Financial Performance - The group's revenue for the year ended December 31, 2024, was HKD 7,187 million, an increase from HKD 6,102 million in the previous year, representing a growth of approximately 17.7%[2][3] - Core profit for the year was HKD 361 million, with profit attributable to equity holders amounting to HKD 335 million, down from HKD 802 million in the previous year, indicating a decline of about 58%[2][3] - The earnings per share for the year were HKD 0.1063, a decrease from HKD 0.2560 in the previous year[3] - The group reported a total comprehensive loss of HKD 1.914 billion for the year, compared to a loss of HKD 862 million in the previous year[4] - The company reported a net profit of HKD 369,087,000 for the fiscal year ending December 31, 2024, compared to HKD 842,230,000 for the previous year[15] - The company's pre-tax profit for 2024 was HKD 335,070,000, a significant decrease of 58.3% from HKD 802,156,000 in 2023[20] - The total dividend for the year ended December 31, 2024, is HKD 0.09 per share, down from HKD 0.16 per share in 2023[97] Assets and Liabilities - Total assets decreased from HKD 72.5 billion to HKD 66.4 billion, while total liabilities also decreased from HKD 27.4 billion to HKD 24.4 billion[5] - Total assets as of December 31, 2024, amounted to HKD 66,371,047,000, with total liabilities of HKD 24,413,298,000[14] - The company's total assets increased to HKD 72,506,967,000 as of December 31, 2023, with total liabilities of HKD 27,409,526,000[15] - The total liabilities decreased to HKD 1,539,793,000 in 2024 from HKD 1,731,040,000 in 2023, indicating a decline of 11.0%[23] - The group's debt ratio decreased from 17% at the end of the previous year to 12% as of December 31, 2024[2] Sales and Contracts - The group has signed contracts for attributable sales amounting to HKD 6.9 billion as of December 31, 2024, and has unrecognized attributable sales of HKD 11.7 billion[2] - For the fiscal year ending December 31, 2024, total revenue reached HKD 7,187,433,000, with HKD 6,453,796,000 recognized at a point in time and HKD 90,667,000 over a period[14] - Property sales contributed HKD 6,453,796,000 in 2024, up from HKD 5,373,360,000 in 2023, reflecting a growth of 20.1%[17] - The group has signed contracts for attributable sales amounting to HKD 6,900,000,000, primarily from projects in Hong Kong and Shanghai[27] - As of December 31, 2024, the group has contracted but unrecognized attributable sales of HKD 11,700,000,000, expected to be recognized starting in 2025[28] Investment and Projects - The company’s investment properties recorded a fair value change of HKD (52,602,000) for the fiscal year ending December 31, 2024[14] - The overall construction progress of the group's development projects is on schedule, with several projects expected to launch presales in 2025[42] - The project in Shanghai, Jia Jun Ting, achieved a signed sales amount of approximately RMB 3.7 billion, with all units sold out[41] - The Nanjing project (Jia Hong Feng) has a total floor area of approximately 49,700 square meters, providing 381 residential units, with about 70% sold by the end of this year[44] - The Hexi New Town project in Nanjing has a total floor area of approximately 477,000 square meters, with 95% of the 856 residential units sold by the end of this year[45] Cash and Liquidity - The group’s cash and cash equivalents increased to HKD 9.649 billion from HKD 7.496 billion in the previous year[5] - The company’s cash and cash equivalents as of December 31, 2024, were not specified but are critical for assessing liquidity and operational flexibility[16] Corporate Governance and Compliance - The company has established a competitive compensation system to attract and retain talent, emphasizing employee training and development[84] - The company has complied with environmental, labor, occupational health and safety, anti-corruption, and personal data privacy regulations during the year[86] - The company continues to maintain high levels of corporate governance to enhance transparency and accountability[87] - The late chairman's passing did not impact the company's operations, and the board continues to execute the established business strategy[91] Future Outlook and Strategy - The group plans to continue seeking opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions, while prudently replenishing land reserves[2] - The company plans to continue evaluating the impact of new accounting standards in detail[9] - The company plans to continue focusing on high-quality projects in first-tier cities in Hong Kong and mainland China, actively seeking investment opportunities[76]

MII 嘉 華 國 際 集 團 有 限 公 司 IIW K.WAH INTERNATIONAL HOLDINGS LIMITED 於 百 慕 達 註 冊 成 立 之 有 限 公 司 Incorporated in Bermuda with limited liability Stock code 股份代號 00173 中期報告 2024 INTERIM REPORT an Banks III Delivering Value with Distinctive Quality 建 優 創 值 力 臻 恆 遠 為股東帶來長遠而持續的回報。 