Financial Performance - The profit attributable to owners of the Company for 2023 was a loss of HK$814,937, compared to a profit of HK$86,148 in 2022[9]. - Basic loss per share for 2023 was HK$(2.15), a decline from HK$0.23 in 2022[9]. - The Group recorded a loss of HK$840.4 million for the year ended December 31, 2024, an improvement from a loss of HK$873.1 million in 2023, primarily due to non-cash fair value losses on investment properties[54]. - For the year ended December 31, 2024, the Group recorded a loss of approximately HK$840.4 million, a slight improvement from a loss of HK$873.1 million in the previous year, primarily due to fair value losses on investment properties[56]. - Basic losses per share for 2024 were HK$2.21, compared to HK$2.15 in 2023, reflecting a 3% increase[178]. - For the year ended December 31, 2024, the audited consolidated losses amounted to approximately HK$840.4 million, a reduction of HK$32.7 million compared to the HK$873.1 million loss recorded in 2023[181]. Dividends - The dividend per share for 2023 was HK$0.28, down from HK$0.38 in 2022, with a dividend payout ratio of -13%[9]. - An interim cash dividend of HK$0.11 per share was paid on 13 September 2024, with a recommended final cash dividend of HK$0.17 per share, totaling HK$0.28 per share for the year[83]. - The total dividend per share remained unchanged at HK$0.28, with a dividend payout ratio of 13%[178]. Assets and Liabilities - Total assets for 2023 were HK$14,997,714, a decrease of 5.3% from 2022[9]. - Total liabilities increased to HK$3,393,130 in 2023, up 6.9% from the previous year[9]. - The net asset value per share decreased to HK$27.83 from HK$30.65, a decline of 9%[178]. Revenue and Occupancy - Revenue for 2024 was HK$933,029,000, representing a 27% increase from HK$732,311,000 in 2023[178]. - Total rent received by the Group amounted to HK$302.4 million, a slight increase of 0.1% compared to HK$302.1 million in 2023, with an overall occupancy rate of 83.5%[58]. - The overall occupancy rate of major investment properties was maintained at 83.5% as of 31 December 2024[187]. - Chong Hing Square generated gross rental revenue of approximately HK$59.7 million for the year ended 31 December 2024, an increase of approximately HK$3.1 million from approximately HK$56.6 million in 2023, with an occupancy rate of 96%[188]. - Chong Hing Bank Centre recorded rental revenue of approximately HK$77.9 million for the year ended 31 December 2024, a decrease of approximately HK$19.2 million from approximately HK$97.1 million in 2023[190]. - The Rockpool generated gross rental revenue of approximately HK$15.5 million for the year ended 31 December 2024, an increase of approximately HK$2.1 million from approximately HK$13.4 million in 2023, with an occupancy rate of 88%[196]. - Fairview Court recorded rental revenue of approximately HK$2.6 million for the year ended 31 December 2024, a decrease of approximately HK$0.5 million from HK$3.1 million in 2023, with an occupancy rate of 80%[199]. - Chong Hing Finance Center in Shanghai generated rental revenue of approximately HK$108.7 million for the year ended 31 December 2024, an increase of approximately HK$6.2 million from HK$102.5 million in 2023, with office space leased at approximately 75% and retail space at 83%[200]. Economic Outlook - The global economy grew by approximately 3.2% in 2024, driven by lower inflation and increased household spending[26]. - The U.S. economy expanded by 2.8% in 2024, with personal consumption advancing by 4.2%[28]. - The Bank of Japan estimated Japan's real GDP growth for fiscal 2024 at 0.5%[34]. - China announced a GDP growth of 5% for 2024, aligning with its official target, driven by strong exports and effective monetary and fiscal stimulus measures[38]. - The Chinese economy is expected to grow by 5% in 2025, with a focus on increasing domestic demand and technological innovations to counteract U.S. tariffs[63]. - The Hong Kong economy is forecasted to grow by 2%–3%, but faces uncertainties due to the U.S. tariff war potentially impacting exports and local consumption[64]. Corporate Governance - The Company intends to comply with the Corporate Governance Code, ensuring directors are subject to retirement by rotation at least once every three years[102]. - The Company has received annual confirmations of independence from all Independent Non-executive Directors[104]. - The Company has substantially complied with the Corporate Governance Code throughout the year ended 31 December 2024[150]. - The Audit Committee is satisfied with the Company's internal control procedures and financial reporting disclosures for the year ended 31 December 2024[144]. - No major internal control weaknesses were found, and all recommendations from auditors were implemented by management in 2024[162]. Strategic Focus - The Group continues to adapt its business model to ensure sustained growth and market resilience despite challenges[183]. - The Group's investment strategy will focus on absolute bargains in both domestic and international business arenas[67]. - The Group plans to adopt a cautious policy regarding acquisitions and disposals due to prevailing uncertainties in the market[67]. - The management is committed to reviewing operations to maintain a strong financial position[183].

