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].

Financial Performance - For the six months ended June 30, 2022, the total revenue was HK$376,776,000, a decrease of 3.0% from HK$389,816,000 in the same period of 2021[5] - The net profit for the period was HK$119,339,000, down 49.8% from HK$237,341,000 in the previous year[6] - Basic earnings per share decreased to HK$0.32, down from HK$0.61, reflecting a decline of 47.7%[5] - The total comprehensive income for the period was a loss of HK$137,623,000, compared to a gain of HK$457,827,000 in the same period last year[6] - The company's profit for the six months ended June 30, 2022, was HKD 119,497,000, a decrease from HKD 232,673,000 for the same period in 2021, representing a decline of approximately 48.7%[38] - The total comprehensive income for the period was HKD 27,395,000, significantly lower than HKD 138,617,000 in the previous year[33] Revenue Breakdown - Rental income increased to HK$156,949,000, up 5.0% from HK$149,023,000 year-on-year[5] - Revenue from hotel operations increased significantly to HKD 80,804,000, up 74.7% from HKD 46,205,000 in the previous year[18] - The company reported a decrease in sales from the retail segment to HKD 42,580,000, down 62.5% from HKD 113,460,000 in the previous year[18] - Revenue from property management was HKD 12,523,000, showcasing the company's diversified income streams[20] - The revenue from trade and manufacturing was HKD 44,088,000, contributing to the overall financial performance[20] Expenses and Costs - Administrative and operating expenses rose to HK$131,700,000, an increase of 15.7% from HK$113,844,000[5] - Total operating expenses for the period were HKD 260,175,000, highlighting the company's cost management efforts[26] - The company incurred employee costs of HKD 71,613,000 for the current period, up from HKD 67,920,000 in the previous year, reflecting an increase of approximately 3.5%[37] - Depreciation of property, plant, and equipment increased to HKD 50,660,000 from HKD 35,774,000, indicating a rise of approximately 41.6%[37] Assets and Liabilities - Non-current assets as of June 30, 2022, totaled HKD 12,318,376, an increase from HKD 12,201,944 as of December 31, 2021, representing a growth of approximately 0.96%[7] - Current assets amounted to HKD 3,816,848 as of June 30, 2022, down from HKD 3,981,928 as of December 31, 2021, indicating a decrease of about 4.15%[7] - Current liabilities increased to HKD 1,456,439 as of June 30, 2022, compared to HKD 1,221,515 as of December 31, 2021, reflecting an increase of approximately 19.25%[7] - The net current assets decreased to HKD 2,360,409 as of June 30, 2022, from HKD 2,760,413 as of December 31, 2021, a decline of about 14.48%[7] - Total non-current liabilities were HKD 1,688,000 as of June 30, 2022, slightly down from HKD 1,727,946 as of December 31, 2021, showing a decrease of approximately 2.30%[8] Dividends and Shareholder Information - The company declared an interim cash dividend of HK$0.18 per share, payable on September 19, 2022[4] - Major shareholder Liao Group Limited holds 132,326,710 shares, representing 34.95% of the issued share capital[88] - Major shareholder Aibo Group Limited owns 77,834,290 shares, accounting for 20.56% of the issued share capital[88] - The interim dividend declared for the current period is HKD 0.18 per share, consistent with the previous year's interim dividend[39] Investment and Financing Activities - The company reported a significant loss in fair value of financial instruments amounting to HK$16,355,000, compared to a gain of HK$190,369,000 in the previous year[6] - The company obtained bank loans of approximately HKD 376,000,000 during the period, compared to HKD 160,000,000 as of June 30, 2021[12] - The company has committed to provide loans to joint ventures amounting to HKD 279,131,000 during the period[49] Market and Operational Insights - The company is focusing on expanding its hotel operations, particularly in Thailand, as part of its growth strategy[24] - The overall occupancy rate of the group's main investment properties was maintained at 85.2% as of June 30, 2022[65] - The hotel project in Thailand recorded total revenue of HKD 16.9 million for the period ending June 30, 2022, with measures in place to improve occupancy rates and dining business[81] Compliance and Governance - The board of directors confirmed compliance with the corporate governance code during the review period[91] - The company’s interim financial report for the six months ending June 30, 2022, was reviewed by Deloitte, confirming adherence to accounting standards[96]

