Financial Performance - The company reported an unaudited consolidated loss of HKD 115,334,000 for the six months ended December 31, 2021, compared to a loss of HKD 62,176,000 in the same period of 2020[4]. - The revenue for the six months ended December 31, 2021, was HKD 31,610,000, a significant decrease from HKD 878,860,000 in the previous year[29]. - The company reported a net loss of HKD 115,334,000 for the six months ended December 31, 2021, compared to a loss of HKD 62,176,000 in the same period of 2020, representing an increase in losses of approximately 85.5%[30]. - Total comprehensive income for the period was HKD 83,881,000, a decrease of 60.9% from HKD 214,298,000 in the prior year[30]. - The group reported a loss of HKD 112,102,000 for the six months ended December 31, 2021, compared to a profit of HKD 618,158,000 in the same period of 2020[58]. - The total tax expense for the six months ended December 31, 2021, was HKD 789,000, compared to HKD 643,236,000 in the same period of 2020[65]. - The basic and diluted loss per share for the period was 115,546,000 HKD, compared to 62,110,000 HKD in the previous year[70]. - The total comprehensive income for the period was HKD 83,881,000, despite a loss of HKD 115,546,000[39]. Dividends - The company declared an interim dividend of HKD 0.015 per share, down from HKD 0.020 per share in 2020[5]. - The company proposed a final dividend of 3.0 HK cents per share, down from 5.0 HK cents in the previous year[67]. - The interim dividend proposed is 1.5 HK cents per share, compared to 2.0 HK cents in the previous year[67]. Assets and Liabilities - Non-current assets increased slightly to HKD 6,880,865,000 as of December 31, 2021, compared to HKD 6,877,628,000 as of June 30, 2021[32]. - The company’s total liabilities increased to HKD 2,893,597,000 from HKD 2,786,042,000, indicating a rise of approximately 3.8%[32]. - As of December 31, 2021, the total assets reported were HKD 8,921,004,000, with liabilities amounting to HKD 631,940,000[51]. - The company’s total equity increased to HKD 7,115,040,000 as of December 31, 2021, compared to HKD 7,050,739,000 as of June 30, 2021, indicating a growth of approximately 0.9%[33]. - The group’s total assets as of June 30, 2021, were HKD 8,691,498,000, with total liabilities of HKD 536,960,000[53]. Cash Flow and Financial Position - Cash flows from operating activities showed a net outflow of HKD 27,588,000, a significant decline from a net inflow of HKD 204,016,000 in the previous year[36]. - The company generated HKD 26,921,000 in interest income during the period, compared to HKD 9,520,000 in the same period last year, reflecting an increase of 182.5%[36]. - The net cash used in investing activities was HKD 23,356,000, a recovery from a net outflow of HKD 326,549,000 in the previous year[36]. - The company reported a decrease in cash and cash equivalents of HKD 7,904,000 for the period, compared to a decrease of HKD 508,972,000 in the previous year[36]. - Total cash and bank balances amounted to HKD 1,986,520,000 as of December 31, 2021, slightly down from HKD 1,988,157,000 as of June 30, 2021[92]. Market Conditions and Challenges - The company anticipates continued economic challenges in Hong Kong due to the impact of the Omicron variant and geopolitical tensions[25]. - The rental rates and income for the serviced apartments in Malaysia have significantly decreased due to market conditions[22]. - The company is facing challenges in the Hong Kong economy due to the Omicron variant and geopolitical tensions, but expects gradual recovery in the long term[167]. Property and Sales - The occupancy rate for Zhao Garden Phase 2 in Pok Fu Lam was maintained at 85%[8]. - The total sales amount for Zhao Neng Ya Yuan in Shenzhen reached RMB 3.582 billion, with 809 units sold to date[14]. - The property rental segment generated revenue of HKD 25,949,000, while the property management segment contributed HKD 5,871,000[51]. - Revenue for the six months ended December 31, 2021, was HKD 31,610,000, a decrease of 96.4% compared to HKD 878,860,000 for the same period last year, primarily due to no property sales in Shenzhen during the period[127]. Investment and Financial Assets - The investment in bonds was valued at HKD 146,898,000 as of December 31, 2021, with no new bonds purchased during the period[24]. - The fair value of financial assets measured at fair value through profit or loss for Hong Kong listed equity securities increased to HKD 37,552,000 as of December 31, 2021, from HKD 32,101,000 as of June 30, 2021, representing a growth of approximately 16.5%[85]. - The fair value of financial assets measured at fair value through other comprehensive income was HKD 198,450,000 as of December 31, 2021, compared to HKD 207,312,000 as of June 30, 2021[119]. Management and Governance - The total remuneration paid to key management personnel, including directors' fees, was HKD 7,166,000 for the six months ended December 31, 2021, compared to HKD 5,145,000 for the same period in 2020[112]. - The company is currently seeking a suitable candidate to fill the vacancy left by the passing of an independent non-executive director[172]. - The company has not repurchased or cancelled any shares during the six-month period ending December 31, 2021[171].