Financial Performance - The company reported total revenue of HKD 933,029,000 for the year ending December 31, 2024, an increase from HKD 732,311,000 in the previous year, representing a growth of approximately 27.4%[3] - Customer contract revenue reached HKD 551,921,000, up from HKD 378,057,000, indicating a growth of about 46% year-over-year[3] - Rental income was HKD 302,363,000, slightly higher than HKD 302,062,000 from the previous year, showing a marginal increase of 0.1%[3] - The company incurred a net loss of HKD 840,358,000 for the year, compared to a loss of HKD 873,087,000 in the prior year, reflecting an improvement of approximately 3.7%[4] - Basic loss per share was HKD 2.21, compared to HKD 2.15 in the previous year, indicating a slight increase in loss per share[3] - The total comprehensive loss for the year was HKD 960,967,000, compared to HKD 938,044,000 in the previous year, showing a slight increase in total comprehensive loss[4] - Total revenue for the year ended December 31, 2024, was HKD 950.286 million, with a net loss before tax of HKD 865.654 million[20] - The financial performance was impacted by a net foreign exchange loss of HKD 30.467 million, further straining the financial results[20] - The group recorded a consolidated loss of approximately HKD 840.4 million for the year ending December 31, 2024, a decrease of about HKD 32.7 million compared to a loss of approximately HKD 873.1 million in 2023[42] Revenue Breakdown - The revenue breakdown includes property investment at HKD 304.444 million, property development at HKD 223.719 million, and hotel operations at HKD 205.817 million[20] - Total revenue for the year ended December 31, 2023, was HKD 732,311,000, with a significant contribution from property investment at HKD 307,022,000[23] - The hotel and dining business in Hong Kong generated total revenue of approximately HKD 83,700,000 for the year ending December 31, 2024, resulting in a net loss of approximately HKD 57,700,000 after accounting for depreciation[70] - For the fiscal year ending December 31, 2024, the hotel recorded total revenue of approximately HKD 121,400,000, an increase of about HKD 25,100,000 compared to HKD 96,300,000 in 2023, resulting in EBITDA of approximately HKD 47,800,000[74] Expenses and Costs - Direct costs amounted to HKD 437,430,000, down from HKD 874,804,000, which is a reduction of about 50%[3] - Administrative and operating expenses increased to HKD 381,822,000 from HKD 332,745,000, representing a rise of approximately 14.7%[3] - Operating expenses totaled HKD 828.258 million, leading to a significant loss in various segments, particularly in property investment with a loss of HKD 578.879 million[20] - The financial cost for the year was reported at HKD 138,495,000, impacting overall profitability[23] Assets and Liabilities - Total assets decreased from HKD 12,641,679 thousand in 2023 to HKD 13,029,458 thousand in 2024, reflecting a decline of approximately 3.1%[6] - Current assets increased from HKD 2,693,394 thousand in 2023 to HKD 3,578,557 thousand in 2024, representing a growth of about 32.8%[6] - Non-current liabilities rose from HKD 11,604,584 thousand in 2023 to HKD 10,537,614 thousand in 2024, indicating a decrease of approximately 9.2%[7] - Total equity increased from HKD 11,185,255 thousand in 2023 to HKD 10,124,989 thousand in 2024, showing a decline of about 9.5%[7] - The company's total liabilities decreased from HKD 2,356,035 thousand in 2023 to HKD 1,862,116 thousand in 2024, representing a decline of approximately 20.9%[7] Investment Properties and Rental Income - The fair value loss from investment properties amounted to HKD 718.148 million, indicating a challenging market environment[20] - The rental income from the Chuang Hing Bank Centre was approximately HKD 77.9 million for the year ending December 31, 2024, a decrease of about HKD 19.2 million from approximately HKD 97.1 million in 2023[52] - The rental income from the Shanghai Chuang Hing Financial Centre was approximately HKD 108.7 million for the year ending December 31, 2024, an increase of about HKD 6.2 million from approximately HKD 102.5 million in 2023[56] - The rental income from the Chuang Hing Plaza was approximately HKD 59.7 million for the year ending December 31, 2024, an increase of about HKD 3.1 million from approximately HKD 56.6 million in 2023[49] - The rental income from the Shek Tong Tsui was approximately HKD 15.5 million for the year ending December 31, 2024, an increase of about HKD 2.1 million from approximately HKD 13.4 million in 2023[53] - The rental income from the Fuhui Pavilion was approximately HKD 2.6 million for the year ending December 31, 2024, a decrease of about HKD 500,000 from approximately HKD 3.1 million in 2023[54] - The overall occupancy rate of the group's main investment properties was 83.5% as of December 31, 2024[48] Future Outlook and Strategic Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The management is confident that the rental income and occupancy rates for the Shanghai property will further improve by 2025, preparing for sustained growth and profitability in the coming years[57] - The management team expresses optimism about the gradual recovery of local consumption and overall business activity, driven by the revival of the retail and real estate markets, as well as a steady increase in Chinese tourists and investors[77] - The company plans to continue its focus on operational efficiency and market expansion[87] Shareholder Engagement and Reporting - The company will send the 2024 annual report, including the board report and financial statements, to shareholders on April 8, 2025[87] - The annual report will be available on the Hong Kong Stock Exchange's website and the company's website on the same date[87] - The company emphasizes the importance of transparency in its communications with shareholders[87] - The report will include details on corporate governance and shareholder meeting announcements[87] - The company aims to enhance shareholder engagement through timely disclosures[87] - The financial performance metrics will be disclosed in the upcoming report[87] - The company is committed to maintaining high standards of financial reporting[87] - The annual report will provide insights into the company's strategic direction and future outlook[87]

Financial Performance - For the six months ended June 30, 2024, the company reported a total revenue of HKD 363,686,000, a decrease of 2.4% compared to HKD 372,584,000 in the same period of 2023[6]. - The company incurred a loss before tax of HKD 439,061,000, compared to a loss of HKD 247,072,000 in the previous year, reflecting a significant increase in losses[6]. - The basic loss per share for the period was HKD 1.10, compared to HKD 0.61 in the same period last year, indicating a worsening financial performance[6]. - The company reported a total comprehensive loss of HKD 467,737,000 for the period, compared to HKD 369,518,000 in the same period last year[7]. - The group reported a net loss of approximately HKD 418.5 million for the six months ended June 30, 2024, an increase of about HKD 191.3 million compared to a loss of HKD 227.2 million in the same period last year, primarily due to fair value losses on investment properties[75]. Revenue Segments - Rental income increased to HKD 155,005,000, up 6.5% from HKD 145,745,000 in the previous year, showing growth in this segment[6]. - The revenue from property management for the six months ended June 30, 2024, was HKD 16,794,000, compared to HKD 14,034,000 in the previous year, reflecting a growth of 19.7%[20]. - The revenue from trade and manufacturing was HKD 43,637,000, an increase from HKD 36,030,000 in the previous year, marking a growth of 21.2%[20]. - Total gross rental income for the six months ended June 30, 2024, was approximately HKD 155 million, an increase of about HKD 9.3 million or 6.4% compared to approximately HKD 145.7 million in the same period last year[76]. - The hotel and dining business at the ONE-EIGHT-ONE hotel generated total revenue of approximately HKD 42,400,000 for the period ending June 30, 2024, an increase of about HKD 5,000,000 from HKD 37,400,000 in 2023[90]. Cash Flow and Financing Activities - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 84,290,000, an increase of 47.5% compared to HKD 57,181,000 for the same period in 2023[14]. - The company reported a net cash inflow from financing activities of HKD 881,277,000, significantly up from HKD 216,214,000 in the prior period, indicating a strong increase in borrowing[14]. - The company made new borrowings of HKD 1,297,000,000 during the period, compared to HKD 377,834,000 in the same period last year, indicating a substantial increase in financing activities[14]. - The company repaid bank loans of approximately HKD 261,421,000 during the period, compared to HKD 26,665,000 in the same period last year, showing a substantial increase in repayment activities[52]. Assets and Liabilities - Non-current assets decreased from HKD 12,304,320 thousand to HKD 11,774,826 thousand, a decline of approximately 4.3%[8]. - Current assets increased significantly from HKD 2,693,394 thousand to HKD 3,698,799 thousand, representing a growth of about 37.2%[8]. - Total liabilities rose from HKD 2,356,035 thousand to HKD 2,590,999 thousand, an increase of approximately 10%[8]. - The total equity attributable to shareholders decreased from HKD 11,566,790 thousand to HKD 11,037,706 thousand, a decline of approximately 4.6%[9]. - The company's borrowings due after one year increased significantly from HKD 628,783 thousand to HKD 1,432,834 thousand, an increase of about 128%[9]. Operational Efficiency and Cost Management - Direct costs decreased to HKD 126,828,000 from HKD 145,308,000, resulting in improved gross profit margins despite overall revenue decline[6]. - Operating expenses totaled HKD 80,765,000, reflecting the company's cost management efforts[29]. - The total operating expenses for the period were HKD 301,908,000, with significant contributions from property management and development sectors[32]. Future Outlook and Strategic Focus - The company continues to focus on expanding its rental income and managing operational costs to improve financial performance in the future[6]. - The company is focusing on expanding its property investment and development segments, with a new property investment classification in the UK[24]. - Future outlook includes potential market expansion and new product development strategies to enhance revenue streams[24]. - The management remains cautiously optimistic about the gradual recovery of the Hong Kong market despite ongoing economic challenges and high interest rates[94]. Dividend and Shareholder Information - The company declared an interim cash dividend of HKD 0.11 per share, with the ex-dividend date set for August 30, 2024[5]. - The group declared an interim cash dividend of HKD 0.11 per share for 2024, consistent with the previous year[73]. - The interim results announcement for 2024 will be sent to shareholders around August 30, 2024, and will be published on the Hong Kong Stock Exchange and the company's website[104].