Financial Performance - Total assets increased from HK$14.53 billion in 2017 to HK$16.18 billion in 2021, representing an increase of approximately 11.3%[6] - Profit for the year attributable to owners of the Company decreased from HK$744.89 million in 2017 to HK$427.30 million in 2021, a decline of about 42.6%[6] - Basic earnings per share fell from HK$1.97 in 2017 to HK$1.13 in 2021, a decrease of approximately 42.5%[6] - Total liabilities rose from HK$2.70 billion in 2017 to HK$2.95 billion in 2021, an increase of about 9.4%[6] - Dividend per share decreased from HK$0.60 in 2017 to HK$0.28 in 2021, a reduction of approximately 53.3%[6] - The dividend payout ratio was 30% in 2017 and dropped to 25% in 2021, indicating a more conservative approach to dividend distribution[6] - Total net assets increased from HK$11.84 billion in 2017 to HK$13.23 billion in 2021, reflecting a growth of approximately 11.7%[6] - For the year ended December 31, 2021, the consolidated profits of the Company amounted to approximately HK$420.6 million, representing an increase of 142% compared to HK$173.5 million in 2020[78] - Revenue for 2021 was HK$835,165,000, an 8% increase from HK$771,622,000 in 2020[76] - Profit attributable to owners of the Company for 2021 was HK$427,302,000, a significant increase of 163% from HK$162,560,000 in 2020[76] - Basic earnings per share for 2021 rose to HK$1.13, up 163% from HK$0.43 in 2020[76] - The dividend payout ratio for 2021 was 41%, a decrease of 52% from 93% in 2020[76] Market and Economic Overview - In 2021, the global economy grew by 5.5%, with the strongest growth seen in developed countries due to vaccine availability and policy support[16] - The US economy advanced by 5.7% in 2021, supported by approximately $6 trillion in government stimulus and loose monetary policy[19] - China led significant economies with a GDP growth of 8.1% in 2021, driven by strong exports which grew by 30%[20] - The Euro Zone and the UK reported GDP growth of 5% and 7% respectively, bolstered by improvements in the labor market and private consumption[19] - The MSCI Emerging Market Index dropped by approximately 5% in 2021, contrasting with gains in developed markets[16] - The Stoxx Europe 600 index gained 22%, while the Topix index rose by 10% in 2021[16] - The US dollar had its best year since 2015, except against the Renminbi, amidst rising inflation and monetary tightening prospects[16] - The unemployment rate in Australia ended the year at 4.2%, with an annual GDP growth of 5% despite a contraction due to the Delta variant outbreak[19] - The emergence of the Omicron variant in Q4 2021 dampened economic growth in both the Euro Zone and the UK[19] Property Market Insights - The residential floor area sold in 50 key cities in China saw a 40% increase in the first half of 2021, followed by a 20% decrease in the second half, marking the smallest transaction volume since 2015[20] - The Hong Kong residential market saw a 4.4% increase in mass residential property values and a 7.2% increase in luxury property values by the end of 2021[22] - The Grand Riviera project in Foshan achieved sales of 99%, 100%, 100%, and 94% for phases 1, 2, 3, and 4 respectively, with total sale proceeds reaching approximately HK$6 billion by the end of 2021[22] - The residential project "Elegance Garden" in Foshan has a total buildable area of 142,908.8 sq.m. and is scheduled for completion in October 2022[23] - The Group recorded sales revenue of approximately HK$239 million, selling 63 residential units and 363 carpark spaces[91] - As of December 31, 2021, a total of 5,211 residential units (99% of total 5,264 units) and 2,045 carpark units (44% of total 4,670 units) were sold, generating accumulated sales proceeds of approximately HK$6 billion[91] Investment and Strategic Initiatives - The company aims to enhance its market position by promoting high-quality projects and leveraging its central location in Hong Kong[3] - The company is focused on expanding its market presence and exploring new strategic initiatives to enhance shareholder value[1] - The Group completed the investment in Kimpton Kitalay Samui, a five-star hotel in Thailand, with a total buildable area over 22,098 sq.m.