Financial Performance - For the year ended June 30, 2021, the revenue was HK$994,589,000, representing an increase of 80% compared to HK$552,880,000 in 2020[4]. - Profit attributable to owners of the Company for 2021 was HK$148,700,000, up from HK$47,696,000 in 2020, marking a significant increase of 211%[4]. - The earnings per share for 2021 was HK$0.23, compared to HK$0.08 in 2020, reflecting a growth of 187.5%[4]. - The consolidated profit after income tax for the year ended June 30, 2021, is HK$149,516,000, representing an increase of 353.0% compared to HK$33,007,000 in 2020[51]. - Gross profit for the year was HK$731,494,000, representing a 97.4% increase compared to the previous year[177]. - Other income increased by 43.1% to HK$80,124,000, mainly from dividend income, interest income, and gains on disposal of financial assets[177]. Dividends - The total dividends declared for 2021 amounted to HK$45,035,000, a decrease from HK$135,910,000 in 2020[4]. - The company recommends a final dividend of HK3.0 cents per share, down from HK5.0 cents in 2020, along with an interim dividend of HK2.0 cents, resulting in a total dividend of HK5.0 cents, a 60% decrease from HK12.5 cents in the previous year[53]. - Proposed final dividend of HK$0.03 per share, down from HK$0.05 per share in the previous year, totaling HK$0.05 for the year[180]. - The final dividend will be paid on December 13, 2021, subject to approval at the Annual General Meeting[55]. Assets and Liabilities - Fixed assets as of June 30, 2021, were valued at HK$6,701,336,000, down from HK$7,127,240,000 in 2020[4]. - Net current assets increased to HK$1,232,161,000 in 2021 from HK$655,203,000 in 2020, indicating a growth of 88%[4]. - Non-current liabilities decreased to HK$1,059,050,000 in 2021 from HK$1,251,999,000 in 2020, showing a reduction of 15%[4]. - The net assets of the Company as of June 30, 2021, were HK$7,050,739,000, an increase from HK$6,731,916,000 in 2020[4]. - As of June 30, 2021, the Group's bank and other borrowings amounted to HK$989,165,000, a decrease from HK$1,442,453,000 in 2020[193]. - Cash and bank balances increased to HK$1,988,157,000 as of June 30, 2021, compared to HK$1,236,667,000 in 2020, resulting in a net cash position of HK$998,992,000[193]. - The total debt to equity ratio improved to 14.4% as of June 30, 2021, down from 22.0% in 2020, while the net cash and bank balances to equity ratio was 14.5%[194]. - The decrease in total debt to equity ratio was primarily due to reduced bank borrowings and increased cash from property sales during the year[195]. Market and Economic Conditions - Hong Kong's economy is gradually recovering, with over 60% of the population vaccinated as of February 2021[57]. - The government’s consumption voucher scheme has effectively boosted the consumption sector, though long-term effectiveness remains uncertain[60]. - The financial stimulus in 2021 is expected to be reduced compared to 2020, with stable monetary and fiscal policies continuing[83]. - Shenzhen's prime property market outlook remains steady, driven by economic and demographic growth[84]. - The Macau economy has been gradually recovering since Q4 2020, despite challenges posed by the Delta variant of COVID-19[90]. - The Macau government is seeking public consultation regarding the issuance of new gambling licenses as the current six licenses are set to expire soon[90]. Projects and Sales - The occupancy rate for Villa Cecil Phase II is maintained at 85%, with unit 3B sold for HK$52.8 million[62][64]. - The occupancy rate for Villa Cecil Phase III has reached 95%, contributing good rental income to the Group[70]. - A total of 809 units have been sold in Longhwa, Shenzhen, with satisfactory sales transactions[79][81]. - The construction of the "Parkview" project in Kuala Lumpur includes 417 residential units and 163 parking spaces, with a total gross floor area of 325,626 square feet[91]. - The "Cecil Central Residence" project currently comprises four residential buildings with a total approved gross floor area of 1,708,648 square feet[91]. Governance and Management - The company has a diverse board with members having extensive experience in various industries including finance, manufacturing, and real estate[115]. - The board includes independent non-executive directors with significant backgrounds in accounting and investment banking[112]. - The company aims to maintain strong governance and oversight through its experienced board of directors[110]. - The management team is committed to leveraging their extensive industry experience to drive growth and innovation[124]. - The company is focused on expanding its international distribution network and enhancing its presence in the real estate market[125]. Investments - As of June 30, 2021, the total investment in the bond market was HK$161,211,000, with HK$17,815,000 sold and HK$3,882,000 purchased during the year[94]. - The market value of investments in Hong Kong stocks as of June 30, 2021, was HK$32,101,000, with HK$2,241,000 sold and no stocks purchased during the year[95]. - The fair value of investments in listed securities and perpetual notes as of 30 June 2021 was HK$32,101,000 and HK$161,211,000, respectively[186]. - The investment in financial assets represented 1.8% of total assets as of 30 June 2021, down from 5.9% in the previous year[186]. - The company has made appropriate provisions for investments in China Evergrande Group debentures[94]. Corporate Social Responsibility - The company actively participates in charitable endeavors and community service initiatives through its directors[140].

