Financial Performance - The company reported a net profit of HKD 312.9 million for the six months ending December 31, 2023, compared to a net loss of HKD 18 million in the same period of 2022[7]. - Revenue for the six months ended December 31, 2023, was HKD 78,471,000, compared to HKD 25,199,000 for the same period in 2022, representing a significant increase[25]. - Gross profit for the same period was HKD 59,717,000, compared to a gross loss of HKD 1,889,000 in 2022[25]. - Basic and diluted earnings per share for the period were HKD 0.48, compared to a loss per share of HKD 0.03 in 2022[25]. - The total comprehensive income for the period was HKD 318,449,000, reflecting a significant recovery from the previous total comprehensive loss of HKD 49,965,000[38]. - Profit attributable to equity holders for the 2023 period was HKD 312,911,000, compared to a loss of HKD 17,980,000 in the 2022 period[131]. - The company reported a pre-tax loss of HKD 13,485,000 for the six months ended December 31, 2023, compared to a pre-tax loss of HKD 18,383,000 for the same period in 2022[64]. Dividends - The board declared an interim dividend of HKD 0.0225 per share, an increase from HKD 0.0175 per share in 2022[8]. - The company plans to distribute an interim dividend of HKD 2.25 per share, up from HKD 1.75 per share in 2022, resulting in total dividends of HKD 34,266,000 for the period[73]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2023, were HKD 8,637,512,000, an increase from HKD 8,339,340,000 as of June 30, 2023[29]. - The company reported a net cash increase of HKD 353,146,000 for the period, compared to a decrease of HKD 24,528,000 in the previous year[33]. - The company’s total equity increased to HKD 7,081,318,000 from HKD 6,782,460,000 in the previous period[31]. - The fair value of financial assets decreased by HKD 22,158,000 during the period[38]. - The company’s retained earnings rose to HKD 4,796,958,000, up from HKD 4,475,866,000[38]. - The total equity attributable to equity holders as of December 31, 2023, was approximately HKD 6,872,427,000, an increase of 4.5% from HKD 6,573,558,000 as of June 30, 2023[134]. Investment and Market Value - The market value of investment bonds as of December 31, 2023, was HKD 45.282 million, with a total of HKD 1.292 million in bonds redeemed during the year[13]. - The market value of investment stocks as of December 31, 2023, was HKD 46.819 million, with no stocks sold or purchased during the year[19]. - The fair value of investment properties decreased by HKD 41,366,000 during the 2023 period, compared to an increase of HKD 7,452,000 in the 2022 period[131]. - The valuation of investment properties as of December 31, 2023, was HKD 54,976,672,000, a decrease of approximately HKD 41,366,000 from HKD 6,870,006,000 as of June 30, 2023[142]. Operational Challenges - The company is facing challenges in the property market due to ongoing economic downturns and geopolitical tensions affecting financial stability[21]. - The company is actively working on land lease renewal in Macau, which was approved in January 2024, subject to certain conditions[12]. - The company plans to continue renovations on service apartments in Malaysia to improve occupancy rates[17]. - The company is actively renovating properties in Malaysia to improve occupancy rates, which are currently unsatisfactory[161]. Corporate Governance - The board believes that high-quality corporate governance is essential for enhancing the group's efficiency and performance, as well as protecting shareholder interests[168]. - The company has adopted a standard code for securities trading for directors and relevant employees, which is not less stringent than the standards set out in the Listing Rules Appendix C3[172]. - The interim financial statements for the period 2023 have been reviewed by the company's external auditors, ensuring compliance with the disclosure requirements of the Hong Kong Stock Exchange[171]. Employee and Operational Metrics - The company has a total of 51 employees as of December 31, 2023, down from 54 as of June 30, 2023[148]. - The occupancy rate for the Zhao Garden Phase II in Pokfulam is maintained at 60%[10].