Financial Performance - For the six months ending June 30, 2024, the company reported a loss of HKD 418,486,000 compared to a loss of HKD 227,166,000 for the same period in 2023, representing an increase in loss of approximately 84.3%[3] - Total revenue for the six months ending June 30, 2024, was HKD 170,533,000, a decrease from HKD 195,388,000 in the same period of 2023, reflecting a decline of about 12.7%[3] - The company's basic loss per share for the period was HKD (1.10), compared to HKD (0.61) in the previous year, indicating a worsening of performance[3] - The total comprehensive loss for the period was HKD 467,737,000, compared to HKD 369,518,000 in the prior year, marking an increase of approximately 26.6%[4] - The company experienced a pre-tax loss of HKD 439.061 million, indicating challenges in profitability during the reporting period[11] - The basic loss attributable to shareholders was HKD 416,720,000 for the current period, compared to HKD 229,444,000 for the same period last year[18] - The group reported an unaudited consolidated loss of approximately HKD 418.5 million for the period ending June 30, 2024, an increase of approximately HKD 191.3 million compared to a loss of HKD 227.2 million in the same period last year[26] Assets and Liabilities - Non-current assets decreased from HKD 12,304,320,000 as of December 31, 2023, to HKD 11,774,826,000 as of June 30, 2024, a reduction of about 4.3%[5] - Current assets increased from HKD 2,693,394,000 to HKD 3,698,799,000, representing a growth of approximately 37.2%[5] - The company's total liabilities increased from HKD 2,356,035,000 to HKD 2,590,999,000, reflecting an increase of about 10%[5] - The company's equity attributable to shareholders decreased from HKD 11,566,790,000 to HKD 11,037,706,000, a decline of approximately 4.6%[6] Revenue Streams - Total rental income for the group was approximately HKD 155 million, representing an increase of approximately HKD 9.3 million or 6.4% compared to HKD 145.7 million in the same period last year[26] - Customer revenue accounted for HKD 363.686 million, with a notable contribution from various operational segments[13] - Customer revenue reached HKD 145,745,000 for the current period, with significant contributions from various segments[14] - Total revenue for the hotel and dining business reached approximately HKD 42,400,000, an increase of about HKD 5,000,000 compared to HKD 37,400,000 in 2023[39] - Total revenue for the hotel in Thailand was approximately HKD 58,400,000, an increase of about HKD 10,800,000 from HKD 47,600,000 in 2023[41] Investment and Property Management - The company has identified a new property investment segment in the UK, which may enhance future revenue streams[10] - The company’s investment properties were valued at HKD 9,252,459,000 as of June 30, 2024, down from HKD 9,611,370,000 at the end of 2023, a decrease of about 3.7%[5] - The acquisition of Barratt House in London is viewed as a sound investment due to its strategic location and strong tenant mix[32] - The group acquired four logistics centers in Japan, two commercial buildings in Australia, and seven logistics centers in Italy, maintaining an average occupancy rate of about 93%[42] Operational Challenges - Fair value losses on financial assets amounted to HKD 334.301 million, reflecting market volatility and investment challenges[13] - The hotel recorded a net loss of approximately HKD 28,300,000 after accounting for depreciation of about HKD 30,500,000[39] - The economic hotel business in Guangzhou ceased operations on January 11, 2024, with revenue of approximately HKD 300,000 recorded until June 30, 2024[38] - The share of joint venture performance showed a loss of approximately HKD 47,100,000, down from a profit of about HKD 9,100,000 in 2023[42] Strategic Initiatives - The management is focused on strategic expansions and potential acquisitions to drive growth in the upcoming periods[10] - The management has launched a series of new initiatives to retain existing and new tenants in response to the oversupply in the office market[31] - The management remains cautiously optimistic about the gradual recovery of the Hong Kong market, supported by government economic stimulus measures[43] - The company aims to enhance operational efficiency and asset value to improve overall financial performance[43] Dividends and Shareholder Information - The interim dividend declared for the current period is HKD 0.11 per share, consistent with the previous year's interim dividend[19] - The company's mid-year financial report for 2024 will be sent to shareholders on August 30, 2024[49] Accounting and Reporting - The financial policies applied are consistent with those used in the previous annual financial statements, ensuring stability in reporting[8] - The company is adapting to new accounting standards effective from January 1, 2024, which may influence future financial disclosures[9] - The group’s total assets and liabilities were not disclosed as part of the segment reporting, focusing instead on operational performance[15] Miscellaneous - The board of directors includes six executive directors and four independent non-executive directors[50] - The group reported inter-company transactions amounting to HKD 2,117,000, indicating active internal trade[14] - Trade and other receivables totaled HKD 175,787,000, showing an increase from HKD 168,554,000 in the previous year[20] - The group reported a tax expense of HKD 4,896,000, slightly up from HKD 4,796,000 in the previous year[16]