Financial Performance - The group reported an unaudited consolidated loss after tax of HKD 62,176,000 for the six months ended December 31, 2020, compared to a profit of HKD 34,122,000 in the same period last year[3]. - The company reported a net loss of HKD 62,176,000 for the six months ended December 31, 2020, compared to a profit of HKD 34,122,000 in the same period of 2019[30]. - Total comprehensive income for the period amounted to HKD 214,298,000, a significant increase from a loss of HKD 37,534,000 in the previous year[30]. - The loss attributable to equity holders for the period was HKD 62,110,000, compared to a profit of HKD 33,565,000 in the same period last year[128]. - Basic and diluted loss per share was HKD 0.10, compared to earnings of HKD 0.06 per share in the previous year[128]. - The pre-tax profit for the six months ended December 31, 2020, was HKD 13,973,000, a decrease from HKD 17,085,000 in 2019, reflecting a decline of approximately 18.4%[68]. - The total income tax expense for the period was HKD 643,236,000, significantly higher than HKD 114,181,000 in 2019, marking an increase of approximately 463.5%[72]. Revenue and Sales - The group's revenue for the six months ended December 31, 2020, was HKD 878,860,000, a significant increase from HKD 304,226,000 in the previous year[29]. - Total revenue for the six months ended December 31, 2020, was HKD 889,560,000, a significant increase from HKD 314,593,000 for the same period in 2019, representing a growth of approximately 183%[58]. - Property sales contributed HKD 836,598,000 to the total revenue, up from HKD 267,773,000 in the previous year, marking a growth of about 212%[58]. - Cumulative sales for Zhuo Neng Ya Yuan in Longhua, Shenzhen reached 769 units, with total sales amounting to RMB 3.729 billion[13]. Dividends - The board declared an interim dividend of HKD 0.02 per share, down from HKD 0.075 per share in the previous year[4]. - The company declared an interim dividend of HKD 13,054,000 for the six months ended December 31, 2020, down from HKD 46,565,000 in 2019, a decrease of about 71.9%[74]. Assets and Liabilities - The company's non-current assets, including investment properties, decreased to HKD 6,792,744,000 from HKD 7,084,875,000 year-over-year[32]. - Current assets increased to HKD 4,270,776,000, up from HKD 3,738,763,000, driven by higher cash and cash equivalents[32]. - The company's total assets less current liabilities stood at HKD 7,987,038,000, slightly up from HKD 7,983,915,000[33]. - The company's total debt to equity ratio was 15.7% as of December 31, 2020, down from 22.0% on June 30, 2020[133]. - The total bank borrowings secured by the group's assets amounted to HKD 950,000,000 as of December 31, 2020, compared to HKD 1,261,000,000 as of June 30, 2020[109]. Cash Flow - The net cash generated from operating activities was HKD 204,016,000, compared to HKD 180,237,000 in the prior year[36]. - Cash and cash equivalents decreased by HKD 508,972,000 during the period, with a closing balance of HKD 825,436,000[36]. - The total cash and bank balances were HKD 842,934,000 as of December 31, 2020, down from HKD 1,236,667,000 as of June 30, 2020[94]. - Cash and bank balances, along with structured deposits, amounted to HKD 1,964,369,000, an increase from HKD 1,663,545,000 on June 30, 2020[133]. Operational Performance - The group anticipates gradual economic recovery in the second half of the year as the COVID-19 situation improves[24]. - The company plans to continue expanding its investment properties and exploring new financial assets to enhance overall performance[30]. - The group plans to continue expanding its market presence and developing new products to sustain growth in the upcoming periods[58]. - The company's operational performance is assessed based on pre-tax profits across its business segments, indicating a structured approach to resource allocation and performance evaluation[52]. Property Management - The rental rate for Zhao Garden Phase II in Pokfulam remained at 85%[8]. - The occupancy rate for Zhao Garden Phase III in Pokfulam was 95%, contributing positively to rental income[9]. - The property management segment generated revenue of HKD 10,341,000, which is a significant increase from HKD 4,302,000 in the previous