Dividends and Financial Distribution - Final dividend recommended at HK3.00 cents per share, with a total distribution of HK4.75 cents per share, representing a 35.71% increase compared to last year[10] Real Estate Projects and Occupancy Rates - Occupancy rate of Phase 2 maintained at 60%[13] - The development in Kuala Lumpur comprises 4 blocks of residential condominium with a total approved gross floor area of 1,708,648 square feet, with the main podium completed up to Level 5[37] - The project in Hangzhou has a total approved gross floor area of 122,483 square meters, with 849 residential units and 22 deluxe villas by the riverside[48] - The serviced apartments in Kuala Lumpur currently have an occupancy rate of 50%, with upgrades in progress to improve occupancy[37] - The project in Shenzhen, part of the Greater Bay Area, shows a stable demand for real estate[23] - The company's property in Hangzhou has sold 9 units so far, with increased population mobility and career opportunities in the area[46][47] Investment and Securities - Total investment in the bond market as of 30 June 2023 was HK$69,114,000, with HK$88,583,000 redeemed and HK$18,126,000 purchased during the year[38] - The market value of Hong Kong securities investments as of June 30, 2023, was HKD 48,216,000, with total securities purchased during the year amounting to HKD 1,007,000 and no securities sold[73] Government Policies and Economic Outlook - The Macau government is promoting investment in non-gaming elements, including cultural tourism, convention and exhibition, and traditional Chinese medicine[35][54] - The company has applied for a land lease renewal in Macau, with the land management office still preparing a proposal for the Chief Executive to consider changing the land use and renewing the lease for 10 years[53] - The company is optimistic about Hong Kong's economic prospects despite global uncertainties, with the government focusing on strengthening commercial, trade, and investment ties with developing Asian economies under China's support[75] - Hong Kong faces internal challenges such as full employment and a talent shortage, prompting the government to introduce new policies to simplify the recruitment of foreign talent or workers, though the effectiveness of these policies remains to be seen[77] Board of Directors and Key Personnel - The company's executive directors include Dr. Cecil Chao (Chairman), Ms. Gigi Chao (Vice Chairman), and Ms. Connie Ho, with non-executive directors Mr. Howard Chao and Mr. Lee Ting Yiu, and independent non-executive directors Mr. Ting Woo Shou Kenneth, Mr. Lam Ka Wai, and Mr. Sun Tai Ho[84] - Dr. Cecil Chao, aged 87, is the founder and Executive Chairman of the Group since 1988, with extensive experience in property, construction, shipping, and architecture, and holds multiple honorary titles and awards[87][88] - Mr. Lam Ka Wai, aged 55, is an independent non-executive director with over 25 years of experience in investment banking and 3 years in accounting and auditing, currently serving as the Managing Director of an investment bank[89][90] - Ms. Connie Ho, aged 56, has been a director since 1996, with over 30 years of experience in the company secretarial field and is an associate member of The Hong Kong Chartered Governance Institute and The Institute of Chartered Secretaries and Administrators of the U.K.[96] - Mr. Howard Chao, aged 40, holds a Master of Science Degree in Real Estate from the University of Greenwich and a Bachelor of Arts Degree in Business Administration from California State University, Fullerton, with a focus on real estate sustainability[97] - Ms. Gigi Chao, aged 44, is the eldest daughter of Dr. Cecil Chao and has a background in architecture and law, with recent focus on coding and information technology, including a Professional Certificate in Coding from MIT xPro[99][100] - The company's Executive Directors include Dr. Chao Sze Tsung Cecil (Chairman), Ms. Chao Gigi (Vice Chairman), and Ms. Ho Sau Fun Connie[105] - Non-Executive Directors include Mr. Chao Howard and Mr. Lee Ding Yue Joseph[105] - Independent Non-Executive Directors include Mr. Ting Woo Shou Kenneth, Mr. Lam Ka Wai Graham, and Mr. Sun Dai Hoe Harold[105] - Mr. Sun Dai Hoe Harold, aged 60, is an Executive Director of Sun International Group and an Independent Non-Executive Director of Oriental Watch Holdings Limited since March 23, 2022[102][124] - Mr. Sun has over 30 years of experience in marketing and distribution of consumer products in Hong Kong and Southeast Asia[125] - Mr. Chao Howard has over 16 years of experience in real estate development, construction, corporate finance, and asset management, covering Hong Kong, Mainland China, Malaysia, and Macau[119][145] - Ms. Ho Sau Fun Connie, aged 56, has over 30 years of experience in company secretarial work and is a member of the Hong Kong Institute