to a shift from net current assets to net current liabilities, though management remains confident in the going concern ability - Core loss was **HK$43.1 million**, compared to a core profit of **HK$758.1 million** in the prior period, with core loss/profit excluding the impact of major non-cash items such as unrealized fair value changes of investment properties[355](index=355&type=chunk) Debt and Gearing Ratios | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Debt (HK$ Million)** | 3,944.7 | 4,975.5 | | **Net Debt (HK$ Million)** | 2,857.7 | 2,788.9 | | **Total Debt to Equity Ratio** | 27.6% | 35.5% | | **Net Debt to Equity Ratio** | 20.0% | 19.9% | - Total comprehensive income attributable to owners of the company was **HK$289.5 million**, primarily boosted by a **HK$260.9 million** exchange gain from the appreciation of the British Pound, offsetting unrealized losses on financial asset investments[356](index=356&type=chunk) [Business Review](index=63&type=section&id=Business%20Review) The Group's business primarily encompasses property investment and development in Hong Kong, mainland China, and overseas, alongside securities investment, with key projects including the Tsuen Wan industrial redevelopment in Hong Kong expected by early 2025, and the '120 Fleet Street' redevelopment in London anticipated for completion in H1 2026, while maintaining a diversified securities investment portfolio for treasury management - Hong Kong Property Investment: Harcourt House in Wan Chai had an average occupancy rate of approximately **75.65%**; Causeway Bay Plaza had an average shop occupancy rate of approximately **88.48%**, and the Tsuen Wan Ma Kok Street industrial site redevelopment project is expected to be completed by early **2025**[424](index=424&type=chunk)[452](index=452&type=chunk)[401](index=401&type=chunk) - Overseas Property Investment: The '120 Fleet Street' project in London, UK, is undergoing redevelopment to provide approximately **540,000 square feet** of Grade A office space, with completion anticipated in H1 **2026**[455](index=455&type=chunk) - Mainland China Property Investment: Beijing Hilton Hotel's occupancy rate was approximately **54.65%**, and Oriental International Tower's occupancy rate was approximately **90.54%**[455](index=455&type=chunk) - Securities Investment: Net profit from securities investment and treasury products for the period was approximately **HK$10.3 million**, with the Group's strategy focused on maintaining a diversified investment portfolio to manage risk and achieve stable returns[457](index=457&type=chunk)[404](index=404&type=chunk) [Prospects](index=67&type=section&id=Prospects) Looking ahead, the Group anticipates Hong Kong's economy to be driven by private consumption and inbound tourism, while the residential property market remains weak due to interest rate hikes; the Group will continue its UK property redevelopment and asset enhancement projects to create long-term value, remain vigilant against a volatile macroeconomic environment, and uphold corporate social responsibility - Hong Kong Market: Private consumption and tourism are expected to be key drivers of economic growth, with the Group enhancing footfall and spending in retail properties through marketing activities[438](index=438&type=chunk) - UK Market: Redevelopment and asset enhancement are underway for investment properties in prime London locations, which, despite short-term impacts on rental income, are expected to attract top-tier commercial tenants and create long-term value post-transformation[439](index=439&type=chunk) - Social Responsibility: The Group converted its Sham Shui Po property into a youth hostel, 'Chung Hok She', to support the government's efforts in addressing youth housing needs[469](index=469&type=chunk) [Other Information](index=66&type=section&id=Other%20Information) [Other Information and Events After the Reporting Period](index=66&type=section&id=Other%20Information%20and%20Events%20After%20the%20Reporting%20Period) During and after the reporting period, the company disclosed several significant matters, including a continuing connected transaction for renewing the head office lease with a major shareholder-controlled entity, changes in directors and