Property Development and Acquisitions - The Group successfully completed 77 land acquisitions for property development in the PRC from mid-2015 to 2018, focusing on public auctions in Henan Province, Beijing, and Hubei Province[13]. - The Group is focusing on expanding property development projects in Zhengzhou City, Henan Province, and other first and second-tier cities in the PRC in the coming years[13]. - The Group completed 51 land acquisitions in 2018 at an aggregated consideration of approximately RMB1.37 billion, adding approximately 4.89 million sq.m. to its land reserves[28]. - The Group successfully acquired 51 land parcels in the PRC, contributing a total site area of approximately 2.31 million square meters and an estimated GFA of approximately 4.89 million square meters[132]. - As of December 31, 2018, the Group had 75 land parcels under development with a total site area of approximately 3.45 million square meters and an estimated GFA of approximately 9.11 million square meters[132]. - The Group's property development projects in Henan Province will continue to expand, focusing on first and second-tier cities[95]. - The Group successfully bid for land use rights in Zhengzhou City, Henan Province, with a site area of 45,504.68 sq.m. for residential use at a consideration of RMB1,740,000,000, expected to be completed by Q4 2021[161]. - The Group made successful bids for two land parcels in Zhengzhou City, with total site areas of 47,846.72 sq.m. and 50,148.08 sq.m. for residential and commercial usages, at total considerations of RMB132,210,000 and RMB138,560,000, respectively, expected to be completed by Q2 2022[161]. Financial Performance - The Group recorded revenue of approximately RMB601.5 million for the financial year ended 31 December 2018, representing a decrease of approximately 45% compared to the previous year[20]. - Gross profit for the Group was approximately RMB275.1 million, reflecting a decrease of approximately 25% over the last year[20]. - The Group's property development business in the PRC contributed revenue of approximately RMB521.8 million, a decrease from RMB1,030.2 million in 2017, with segment profit dropping to approximately RMB8.4 million from RMB234.3 million[130]. - The Group had net other gains of approximately RMB33.3 million, compared to net other losses of approximately RMB4.1 million in 2017, driven by an increase in fair value of investment properties and financial assets[125][128]. - Profit attributable to owners of the Company for the Year amounted to approximately RMB30.0 million, down from approximately RMB131.7 million in 2017[130]. - Basic earnings per share for the Year was RMB0.49 cents, compared to RMB2.13 cents in 2017[130]. - The Group's net debt as of December 31, 2018, was approximately RMB24,260.5 million, up from RMB11,843.1 million in 2017, while equity attributable to owners was approximately RMB1,128.6 million[136]. - The Group's gearing ratio was approximately 61.3% as of December 31, 2018, down from approximately 63.9% in 2017[148]. Investment and Portfolio Management - The Company increased its shareholding in Global Medical REIT, Inc. from approximately 12% to approximately 14% through a public offering subscription in December 2018[13]. - The Group continues to provide REIT management services to Global Medical REIT, Inc., receiving recurring management fees under the management agreement[13]. - The Group has a sizeable portfolio of properties in Singapore, Hong Kong, Japan, the U.S., and China, primarily engaged in property development, investment, and management[8]. - The Group's strategy includes pursuing growth through property development in the PRC and REIT ownership and management in the U.S.[8]. - The Group has a 14% equity interest in GMR and receives management fee income based on 1.5% of GMR's net assets annually[36]. - AHR owns two senior housing communities and 16 single-family rentals across several states in the U.S.[37]. - The Group's management company, IAM, manages GMR and AHR, holding an 85% interest in both REITs[37]. - The Group issued US$200 million 7.5% bonds in February 2018 and RMB1.6 billion asset-backed securities in July 2018, demonstrating investor confidence[22]. Strategic Focus and Future Outlook - The Company aims to leverage its financial, human, and technological resources to enhance its portfolio and create new sustainable revenue streams[13]. - The Group's strategy focuses on high-quality construction and has led to satisfactory contracted sales performance despite tightening controls and competition[26]. - The Group aims to transform its focus from speed-oriented quality to efficiency-oriented quality in 2019, emphasizing risk control and waste reduction[30]. - The management team is committed to enhancing the Group's competitiveness and brand image in the PRC through refined management and standardized processes[29]. - The management remains cautiously optimistic about the long-term prospects of the real estate industry and plans to expedite property development and sales through leveraging its advantages and the national network of Zensun[179]. - The Group anticipates a substantial increase in demand for construction work due to ongoing property development projects and aims to identify new property development projects in Zhengzhou City and other first and second-tier cities in the PRC[174]. Leadership and Corporate Governance - The company has a strong leadership team with diverse backgrounds in real estate, marketing, and engineering, ensuring comprehensive management capabilities[188][194]. - The company is actively involved in strategic planning and general management, which is crucial for its growth and market positioning[188]. - The company has established a discretionary trust, with Ms. Huang acting as the settlor and protector, indicating a structured approach to corporate governance[192]. - The company is recognized as one of the top 100 property development companies in China, co-founded by Mr. Zhang and Ms. Huang[191]. - Mr. Zhang Jingguo has approximately 25 years of experience in the real estate development industry in China, contributing to the company's strategic planning and business expansion[188]. Employee and Operational Insights - Total staff-related costs, including Directors' emoluments, amounted to approximately RMB67.8 million, up from RMB33.6 million in 2017[165]. - As of December 31, 2018, the Group had 319 employees[166]. - The Group's remuneration packages are structured with reference to market terms, and salaries are reviewed annually based on performance appraisals[165]. - The Group is actively seeking quality construction contractors to support its expanding property development operations in the PRC, leveraging its management team's experience in property development and investment[176].