of Chartered Secretaries and the Chartered Institute of Secretaries and Administrators[117] - Mr. Ting Woo Shou Kenneth, aged 81, is the Chairman and Managing Director of Kader Holdings Company Limited and has served as an Independent Non-Executive Director of Wheelock and Company Limited from 2003 to July 27, 2020[114] - Mr. Lee Ding Yue Joseph, aged 61, is the Managing Director of Chee Yen Investment Company (PTC) Limited and has extensive experience in manufacturing, property development, and investment[113] - Mr. Chiu Sung Chiu Henry, aged 51, joined the group as Financial Director in February 2023 and has over 20 years of experience in the accounting industry[127] - Mr. Chiu, aged 51, joined the Group as Financial Controller in February 2023, bringing over 20 years of experience in the Accounting industry[153] - Mr. Chiu holds a Master Degree in Business Administration and is a Certified Public Accountant of the Hong Kong Institute of Certified Public Accountants[153] Company Information and Governance - The company's registered office is located at Suite 4901, 49th Floor, Central Plaza, 18 Harbour Road, Hong Kong[194][195][196] - The company's auditors are Grant Thornton Hong Kong Limited, Certified Public Accountants[179][198] - The company's bankers are based in Hong Kong[181][200] - The company is listed on the Hong Kong Stock Exchange[183] - The Audit Committee is chaired by Mr. LAM Ka Wai Graham, with Mr. SUN Dai Hoe Harold as a member[185] - The Remuneration Committee is chaired by Mr. CHAO Sze Tsung Cecil, with Mr. TING Woo Shou Kenneth and Mr. SUN Dai Hoe Harold as members[186][187][188][189] - The company's Company Secretary is Ms. HO Sau Fun Connie[175][191] - The company's annual report for 2023 was published by CHEUK NANG (HOLDINGS) LIMITED[155][192]

Dividends and Earnings - Final dividend per ordinary share for the fiscal year is 2.0 HK cents (2021: 3.0 HK cents)[1] - The company proposed a final dividend of HK$0.03 per share, bringing the total dividend for the year to HK$0.0475 per share, a 35.71% increase compared to the previous year[98] - Total dividends for the year increased to HKD 31,001 thousand in 2023 from HKD 22,844 thousand in 2022, with an interim dividend of 1.75 HK cents per share and a proposed final dividend of 3.00 HK cents per share[168] - The company's basic earnings per share for the year ended June 30, 2023, were HKD 0.03, compared to a loss of HKD 0.23 per share in the previous year[115] Investments and Financial Assets - Investment in Hong Kong securities as of June 30, 2023, has a market value of HKD 48,216,000, with securities purchased during the year totaling HKD 1,007,000 and no securities sold[8] - The fair value of listed securities and perpetual notes/bonds as of June 30, 2023, is HKD 48,216,000 and HKD 69,114,000, respectively[31] - Total investment in the bond market as of June 30, 2023, was HKD 69,114,000, with bonds redeemed during the year amounting to HKD 88,583,000 and bonds purchased totaling HKD 18,126,000[112] - The fair value of investment properties and financial assets at fair value through profit or loss increased by HKD 145,091,000 in 2023[9] - The company's fair value gain on investment properties was HK$145,091,000 in 2023, compared to HK$95,036,000 in 2022[36] - The fair value change of investment properties resulted in a deferred tax liability of HKD 926,091 thousand as of June 30, 2023, compared to HKD 907,610 thousand in 2022[174] Revenue and Profit - Revenue for 2023 is HKD 45,156,000 with a direct cost of HKD 17,404,000, resulting in a gross profit of HKD 27,752,000[9] - The company's gross profit for the year was HK$27,752,000, compared to HK$8,745,000 in the previous year[49] - Net profit before tax for 2023 is HKD 89,193,000, with a tax expense of HKD 36,153,000, resulting in a net profit from continuing operations of HKD 53,040,000[9] - The company's net profit attributable to equity holders was HK$21,202,000 in 2023, a significant improvement from a loss of HK$149,187,000 in 2022[50] - The company's total revenue decreased by 20.4% to HK$45,156,000 in 2023 from HK$56,738,000 in 2022[62] - The company's consolidated profit after tax for the year ended June 30, 2023, was HK$53,040,000, compared to a loss of HK$149,232,000 in the previous year[69] - Pre-tax profit increased significantly to HKD 89,193 thousand in 2023 from HKD 57,245 thousand in 2022[166] - Reportable segment profit increased to HKD 133,884 thousand in 2023 from HKD 74,231 thousand in 2022, with property leasing contributing HKD 140,100 thousand[180] Property and Real Estate - Over 40% of the villas in the first phase of "New Zhao Yuan" have been rented out[14] - The company's investment properties and development properties were valued at HK$6,870,006,000 in 2023, an increase of HK$145,091,000 from 2022[36] - The occupancy rate for Phase II of the residential