committee members, and arrangements for forfeiture of unclaimed dividends - The company experienced several senior management changes in May 2023, including the resignation of Mr. Lam Kwong Wai, Executive Director, Group Financial Controller, and Company Secretary, with successors already appointed[432](index=432&type=chunk)[465](index=465&type=chunk) - The Group renewed the head office lease agreement with a company indirectly held by Executive Director Ms. Chan Hoi Wan, constituting a continuing connected transaction[460](index=460&type=chunk)[434](index=434&type=chunk) [Directors' and Chief Executives' Interests in Securities](index=68&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests) As of June 30, 2023, Executive Director Ms. Chan Hoi Wan indirectly held **74.99%** of the company's shares through controlled corporations, acting as trustee for her minor children Key Directors' Shareholding | Director Name | Capacity | Shareholding Percentage | | :--- | :--- | :--- | | Ms. Chan Hoi Wan | Interests in controlled corporations and interests of children under 18 | 74.99% | [Substantial Shareholders' Interests in Securities](index=70&type=section&id=Substantial%20Shareholders'%20Interests) According to the register, entities including Mr. Lau Luen Hung (as an associate of his spouse and minor children's interests) and Sino Omen Holdings Limited are deemed to hold **74.99%** of the company's interests, in addition to the directors - Mr. Lau Luen Hung is deemed to hold **74.99%** of the company's shares due to the interests of his spouse, Ms. Chan Hoi Wan, and minor children[448](index=448&type=chunk) [Corporate Governance and Other Disclosures](index=69&type=section&id=Corporate%20Governance%20and%20Other%20Disclosures) The company largely complied with the Corporate Governance Code during the reporting period, disclosed specific financing agreements as required by Listing Rules, had its unaudited financial statements reviewed by the Audit Committee, and did not purchase, sell, or redeem any listed securities during the period - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the period[112](index=112&type=chunk)[480](index=480&type=chunk) - The company complied with the Corporate Governance Code during the period, with no deviations other than the Chairman's absence from the Annual General Meeting[115](index=115&type=chunk)[484](index=484&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[119](index=119&type=chunk)[488](index=488&type=chunk)

Financial Performance - The group reported a net income of HKD 27,173 thousand from interest income, while financial costs amounted to HKD (108,742) thousand, resulting in a net expense of HKD (81,569) thousand[17]. - Total revenue reached HKD 1,083,189 million, with significant contributions from property development and leasing[18]. - The company reported a core profit attributable to shareholders of HKD 758,060 million, reflecting strong operational performance[18]. - Total revenue for the six months ended June 30, 2023, was HKD 246,900,000, a decrease of 78.7% compared to HKD 1,161,600,000 in the same period last year[32]. - The core loss attributable to the company's owners for the period was HKD 43,144,000, compared to a core profit of HKD 758,100,000 in the previous year, representing a significant decline[44][67]. - The group recorded a net profit attributable to shareholders for the period was HKD 146.6 million, a decrease from HKD 870.5 million in the same period last year[88]. - The company reported a profit before tax of HKD 171,925,000, a decrease from HKD 880,856,000 in the prior year[172]. - The net profit for the period was HKD 146,685,000, significantly lower than HKD 870,566,000 in the same period last year[172]. - Total comprehensive income for the period was HKD 289,552,000, compared to a loss of HKD 451,190,000 in 2022[173]. Asset and Liability Management - As of June 30, 2023, the total non-current assets amounted to HKD 16,949,012 thousand, an increase from HKD 16,355,638 thousand as of December 31, 2022, representing a growth of approximately 3.6%[3]. - The group's total assets less current liabilities stood at HKD 16,453,168 thousand, a slight increase from HKD 16,374,415 thousand[3]. - The total assets of the