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The group's revenue for the six months ended June 30, 2024, was HKD 1,213 million, a decrease from HKD 3,100 million in the same period last year[3] - The attributable profit for the period was HKD 153.8 million, down from HKD 481.9 million year-on-year, resulting in earnings per share of HKD 4.91 compared to HKD 15.38 previously[4] - The total comprehensive loss for the period was HKD 1,433.8 million, compared to a loss of HKD 1,255.997 million in the previous year[5] - The group reported a significant fair value change in financial assets, with a loss of HKD 1,194.3 million for the period[5] - Total revenue for the six months ended June 30, 2024, was HKD 1,213,010,000, a decrease of 60.8% compared to HKD 3,100,250 for the same period in 2023[18] - Property sales revenue for the six months ended June 30, 2024, was HKD 846,318, down 68.9% from HKD 2,734,990 in 2023[18] - The company reported a pre-tax profit of HKD 153,787 for the six months ended June 30, 2024, compared to HKD 481,907 in 2023, reflecting a decline of 68.1%[22] - The attributable profit to equity holders for the period was HKD 154,000,000, while core profit (excluding fair value changes of investment properties) was HKD 132,000,000[28] Assets and Liabilities - The group's total assets as of June 30, 2024, were HKD 71.48 billion, a slight decrease from HKD 72.51 billion at the end of 2023[6] - The group's total liabilities were reported at HKD 27,950,159,000, with significant liabilities in mainland China amounting to HKD 18,852,287,000[15] - Non-current assets as of June 30, 2024, totaled HKD 17,021,826, slightly down from HKD 17,042,886 as of December 31, 2023[18] - The company’s total assets as of June 30, 2024, were HKD 72,506,967, compared to HKD 72,506,967 as of December 31, 2023[18] - The company’s total liabilities as of June 30, 2024, were HKD 27,409,526, a decrease from HKD 27,409,526 as of December 31, 2023[18] Cash and Cash Equivalents - The group's cash and cash equivalents increased to HKD 9.29 billion from HKD 7.50 billion year-on-year[6] - As of June 30, 2024, the group's cash and bank deposits amounted to HKD 9,291,000,000, an increase from HKD 7,496,000,000 as of December 31, 2023[37] Debt and Financing - The group's debt ratio decreased from 17% at the end of last year to 11% as of June 30, 2024[3] - The group's borrowings as of June 30, 2024, were HKD 14,019,000,000, with an average borrowing rate reduced from 4.7% to 4.6%[36] - The total amount of interest rate swap contracts signed by the group as of this period end was HKD 2,000,000,000, unchanged from December 31, 2023[38] - The total value of mortgaged assets for certain subsidiaries was HKD 4,369,000,000 as of June 30, 2024, down from HKD 5,242,000,000 as of December 31, 2023[39] - The group provided guarantees for credit facilities totaling HKD 28,248,000,000 as of June 30, 2024, a decrease from HKD 28,693,000,000 as of December 31, 2023[40] Dividends - The company declared an interim cash dividend of HKD 126,109,000, equating to HKD 0.04 per share, down from HKD 0.07 per share in 2023[23] - The interim cash dividend declared for the six months ended June 30, 2024, is HKD 0.04 per share, totaling HKD 126,109,000, compared to HKD 0.07 per share and HKD 219,303,000 for the same period in 2023[45] Future Outlook and Strategy - The group plans to continue seeking land reserves in Hong Kong and the Greater Bay Area, leveraging its financial resources[3] - The group anticipates no significant impact on its financial performance and position from the adoption of new accounting standards and interpretations[10] - The group expects to continue evaluating the impact of new accounting standards on its operations[10] - The group plans to continue monitoring land market opportunities in Hong Kong and mainland China to maximize potential returns[34] Operational Highlights - The group's signed but unrecognized sales amounted to HKD 51 billion as of June 30, 2024, with total signed sales of HKD 161 billion[3] - The group successfully sold all residential units of the new project Shanghai Jiajun Ting, generating sales of RMB 3.7 billion[30] - The average occupancy rate for the premium office building Shanghai Jiahua Center was maintained at 92%, while serviced apartments in Shanghai recorded an overall occupancy rate of 90%[30] - The group's investment in Galaxy Entertainment Group amounted to 162,000,000 shares, representing a 3.72% stake, with a fair value change of approximately HKD 1.2 billion recorded in reserves[31] Management and Governance - The executive directors include Dr. Lui Che-woo (Chairman and Managing Director) and others, while the independent non-executive directors include Mr. Wong Kwai-lam and others[48]

Financial Performance - K. Wah International Holdings Limited reported a strong financial performance with a significant focus on premium residential developments and integrated projects in Hong Kong and the Yangtze River Delta regions[5]. - The company reported a contract sales of approximately HKD 5.9 billion and a revenue of about HKD 12 billion for the fiscal year ending December 31, 2023[25]. - Profit attributable to equity holders was approximately HKD 800 million, with core profit around HKD 770 million[25]. - The company achieved a pre-tax profit of HKD 5.3 billion, with a net profit of HKD 3.2 billion for the fiscal year[17]. - The group's revenue for the year ended December 31, 2023, was HKD 6,103,000,000, primarily from property sales in Hong Kong and mainland China, and rental income from Shanghai[29]. - The attributable profit for equity holders was HKD 802,000,000, with core profit (excluding fair value changes of investment properties) at HKD 769,000,000[29]. - The company’s revenue for the previous fiscal year was HKD 11.7 billion, indicating a decrease in revenue for the current year[17]. - The total assets amounted to HKD 60.1 billion, with non-current assets at HKD 17.2 billion[17]. - The group’s total assets and borrowings amounted to HKD 60 billion as of December 31, 2023, down from HKD 62 billion in 2022[104]. - The group’s bank borrowings were HKD 15.182 billion as of December 31, 2023, with an average borrowing interest rate rising from 2.6% to 4.7% due to market interest rate hikes[105]. Dividends and Shareholder Value - The company plans to distribute an interim cash dividend of HKD 0.07 per share for the fiscal year 2023, reflecting its commitment