[23] - The Group has a healthy cash flow and a strong balance sheet with a net cash position, allowing it to time the sales of residential units to maximize profit[26] - The Group is committed to seeking local and overseas investments that meet high prudential requirements while ensuring worthwhile returns[26] - The Group's financial strength allows it to continue pursuing strategic projects despite economic uncertainties[26] Corporate Governance and Compliance - The company intends to comply with the Corporate Governance Code, ensuring directors are subject to retirement at least once every three years[32] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the review period[35] - The company has substantially complied with the Corporate Governance Code as set out in Appendix 14 of Listing Rules for the financial year ended 31 December 2021[116] - The Board comprises three Executive Directors, one Non-executive Director, and five Independent Non-executive Directors, meeting the requirement that at least one-third of the Board should be Independent Non-executive Directors[118] - The Independent Non-executive Directors are involved in the Audit Committee, Remuneration Committee, and Nomination Committee, ensuring effective and independent Board operations[120] - The Company Secretary is responsible for taking minutes of Board meetings, which are circulated for comments and finalized for records[128] Environmental, Social, and Governance (ESG) Initiatives - Key material ESG issues identified include waste management, health and safety, use of resources, emissions, development and training, and supply chain management[177] - The Group is committed to integrating effective environmental, social, and governance initiatives into its daily operations[176] - The Group signed the Energy-Saving Charter 2021, aiming to maintain an average indoor temperature between 24 and 26°C during summer and encouraging energy-saving practices among staff and tenants[181] - The Group's Chong Hing Finance Center in Shanghai has been awarded LEED gold certification, demonstrating its commitment to environmental sustainability[181] - The Group aims to minimize pollution and waste in daily operations while aligning with best practices for sustainable buildings[178] - The Group emphasizes the "Reduce, Reuse, Recycle" principle as a core concept in its environmental protection efforts[178] Shareholder Engagement - The Company is committed to maintaining a policy of open and timely disclosure of relevant information to shareholders, subject to applicable legal requirements[158] - Communication with shareholders is conducted through annual and interim reports, press releases, and disclosures to the Stock Exchange[158] - The Board encourages shareholder participation in general meetings and supports the appointment of proxies for those unable to attend[160] - The Company arranges for the annual report and financial statements to be posted to shareholders at least 21 days prior to the annual general meeting[159] - Shareholders holding at least 5% of total voting rights can request to convene a general meeting[167]

Financial Performance - For the six months ended June 30, 2021, the company reported a profit of HKD 237,341,000, a significant increase from HKD 21,231,000 in the same period of 2020, representing a growth of approximately 1,020%[44] - The company achieved a basic earnings per share of HKD 0.61, compared to HKD 0.05 in the previous year, marking a substantial increase[44] - Other comprehensive income for the period was HKD 220,486,000, a turnaround from a loss of HKD 163,866,000 in the prior year[45] - The total comprehensive income for the period amounted to HKD 457,827,000, compared to a loss of HKD 142,635,000 in the same period last year[45] - The company reported a net profit before tax of HKD 260,219,000, reflecting strong operational performance[73] - The company's profit for the six months ended June 30, 2021, was HKD 232,673,000, compared to HKD 17,375,000 