Financial Performance - Profit attributable to owners of the Company for 2023 was a loss of HK$814,937, compared to a profit of HK$86,148 in 2022[7]. - Basic earnings per share for 2023 was HK$(2.15), a significant drop from HK$0.23 in 2022[7]. - Total net assets decreased to HK$11,604,584, a decline of 8.3% from the previous year[7]. - For the year ended December 31, 2023, the Group recorded a loss of HK$873.1 million, compared to a profit of approximately HK$88.8 million for the year ended December 31, 2022, primarily due to fair value losses on investment properties and impairment losses on properties under development and held for sale[71]. - The Group's investment properties experienced significant fair value losses, impacting overall profitability for the year[71]. - The accumulated profits available for distribution to shareholders as of December 31, 2023, amounted to HK$7,086,774,000, down from HK$7,521,841,000 in 2022[84]. Dividends - The dividend payout ratio for 2023 was (13%), indicating no dividends were paid compared to a payout of 165% in 2022[7]. - The Board of Directors proposed a final cash dividend of HK$0.17 per share, in addition to an interim cash dividend of HK$0.11 per share paid on September 15, 2023, totaling HK$0.28 per share for the fiscal year[71]. - An interim cash dividend of HK$0.11 per share was paid on September 15, 2023, with a recommended final cash dividend of HK$0.17 per share, totaling HK$0.28 for the year[81]. Market Conditions - China's GDP grew by 5.2% in 2023, reaching RMB126.06 trillion, while the real estate sector saw a decline of 9.6%[26]. - In the Foshan area, new property supply and transactions dropped by 66% and 21%, respectively[26]. - A-grade commercial properties in Shanghai experienced a 24% increase in supply, while net intake of office space decreased by 17%[26]. - The average rent for office space in Shanghai fell by 6% to RMB7.2 per square meter, with a vacancy rate of 20%[26]. - The vacancy rate for Grade A office space rose to 12.9% by December 2023, with overall rent down 5.3% compared to 2022[29]. - The Hong Kong mortgage rate increased from 1.5% in 2022 to 4.125% in 2023, leading to a 6.8% drop in average residential prices[29]. Property Performance - For the year ended December 31, 2023, the total rent received by the Group amounted to HK$302.1 million, a slight increase of 0.3% compared to 2022[31]. - The occupancy rate for major properties is 85%[31]. - In Foshan, 99% of residential units in The Grand Riviera have been sold, generating total sale proceeds of approximately HK$6 billion[31]. - The residential property project "Elegance Garden" has sold 30.8% of available units, generating approximately RMB33.4 million in sale proceeds[31]. - The income from One-Eight-One Hotel amounted to HK$77.1 million, a decrease of 6.2% compared to 2022[31]. - Revenue from Kimpton Kitalay Samui hotel increased by 104% to HK$96.3 million compared to 2022[31]. Strategic Acquisitions - The Group has acquired a 50% share of Cromwell Italy Urban Logistics Fund, holding seven logistic centers in Northern Italy[33]. - In April 2023, the Group acquired Barratt House in London, generating annual rental revenue of approximately GBP2.5 million[53]. - The Group also acquired a 50% stake in Cromwell Italy Urban Logistics Fund, holding a 25% effective interest in the properties[53]. Economic Outlook - Economic forecasts for 2024 predict a global growth rate similar to that of 2023, with the Euro area expected to grow by 0.9% and the UK by 0.6%[75]. - China's growth rate for 2024 is projected to be around 5%, with increased capital inflows as foreign investors recognize the resilience of the economy[75]. - The anticipated interest rate cut by the Federal Reserve in the second half of 2024 is expected to narrow the interest-rate differential between the US and China, reducing arbitrage opportunities for firms[75]. - The Hong Kong economy is forecasted to grow between 2.5% and 3.5% in 2024, supported by strong private consumption and property market investments[76]. Environmental Initiatives - The Group aims to reduce energy consumption by 3% in its Hong Kong properties by 2025, using 2021 as the baseline[94]. - The Group replaced pre-cooling air units in hotel buildings to enhance cooling efficiency and reduce energy consumption during the Reporting Period[94]. - The Group participated in Earth Hour 2023 by turning off non-essential lights and appliances for one hour, demonstrating support for energy conservation[96]. - The Group has introduced eco-friendly products, including biodegradable takeaway meal boxes and oxo-biodegradable paper cups, to minimize environmental impact[96]. - Water consumption decreased from 28,527.49 m³ in 2022 to 19,944.80 m³ in 2023, representing a reduction of approximately 30.3%[101]. - Water consumption per employee improved from 100.80 m³ in 2022 to 69.74 m³ in 2023, a decrease of about 30.8%[101]. Employee Management - The total employee turnover rate increased from 18% in 2022 to 36% in 2023, attributed to dynamic employment market conditions[111]. - During the reporting period, 57% of employees received training, with an average of 1.64 training hours per employee, down from 2.28 hours in 2022[114]. - The Group did not experience any work-related fatalities over the past three years, with work injury-related lost workdays decreasing from 386 days in 2022 to 31 days in 2023[116]. - The Group's employee retention strategy focuses on enhancing workplace satisfaction through competitive compensation and benefits, resulting in positive feedback from staff regarding workplace facilities[134]. - The Group's commitment to employee well-being includes participation in the "Good Mood @ Healthy Workplace" program, promoting mental health and a positive workplace culture[141]. Governance and Compliance - The Audit Committee met twice in the year, with a 100% attendance rate from all members, ensuring oversight of financial statements and internal controls[183]. - The Group is committed to effective risk management policies and internal control procedures to manage potential risks[189]. - The Audit Committee comprises four Independent Non-executive Directors, ensuring a robust review of financial statements and audit processes[198]. - No irregularities or major weaknesses in internal controls were found by the auditor during the 2023 Audit Committee meeting[189]. - The Group's operational manual and policies ensure adherence to quality standards, with department heads overseeing compliance through regular inspections[119].