to returning value to shareholders[14]. - The board proposed a final dividend of HKD 0.09 per share, in addition to an interim dividend of HKD 0.07 per share, totaling an annual dividend of HKD 0.16 per share[25]. - The total dividend for the year is HKD 0.16 per share, down from HKD 0.21 in 2022[181]. - The distributable reserves as of December 31, 2023, amount to HKD 2,401,231,000, an increase from HKD 2,048,988,000 in 2022[185]. - The company has adopted a dividend policy considering operational performance, working capital needs, and financial conditions[182]. Awards and Recognition - KWIH has been recognized as one of the top ten property developers in Hong Kong by BCI Asia in 2023, highlighting its market position and reputation[9]. - KWIH has received multiple awards for its projects, including the 2023 American MUSE Design Award Gold Medal for Nanjing Jia Jing Feng, showcasing its design excellence[11]. - The company is committed to sustainability and excellence, as evidenced by its accolades in corporate social responsibility and investor relations[9]. - The company received multiple awards for its commitment to sustainable development, including the "Outstanding Landscape Design Enterprise" award at the 2022 01 Corporate Gold Awards and the "Outstanding Landscape Design Award" at the 2023 Corporate Brand Excellence Awards[123]. Project Development and Sales - The company continues to focus on quality residential projects in Hong Kong and mainland China, receiving ongoing market support[25]. - The group has signed contracts for attributable sales of approximately HKD 5,900,000,000, mainly from various projects in Hong Kong and mainland China[29]. - As of December 31, 2023, the group's attributable sales yet to be recognized amounted to approximately HKD 12,600,000,000, expected to be recognized starting in 2024[29]. - The total land reserve in Hong Kong and mainland China is approximately 1,500,000 square meters of attributable gross floor area available for development[29]. - The group plans to continue launching various projects based on market conditions, including several joint ventures and independent projects in 2024[29]. - The group recorded a significant increase in sales from the Victoria Harbour project, with recognized attributable revenue of approximately HKD 3,600,000,000 during the year[32]. Market Conditions and Economic Outlook - The Hong Kong property market saw a 33% decrease in first-hand transaction volume compared to the 10-year average, with total transactions hitting a 10-year low of 43,002[95]. - The company anticipates that new measures announced by the Hong Kong government will stimulate property demand in 2024-2025[95]. - In 2023, the national new home sales volume and sales amount in mainland China decreased by 8.2% and 6.0% year-on-year, respectively[99]. - The average new home price index in first-tier cities increased by 1.1% year-on-year, indicating relative stability in these markets[99]. - The People's Bank of China lowered the reserve requirement ratio by 50 basis points and the five-year loan market quoted interest rate by 25 basis points to support the real estate market[99]. Corporate Governance - The board of directors is committed to delivering sustained value to shareholders through effective corporate governance[136]. - The board consists of eight members, including the chairman and managing director, with independent non-executive directors making up more than one-third of the board, in compliance with listing rules[139]. - The company has maintained a high level of transparency and compliance with relevant laws and regulations, with no violations reported in areas such as environmental standards, labor standards, and data privacy during the year[128]. - The company has established a stock option plan for its executives and employees since 1989 to provide competitive compensation and retain talent[118]. - The company has a robust shareholder communication policy in place, allowing shareholders to inquire about company matters via the investor relations platform[166]. Sustainability Initiatives - The company is committed to sustainable development and promoting positive life perspectives through initiatives like the Lui Che-woo Prize[169]. - The company has set mid-term greenhouse gas reduction targets, aiming for a 26% reduction in greenhouse gas emissions intensity and a 39% reduction in energy intensity by 2025 compared to 2016 levels[122]. - The company actively engages with stakeholders to gather feedback on its sustainability initiatives and future strategies, identifying risks and opportunities[124]. Employee and Community Engagement - The company emphasizes employee training and development, offering training subsidies and programs to encourage continuous learning among qualified employees[125]. - The company actively participates in community programs, focusing on arts, youth development, and community assistance, to create a positive impact[127]. - The total number of employees in Hong Kong and mainland China was 951, with total employee costs (excluding director remuneration) amounting to approximately HKD 463 million[118]. Risk Management - The company has faced significant risks and uncertainties, which are discussed in detail in the annual report[180]. - The company has adopted a risk management strategy to assist individual operating departments in managing significant risks, including business, operational, and environmental, social, and governance risks[162]. - The company has established an internal audit department to analyze and independently assess the adequacy and effectiveness of its risk management and internal control systems[162].