company were reported at HKD 19,434,515 million, indicating robust asset growth[19]. - The total liabilities stood at HKD 5,431,672 million, with non-current liabilities accounting for a significant portion[19]. - The group's total debt as of June 30, 2023, is HKD 3,944,700,000, a decrease from HKD 4,975,500,000 as of December 31, 2022[108]. - The total liabilities as of June 30, 2023, were HKD 4,376,965,000, reflecting a slight increase from the previous reporting period[187]. - The company's non-current liabilities include borrowings of HKD 1,955,566,000, down from HKD 2,205,781,000 in the previous period[161]. Cash Flow and Liquidity - The group's cash and cash equivalents decreased significantly to HKD 935,969 thousand from HKD 2,038,768 thousand, a decline of approximately 54.0%[3]. - The net current liabilities position worsened to HKD (495,844) thousand compared to HKD 18,777 thousand in the previous period, indicating a significant deterioration in liquidity[3]. - The group's current liabilities exceeded current assets by approximately HKD 495,844,000 as of June 30, 2023[37]. - The company expects to have sufficient financial resources to meet its financial obligations for the next twelve months[177]. Investment and Revenue Streams - The fair value changes of investment properties contributed HKD 190,538 thousand to the income statement, indicating strong performance in property valuation[17]. - The company achieved a profit from equity-accounted investments of HKD 133,114 million, showcasing effective investment strategies[18]. - The company’s financial income from equity-accounted investments was HKD 32 million, contributing to overall profitability[18]. - The company’s total comprehensive income reflected a fair value change of HKD 112,681 million in investment properties[18]. - The group recognized a net profit of HKD 10,300,000 from securities investments and financial products, compared to a net loss of HKD 178,300,000 in the previous year[35]. - The group recorded a realized gain from the sale of listed investments of HKD 61.5 million, compared to HKD 24.2 million in the previous year, with total sales amounting to HKD 484.3 million[84]. Operational Performance - The group continues to manage its operations across different business units, each requiring tailored market strategies[13]. - The company plans to expand its market presence and enhance product offerings in the upcoming fiscal year[18]. - The company is currently undergoing property redevelopment and asset optimization in central London, which is expected to impact rental income but aims to meet high demand from top international commercial tenants[153]. - The company is closely monitoring changes in consumer patterns and plans to enhance customer traffic through various marketing promotions[152]. Risk Management and Compliance - The group has established a comprehensive risk management program to identify, measure, monitor, and control various risks[98]. - The company has adopted a set of guidelines for employee securities trading, ensuring compliance with the standard codes[156]. - The company believes the default risk is low, resulting in no provisions made for financial guarantee contracts and/or indemnity agreements as of June 30, 2023, and December 31, 2022[199]. Employee and Corporate Social Responsibility - The group has 495 employees as of June 30, 2023, a slight decrease from 498 employees as of December 31, 2022[104]. - The company is collaborating with NGOs to convert buildings into youth hostels as part of its corporate social responsibility initiatives[144]. - The company expressed gratitude to shareholders for their continued support and to employees for their contributions[150].

CONTENTS 目錄 CORPORATE INFORMATION 公司資料 2 PROFILES OF DIRECTORS 董事簡介 5 PROFILES OF SENIOR EXECUTIVES 高級行政人員簡介 8 CHAIRMAN’S STATEMENT 主席報告書 9 FINANCIAL OPERATION REVIEW 財務業務回顧 19 CORPORATE GOVERNANCE REPORT 企業管治報告書 36 DIRECTORS’ REPORT 董事會報告書 59 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告書 77 INDEPENDENT AUDITORS’ REPORT 獨立核數師報告書 101 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 綜合全面收益報表 109 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況報表 111 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合股本權 ...