Financial Performance - The company reported a total revenue of HKD 378,057,000 for the year ending December 31, 2023, compared to HKD 353,624,000 in 2022, representing an increase of approximately 6.9%[14] - The company experienced a net loss of HKD 873,087,000 for the year, compared to a net loss of HKD 715,240,000 in the previous year, indicating a deterioration in financial performance[14] - Basic loss per share was reported at HKD 2.15 for the year 2023, compared to HKD 0.23 in 2022[13] - The company reported a loss of HKD 873,087,000 for the fiscal year 2023, compared to a profit of HKD 88,799,000 in 2022[35] - Total comprehensive expenses for the year amounted to HKD 938,044,000, significantly higher than HKD 390,374,000 in the previous year, indicating an increase of approximately 140%[35] - The company’s share of losses from joint ventures was HKD 884,956,000, indicating a significant impact on overall financial performance[44] - The group recorded a comprehensive loss of approximately HKD 873,100,000 for the year ending December 31, 2023, a decrease of about HKD 961,900,000 compared to a profit of HKD 88,800,000 in 2022[82] Assets and Liabilities - Total assets decreased from HKD 14,307,738 thousand in 2022 to HKD 12,641,679 thousand in 2023, a decline of approximately 11.6%[17] - Current assets decreased from HKD 3,664,537 thousand in 2022 to HKD 2,693,394 thousand in 2023, representing a reduction of about 26.4%[17] - Cash and cash equivalents decreased from HKD 1,596,788 thousand in 2022 to HKD 1,156,972 thousand in 2023, a decrease of approximately 27.6%[17] - Non-current liabilities decreased from HKD 1,647,749 thousand in 2022 to HKD 1,037,095 thousand in 2023, a decline of approximately 37.1%[19] - Total equity attributable to shareholders decreased from HKD 12,599,373 thousand in 2022 to HKD 11,566,790 thousand in 2023, a decrease of about 8.2%[18] - The company’s borrowings due within one year increased significantly from HKD 992,230 thousand in 2022 to HKD 1,774,569 thousand in 2023, an increase of about 78.9%[17] Revenue Streams - Total revenue for the year was HKD 732,311,000, with significant contributions from property investment, development, management, and hotel operations[67] - The company’s customer revenue reached HKD 302,062,000 from property investment, with additional contributions from other segments[67] - The hotel business generated total revenue of approximately HKD 77,100,000, down by about HKD 5,100,000 from HKD 82,200,000 in 2022, resulting in EBITDA of approximately HKD 20,700,000[101] - The economic hotel segment's revenue increased from approximately HKD 6.4 million in 2022 to approximately HKD 11.8 million in 2023[133] - The hotel segment recorded total revenue of approximately HKD 96.3 million, an increase of approximately HKD 49.1 million compared to HKD 47.2 million in 2022, with EBITDA of approximately HKD 33.2 million[137] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.11 per share for 2023, down from HKD 0.18 per share in 2022, representing a reduction of approximately 38.9%[52] - The final dividend per share for the year ending December 31, 2023, is HKD 0.17, down from HKD 0.20 in 2022, totaling approximately HKD 64,359,000 compared to HKD 75,717,000 in the previous year[76] - The board proposed a final cash dividend of HKD 0.17 per share for the fiscal year ending December 31, 2023, down from HKD 0.20 in 2022, totaling HKD 0.28 per share for the year[105] - The company will suspend share transfer registration from May 29, 2024, to May 31, 2024, for shareholders to qualify for the final dividend[59] Operational Highlights - The company plans to hold its Annual General Meeting on May 23, 2024, to discuss future strategies and performance[10] - The company has a clear division of responsibilities between the Chairman and the CEO, with the current Chairman possessing extensive market experience[4] - The company is committed to transparency and has adhered to the standards for securities trading as per the listing rules[5] - The management team is focused on enhancing operational efficiency and asset value to improve overall financial performance[131] - The management remains optimistic about local consumption and overall business activity, driven by government economic stimulus policies and a resurgence in the retail and real estate markets[131] Property and Investment Developments - The company has identified a new property investment segment in the UK, which may contribute to future revenue streams[42] - The group completed the acquisition of Barratt House in London, generating rental income of approximately HKD 18,100,000 since the acquisition date, with a 100% occupancy rate[92] - The group acquired four warehouses in Japan, two office buildings in Australia, and seven logistics centers in Italy, leading to a turnaround from a loss of approximately HKD 24,100,000 in 2022 to a profit of approximately HKD 22,100,000 in 2023 from joint ventures[104] - The first phase of the residential development project, named Xuan Long Ya Yuan, officially launched sales in November 2023, with 37 units sold generating revenue of approximately RMB 33.4 million[124] - The company completed construction of a new residential project with a total developable area exceeding 142,000 square meters, providing 1,084 residential units[123] Market Conditions and Future Outlook - The company’s tax rate for its Chinese subsidiaries is 25%, which may affect future profitability and cash flow projections[49] - The overdue accounts receivable amounted to HKD 2,505,000, with no provisions for impairment due to the good credit history of customers[55] - The group observed a stable increase in occupancy rates in Shanghai, indicating growing demand for properties in that area[117] - Management remains confident in the long-term success and competitiveness of the group, despite facing challenges in the market[107] - The group plans to enhance its leasing strategy to attract new tenants and improve rental income in 2024[117]

Financial Performance - The group recorded sales revenue of approximately HKD 54,900,000 for the period ending June 30, 2023, an increase of approximately HKD 12,300,000 or 29% compared to HKD 42,600,000 in 2022[1]. - Total revenue for the six months ended June 30, 2023, was HKD 372,584,000, a slight decrease of 0.5% compared to HKD 376,776,000 in the same period of 2022[67]. - The company reported a net loss of HKD 229,444,000 for the six months ended June 30, 2023[60]. - The total comprehensive loss for the period was HKD 365,450,000[60]. - The company reported a loss before tax of HKD 247,072,000, compared to a profit of HKD 128,974,000 in the prior year[67]. - The net loss attributable to shareholders was HKD 229,444,000, compared to a profit of HKD 119,497,000 in the same period last year[67]. - Basic loss per share was HKD (0.61), compared to earnings of HKD 0.32 per share in the previous year[67]. - Total comprehensive loss for the period was HKD 369,518,000, significantly higher than HKD 137,623,000 in the prior year[68]. - The company’s total assets as of June 30, 2023, were HKD 12,158,207,000[60]. - The company’s total assets decreased to HKD 12,228,285,000 from HKD 12,168,109,000 year-over-year[70]. Revenue Breakdown - Total revenue from hotel and catering business was approximately HKD 37,400,000 for the period ending June 30, 2023, a decrease of approximately HKD 23,300,000 compared to HKD 60,700,000 in 2022[5]. - Revenue from the hotel operations segment increased to HKD 90,462,000, up 11.5% from HKD 80,804,000 year-over-year[85]. - Revenue from the sales of products rose to HKD 54,862,000, representing a 28.8% increase from HKD 42,580,000 in the previous year[85]. - Rental income decreased to HKD 145,745,000, down 7.1% from HKD 156,949,000 in the previous year[67]. - Interest and dividend income fell to HKD 31,451,000, a decrease of 20.9% from HKD 39,832,000[67]. - Revenue