Financial Performance - The group's revenue for the year ended December 31, 2023, was HKD 6,103,000,000, with a total revenue including joint ventures and associates amounting to HKD 11,960,000,000[3]. - Core profit for the year was HKD 769,000,000, while profit attributable to equity holders was HKD 802,000,000[3]. - Earnings per share for the year were HKD 0.256, with a total annual dividend of HKD 0.16 per share, including a final dividend of HKD 0.09[3]. - The group reported a pre-tax profit of HKD 1,488,934,000, down from HKD 2,068,046,000 in the previous year[4]. - The total comprehensive loss for the year was HKD 862,217,000, compared to a comprehensive income of HKD 558,368,000 in the previous year[5]. - The company's net income for the year ended December 31, 2023, was HKD 842,230[11]. - Total revenue for 2023 was HKD 6,102,809, a decrease of 30.5% from HKD 8,793,712 in 2022[14]. - The company reported a pre-tax profit of HKD 646,704 in 2023, slightly up from HKD 641,563 in 2022[17]. - Basic and diluted earnings per share for 2023 were HKD 802,156 compared to HKD 1,372,387 in 2022[18]. - The company proposed a final dividend of HKD 0.09 per share for 2023, down from HKD 0.14 per share in 2022[21]. Assets and Liabilities - The group's total assets as of December 31, 2023, were HKD 72,506,967,000, a decrease from HKD 76,635,909,000 in the previous year[6]. - The group's total liabilities decreased to HKD 27,409,526,000 from HKD 29,993,038,000 in the previous year[6]. - The company's total liabilities were HKD 27,409,526, with HKD 6,657,770 from Hong Kong and HKD 17,687,553 from Mainland China[11]. - Total liabilities decreased to HKD 1,731,040 in 2023 from HKD 2,422,933 in 2022, showing improved financial health[25]. - The group's bank borrowings amounted to HKD 15.182 billion as of December 31, 2023, with an average borrowing interest rate rising from 2.6% to 4.7% due to market interest rate hikes[58]. - The debt ratio increased from 13% at the end of the previous year to 17% as of December 31, 2023[58]. Sales and Contracts - The group signed contracts for attributable sales amounting to HKD 59 billion as of December 31, 2023, with unrecognized attributable sales of HKD 126 billion[3]. - The group has signed contracts for approximately HKD 5,900,000,000 in attributable sales, primarily from various projects in Hong Kong[28]. - As of December 31, 2023, the group had approximately HKD 12,600,000,000 in signed but unrecognized attributable sales expected to be recognized starting in 2024[28]. - The group sold 6 units at the Kai Tak project, generating a signed sales amount of HKD 700,000,000[29]. - The group confirmed attributable revenue of approximately HKD 3,600,000,000 from the sale of units at the Victoria Harbour project, which began delivery in June[29]. - The Nanjing project, one of the group's popular developments, generated approximately RMB 5,000,000,000 in signed but unrecognized sales[36]. Investment and Development Projects - The group acquired a residential land parcel in Hong Kong and plans to prudently seek opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions[3]. - The group is developing several projects in Hong Kong and mainland China, with construction progress on all projects proceeding as scheduled[29][36]. - The residential project in Shanghai's Lujiazui Financial Center has a total floor area of approximately 14,200 square meters, offering 106 residential units, with all but one unit sold upon pre-sale launch in 2022[37]. - The project in Hongkou District, Shanghai, has a total floor area of about 47,000 square meters and sold all 215 residential units on the first day of pre-sale in 2022[38]. - The comprehensive development project in Xuhui District, Shanghai, spans approximately 195,800 square meters and includes 440 residential units, with over half sold on the first day of pre-sale scheduled for February 2024[38]. - The project in Jianye District, Nanjing, covers approximately 477,000 square meters and has pre-sold about 96% of the 856 residential units by the end of 2023[38]. Rental and Investment Properties - The rental performance of the group's investment properties remains stable, with an average occupancy rate of approximately 95% for key properties in Hong Kong[42]. - Shanghai Jiayu Li has a total floor area of approximately 8,000 square meters and is fully leased by the end of this year[45]. - Shanghai Yingkai Cultural Plaza has a total floor area of about 21,000 square meters and maintains a 100% occupancy rate this year[46]. - The company’s investment property fair value changes contributed HKD 24,288 to the overall profit for the year[11]. Corporate Governance and Compliance - The board of directors has adhered to the corporate governance code, with some deviations noted regarding the roles of the chairman and managing director[64]. - The company has maintained compliance with environmental, labor, occupational health and safety, anti-corruption, and personal data privacy regulations throughout the year[66]. - The board will continue to review and address any deviations from corporate governance practices as necessary[64]. Market Conditions and Economic Outlook - The Hong Kong property market faced challenges in 2023, with first-hand transaction volumes dropping to 10,752, a 33% decrease from the 10-year average[53]. - In 2023, the national new housing sales volume and sales amount in mainland China decreased by 8.2% and 6.0% year-on-year, respectively[54]. - The average new housing price index in first-tier cities increased by 1.1% year-on-year, indicating relative stability in these markets[54]. - The International Monetary Fund forecasts a GDP growth of 4.6% for mainland China in 2024, surpassing developed economies[54].