for the same period in 2020[87] Revenue and Income Sources - Revenue from customer contracts was HKD 214,709,000, up from HKD 197,370,000 in 2020, indicating an increase of about 8%[44] - Total revenue for the six months ended June 30, 2021, was HKD 389,816,000, slightly up from HKD 389,148,000 in the same period of 2020, indicating a marginal increase of 0.17%[60] - Revenue from property sales was HKD 113,460,000, down from HKD 141,769,000 in the previous year, reflecting a decrease of approximately 20%[60] - The company’s hotel operations revenue increased to HKD 46,205,000 from HKD 13,509,000, marking a growth of approximately 242%[60] - Customer revenue amounted to HKD 149,023,000, with inter-group transactions contributing HKD 3,338,000[72] - Total revenue for the company reached HKD 389,816,000, with a significant contribution from property investment at HKD 206,490,000[71] Expenses and Costs - Direct costs decreased to HKD 154,343,000 from HKD 163,858,000, showing a reduction of approximately 5.5%[44] - Administrative and operating expenses increased slightly to HKD 113,844,000 from HKD 109,020,000, reflecting a rise of about 4.5%[44] - Financial costs significantly decreased to HKD 11,695,000 from HKD 26,359,000, indicating a reduction of approximately 55.6%[44] - Operating expenses totaled HKD 262,920,000, with a notable portion attributed to property management and development[73] Assets and Liabilities - Non-current assets increased to HKD 11,816,178 thousand as of June 30, 2021, compared to HKD 11,274,672 thousand as of December 31, 2020, reflecting a growth of 4.8%[46] - Current assets rose to HKD 3,694,253 thousand, up from HKD 3,664,878 thousand, indicating a slight increase of 0.8%[46] - Total liabilities increased to HKD 13,028,565 thousand as of June 30, 2021, compared to HKD 12,665,383 thousand as of December 31, 2020, representing a growth of 2.9%[47] - The company's equity attributable to shareholders increased to HKD 12,933,632 thousand from HKD 12,577,667 thousand, showing a growth of 2.8%[47] - The company's borrowings due within one year rose to HKD 606,632 thousand from HKD 480,469 thousand, an increase of 26.4%[46] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 118,363,000, a significant increase from HKD 25,499,000 in the same period of 2020, representing a growth of approximately 364%[53] - The company reported a net cash outflow from investing activities of HKD 220,781,000 for the six months ended June 30, 2021, compared to HKD 67,095,000 in the same period of 2020, indicating a significant increase in investment expenditures[53] - New borrowings amounted to HKD 160,000,000, while repayments of borrowings were HKD 34,244,000, resulting in a net cash inflow from financing activities of HKD 18,321,000[53] Dividends and Shareholder Information - The company plans to pay an interim cash dividend of HKD 0.18 per share on September 10, 2021[43] - The total dividend declared for the current period was HKD 94,645,000, with a dividend of HKD 0.25 per share for the year-end 2020, down from HKD 0.38 per share in 2019[89] - Major shareholders include 廖氏集團有限公司 with 132,326,710 shares (34.95%) and 婴贸集團有限公司 with 73,920,290 shares (19.52%) as of June 30, 2021[137] Future Outlook and Strategic Plans - The company plans to continue expanding its investment activities, particularly in property development and management sectors, to enhance revenue streams[60] - The company plans to expand its market presence, focusing on property management and financial investments[69] - Future outlook includes continued investment in new technologies and market expansion strategies to enhance competitive advantage[68] Compliance and Governance - The company has maintained compliance with the corporate governance code, except for the dual role of the Chairman and CEO, which the board believes is in the best interest of the company[141] - The audit committee reviewed the accounting policies and discussed audit, internal controls, and financial reporting, including the unaudited interim financial report[145] - The unaudited interim financial statements for the six months ending June 30, 2021, were reviewed by the company's auditor, Deloitte, and an unmodified review report was issued[145]