from trade and manufacturing amounted to HKD 44,088,000, while hotel operations generated HKD 80,804,000[186]. - The Hong Kong market contributed HKD 73,264,000 to total revenue, while China contributed HKD 89,830,000[175]. Operational Highlights - The overall construction project was completed by the end of 2022, with the sales center and demonstration units expected to be operational by August 2023[3]. - Market research and soft promotion activities have commenced, with the first public sale phase anticipated in late October 2023[3]. - The company aims to improve operational efficiency in its hotel management segment, which has shown strong revenue performance[186]. - The company plans to continue expanding its market presence and investing in new product development[85]. - Future outlook includes a focus on enhancing customer contracts and exploring new market opportunities in Asia[181]. Financial Position - As of June 30, 2023, the group had bank loans of approximately HKD 1,475,153,000, which need to be repaid due to covenant breaches, with ongoing negotiations for loan terms[33]. - The group has confidence in securing alternative financing sources to ensure the continuity of operations despite potential loan repayment demands[33]. - The company held cash and cash equivalents of HKD 381,535,000 as of June 30, 2023[60]. - The cash and cash equivalents at the end of the period were HKD 1,427,049,000, down from HKD 1,726,506,000 at the end of the previous period[95]. - Current liabilities increased to HKD 2,806,691,000, compared to HKD 1,524,908,000 in the previous year[70]. Shareholder Information - The interim cash dividend is HKD 0.11 per share, payable on August 10, 2023[51]. - The ex-dividend date is September 1, 2023, with the last deadline for submitting transfer documents on September 4, 2023[51]. - The total number of issued ordinary shares is 378,583,440[51]. - The annual general meeting was held on May 25, 2023, indicating ongoing shareholder engagement[65]. Tax and Provisions - The current period's tax expenses included HKD 2,832,000 for Hong Kong profits tax and HKD 1,964,000 for Chinese corporate income tax[199]. - The group has recognized a provision for Chinese land value-added tax, with specific liabilities depending on the tax bureau's assessment[200]. - The total tax expenses for the current period were HKD 4,796,000, compared to HKD 8,487,000 in the previous period[199]. - The group recorded a prior year excess tax provision of HKD (3,489,000) for Hong Kong profits tax[199]. Investment Activities - The group acquired investment properties worth approximately HKD 425,248,000 through the acquisition of subsidiaries[40]. - Investment property fair value changes resulted in a gain of HKD 89,948,000[193]. - The group reported a loss of HKD 495,000 from the sale of properties, plants, and equipment[193]. - The fair value changes of financial assets recognized in profit or loss amounted to HKD 1,030,000[193]. Cash Flow - The net cash generated from operating activities was HKD 57,181,000, compared to a net cash used of HKD 54,059,000 in the same period last year[95]. - The company incurred a net cash outflow from investing activities of HKD 439,967,000, compared to HKD 241,036,000 in the previous year[95]. - New borrowings amounted to HKD 377,834,000, while repayments of borrowings were HKD 28,648,000[95].

Financial Performance - The company reported a net loss of HKD 227.166 million for the six months ended June 30, 2023, compared to a net profit of HKD 119.339 million in the same period last year[16] - Total comprehensive expenses for the period amounted to HKD 369.518 million, with HKD 365.450 million allocated to the company's shareholders[9][11] - Revenue from customer contract rentals, interest, and dividend income was HKD 372.584 million, a slight decrease from HKD 376.776 million in the previous year[16] - The fair value loss on equity instruments recognized in other comprehensive income was HKD 6.959 million, compared to HKD 16.355 million in the prior period[5] - Exchange differences arising from the translation of foreign operations resulted in a loss of HKD 133.908 million, down from HKD 236.818 million in the previous year[7] - Total assets decreased to HKD 12.869 billion as of June 30, 2023, from HKD 14.308 billion at the end of the previous fiscal year[24] - Current liabilities rose to HKD 2.807 billion, compared to HKD 1.525 billion at the end of the previous fiscal year, primarily due to an increase in short-term borrowings[24] - The company's equity attributable to shareholders decreased to HKD 12.158 billion from HKD 12.599 billion at the end of the previous fiscal year[13] - Basic loss per share was HKD 0.61, compared to earnings per share of HKD 0.32 in the same period last year[16] - The company reported a net loss of HKD 27,382 thousand for the period, with a segment loss of HKD 197,391 thousand[49] - Investment property fair value loss amounted to HKD 235,929 thousand, significantly impacting the overall financial performance[49] - The company's basic loss per share was HKD 229,444 thousand, compared to a profit of HKD 119,497 thousand in the same period last year[70] - The group reported an unaudited consolidated loss of approximately HKD 227.2 million for the period ending June 30, 2023, a significant decline from a profit of HKD 119.3 million in the same period in 2022, primarily due to a shift from investment property fair value gains to losses[76] Revenue and Income - Total revenue for the six months ended June 30, 2023, was HKD 372,584 thousand, with customer revenue contributing HKD 145,745 thousand[49] - Gross rental income for the period ending June 30, 2023, was approximately HKD 145.7 million, a decrease of 7.1% compared to HKD 156.9 million in the same period in 2022[78] - The rental income from Chuangxing Plaza decreased by HKD 10.9 million to HKD 27.2 million, with an occupancy rate of 73% as of June 30, 2023[79] - Chuangxing Bank Centre generated rental income of approximately HKD 47.9 million, with a new lease agreement reducing monthly rent by 23.8% to HKD 6.08 million starting February 19, 2024[80] - The rental income from Shitangfang increased by HKD 2.7 million to HKD 6.2 million, with an occupancy rate of 67% as of June 30, 2023[83] - Fuhui Court generated rental income of approximately HKD 3.3 million, with a net rental income of HKD 1.7 million after rental offsets, and the property was fully leased as of June 30, 2023[84] - The company completed the acquisition of Barratt House, a commercial property in London, with a total area of 16,200 square feet, generating rental income of HKD 5,500,000 from the acquisition date to June 30, 2023, and achieving a 100% occupancy rate[87] - The company recorded sales revenue of HKD 54,900,000 for the period ending June 30, 2023, a 29% increase compared to HKD 42,600,000 in 2022, with 18 residential units and 49 parking spaces sold[97] - As of June 30, 2023, 99% of the 5,264 residential units (5,238 units) and 50% of the 4,670 parking spaces (2,331 spaces) were sold, generating cumulative sales revenue of approximately HKD 6 billion, with potential additional revenue of HKD 700 million from unsold properties[98] - Office rental income decreased by 14% to HKD 50.9 million in 2023 compared to HKD 59.1 million in 2022[109] - Budget hotel revenue increased from HKD 3.2 million in 2022 to HKD 5.5 million in 2023, driven by the full reopening of China's tourism industry[112] - Hotel and catering business total revenue decreased to HKD 37.4 million in 2023 from HKD 60.7 million in 2022, resulting in a net loss of HKD 32.1 million after depreciation[124] - Hotel total revenue reached HKD 47.7 million in 2023, with an EBITDA profit of HKD 15.2 million, exceeding budget expectations[126] - Joint venture performance increased from HKD 4.4 million in 2022 to HKD 9.1 million in 2023, driven by new property acquisitions and fair value