year, representing a growth of approximately 140%[58]. Financial Costs - Interest income for the group totaled HKD 9,520,000, while interest expenses amounted to HKD 13,973,000, resulting in a net financial cost of HKD 4,453,000[66]. - Total financial costs decreased to HKD 18,494,000 from HKD 27,518,000, representing a reduction of about 32.8%[68]. - Interest expenses for the period were HKD 18,494,000, a decrease of 32.8% from HKD 27,518,000 in the same period last year, primarily due to reduced borrowing costs[137]. Market Conditions - The unemployment rate in Hong Kong has reached a 17-year high of 7% due to the ongoing impact of the coronavirus pandemic[166]. - The average interest rate during the review period was 3.0%, down from 3.5% in the previous year[137]. - The company anticipates gradual economic improvement in the second half of the year as the coronavirus situation potentially stabilizes[166]. Compliance and Governance - The audit committee reviewed the company's accounting principles and practices, confirming that the financial statements for the six-month period ending December 31, 2020, were appropriate and met disclosure requirements[172]. - The company has adopted a standard code for securities trading by directors and related employees, ensuring compliance with the listing rules[174]. - The group has no significant transactions or arrangements involving its directors or related parties during the year[114].

Financial Performance - Revenue for the year ended June 30, 2020, was HK$552,880,000, a significant increase from HK$201,541,000 in 2019, representing a growth of 174%[6] - Profit attributable to the owners of the Company decreased to HK$47,696,000 in 2020 from HK$572,899,000 in 2019, reflecting a decline of 91%[6] - Earnings per share dropped to HK$0.08 in 2020 from HK$0.99 in 2019, a decrease of 92%[6] - The net assets of the Company as of June 30, 2020, were HK$6,731,916,000, slightly down from HK$6,829,709,000 in 2019, a decrease of 1.4%[6] - Fixed assets totaled HK$7,127,240,000 in 2020, down from HK$7,698,535,000 in 2019, representing a decline of 7.4%[6] - The net current assets increased to HK$655,203,000 in 2020 from HK$402,637,000 in 2019, showing a growth of 62%[6] - Dividends declared for the year amounted to HK$135,910,000, up from HK$129,348,000 in the previous year, indicating a growth of 5%[6] - The dividend cover ratio significantly decreased to 0.36 times in 2020 from 4.50 times in 2019, indicating a reduction in profitability relative to dividends[6] Shareholder Matters - The Company plans to hold its Annual General Meeting on November 17, 2020, to discuss the financial results and declare the final dividend[10] - The company seeks general approval from shareholders for a mandate to repurchase shares[42] - The Directors have no immediate plans to issue any new shares, but are seeking general authorization in compliance with Listing Rules[42] - Shareholders can appoint proxies to attend and vote at the meeting, with specific rules for joint holders of shares[42] - The company must hold its next Annual General Meeting within the legally required timeframe[25] - The resolution can be revoked or varied by ordinary resolution of the shareholders at a general meeting[25] - The company is required to submit proxy forms at least 48 hours before the meeting[42] - The notice of the Annual General Meeting includes provisions for the appointment of representatives by shareholders[42] COVID-19 Impact - The company reported a significant impact from the COVID-19 pandemic, with expectations of a bankruptcy rate increase in Hong Kong by over 35%[57] - Demand for retail, hotel, food and beverage, and tourism-related industries in Hong Kong has been severely affected, leading to a shift towards smaller office spaces outside the central business district[58] - The bankruptcy rate in Hong Kong is anticipated to exceed 35% due to the weakened effectiveness of relief measures amid the Covid-19 outbreak[61] - The demand for hotel and short-term accommodation in Kuala Lumpur has drastically decreased following the Covid-19 outbreak[74] - Shareholders are advised to consider the risks of attending the AGM in an enclosed environment and to follow government guidelines regarding COVID-19[2] - The