Financial Performance - Profit for the year attributable to owners of the Company decreased significantly from HK$1.01 billion in 2018 to HK$162.56 million in 2020, a decline of 84%[5] - Basic earnings per share dropped from HK$2.68 in 2018 to HK$0.43 in 2020, a decrease of 84%[5] - For the year ended December 31, 2020, the Group recorded a profit of HK$173.5 million, representing a decrease of 61% compared to 2019[22] - Revenue for 2020 was HK$771,622,000, down 40% from HK$1,276,508,000 in 2019[85] - Profit for the year attributable to owners of the Company was HK$162,560,000, down 62% from HK$429,984,000 in 2019[85] Dividend and Payout - Dividend per share was reduced from HK$0.70 in 2018 to HK$0.25 in 2020, a decrease of 64.3%[5] - The total dividend per share decreased by 33% to HK$0.40 from HK$0.60 in 2019[85] - The dividend payout ratio increased to 93% from 53% in the previous year[85] - The Group proposed a final cash dividend of HK$0.25 per share, totaling HK$0.40 per share for the year 2020[22] Assets and Liabilities - Total assets increased from HK$13.72 billion in 2016 to HK$14.94 billion in 2020, representing a growth of 8.9%[5] - Total liabilities decreased from HK$2.80 billion in 2016 to HK$2.27 billion in 2020, a reduction of 18.5%[5] - Total net assets rose from HK$10.92 billion in 2016 to HK$12.67 billion in 2020, an increase of 15.9%[5] Market and Economic Conditions - In 2020, the US economy contracted by 3.5% and employment levels decreased by 3% compared to 2019[1] - The EU and UK economies contracted by approximately 7% and 9% respectively, with a severe recession in Q2 followed by a rebound in Q3[1] - The Hong Kong economy contracted by more than 6% in 2020, with an unemployment rate of 6.6% in Q4, the worst in 16 years[18] - Mainland China was the only major economy to achieve positive growth of 2.3% in 2020, with quarterly growth rates of 3.2%, 4.9%, and 6.5% in Q2, Q3, and Q4 respectively[14] Property Development and Sales - The Group's property development project in Foshan, The Grand Riviera, achieved sales of 99%, 100%, and 100% for residential units of Phase 1, 2, and 3 respectively, with total sale proceeds of HK$5.9 billion by the end of 2020[24] - For the year ended December 31, 2020, the Group recorded sales revenue of approximately HK$226.0 million, with 72 residential units and 328 carpark units sold[101] - As of December 31, 2020, a total of 5,171 residential units out of 5,264 units (representing 98%) and 1,651 carpark units out of 4,670 units (representing 35%) were successfully sold, fetching accumulated sale proceeds of approximately HK$5.9 billion[101] Corporate Governance - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors throughout the review period[46] - All directors have confirmed their independence as per the Listing Rules[46] - The company intends to comply with the Corporate Governance Code regarding director re-election[46] - The Audit Committee is satisfied with the company's internal control procedures and financial reporting disclosures[76] Environmental Sustainability - The Group signed the "Energy Saving Charter 2020," promoting energy efficiency and aiming to reduce carbon emissions in Hong Kong[192] - The Chong Hing Finance Centre in Shanghai received LEED gold certification in June 2020, demonstrating the Group's commitment to sustainable building practices[192] - The Group's operations at Chong Hing Bank Centre, Chong Hing Square, and Fairview Court adhered to ISO 14001:2015 standards for environmental management[194] - The Group focused on integrating environmental considerations into business operations, including minimizing pollution and reducing waste[192] Employment and Staff Costs - The Group employed 472 staff as of December 31, 2020, with total employee costs of approximately HK$133.2 million, down from HK$144.0 million in the previous year[126] - The Group's remuneration policy links total rewards, including basic salary and bonuses, to employee performance, ensuring competitive pay levels in the market[126] Risk Management - The Group is committed to implementing effective risk management policies and internal control procedures to identify and manage potential risks[159] - The Audit Committee monitored the external auditors' independence and reviewed the internal control system of the Company[79] - The Group utilizes derivative instruments for hedging purposes to manage interest rate and foreign exchange exposures[119] Shareholder Communication - The Company emphasizes the importance of regular communication with shareholders to ensure informed assessments of its strategy, operations, and financial performance[174] - The Company maintains a website to promote effective communication, where announcements, financial information, and corporate governance practices are posted[181] - The Company encourages shareholders to participate in the annual general meeting and allows for proxy voting[180]