project remained at 60%, while Phase I had approximately 50% of the units rented out[76][77] - The service apartment occupancy rate in Malaysia is currently 50%, with ongoing property upgrades to improve this rate[90] - The total gross floor area of the residential project in Hangzhou is 122,483 square meters, offering 849 residential units and 22 riverside villas[84] - The company's property in Malaysia includes a 41-story residential building with 417 units, of which 27 unsold units are currently operated as serviced apartments[89] - The company's residential project in Hong Kong includes two phases, with Phase I consisting of 19 villas and Phase II consisting of 4 villas, ranging from 1,450 to 12,000 square feet[80] - The company observed a recovery in real estate demand in 2023, supported by the phased reopening of quarantine-free travel between mainland China and Hong Kong[99] - Over 40% of the villas in the first phase have been rented out[171] - The company sold 9 units post-Chinese New Year, generating sales revenue of RMB 54,180,000[172] Debt and Borrowings - Bank and other borrowings as of June 30, 2023, amount to HKD 1,036,449,000, with net debt at HKD 712,924,000[33] - The company's total debt to equity ratio increased to 15.8% in 2023 from 15.3% in 2022, primarily due to a decrease in bank balances[56] - Interest-bearing borrowings under current liabilities decreased significantly to 233,733 thousand HKD in 2023 from 878,627 thousand HKD in 2022, reflecting debt reduction efforts[136] - Non-current interest-bearing borrowings increased to 630,000 thousand HKD in 2023 from 0 in 2022, showing a shift in debt structure[137] - Total financial costs increased to HKD 39,200 thousand in 2023 from HKD 22,565 thousand in 2022, with a notable rise in bank loan and overdraft interest expenses to HKD 26,845 thousand from HKD 10,817 thousand[184] Market Performance - The company's rental income decreased by 19.6% to HK$40,997,000 in 2023 compared to HK$51,009,000 in 2022[48] - The company's revenue from property leasing and management for the year ended June 30, 2023, was HKD 45,156,000, with HKD 40,997,000 from property leasing and HKD 4,159,000 from property management[128] - Revenue from the Chinese market for the year ended June 30, 2023, was HKD 5,990,000, with HKD 3,154,000 from property leasing and HKD 2,836,000 from property management[128] - Revenue from the Hong Kong market for the year ended June 30, 2023, was HKD 38,354,000, with HKD 37,031,000 from property leasing and HKD 1,323,000 from property management[128] - Revenue from the Malaysian market for the year ended June 30, 2023, was HKD 812,000, all from property leasing[128] - The company's revenue from property leasing and management for the year ended June 30, 2022, was HKD 56,738,000, with HKD 51,009,000 from property leasing and HKD 5,729,000 from property management[128] - The company's revenue from the Chinese market for the year ended June 30, 2022, was HKD 8,516,000, with HKD 4,393,000 from property leasing and HKD 4,123,000 from property management[128] - The company's revenue from the Hong Kong market for the year ended June 30, 2022, was HKD 47,644,000, with HKD 46,038,000 from property leasing and HKD 1,606,000 from property management[128] - The company's revenue from the Malaysian market for the year ended June 30, 2022, was HKD 578,000, all from property leasing[128] - Revenue from external customers in Hong Kong decreased to 38,354 thousand HKD in 2023 from 47,644 thousand HKD in 2022, indicating a decline in local market performance[157] - Revenue from external customers in China decreased to 5,990 thousand HKD in 2023 from 8,516 thousand HKD in 2022, showing a slowdown in the Chinese market[157] - Property leasing revenue decreased to HKD 40,997 thousand in 2023 from HKD 51,009 thousand in 2022, while property management revenue dropped to HKD 4,159 thousand from HKD 5,729 thousand[175] Financial Position and Assets - Total equity attributable to equity holders as of June 30, 2023, is HKD 6,573,558,000, a decrease of 1.8% compared to June 30, 2022[30] - Total assets minus current liabilities increased to 8,339,340 thousand HKD in 2023 from 7,779,109 thousand HKD in 2022, indicating growth in the company's financial position[136] - Investment properties increased slightly to 6,870,006 thousand HKD in 2023 from 6,739,921 thousand HKD in 2022, reflecting stable growth in this asset class[136] - Completed properties held for sale decreased to 359,440 thousand HKD in 2023 from 389,719 thousand HKD in 2022, showing a reduction in inventory[136] - Bank balances and cash decreased to 323,525 thousand HKD in 2023 from 367,383 thousand HKD in 2022, indicating a reduction in liquidity[136] - Total assets slightly decreased to HKD 9,301,113 thousand in 2023 from HKD 9,349,638 thousand in 2022, while total liabilities increased to HKD 