company strongly encourages shareholders to appoint the Chairman as a proxy for voting instead of attending the AGM in person due to ongoing COVID-19 risks[3] - Precautionary measures for the AGM include compulsory temperature checks and mandatory wearing of surgical masks for all attendees[1] - The company will not serve refreshments or distribute corporate gifts at the AGM[5] Property Development - The first phase of the residential project at 8 Ting Kau, Tsuen Wan, consists of a 21-story building with 49 residential units and 39 parking spaces, with unit sizes ranging from approximately 1,075 to 2,095 square feet[53] - Eleven units have been sold, and most of the remaining units have been leased out[56] - The occupancy rate for Villa Cecil Phase II is maintained at 85%, with 10 out of 29 residential units sold, and a total marketable gross floor area of approximately 50,000 square feet[65] - The occupancy rate for the two blocks in Villa Cecil Phase III has reached 95%, contributing good rental income to the Group[65] - The total marketable gross floor area for the New Villa Cecil project is approximately 58,000 square feet, with Phase I comprising 19 blocks of 2-storey residential villas already leased out[68] - The application for the Certificate of Compliance for the entire One Kowloon Peak development has been submitted, which includes 49 residential units[63] - A total of 783 units have been sold in Shenzhen, achieving a sales transaction amount of RMB3,813 million[68] - The construction of the Hangzhou project is completed, providing 849 residential units and 22 deluxe villas, with a total net floor area of 122,483 square meters (1,318,407 square feet)[71] Financial Management - The total investment in perpetual notes and debentures as of June 30, 2020, is HK$190,704,000, with HK$31,593,000 purchased and HK$3,996,000 sold during the year[74] - The market value of investments in Hong Kong stocks as of June 30, 2020, is HK$31,168,000, with HK$6,115,000 sold and HK$38,638,000 purchased during the year[74] - The Group's investment properties and properties under development were valued at HK$5,428,781,000 and HK$1,656,094,000 respectively, totaling HK$7,084,875,000 as of June 30, 2020, a decrease from HK$7,659,411,000 in 2019[148] - The fair value of investment properties increased by HK$5,840,000, compared to a significant increase of HK$683,397,000 in the previous year[119] - Cash and bank balances rose significantly to HK$1,236,667,000 from HK$595,454,000, reflecting improved liquidity[137] - The total debt to equity ratio increased to 22.0% from 20.1%, while the net debt to equity ratio decreased to 3.1% from 11.1%[137] Corporate Governance - The Board is responsible for leading and controlling the business operations of the Group, formulating strategic directions, and monitoring financial performance[197] - Major decisions reserved for the Board include matters related to conflict of interest for substantial shareholders and directors, and formulation of key business and financial objectives[198] - The Board oversees financial controls, compliance, and risk management, including the approval of annual operating and capital expenditure budgets[198] - Changes to the Company's capital structure, such as share buy-backs or issuance of new securities, are also under the Board's purview[198] - The Board's responsibilities include the adoption and review of corporate governance policies and practices[200] - The Board monitors the training and continuous professional development of directors and senior management[200] - The Board reviews and monitors the issuer's compliance with legal and regulatory requirements[200]