Financial Performance - Total revenue for the six months ended June 30, 2020, was HKD 197,370,000, a decrease of 67.4% compared to HKD 604,790,000 in the same period of 2019[8] - Profit before tax for the period was HKD 40,660,000, a significant decline of 89.7% from HKD 392,948,000 in the previous year[8] - Net profit for the six months was HKD 21,231,000, down 93.1% from HKD 310,382,000 in the same period last year[9] - Basic earnings per share decreased to HKD 0.05, compared to HKD 0.79 in the previous year, reflecting a decline of 93.7%[8] - The company reported a total comprehensive loss of HKD 142,635,000 for the period, compared to a comprehensive income of HKD 292,904,000 in the previous year[9] - The group recorded sales revenue of approximately HKD 143.9 million for the period ended June 30, 2020, with 55 residential units and 164 parking spaces sold[77] - The group's unaudited consolidated profit for the six months ended June 30, 2020, was approximately HKD 21,200,000, a decrease of about HKD 289,200,000 compared to HKD 310,400,000 for the same period in 2019[69] Revenue Breakdown - Total revenue for the six months ended June 30, 2020, was HKD 389,148,000, a decrease of 52.6% compared to HKD 821,023,000 for the same period in 2019[18] - Revenue from property development was HKD 141,769,000, down 49.6% from HKD 281,211,000 in the previous year[18] - Revenue from interior decoration services dropped significantly to HKD 2,170,000 from HKD 270,802,000, reflecting a decline of 99.2%[18] - Revenue from hotel operations increased to HKD 13,509,000, up 90.5% from HKD 7,077,000 in the previous year[18] - Revenue from property investment was HKD 156,620,000, down 9.7% from HKD 173,424,000[18] - Customer revenue accounted for HKD 156,620,000, up from HKD 143,939,000, indicating an increase of about 8.8% year-on-year[26] Expenses and Costs - Direct costs for the period were HKD 389,148,000, down from HKD 821,023,000, indicating a reduction of 52.7%[8] - Operating expenses decreased to HKD (65,621,000) from HKD (79,557,000), reflecting a reduction of approximately 17.5%[26] - Employee costs, including director remuneration, increased to HKD 69,526,000 from HKD 62,658,000, reflecting a rise of about 13.9% year-on-year[37] - The financial costs incurred were HKD (17,739,000), which is a slight increase from HKD (17,739,000) in the previous period[28] Assets and Liabilities - As of June 30, 2020, non-current assets totaled HKD 10,914,425, a decrease of 1.83% from HKD 11,118,790 as of December 31, 2019[10] - Current assets amounted to HKD 3,558,559, down 5.53% from HKD 3,766,254 at the end of 2019[10] - Total liabilities decreased to HKD 12,170,323 from HKD 12,470,220, reflecting a reduction of 2.41%[11] - The total equity attributable to shareholders decreased to HKD 12,108,525 from HKD 12,394,035, a decline of 2.31%[11] - The company’s borrowings due within one year were HKD 474,591, slightly down from HKD 491,350 at the end of 2019[11] Cash Flow - The net cash generated from operating activities was HKD 25,499, a significant improvement compared to a cash outflow of HKD 605,902 in the same period of 2019[14] - The company reported a net cash outflow of HKD 166,884 for the six months ended June 30, 2020, compared to HKD 772,682 in the same period of 2019[14] - The company’s bank deposits and cash at the end of the period were HKD 1,864,136, an increase from HKD 1,590,100 at the end of 2019[14] Dividends - The company declared an interim cash dividend of HKD 0.15 per share, with the ex-dividend date set for August 28, 2020[7] - The company declared an interim dividend of HKD 0.15 per share for 2020, down