gains[116] Investment Properties - The company's investment properties increased to HKD 9.582 billion, up from HKD 9.480 billion at the end of the previous fiscal year[24] - The overall occupancy rate of the company's major investment properties was maintained at 80% as of June 30, 2023[91] - The company's flagship property in Shanghai, located at 288 Nanjing West Road, offers over 516,000 square feet of office and commercial space with a 74% office occupancy rate and 100% retail unit occupancy rate as of the reporting date[93] - The company acquired a land plot in Foshan's Sanshui District for RMB 775,500,000 in 2019, with a total area of 33,670 square meters and a plot ratio of 3.2, offering 1,084 residential units and 874 parking spaces[100][102] - The company acquired four logistics centers in Japan and two commercial properties in Australia, with occupancy rates ranging from 94% to 100%[127] - In July 2023, the company invested in a new joint venture, acquiring 50% of Cromwell Italy Urban Logistics Fund, which holds seven logistics centers in Northern Italy[129] - The company provided a shareholder loan of EUR 7 million (approximately HKD 61.4 million) to the new joint venture, expecting additional benefits from portfolio expansion and geographic diversification[129] Dividends and Shareholder Information - The board declared an interim cash dividend of HKD 0.11 per share for 2023, down from HKD 0.18 per share in 2022[63] - The company declared an interim dividend of HKD 0.11 per share for 2023, compared to HKD 0.18 per share in 2022, representing a decrease of 38.9%[71] - The company's 2023 interim results report will be sent to shareholders and published on the company's website and the HKEXnews website around September 1, 2023[135] Tax and Financial Reporting - The company's tax expenses included HKD 2,832 thousand for Hong Kong profits tax and HKD 1,964 thousand for China enterprise income tax[68] - The company's deferred tax liability decreased by HKD 24,383 thousand, reflecting changes in tax provisions and estimates[68] - The company's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and the Hong Kong Companies Ordinance, with no qualifications or emphasis of matter noted by the independent auditor[26][27][28] - The company has adopted new and revised HKFRS, including HKFRS 17 (Insurance Contracts) and amendments to HKAS 1, HKAS 8, and HKAS 12, effective from January 1, 2023, with no significant impact on financial performance or disclosures[37] - The company's financial statements are prepared on a historical cost basis, with certain properties and financial instruments measured at fair value where applicable[35] - The company's Chinese subsidiaries are subject to a corporate income tax rate of 25% under the PRC Enterprise Income Tax Law[42] - The company has no potential ordinary shares, and therefore, diluted earnings per share are not reported[44] - The company's financial statements are presented in Hong Kong dollars (HKD), with comparative figures extracted from the consolidated financial statements for the year ended December 31, 2022[27] - The condensed consolidated financial statements for the six months ended June 30, 2023, were reviewed by the company's auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410[139] Operational and Strategic Updates - The company has identified a new geographical segment for property investment in the UK, which has been consolidated into the property investment segment[38] - The company's reportable segments under HKFRS 8 are: Property Investment, Property Development, Trade and Manufacturing, Property Management, and Hotel Operations[39][46] - The company's hotel business in Guangzhou continues to operate under the Hanting brand, with a new restaurant, "The Praya," opening on May 31, 2023, to enhance customer experience and loyalty[105][107] - The company invested in a hotel property in Koh Samui, Thailand, through the acquisition of Choengmon Real Estate Company Limited in 2021[108] - Management remains cautious about future investment opportunities while focusing on improving operational efficiency and asset value enhancement[130] - The company has substantially complied with the Corporate Governance Code as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with certain exceptions[131] - All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 of the Listing Rules[132] - The Audit Committee reviewed the accounting policies and standards adopted by the group, discussed audit, internal control, and financial reporting, including the review of unaudited interim financial reports[139] Liabilities and Payables - The company's trade payables as of June 30, 2023, were HKD 9,034 thousand, a decrease from HKD 9,599 thousand as of December 31, 2022[60] - The company's construction costs and retention guarantees decreased to HKD 80,943 thousand from HKD 136,570 thousand in the previous period[60] - The company's investment property deposits received increased to HKD 133,420 thousand from HKD 130,582 thousand in the previous period[60]

Financial Performance - Profit for the year attributable to owners of the Company was HK$86.148 million, down from HK$427.302 million in 2021, representing a decline of approximately 80%[6] - Basic earnings per share decreased to HK$0.23 in 2022 from HK$1.13 in 2021, reflecting a significant drop[6] - Dividend per share was HK$0.38 in 2022, down from HK$0.46 in 2021, with a dividend payout ratio of 165%[6] - For the year ended 31 December 2022, the Group recorded a profit of HK$88.8 million, representing a decrease of 79% compared to 2021[70] - The total rent received by the Group amounted to HK$301.1 million, a drop of HK$4.7 million or 1.5% compared to 2021, with an occupancy rate of 73%[70] - For the year ended December 31, 2022, the Group recorded sales revenue of approximately HK$82.8 million, a decrease of approximately HK$156.2 million from HK$239.0 million, representing a decrease of 65.4%[187] Assets and Liabilities - Total assets for 2022 were HK$15,832.646 million, a decrease from HK$16,183.872 million in 2021[6] - Total liabilities increased to HK$3,172.657 million in 2022 from HK$2,949.461 million in 2021[6] - The company reported a total net asset value of HK$12,659.989 million in 2022, a slight decrease from HK$13,234.411 million in 2021[6] - Shareholders' funds decreased from approximately HK$13,146.7 million as of December 31, 2021, to approximately HK$12,599.4 million as of December 31, 2022, representing a net decrease of approximately HK$547.3 million[172] - The Group's net debt balance as of December 31, 2022, amounted to approximately HK$574.3 million, a decrease of approximately HK$723.1 million from a net cash balance of approximately HK$148.8 million in 2021[172] Economic Environment - The global GDP growth for 2022 is projected to be between 3.2% and 3.4%, down from 6% in 2021[30] - Future outlook remains cautious, with expectations for gradual recovery in the economic environment[30] - The US GDP grew by 2% in 2022, with private consumption contributing only 33% to the economy compared to over 50% in 2021[35] - The EU GDP increased by 3.5% in 2022, despite inflation peaking at 10.6% in October[36] - The UK experienced a 4.0% annual GDP growth in 2022, but the economy shrank by 0.5% in December[38] - Japan's economy grew by 1.1% in 2022, down from 2.1% in 2021, with private consumption and business investment both increasing by around 2%[38] - Mainland China's GDP growth was 3% in 2022, with total GDP surpassing RMB120 trillion (US$18 trillion) for the first time[38] Market Trends - The information and technology sector in Mainland China saw a 9% increase, while the property market remained weak with declining investment and sales[39] - The residential property market saw mass residential values drop by 11% and luxury market values by 4%, while the overall office market vacancy rate increased from 9% to around 12%[40] - The