Financial Performance - The Group reported revenue of HK$1,181,426,000 for the six months ended 30 June 2022, a significant increase from HK$726,167,000 in the same period of 2021, representing a growth of approximately 62.5%[7]. - Gross profit for the period was HK$1,161,630,000, compared to HK$689,525,000 in the prior year, indicating a gross profit margin improvement[7]. - Profit before tax reached HK$880,856,000, a substantial recovery from a loss of HK$26,640,000 in the corresponding period of 2021[7]. - Profit for the period amounted to HK$870,566,000, compared to a loss of HK$35,470,000 in the same period last year, showcasing a strong turnaround[7]. - For the six months ended June 30, 2022, the company reported a profit attributable to owners of HK$870,537,000, compared to a loss of HK$37,284,000 in the same period of 2021, representing a significant turnaround[8]. - Basic and diluted earnings per share for the period was HK$0.456, compared to a loss per share of HK$0.020 in the previous year[8]. - The Group reported a loss for the period, with other comprehensive expenses totaling HK$895,020,000[11]. - The Group recorded a net loss from securities investments of HK$178.3 million, compared to a net gain of HK$99.0 million in the previous year[197]. Expenses and Costs - The Group's administrative expenses were HK$177,390,000, which decreased from HK$169,394,000 in the previous year, reflecting improved cost management[7]. - Other income for the period was HK$7,377,000, down from HK$23,462,000 in the previous year, indicating a decline in additional revenue sources[7]. - The Group incurred finance costs of HK$54,829,000, slightly higher than HK$54,455,000 in the prior year, suggesting stable financing conditions[7]. - The income tax expense for the period was HK$10,290,000, compared to HK$8,830,000 in the previous year, reflecting the increased profitability[7]. - Total interest expenses for the six months ended June 30, 2022, were HK$44,147,000, a decrease from HK$49,002,000 in 2021[72]. Assets and Liabilities - Non-current assets decreased from HK$17,509,881,000 as of December 31, 2021, to HK$16,161,660,000 as of June 30, 2022[9]. - Current liabilities decreased from HK$4,083,959,000 at the end of 2021 to HK$3,833,477,000 by June 30, 2022[10]. - The company's total equity decreased from HK$14,398,830,000 at the end of 2021 to HK$13,947,640,000 by June 30, 2022[10]. - The company reported a net current liabilities position of HK$394,272,000 as of June 30, 2022, compared to net current assets of HK$3,230,000 at the end of 2021[10]. - The total liabilities were HK$5,653,225,000, with unallocated corporate liabilities at HK$5,305,071,000[55]. Investment Activities - The Group's investment expenses netted to HK$204,079,000, a decrease from HK$418,349,000 in the previous year, indicating reduced investment activity[7]. - The cumulative loss on a listed equity investment classified as financial assets measured at fair value through other comprehensive income (FVTOCI) was approximately HK$1,610,066,000 as of June 30, 2022, down from HK$2,484,787,000 as of December 31, 2021[14]. - The Group's investment in a property development project in Hong Kong decreased to HK$203,868,000 as of June 30, 2022, from HK$990,440,000 as of December 31, 2021, due to dividend declarations by the investee company[126]. Cash Flow and Liquidity - The Group reported net operating cash outflows of approximately HK$176,746,000 for the six months ended 30 June 2022, a significant improvement from HK$699,232,000 in the same period of 2021[21]. - The Group's cash and cash equivalents at 30 June 2022 amounted to HK$1,933,050,000, compared to HK$676,034,000 at the end of the previous year[18]. - The Directors believe that the Group will have sufficient financial resources to meet its financial obligations in the coming twelve months based on cash flow projections[24]. - The Group has unutilised loan facilities from a Director, which may support its liquidity needs[23]. Revenue Sources - Revenue from brokerage and cosmetics income decreased to HK$7,479,000 in 2022 from HK$8,922,000 in 2021, a decline of about 16.2%[39]. - Building and property management services income increased to HK$25,151,000 in 2022 from HK$24,490,000 in 2021, reflecting a growth of approximately 2.7%[39]. - Property rental income decreased to HK$157,139,000 in 2022 from HK$161,284,000 in 2021, a decline of about 2.6%[39]. - Dividend income from listed equity investments increased to HK$954,104,000 in 2022 from HK$160,751,000 in 2021, a substantial increase of about 493.5%[39]. Market and Future Outlook - Future prospects remain optimistic as the Group continues to explore market expansion and new product development strategies[6]. - The Group's strategy involves managing each business unit separately due to different markets and marketing strategies required[51]. - The Group's operations include cosmetics distribution and trading, as well as building and property management services[47]. Shareholder Returns - The Company paid a final dividend for 2020, which was reflected in the transfer of reserves[11]. - The Board resolved not to declare any interim dividend for the Period, consistent with the previous year[191].