2,518,653 thousand from HKD 2,481,095 thousand[180] Expenses and Costs - The company's interest expense increased by 14.9% to HK$18,105,000 in 2023 due to rising bank loan interest rates[35] - Employee costs (including directors' remuneration) decreased to HKD 25,161 thousand in 2023 from HKD 26,684 thousand in 2022, with salaries, wages, and other benefits dropping to HKD 24,385 thousand from HKD 25,893 thousand[161] - Borrowing costs were capitalized at annual interest rates ranging from 2.021% to 3.948% in 2023, compared to 0.849% to 1.051% in 2022, reflecting higher financing costs[160] - Interest income decreased to HKD 11,531 thousand in 2023 from HKD 34,357 thousand in 2022[184] - Government grants were HKD 601 thousand in 2023, compared to none in 2022[184] Taxes - Income tax expense decreased to HKD 36,153 thousand in 2023 from HKD 206,477 thousand in 2022, with a notable reduction in China land appreciation tax from HKD 204,046 thousand to HKD 17,890 thousand[166] - Total income tax expense was HKD 36,153 thousand in 2023, compared to HKD 206,477 thousand in 2022[190] - China land appreciation tax decreased significantly to HKD 17,890 thousand in 2023 from HKD 204,046 thousand in 2022[190] - The company's China subsidiary maintains a corporate tax rate of 25% in both 2023 and 2022[189] Receivables and Payables - The company's trade receivables decreased to HK$2,437,000 in 2023 from HK$3,080,000 in 2022, with a significant reduction in the 0-30 days category[40] - The company's other payables and accrued expenses increased to HK$152,768,000 in 2023 from HK$131,095,000 in 2022[43] - Trade receivables from third parties decreased to HKD 2,437 thousand in 2023 from HKD 3,080 thousand in 2022[195] - Other receivables increased to HKD 7,936 thousand in 2023 from HKD 6,402 thousand in 2022[195] - Total other receivables and prepayments were HKD 24,811 thousand in 2023, up from HKD 23,266 thousand in 2022[195] Other Income and Expenses - Other income increased to HKD 15,949 thousand in 2023 from HKD 35,888 thousand in 2022, with a significant rise in listed equity investment dividend income to HKD 2,927 thousand from HKD 951 thousand[184] - The company received approximately 432,000 HKD from the Hong Kong government's Anti-epidemic Fund under the Employment Support Scheme to retain employees[159] Internal Controls and Compliance - The company identified minor weaknesses in its internal controls during the annual review and is taking steps to address them[64] - The company's environmental policy compliance has been reviewed, and it adheres to all relevant environmental regulations[65][66] Future Plans - The company has no significant future plans for investments or capital asset purchases beyond existing projects[30]

Financial Performance - For the year ended June 30, 2022, the revenue was HK$56,738,000, a significant decrease from HK$994,589,000 in 2021, representing a decline of approximately 94.3%[4] - The company reported a loss attributable to owners of the company of HK$149,187,000, compared to a profit of HK$29,370,000 in the previous year[4] - Earnings per share for 2022 was (HK$0.23), down from HK$0.23 in 2021, indicating a shift from profitability to loss[4] - The consolidated loss after income tax for the year ended June 30, 2022, was HK$149,232,000, compared to a profit of HK$149,516,000 in 2021, indicating a significant decline in performance[60] - Gross profit for the year was HK$8,745,000, significantly lower than HK$731,494,000 in the corresponding year[190] - Other income decreased by 55.2% to HK$35,888,000 compared to last year, primarily from dividend and interest income[192] - Loss attributable to owners of the Company for the year was HK$149,187,000, compared to a profit of HK$148,700,000 in the previous year[195] - Basic and fully diluted loss per share was HK$0.23, down from earnings per share of HK$0.23 in the previous year[195] Assets and Equity - The total fixed assets amounted to HK$6,784,458,000, showing a slight increase from HK$6,701,336,000 in 2021[4] - Net current assets decreased to HK$827,341,000 from HK$1,232,161,000 in 2021, reflecting a decline of approximately 32.8%[4] - The net assets of the company were HK$6,868,543,000, down from HK$7,050,739,000 in the previous year, indicating a decrease of about 2.6%[4] - Total equity attributable to owners decreased by HK$182,151,000 or 2.7% to approximately HK$6,691,479,000 as of June 30, 2022[199] - Total equity per share was HK$10.25, a decrease of 2.7% from HK$10.53 as of June 30, 2021[199] Dividends - The company declared a dividend of HK$0.04 per share, down from HK$0.07 per share in 2021[4] - The total dividend for the year is HK3.5 cents per share, a decrease of 30% from HK5.0 cents per share in the previous year[60] - The final dividend of HK2.0 cents per share is proposed, down from HK3.0 cents per share in 2021, to be paid