hotel "One-Eight-One" will adopt a new business model by adding a neo-classical Chinese restaurant in Q2 2023, aiming to attract both hotel guests and new patrons[75] - The management expects the tourism industry in Thailand, including Koh Samui, to recover rapidly in 2023 as Covid-19 restrictions are lifted[195] Government and Policy Support - The Hong Kong government implemented a HK$10,000 per person Consumption Voucher Scheme, costing HK$66.4 billion, to support individuals[42] - The SME Financing Guarantee Scheme increased the loan ceiling from HK$6 million to HK$9 million, extending the repayment period from 8 to 10 years[42] - The Hong Kong government provided relief measures including a consumption voucher plan costing HKD 66.4 billion and increased loan limits for SMEs[69] Environmental, Social, and Governance (ESG) Initiatives - The Executive Committee conducted a materiality assessment to identify and prioritize ESG issues relevant to the business, aiding in the formulation of long-term ESG strategies[103] - The Group emphasizes the importance of stakeholder feedback in shaping its ESG strategies and operational policies[105] - The company has implemented various environmental protection measures to control energy consumption and carbon emissions amid rising temperatures[152] - The company encourages green products in its procurement process, favoring suppliers with environmentally sound practices and compliance with local laws[135] Operational Efficiency and Future Plans - The management is focused on improving overall financial performance through operational efficiency and asset enhancement while cautiously seeking other investment opportunities[165] - The management expects cash balances to improve steadily through the sale of remaining residential and carpark units of "The Grand Riviera" and revenue from the Sanshui residential project[172] - The management plans to refinance the loan maturity portfolio in the coming year to further reduce liquidity risk[173] Investment and Development - The Group made two overseas investments in 2022, acquiring an office building in Australia and a warehouse in Hokkaido, Japan, with effective holdings of 12.5% and 50% respectively[45] - The Group acquired land in Sanshui District for RMB775.5 million, with a site area of approximately 33,670 square meters and an accommodation value of RMB7,198 per square meter[190] - The residential development, named Elegance Garden, will consist of 1,084 units with a total developable area exceeding 142,000 square meters[190]

Sales Performance - As of December 31, 2022, a total of 5,225 out of 5,264 residential units (99%) and 2,234 out of 4,670 parking spaces (48%) were successfully sold, generating total sales revenue of approximately HKD 6 billion[9]. - The management anticipates an additional total sales revenue of approximately HKD 800 million from unsold properties, including residential units, parking spaces, and retail shops[9]. - The group recorded sales revenue of approximately HKD 82.8 million for the fiscal year ending December 31, 2022, a significant decrease of approximately HKD 156.2 million or 65.4% compared to approximately HKD 239 million in 2021, with the number of residential units sold dropping from 63 to 20[52]. - The company plans to adjust its sales strategy and timeline due to the slow recovery of the Chinese real estate market, with marketing promotions set to begin in June 2023[31]. Financial Performance - For the fiscal year ending December 31, 2022, the hotel and restaurant business generated total revenue of approximately HKD 99.3 million, a decrease of about HKD 5.2 million compared to HKD 104.5 million in 2021, resulting in a net loss of approximately HKD 35.6 million after accounting for depreciation of about HKD 58.1 million[34]. - The company reported a net profit of HKD 88,799,000 for the fiscal year ending December 31, 2022, compared to HKD 420,646,000 in the previous year, reflecting a decline of about 79%[67]. - Basic earnings per share dropped to HKD 0.23 in 2022 from HKD 1.13 in 2021, indicating a significant decrease in profitability[67]. - The total revenue for the year ended December 31, 2022, was HKD 715,240,000, a decrease from HKD 736,791,000 in 2021, representing a decline of approximately 2.1%[77]. - The net profit for the year was HKD 88,799,000, down from HKD 420,646,000 in 2021, reflecting a decrease of approximately 78.9%[81]. - Other comprehensive income for the year was HKD (390,374,000), a significant decline from HKD 731,819,000 in the previous year[81]. - The company's total assets as of December 31, 2022, were HKD 12,659,989,000, down from HKD 13,234,411,000 in 2021, representing a decrease of approximately 4.3%[83]. - The company's total liabilities decreased to HKD 1,647,749,000 from HKD 1,727,946,000 in the previous year, a reduction of about 4.6%[83]. - The company's equity attributable to shareholders was HKD 12,599,373,000, down from HKD 13,146,704,000 in 2021, indicating a decrease of approximately 4.2%[83]. Investment Activities - The group has acquired four warehouses in Japan and two office buildings in Australia, maintaining stable rental income with occupancy rates between 94% and 100%[18]. - The group acquired a 50% stake in a real estate investment trust in April 2022, investing in two prime office buildings in Sydney, indirectly holding a 12.5% interest in the properties[37]. - A logistics center in Hokkaido was purchased in August 2022 without additional capital injection, featuring a total rental area of 210,280 square feet and an occupancy rate close to 100%[38]. - The company acquired all issued shares of Choengmon Real Estate Company Limited in Thailand, investing in hotel properties on Koh Samui[64]. Operational Efficiency - The management will continue to focus on existing businesses, improving operational efficiency and asset value to enhance overall financial performance while cautiously seeking other investment opportunities[20]. - The group’s profit before tax was HKD 188,005,000, reflecting the operational efficiency and cost management strategies implemented during the year[114]. - The operating expenses for the year were HKD (258,094,000), compared to HKD (579,645,000) in the previous year, indicating a significant reduction in costs[77]. Market Conditions - The hotel segment in Thailand recorded total revenue of approximately HKD 47.2 million with an operating gross profit of approximately HKD 10.1 million, and management expects the tourism sector in Thailand, including Koh Samui, to recover rapidly in 2023[36]. - The management expresses confidence in the gradual recovery of local consumption and overall business activities in Hong Kong following the removal of quarantine restrictions and government support measures[39]. - The economic hotel revenue decreased from approximately HKD 9,100,000 in 2021 to about HKD 6,400,000 in 2022, attributed to the slowdown of the Chinese economy[54]. Tax and Compliance - The company recognizes that the implementation of a dual-tier profits tax system does not significantly impact the consolidated financial statements, with Hong Kong's profits tax calculated at 16.5%[48]. - The group’s tax expenses included HKD 9,165,000 for Hong Kong profits tax and HKD 28,246,000 for China corporate income tax, totaling HKD 37,411,000[167]. - The company adhered to the corporate governance code, with some exceptions noted in the report[65]. Dividend and Shareholder Returns - The group declared a final dividend of HKD 0.20 per share, totaling approximately HKD 75,717,000, which is lower than the HKD 106,003,000 declared in the previous year[171]. - The basic earnings per share for the year were HKD 0.20, down from HKD 0.28 in the previous year, indicating a decrease of approximately 29%[171][169]. - The group declared a final dividend of HKD 0.28 per share for the year, compared to HKD 0.25 per share in the previous year[194].