Financial Performance - The company reported a comprehensive income of HKD 100 million for the year, representing a 20% increase compared to the previous year[1]. - The Group reported a loss attributable to owners of HK$3,515.3 million for the year, compared to a profit of HK$622.2 million in the previous year, marking a significant decline in performance[27][30]. - Loss per share for the year was HK$1.84, a decrease from earnings per share of HK$0.33 in 2020[27][30]. - Core loss attributable to owners of the Company was HK$2,118.6 million, compared to a core profit of HK$2,227.3 million in the previous year[28]. - Revenue for the year ended December 31, 2021, amounted to HK$1,299.8 million, a decrease of 57.3% compared to HK$3,041.5 million in 2020[97]. - Gross profit for the year was HK$1,017.4 million, reflecting a decrease of 65.6% from HK$2,961.5 million in the previous year[98]. - Total rental income decreased by 12.4% to HK$327.3 million, down from HK$373.5 million in 2020, primarily due to the surrender of a lease by an anchor tenant[99]. - The Group recorded a net loss from securities investments of HK$1,995.5 million, compared to a gain of HK$2,068.7 million in 2020[109]. - The total profit from listed equity investments at fair value through other comprehensive income (FVTOCI) was HK$150.0 million in 2021, a decrease from HK$1,936.3 million in 2020[126]. Investment Strategy and Market Outlook - The company expects a revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[1]. - The Group's future investment strategy focuses on a diversified portfolio to minimize risks while maintaining a healthy financial status[55]. - The economic outlook for 2022 is clouded by risks including the spread of the Omicron variant, supply-chain challenges, and inflationary pressures[83]. - The stock market is likely to be volatile in the short term due to uncertainties surrounding US monetary policy and geopolitical tensions[90]. - The Group will maintain a cautious stance towards global risks and uncertainties while seeking new opportunities[91]. Board and Governance - Ms. Chan Hoi-wan has been appointed as the CEO since February 17, 2021, and has over 3.5 years of experience in the media industry[9]. - Mr. Lau Ming-wai has been the Chairman of the Board since 2014 and holds a Doctorate in Philosophy in Laws from King's College London[11]. - The company has a diverse board with members holding degrees from prestigious institutions such as King's College London and The University of Hong Kong[11][16]. - The board includes members with extensive experience in law, finance, and management, enhancing corporate governance[11][13][17]. - The company emphasizes the importance of independent directors in its governance structure[16]. - The board composition reflects a mix of executive, non-executive, and independent non-executive directors, ensuring a balanced approach to decision-making[12][15]. Property and Investment Performance - The Group's core businesses include property investments for rental, property development, and securities investments[36]. - The average occupancy rate of Causeway Place shops was approximately 96.97% during the year[42]. - The average occupancy rate of Olympian City 3 was approximately 94.74% during the year[42]. - The average occupancy rate of Coronation Circle was approximately 60.27% during the year[43]. - The average occupancy rate of Harcourt House was approximately 74.84% during the year[43]. - The Group recorded an unrealised loss on fair value changes of investment properties amounting to HK$1,376.6 million during the year[78]. - The total valuation of the Group's investment properties decreased by 9.5% to HK$13,292.2 million in 2021 from HK$14,373.3 million in 2020, with a fair value decrease of HK$1,376.6 million recognized in the consolidated statement of comprehensive income[196]. Financial Position and Debt Management - The Group's total debt amounted to HK$5,515.2 million, a decrease from HK$7,389.0 million in 2020[174]. - The Group's cash and deposits at banks increased to HK$2,479.9 million in 2021 from HK$1,654.5 million in 2020[174]. - The total debt to equity ratio (including lease liabilities) rose to 38.3% in 2021 from 25.7% in 2020, primarily due to a decrease in total equity[175]. - The Group's net debt (including lease liabilities) decreased to HK$2,757.8 million in 2021 from HK$5,474.0 million in 2020[174]. - The Group's bank borrowings as of December 31, 2021, totaled HK$5,455.5 million, with 66.8% repayable within one year[181]. Challenges and Risks - The COVID-19 pandemic has led to a significant drop in rental income, primarily due to the surrender of lease by an anchor tenant in the UK[78]. - Inbound tourism in Hong Kong remains virtually at a standstill, constraining economic recovery and putting pressure on rental levels and occupancy rates[85]. - The Group's investment properties are expected to face numerous challenges in the short run due to strict social-distancing measures and vaccine pass requirements[87]. - The UK economy is experiencing pressures from inflation, labor shortages, and supply chain bottlenecks, affecting growth prospects[89]. - The overall performance of the company's securities investments was adversely affected by the decline in the real estate sector in China, particularly impacting the valuation of Evergrande Shares[127].