Financial Performance - The Group's revenue for the period was HKD 3,100,000,000, with attributable profit to equity holders amounting to HKD 482,000,000[9]. - The group's revenue for the six months ended June 30, 2023, was HKD 3.1 billion, a decrease compared to the same period last year due to fewer pre-sale project deliveries[11]. - The attributable profit to equity holders for the period was HKD 482 million, with core earnings (excluding fair value changes and sale gains from investment properties) at HKD 462 million[11]. - The company's revenue for the six months ended June 30, 2023, was HKD 3,100,250, a decrease of 42.5% compared to HKD 5,391,730 for the same period in 2022[29]. - Gross profit for the same period was HKD 1,084,892, down 36.3% from HKD 1,705,454 in 2022[29]. - The net profit for the six months ended June 30, 2023, was HKD 510,602, representing a decline of 53.9% from HKD 1,109,727 in the previous year[29]. - Basic earnings per share for the period was HKD 15.38, down 55.5% from HKD 34.51 in 2022[29]. - The total comprehensive loss for the period was HKD 752,669, compared to a total comprehensive income of HKD 734,136 in the same period last year[30]. - The company reported a profit before tax of HKD 825,538 for the six months ended June 30, 2023, down from HKD 1,428,642 in the same period last year, a decline of 42.2%[47]. Sales and Contracts - The Group has contracted sales of HKD 4 billion during the period[9]. - The group signed contracts for attributable sales of approximately HKD 4 billion during the period, primarily from projects in Hong Kong and Nanjing[11]. - As of June 30, 2023, the Group had contracted but unrecognized sales of HKD 18.6 billion[9]. - As of June 30, 2023, the group had unrecognized attributable sales of approximately HKD 18.6 billion, expected to be recognized starting in the second half of 2023[11]. - The Nanjing project Jia Jing Feng recorded signed sales of approximately RMB 1 billion during the period, with a total of RMB 5 billion in signed sales from the project[13]. Dividends and Shareholder Returns - Earnings per share were HKD 0.154, and an interim dividend of HKD 0.07 per share was declared[9]. - The total interim cash dividend to be distributed is HKD 219,303,000, consistent with the previous year[10]. - The board has declared an interim cash dividend of HKD 219,303,000, maintaining the dividend at HKD 0.07 per share, consistent with the previous year[51]. Market Conditions and Strategy - The Group plans to prudently seek opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions while replenishing land reserves as needed[9]. - The Hong Kong property market saw a 31% year-on-year increase in first-hand property transactions, with the government’s private residential price index rising by 4.3%[16]. - The group plans to continue expanding its land reserves in Hong Kong and mainland China based on market conditions[18]. - The International Monetary Fund forecasts a GDP growth of 5.2% for 2023 in mainland China, contributing to one-quarter of global growth, while the central government's official growth target is set at approximately 5%[19]. - In Hong Kong, the local GDP grew by 2.9% and 1.5% in the first and second quarters respectively, with a revised annual growth target of 4-5% for 2023[20]. Financial Position and Assets - As of June 30, 2023, the total amount of funds utilized by the group was HKD 61 billion, a decrease from HKD 62 billion at the end of 2022[21]. - The group's borrowings amounted to HKD 15.037 billion as of June 30, 2023, with an average borrowing interest rate increasing from 2.6% to 4.1% due to market rate hikes[22]. - The group's cash and bank deposits stood at HKD 8.569 billion as of June 30, 2023, with approximately 83% held in RMB[22]. - The debt ratio slightly increased from 13% at the end of 2022 to 14% as of June 30, 2023[22]. - As of June 30, 2023, the total assets decreased to HKD 74,917,450 from HKD 76,635,909 as of December 31, 2022, reflecting a decline of about 2.2%[31]. - The company's total equity as of June 30, 2023, was HKD 45,881,807, down from HKD 46,642,871 at the end of 2022, indicating a decrease of approximately 1.6%[31]. - The total liabilities as of June 30, 2023, were HKD 29,035,643, slightly down from HKD 29,993,038 at the end of 2022, reflecting a decrease of about 3.2%[31]. Operational Efficiency - The average occupancy rate for the premium office building Shanghai Jia Hua Center was maintained at 90%[13]. - The total number of employees in Hong Kong and mainland China was 945 as of June 30, 2023, with employee costs amounting to approximately HKD 256 million during the period[25]. - The company reported a loss from joint ventures of HKD 6,538, an improvement from a loss of HKD 16,225 in the previous year[29]. - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 1,698,697, an increase from HKD 773,550 in the same period of 2022, representing a growth of approximately 119%[32]. Financial Risks and Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in its financial risk management structure since December 31, 2022[39]. - The group has signed interest rate swap contracts totaling HKD 2 billion to mitigate interest rate volatility[23]. Corporate Governance and Compliance - The board has adhered to the corporate governance code, with some deviations noted regarding the roles of the chairman and the managing director[77]. - The company has maintained a strong commitment to corporate governance principles to enhance shareholder value[77]. - The audit committee reviewed the interim results for the six months ending June 30, 2023, which were unaudited[75]. Share Options and Management - The total number of share options available under the 2021 Share Option Scheme as of June 30, 2023, is 312,697,461[65]. - The total number of share options granted under the 2011 Share Option Scheme is 39,420,000 shares, representing approximately 1.26% of the issued shares at that date[68]. - The total number of share options held by employees as of June 30, 2023, is 11,550,000, after accounting for 850,000 options that expired during the period[67].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容引致的任何損失 承擔任何責任。 （股份代號： 00173） 建優創值 力臻恆遠 截至二零二三年六月三十日止六個月之 中期業績公佈 中期業績摘要 K. Wah International Holdings Limited 嘉華國際集團有限公司（「本公司」）董事會（「董 事會」）欣然宣佈，本公司及其附屬公司（「本集團」）之未經審核中期業績如下： | --- | --- | |--------------------------------------------------------------|------------------------------------------------------------------------| | | | | 本集團營業額為港幣 3,100,000,000 482,000,000 元。 | 元，而本公司權益持有者應佔溢利為港幣 | | 本期內，本集團已簽約之應佔銷售為港幣 40 億元。 | ...