on December 15, 2022, pending shareholder approval[60] - Proposed final dividend of HK$2.0 cents per share, down from HK$3.0 cents in the previous year, totaling HK$3.5 cents for the year compared to HK$5.0 cents previously[196] - The dividend cover ratio was not applicable for 2022, compared to 3.29 times in 2021[4] Shareholder Meeting and Governance - The company plans to hold its Annual General Meeting on November 23, 2022, to discuss the financial results and other matters[8] - The company is authorized to repurchase up to 10% of its issued share capital during the relevant period as per the resolutions passed at the Annual General Meeting[12] - The Company seeks approval for a general mandate to repurchase shares[39] - The Directors have no immediate plans to issue any new shares, seeking approval as a general mandate in compliance with Listing Rules[39] - The aggregate nominal amount of share capital allotted by the Directors shall not exceed 20% of the issued share capital[18] - The "Relevant Period" for the approval extends until the conclusion of the first Annual General Meeting following the passing of the Resolution[22] - Precautionary measures for the AGM include compulsory body temperature checks and mandatory wearing of surgical masks[44] - Shareholders can appoint proxies to attend and vote at the AGM[33] - The Company will not provide refreshments or distribute gifts at the AGM[43] - The AGM will implement social distancing measures in the seating arrangement[41] - Any person with a body temperature of 37.5 degrees Celsius or above will not be allowed access to the AGM venue[44] - The Company will take necessary actions to ensure compliance with health regulations during the AGM[41] Real Estate and Market Conditions - The company highlights the urgency for fully reopening borders and welcoming overseas visitors due to the prolonged pandemic[60] - The demand for hotel and short-term accommodation in Kuala Lumpur has decreased drastically following the COVID-19 outbreak[94] - The Macau property market has been significantly impacted by COVID-19, with new casino license contracts expected to start in early 2023[83] - The tightening policies in Shenzhen have led to a decline in residential property transaction volume and prices[74] - The Hangzhou real estate market is showing signs of stabilization due to new policies that lower taxes and fees[85] - The Macau government anticipates that the new casino licenses will bring innovative proposals that will benefit the tourism sector in the long run[88] Investment and Financial Strategy - As of June 30, 2022, the total investment in the bond market was HK$155,724,000, with HK$2,332,000 redeemed during the year and no new bonds purchased[102] - The market value of investments in Hong Kong stocks as of June 30, 2022, was HK$44,856,000, with HK$11,939,000 in stocks purchased during the year and no stocks sold[103] - The Group has paid land appreciation tax of RMB1,316 million related to Cheuk Nang Garden and plans to claim a refund of income tax[84] - The construction of the Hangzhou project has been completed, and planning acceptance has been approved[82] - The construction of the Cheuk Nang Riverside development is completed, comprising 849 residential units and 22 deluxe villas[86] Management and Leadership - Dr. Cecil Chao has been the Executive Chairman since 1988, with over 50 years of experience in various industries including property and construction[122] - Mr. Lam has over 25 years of experience in investment banking and is currently the Managing Director of an investment bank[123] - Mr. Yung has more than 20 years of experience in the accounting industry and is a Certified Public Accountant[134] - Mr. Lee has 37 years of experience in manufacturing, property development, and investment, with a strong knowledge of international distribution networks[130] - Mr. Chao has been involved in youth development initiatives, promoting economic ties between Hong Kong and Mainland China[142] - Ms. Chao has a background in architecture and has worked on significant projects in Hong Kong and Mainland China[148]

Revenue Performance - The company's revenue for the reporting period decreased by 96.4% compared to the same period last year, primarily due to no property sales in Shenzhen during the reporting period [2]. Financial Loss - The total loss for the reporting period was HKD 9,760,000, compared to a gross profit of HKD 739,410,000 in the same period last year [5]. Sales Decline Factors - The decline in sales at Shenzhen Cheuk Nang Garden to zero was attributed to credit control policies implemented by the People's Bank of China and the China Banking and Insurance Regulatory Commission, as well as the impact of the pandemic and concerns over the debt crisis among Chinese real estate developers [3].

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].