Financial Performance - The group's unaudited consolidated profit after tax for the six months ended December 31, 2019, was HKD 34,122,000, a decrease of 52.2% compared to HKD 71,435,000 in 2018[4]. - The revenue for the six months ended December 31, 2019, was HKD 304,226,000, significantly up from HKD 29,408,000 in the same period last year[27]. - The gross profit for the same period was HKD 189,501,000, compared to HKD 20,495,000 in 2018[27]. - The company reported a net profit of HKD 34,122,000 for the six months ended December 31, 2019, a decrease of 52.3% compared to HKD 71,435,000 in the same period of 2018[29]. - The total comprehensive income for the period was a loss of HKD 38,091,000, compared to a loss of HKD 71,852,000 in the previous period[43]. - The profit attributable to equity holders for the period was HKD 33,565,000, down from HKD 71,006,000 in the same period of 2018[152]. - The group’s profit before tax for the six months ended December 31, 2019, was HKD 148,303,000, down from HKD 327,427,000 in 2018, reflecting a decline of approximately 54.8%[89]. - The company incurred total finance costs of HKD 27,518,000 for the six months ended December 31, 2019, compared to HKD 25,000,000 in 2018, an increase of approximately 10.1%[91]. Dividends and Earnings Per Share - The group maintained an interim dividend of HKD 0.075 per share, unchanged from the previous year[5]. - The company reported a total of HKD 135,910,000 in dividends for the six months ended December 31, 2019, compared to HKD 129,348,000 in 2018, representing an increase of about 5.4%[97]. - Basic and diluted earnings per share for the six months ended December 31, 2019, were HKD 34,122,000, down from HKD 71,006,000 in 2018, indicating a decrease of approximately 52.0%[100]. - The basic earnings per share for the period was HKD 0.06, unchanged from the previous year[152]. Assets and Liabilities - The company’s total assets decreased to HKD 8,154,131,000 from HKD 8,288,824,000, indicating a decline of 1.6%[31]. - The company’s total liabilities increased to HKD 2,763,607,000 from HKD 2,432,268,000, reflecting a rise of 13.6%[31]. - The company’s equity attributable to owners decreased to HKD 6,586,852,000 from HKD 6,638,727,000, a decline of 0.8%[36]. - The group's total assets as of December 31, 2019, amounted to HKD 8,915,446,000, with property leasing assets valued at HKD 6,933,121,000[83]. - The total cash and bank balances reached HKD 736,370,000 as of December 31, 2019, compared to HKD 595,454,000 as of June 30, 2019[116]. Market and Economic Conditions - The group faced significant impacts from the COVID-19 outbreak, with a rising unemployment rate in Hong Kong reaching 3.4%[24]. - The company anticipates a decline in sales and profits for the second half of the fiscal year due to the impact of the COVID-19 pandemic[148]. - The group anticipates a gradual recovery of the economy in mainland China, overseas, and Hong Kong in the coming months[24]. - The Macau real estate market is experiencing a downturn, influenced by the economic slowdown in mainland China and Hong Kong[184]. Property and Investment Activities - The total sales for Cheuk Nang Yat Garden in Shenzhen reached RMB 1.117 billion, with a total construction area of 20,037.08 square meters[15]. - The construction of the first phase of Parkview in Malaysia is largely completed, but hotel demand in Kuala Lumpur has significantly decreased due to the pandemic[21]. - The group recognized a fair value decrease of HKD 23,648,000 in investment properties during the reporting period[83]. - The valuation of investment properties as of December 31, 2019, was HKD 5,753,960,000, with a fair value increase of approximately HKD 25,768,000 recognized in the income statement[162]. Financial Reporting and Compliance - The company’s financial statements have been prepared in accordance with the Hong Kong Accounting Standards and have been reviewed by the audit committee[45][46]. - The company’s independent auditor has issued a report without any reservations regarding the financial statements[46]. - The company adopted new and revised Hong Kong Financial Reporting Standards effective July 1, 2019, which did not have a significant impact on the financial statements[47]. - The group has not yet applied any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and the impact on performance and financial position is still being assessed[60]. Operational Highlights - The occupancy rate for Zhao Garden Phase II was maintained at 70%, with three units undergoing renovation before re-launching[10]. - The renovation of the serviced apartments at Parkview in Kuala Lumpur is largely completed, but hotel demand has significantly decreased since January 2020[187]. - The group’s operating segments include property sales, leasing, management, and other activities such as securities trading and bond investments[82].