Financial Performance - K. Wah International Holdings Limited reported a cash dividend of HKD 0.07 per share for the interim period ending June 30, 2022[10]. - The company announced a cash dividend of HKD 0.14 per share for the final dividend for the year ending December 31, 2022[10]. - For the fiscal year ending December 31, 2022, the company recorded contract sales exceeding HKD 18.8 billion and revenue of approximately HKD 9.35 billion[17]. - The profit attributable to equity holders was around HKD 1.37 billion, with core profit approximately HKD 1.45 billion[17]. - The total revenue for 2022 decreased by 46.1% compared to the previous year, which was HKD 16.22 billion[12]. - The company's earnings before tax for 2022 was HKD 2.07 billion, a decline of 59.3% from HKD 5.09 billion in 2021[12]. - The group’s revenue for the year ended December 31, 2022, was HKD 8,794,000,000, primarily from property sales in Hong Kong and mainland China, as well as rental income from Shanghai[22]. - The attributable profit to equity holders for the year was HKD 1,372,000,000, with core profit (excluding fair value changes of investment properties) at HKD 1,452,000,000, reflecting a decrease compared to 2021 due to fewer presale projects completed[22]. - The total signed sales for the year reached a historical high of approximately HKD 18.8 billion, mainly from projects in Hong Kong and Shanghai[22]. - The total equity and borrowings amounted to HKD 62 billion as of December 31, 2022, down from HKD 64 billion in 2021[98]. Awards and Recognition - KWIH was recognized as one of the top 10 property developers in Hong Kong by BCI Asia in 2022[6]. - The company received the Best Property Development Award in the Guangdong-Hong Kong-Macao Greater Bay Area in 2022[6]. - The company has been awarded multiple accolades for its property quality and design, reflecting its commitment to excellence[6]. - The company received multiple awards for its projects, including gold and merit awards in the "2022 Best Landscape Award - Private Property" category[117]. Property Development and Management - KWIH's property management arm, Cresleigh Property, provides premium management services to various types of properties, including residential and commercial[3]. - The company has a strategic focus on integrated development projects in Hong Kong, the Yangtze River Delta, and the Pearl River Delta regions[3]. - KWIH aims to adopt a progressive strategy in land acquisition to enhance the quality of living spaces[3]. - KWIH's projects include large-scale residential communities and Grade-A office towers, showcasing its expertise in premium property development[3]. - The company emphasizes sustainability and community development in its project undertakings[3]. - The group plans to continue launching high-quality residential projects in Hong Kong and mainland China[17]. Market Conditions and Challenges - The company faced challenges in the global economic environment, including geopolitical tensions and rising inflation rates[17]. - In mainland China, new housing sales and prices fell by 27% and 28% year-on-year, respectively, during the year[91]. - The group maintains a cautiously optimistic outlook for the medium to long-term development of the real estate market in Hong Kong and mainland China, supported by recent government measures[19]. Corporate Governance - The board of directors is committed to delivering sustained value to shareholders through effective corporate governance practices[128]. - The board consists of eight members, including the chairman and managing director, with independent non-executive directors making up more than one-third of the board[131]. - The company has established mechanisms to ensure independent viewpoints and opinions are obtained and undergoes an annual review[138]. - The company has adopted a set of standard codes for securities trading by directors and their associates, confirming compliance for the year ending December 31, 2022[141]. - The company has complied with the corporate governance code as per Listing Rule Appendix 14 for the fiscal year ending December 31, 2022, with some exceptions noted[156]. Sustainability Initiatives - The company aims to reduce greenhouse gas emissions density and energy density by 26% and 39% respectively by 2025, compared to 2016 levels[116]. - In 2022, the company signed HKD 8 billion in sustainable development performance-linked revolving and term loans with nine banks[116]. - The company achieved a 5.3% reduction in greenhouse gas emissions density in 2022 compared to 2021[116]. Employee and Community Engagement - The company emphasizes training and development opportunities, providing training subsidies and programs to encourage continuous education[118]. - The company actively supports community initiatives, including donations of rapid test kits and hotel accommodations for frontline healthcare workers during the COVID-19 pandemic[120]. - As of December 31, 2022, the total number of employees in Hong Kong and mainland China was 968, with employee costs (excluding director remuneration) amounting to approximately HKD 421 million[112]. Financial Policies and Shareholder Communication - The board of directors has adopted a dividend policy considering operational performance, working capital needs, and financial conditions[169]. - The company has implemented a shareholder communication policy, revised in March 2023, to ensure timely and effective information dissemination to shareholders and stakeholders[152]. - The company encourages shareholders to attend annual general meetings to stay informed about progress and summaries of operations[152].