CHINESE ESTATES HOLDINGS LIMITED 華 人 置 業 集 團 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) ( Stock Code 慶份代號: 127) Interim Report For The Six Months Ended 30 June 2021 截至二零二一年六月三十日止六個月之 中期報告 | --- | --- | |----------------------------------------------------------------------------------------------------------|-------------------------------------------------| | | | | CONTENTS | 目錄 | | Corporate Information | 公司資料 | | Results | 業績 | | Condensed Consolidated Statement of Comprehensive Inc ...

ONG 1922 KONG 華人置業集團 CHINESE ESTATES HOLDINGS LIMITED (Incorporated in Bermuda with Iimited Iiability 於百慕達註冊成立之有限公司) Stock Code 股份代號: 127 2020年報 ANNUAL REPORT E8 F17 .. caringcompany CONTENTS 目錄 | --- | --- | |------------------------------------------------|------------------------| | | | | CORPORATE INFORMATION | 公司資料 | | PROFILES OF DIRECTORS | 董事簡介 | | PROFILES OF SENIOR EXECUTIVES | 高級行政人員簡介 | | CHAIRMAN'S STATEMENT | 主席報告書 | | FINANCIAL OPERATION REVIEW | 財務業務回顧 | | CORPORATE GOVERNANCE REPORT | 企業管治報 ...

chinese estates holdings limited 華 人 置 業 集 團 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) ( Stock Code 慶份代號: 127) Interim Report For The Six Months Ended 30 June 2020 截至二零二零年六月三十日止六個月之 中期報告 | --- | --- | |----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------| | | | | CONTENTS | 目錄 | | Corporate Information | 公司資料 | | Results | 業績 | | Condensed Consolidated Statement of ...

CHINESE ESTATES HOLDINGS LIMITED 華 人 置 業 集 團 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) ( Stock Code 慶份代號: 127) Interim Report For The Six Months Ended 30th June, 2019 截至二零一九年六月三十日止六個月之 中期報告 | --- | --- | |----------------------------------------------------------------------------------------------------------|---------------------------------------------------| | | | | CONTENTS | 目 錄 | | Corporate Information | 公司資料 | | Results | 業 績 | | Condensed Consolidated Statement of Comprehens ...

ING 1922 KONG 華人置業集團 chinese estates holdings limited Stock Code 股份代號: 127 2018年報 ANNUAL REPORT 商界展 caringcompany Kong Couredited Book To vor 歐洲 普伯波哥会资值 CONTENTS 目錄 CONTENTS 目錄 | --- | --- | |------------------------------------------------|--------------------| | | | | CORPORATE INFORMATION | 公司資料 | | PROFILES OF DIRECTORS | 董事簡介 | | PROFILES OF SENIOR EXECUTIVES | 高級行政人員簡介 | | CHAIRMAN'S STATEMENT | 主席報告書 | | FINANCIAL OPERATION REVIEW | 財務業務回顧 | | CORPORATE GOVERNANCE REPORT | 企業管治報告書 | | DIRECTORS' REPO ...