Financial Performance - Revenue for the year ended June 30, 2019, was HK$201,541,000, a significant increase from HK$68,350,000 in 2018[5] - Profit attributable to the owners of the Company was HK$572,899,000, compared to HK$606,619,000 in the previous year, reflecting a decrease of approximately 5.5%[5] - Earnings per share for 2019 was HK$0.99, down from HK$1.10 in 2018, indicating a decline of about 10%[5] - The consolidated profit after income tax for the year ended 30 June 2019 is HK$601,653,000, a decrease of 1.7% compared to HK$611,607,000 in 2018[39] - Gross profit for the year was HK$146,206,000, reflecting a 227.7% increase from the previous year[188] - Rental income increased by 31.0% to HK$55,975,000 compared to HK$42,727,000 in 2018[187] - Other income decreased by 23.5% to HK$37,944,000, with a decrease in fair value of financial assets at fair value through profit or loss amounting to HK$558,000[189] - Administrative expenses decreased by 52.3% to HK$68,854,000 compared to the previous year[190] - Finance costs decreased by 5.7% to HK$30,004,000, mainly due to increased interest capitalized into properties under development[190] - Income tax expenses decreased to HK$166,478,000 from HK$437,145,000 in 2018, primarily due to land appreciation tax and profit tax from property sales in Shenzhen[190] - The fair value of investment properties increased by HK$683,397,000, compared to HK$1,131,543,000 in 2018[189] - The company recorded significant growth in both property sales and rental income, indicating a strong performance in the real estate sector[186] Dividends and Equity - The Company declared dividends totaling HK$129,348,000, an increase from HK$115,908,000 in 2018, representing a growth of approximately 11%[5] - The total dividend for the year is HK22.5 cents per share, unchanged from the previous year, consisting of a final dividend of HK15.0 cents and an interim dividend of HK7.5 cents[40] - The Company maintained a dividend cover of 4.50 times, down from 5.50 times in the previous year[5] - Total equity attributable to the owners of the Company increased to approximately HK$6,638,727,000, up by HK$258,526,000 or 4.1% compared to HK$6,380,201,000 in 2018[195] - The total equity attributable to the owners of the Company per share was HK$11.15, a decrease of 0.4% from HK$11.20 as of June 30, 2018[195] Assets and Liabilities - Fixed assets increased to HK$7,698,535,000 from HK$7,132,876,000 in 2018, marking an increase of about 7.9%[5] - Net current assets decreased to HK$402,637,000 from HK$553,436,000 in 2018, a decline of approximately 27.2%[5] - Non-current liabilities rose to HK$1,459,115,000 from HK$1,325,913,000, reflecting an increase of about 10%[5] - Net assets increased to HK$6,829,709,000 from HK$6,542,429,000, showing a growth of approximately 4.4%[5] - The net assets per share remained stable at HK$11.47, slightly down from HK$11.48 in 2018[5] Property Development and Market Trends - The occupancy rate for Villa Cecil Phase III has reached 95%, contributing good rental income to the Group[62] - Phase 1 of One Kowloon Peak has sold 13 out of 49 residential units, with the remaining units mostly rented out[55] - The total marketable gross floor area for Villa Cecil Phase III is 97,000 square feet, with a mix of residential units available for rental[62] - The residential project "New Villa Cecil" has a total marketable gross floor area of approximately 58,000 square feet, with Phase I comprising 19 blocks of 2-storey villas and over 90% leased out since November 2018[5] - The demand for residential properties in Hong Kong remains relatively strong despite economic threats, as reflected in recently launched residential properties[136] - The buying sentiment in Hangzhou remains stable and relatively active, as it is not subject to the Central Government's restrictions on property sales[92] - The transaction volume of properties in first-tier cities in China has slightly decreased, but selling prices have achieved a slight increment for 45 consecutive months[5] Investments and Future Plans - The total investment in the bonds market as of June 30, 2019, is HK$173,548,000, with no bonds purchased or sold during the year[128] - The market value of the company's investment in Hong Kong stocks as of June 30, 2019, is HK$7,938,000, with HK$162,000 in stocks sold and HK$1,530,000 purchased during the year[129] - The investment portfolio increased by a net acquisition of HK$243,808,000 during the year, with a loss on fair value of listed securities of HK$558,000 and a gain on bonds of HK$5,419,000[199][200] - The Group did not have any confirmed future plans for material investment or acquiring capital assets beyond existing projects disclosed in the annual report[196] Management and Leadership - Dr. Sun has over 60 years of experience in marketing, distribution, and manufacturing of wristwatches, and over 30 years in consumer products and electronic goods[156] - Mr. Ting has served as the Chairman and Managing Director of Kader Holdings Company Limited since 2003, and is involved in various trade organizations[158] - Mr. Lee has 35 years of experience in manufacturing, property development, and investment, with a focus on international distribution networks[162] - Miss Ho has over 30 years of experience in the company secretarial field and has been a director since 1996[169] - Mr. Chao has been with the Group since 2006 and holds degrees in Real Estate and Business Management[172] Economic and Regulatory Environment - The ongoing US-China trade war is expected to create pressure on growth, impacting the company's operations[135] - The US-China trade war has led to a depreciation of the Renminbi starting in Q3 2019, impacting the overall economic environment[5] - The Central Government's plan for Shenzhen aims to make it a leader in innovation, public services, and environmental protection by 2025, enhancing its attractiveness to international investors[72] - The Macau economy is expected to progress steadily with the support of the Central Government's policies, following the election of a new Chief Executive[118]