Financial Performance - The group's revenue for the year ended December 31, 2022, was HKD 8,794,000,000, with attributable revenue from joint ventures and associates amounting to HKD 9,347,000,000[3]. - Core profit reached HKD 1,452,000,000, while profit attributable to equity holders was HKD 1,372,000,000, resulting in earnings per share of HKD 0.4381[4]. - The total comprehensive income for the year was HKD 558,368,000, compared to HKD 1,089,152,000 in the previous year[5]. - Total revenue for the year ended December 31, 2022, was HKD 8,793,712, a decrease of 46.1% from HKD 16,217,700 in 2021[13]. - Revenue from property sales was HKD 8,098,033 in 2022, down from HKD 15,479,022 in 2021, representing a decline of 47.6%[13]. - The company reported a profit for the year of HKD 3,439,293, down from HKD 3,354,877 in 2021, indicating a slight increase of 2.5%[18]. - Basic earnings per share for 2022 were HKD 0.438, compared to HKD 1.071 in 2021, a decrease of 59.1%[18]. - The audited loss attributable to equity holders for the year ended December 31, 2022, was HKD 3,434,000,000, compared to a profit of HKD 1,326,000,000 in 2021[44]. Assets and Liabilities - The group's total assets as of December 31, 2022, amounted to HKD 76,635,909,000, a decrease from HKD 78,497,598,000 in the previous year[6]. - The group's total liabilities decreased to HKD 29,993,038,000 from HKD 33,282,164,000 in the previous year[6]. - The group's net asset value per share was HKD 14[3]. - Non-current assets totaled HKD 16,184,355 as of December 31, 2022, compared to HKD 17,326,949 in 2021, a decrease of 6.6%[13]. - The group provided guarantees for loans amounting to HKD 13,457,470,000 as of December 31, 2022, with utilized guarantees of HKD 8,564,795,000[21]. - The group had pledged assets with a book value of HKD 4.921 billion as of December 31, 2022, compared to HKD 20.374 billion in 2021[55]. Cash Flow and Financing - The group's cash and cash equivalents were HKD 8,660,364,000, an increase from HKD 8,136,563,000 in the previous year[6]. - The group's bank borrowings amounted to HKD 14.939 billion as of December 31, 2022, down from HKD 18.984 billion in 2021, with an average interest rate increase from 1.6% to 2.6%[52]. - The unutilized bank loan facilities were HKD 19.074 billion as of December 31, 2022, compared to HKD 18.132 billion in 2021, with cash and bank deposits at HKD 8.66 billion[53]. - The debt ratio decreased from 24% as of December 31, 2021, to 13% as of December 31, 2022, due to net cash inflow[53]. - The group executed a HKD 8 billion syndicated loan in October 2022 to refinance a HKD 7 billion club loan maturing in January 2023, enhancing its financing capacity[53]. Market and Economic Conditions - The global inflation rate reached historical highs, with the US inflation rate soaring to 9.1% and the UK at 11.1%, prompting central banks to raise interest rates[46]. - China's GDP growth slowed to 3% in 2022, with inflation at a relatively mild 2% compared to Western economies[46]. - In Hong Kong, property transaction volumes fell by 42% and 39% for new and second-hand properties respectively, with the private residential price index dropping by 15.6%, the largest decline since 1998[47]. - Nationwide, new home sales and prices in China decreased by 27% and 28% year-on-year, respectively, due to economic slowdown and strict COVID-19 policies[48]. - The IMF forecasts China's GDP growth to be 5.2% in 2023, up from a previous estimate of 4.4%, with the central government's growth target set at around 5%[50]. Strategic Plans and Developments - The group plans to continue seeking opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions to replenish land reserves[3]. - The group aims to prudently and orderly acquire residential/commercial land through wholly-owned or joint ventures[3]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[12]. - The group plans to launch more units in response to strong market demand following successful sales of the aforementioned projects[29]. Projects and Sales - The group signed contracts for attributable sales reaching a historical high of HKD 18.8 billion as of December 31, 2022, with unrecognized attributable sales of HKD 18.6 billion[3]. - The group recorded sales revenue of approximately HKD 31,000,000,000 from the delivery of pre-sold units in the year[23]. - The project "Kai Tak Kai Fung Wai" has a total floor area of approximately 53,000 square meters, providing 1,006 units, and was completed in November 2021[24]. - The "Yuen Long Po Long" project has sold 96% of its units during the pre-sale phase, with a total floor area of approximately 114,800 square meters[26]. - The group achieved nearly RMB 8.2 billion in contracted sales from five new projects in mainland China, including Shanghai and Nanjing[29]. Corporate Governance and Compliance - The board has adopted the standard code of conduct for securities trading as per the listing rules, confirming all directors complied with the regulations for the year ended December 31, 2022[61]. - The company plans to adopt new rules to align with the latest statutory and regulatory requirements in Bermuda and the listing rules[66]. - The company will suspend share transfer registration from June 2 to June 7, 2023, to determine shareholder eligibility for voting at the annual general meeting[64]. Dividends - The company declared an interim cash dividend of HKD 0.07 per share for 2022, consistent with the previous year[18]. - The company proposed a final cash dividend of HKD 0.14 per share, totaling HKD 438,605,000 for the year ended December 31, 2022, consistent with the previous year's dividend[63]. - The total dividend for the year, including an interim cash dividend of HKD 0.07 per share, amounts to HKD 0.21 per share, unchanged from the previous year[63].

Financial Performance - The group's revenue reached HKD 5,392,000,000, with total attributable revenue from joint ventures and associates increasing by 79% to HKD 5,787,000,000[16] - Core profit surged 120% to HKD 1,063,000,000, while profit attributable to equity holders rose by 39% to HKD 1,081,000,000[16] - The contracted sales attributable to the group during the period amounted to HKD 12.4 billion[16] - As of June 30, 2022, the contracted but unrecognized sales attributable to the group stood at HKD 15.5 billion[16] - Earnings per share were HKD 0.3451, with an interim dividend of HKD 0.07 per share declared[16] - The group's revenue for the six months ended June 30, 2022, was HKD 5,392,000,000, with attributable revenue from joint ventures and associates amounting to HKD 5,787,000,000[18] - Attributable profit to equity holders for the period was HKD 1,081,000,000, while core profit (excluding fair value changes of investment properties) was HKD 1,063,000,000[18] - The group signed contracts for attributable sales of approximately HKD 12.4 billion during the period, primarily from projects in Hong Kong and mainland China[18] - The net profit for the period was HKD 1,109,727,000, compared to HKD 811,492,000 in the previous year, reflecting a year-on-year increase of 36.7%[36] - Basic earnings per share increased to HKD 34.51 from HKD 24.83, marking a growth of 39%[35] Dividend and Shareholder Returns - The total interim cash dividend declared amounts to HKD 219,303,000, consistent with the previous year's dividend of HKD 218,888,000[17] - The interim cash dividend declared is HKD 219,303,000, equivalent to HKD 0.07 per share, consistent with the previous year's dividend[56] Asset and Liability Management - The total assets and borrowings of the group amounted to HKD 61 billion as of June 30, 2022, down from HKD 64 billion at the end of 2021[26] - The group's bank borrowings decreased to HKD 14.92 billion as of June 30, 2022, compared to HKD 18.98 billion at the end of 2021, with 44% of repayments due within one year[27] - The group's cash and bank deposits were HKD 6.77 billion as of June 30, 2022, with approximately 76% held in RMB[27] - The debt ratio decreased from 24% at the end of 2021 to 18% as of June 30, 2022, due to strong contracted sales[27] - The group has a total of HKD 20.39 billion in undrawn bank loan facilities as of June 30, 2022, up from HKD 18.13 billion at the end of 2021[27] - The total assets as of June 30, 2022, were HKD 72,437,380,000, a decrease from HKD 78,497,598,000 at the end of 2021[37] - The company's total liabilities decreased to HKD 26,536,828,000 from HKD 33,282,164,000, indicating improved financial stability[37] Market Conditions and Strategy - The group continues to prudently seek opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions to appropriately replenish land reserves[16] - The Hong Kong property market saw a 41% year-on-year decline in primary market transaction volume, while the secondary market experienced a 37% drop[22] - The mainland property market faced challenges, with national housing sales down 32% year-on-year, but the group successfully sold all units in the newly launched residential projects in Shanghai and Nanjing[22] - The group expects to continue its prudent and optimistic approach towards the long-term stable development of the local and mainland real estate markets[25] - The group plans to leverage its financial strength to pursue land reserve strategies and seize opportunities in Hong Kong, the Yangtze River Delta, and the Pearl River Delta regions[25] Investment and Development Activities - The group successfully launched five new projects in mainland China, generating approximately RMB 5 billion in attributable sales[19] - The group participated in land auctions and is actively seeking new investment opportunities, including a collaboration for a redevelopment project in Guangzhou[23] Financial Position and Cash Flow - The company's cash and cash equivalents stood at HKD 6,771,248,000, down from HKD 8,136,563,000, reflecting a reduction in liquidity[37] - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 773,550,000, a decrease of 57.0% compared to HKD 1,801,408,000 in 2021[38] - The net cash from investing activities significantly increased to HKD 2,136,876,000 from HKD 228,484,000 in the previous year, indicating a substantial improvement in investment performance[38] - The net cash used in financing activities was HKD (4,023,960,000), compared to HKD (3,790,016,000) in the prior year, indicating a higher outflow in financing[38] Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules, with some deviations noted regarding the roles of the chairman and the CEO[84] - The audit committee reviewed the company's accounting principles and practices, ensuring compliance with financial reporting standards[82] - The company has committed to maintaining high levels of corporate governance to enhance transparency and accountability[84] Share Options and Management - The company’s directors collectively hold approximately 65.42% of the issued share capital, with significant individual holdings reported[68] - The company has not granted any new options under the 2021 Share Option Scheme since its adoption on June 9, 2021[72] - The total number of options held by directors and employees as of January 1, 2022, was 5,720,000, with 650,000 options having expired during the period[73]