Financial Performance - The company's net profit for the six months ended December 31, 2018, was HKD 71,400,000, a decrease of 86.4% compared to HKD 524,400,000 in the same period last year[4]. - The revenue for the period was HKD 29,408,000, down from HKD 35,387,000 in the previous year, representing a decline of approximately 16.5%[28]. - Total comprehensive income for the period was HKD (62,227) thousand, compared to HKD 703,256 thousand in the previous year, indicating a substantial drop in overall performance[30]. - The company reported a net profit of HKD 71,435 thousand for the six months ended December 31, 2018, a significant decrease from HKD 524,355 thousand in the same period of 2017, representing a decline of approximately 86.4%[30]. - The group reported a segment profit of HKD 357,094,000 for the six months, compared to a loss in the previous year, indicating a strong recovery in profitability[96]. - The group's profit before tax for the six months ended December 31, 2018, was HKD 327,427, down from HKD 975,838 in 2017, indicating a decrease of about 66.5%[103]. Revenue Breakdown - For the six months ended December 31, 2018, property sales revenue was HKD 1,701,000, a decrease from HKD 14,273,000 in the same period of 2017, representing a decline of approximately 88.1%[98]. - Property leasing revenue for the same period was HKD 24,531,000, an increase from HKD 19,962,000 in 2017, reflecting a growth of about 22.9%[98]. - Property management revenue increased significantly to HKD 3,176,000 from HKD 1,152,000 in the previous year, marking a growth of approximately 174.3%[98]. - Total revenue for the group during the six months was HKD 44,866,000, compared to HKD 35,387,000 in the same period of 2017, indicating an overall increase of about 26.9%[98]. Investment Properties - The fair value change of investment properties was HKD 338,255,000, significantly lower than HKD 984,194,000 in the previous year[28]. - The group’s investment properties and development properties were valued at HKD 5,690,240,000 and HKD 1,584,179,000 respectively, totaling HKD 7,274,419,000 as of December 31, 2018, representing an increase of approximately HKD 338,255,000 in fair value during the period[172]. - The fair value gain recognized in the consolidated income statement was HKD 338,255,000, down from HKD 984,194,000 for the same period in 2017[118]. Dividends - The company maintained an interim dividend of HKD 0.075 per share, consistent with the previous year[5]. - The company declared a final dividend of HKD 0.15 per share for 2018, up from HKD 0.135 per share in 2017, which is an increase of about 11.1%[112]. - The proposed interim dividend for 2018 was HKD 0.075 per share, unchanged from the previous year[112]. Cash Flow and Assets - Cash and cash equivalents decreased to HKD 455,594 thousand from HKD 836,841 thousand year-over-year, showing a decline of about 45.4%[35]. - The company experienced a net cash outflow from operating activities of HKD (106,993) thousand for the six months ended December 31, 2018, compared to a cash inflow of HKD 59,130 thousand in the same period of 2017[35]. - The company's total assets as of December 31, 2018, were HKD 9,358,694,000, while total liabilities stood at HKD 493,758,000[96]. - The total assets reported as of December 31, 2018, were HKD 9,144,477, an increase from HKD 8,547,000 in the previous year, representing a growth of approximately 7%[101]. Financial Position - The company's equity attributable to owners decreased to HKD 6,298,749 thousand from HKD 6,380,201 thousand, reflecting a decline of about 1.3%[33]. - The company's total debt to equity ratio was 21.0% as of December 31, 2018, unchanged from June 30, 2018[167]. - The company's total liabilities decreased to HKD 1,538,033 thousand as of December 31, 2018, down from HKD 1,325,913 thousand as of June 30, 2018, indicating a reduction of approximately 16%[33]. Market Outlook - The outlook indicates that low interest rates will continue to support the Hong Kong real estate market, despite uncertainties from US-China trade disputes[24]. - The outlook indicates that low interest rates will continue to support the Hong Kong real estate market, with recent price consolidation expected to lead to a healthier market in the long term[200]. Accounting Standards - The company adopted the new Hong Kong Financial Reporting Standard 9, which introduced significant changes in the classification and measurement of financial assets[45]. - The expected credit loss (ECL) model was implemented, requiring continuous measurement of credit risk associated with financial assets[46]. - The adoption of HKFRS 9 did not result in significant changes to the classification or measurement of financial liabilities[49]. - The implementation of HKFRS 15 did not have a significant impact on the consolidated income statement and cash flow statement for the six months ended December 31, 2018[53]. Operational Updates - The occupancy rate for Zhao Garden Phase II remained at 70%, while Phase III achieved a 95% occupancy rate, contributing positively to rental income[10][11]. - The construction of the project in Hangzhou is nearing completion, with legal action taken against contractors for significant delays[16]. - The company plans to initiate a new round of sales activities for existing units in Shenzhen, following the completion of property registration[15].