from HKD 0.22 per share in 2019, representing a decrease of approximately 31.8%[40] Operational Highlights - The overall occupancy rate of the group's main investment properties was maintained at 75% as of June 30, 2020[69] - The company aims to improve the occupancy rate of its Shanghai office despite the adverse economic impacts of the pandemic[75] - The group’s investment in warehouses and factories in Japan and Australia maintained a 100% occupancy rate, generating stable rental income of approximately HKD 10.5 million[82] Corporate Governance - The company has complied with the corporate governance code, except for the roles of the Chairman and Managing Director not being separated, which the board believes is in the best interest of the company[90] - There were no purchases, sales, or redemptions of the company's shares during the six-month period ending June 30, 2020[93] Future Outlook - The management anticipates an additional sales revenue of approximately HKD 1.2 billion from unsold properties under current market conditions[77] - The renovation of the Chuang Ye Plaza is expected to take 18 months, with an estimated cost of HKD 140,000,000 funded by internal resources[73]

Financial Performance - Profit for the year attributable to owners of the Company was HK$429,984,000 in 2019, a decrease of 57.6% compared to HK$1,014,267,000 in 2018[7]. - Basic earnings per share decreased to HK$1.14 in 2019 from HK$2.68 in 2018, reflecting a decline of 57.5%[7]. - The Group recorded a profit of HK$446.5 million for the year ended 31 December 2019, representing a decrease of 57% compared to 2018[29]. - Revenue for 2019 was HK$1,276.5 million, down 30% from HK$1,836.2 million in 2018[89]. - The dividend per share for 2019 was HK$0.60, a decrease of 14% from HK$0.70 in 2018[89]. - The dividend payout ratio for 2018 was 53%, indicating a significant reduction in dividends in 2019[89]. Assets and Liabilities - Total assets increased to HK$14,885,044,000 in 2019, up from HK$14,513,521,000 in 2018, representing a growth of 2.57%[7]. - Total liabilities amounted to HK$2,414,824,000 in 2019, an increase from HK$2,116,453,000 in 2018, marking a rise of 14.1%[7]. - Total net assets increased to HK$12,470,220,000 in 2019, compared to HK$12,397,068,000 in 2018, showing a slight growth of 0.59%[7]. - The company reported a total net asset value per share of HK$32.94 in 2019, up from HK$32.75 in 2018[7]. Market and Economic Conditions - The overall economic environment in 2019 posed challenges, but the company remains optimistic about future growth opportunities[13]. - In 2019, the global economic growth was 2.9%, down from 3.7% in 2018, marking the lowest level since 2008-2009[15]. - The US economy achieved a growth of 2.3% in 2019, which was 0.6% lower compared to 2018, representing the tenth consecutive year of growth since the financial crisis[15]. - The Eurozone's growth rate was around 1.1% in 2019, a decline from 2.4% in 2017, indicating a trend towards stagnation[20]. - Hong Kong's real GDP fell by 1.2% in 2019, marking the first annual decline since 2009, largely due to social unrest affecting tourism and consumer business[25]. Strategic Initiatives - The company is focused on strategic investments to enhance its market position and profitability in the coming years[6]. - The company plans to explore new market expansions and product developments to drive future revenue growth[6]. - The Group plans to generate an additional HK$1.3 billion from the sale of remaining residential units, car parks, and shops in the future[29]. - The management has scheduled to commence construction of the "Elegance Garden" project in Q4 2020, which has a total GFA of 139,515 sq.m.[30]. Rental and Property Management - Gross rental revenue for the year was approximately HK$355 million, a slight decrease of 0.2% from HK$355.7 million in 2018[95]. - The overall occupancy rate of major investment properties was maintained at 78.1% as of December 31, 2019[95]. - Rental revenue from Chong Hing Square was approximately HK$113.7 million, slightly down from HK$113.9 million in 2018, with an occupancy rate of 92%[95]. - The rental revenue from Chong Hing Finance Center in Shanghai was approximately HK$127.7 million, representing a decrease of 9.6% due to increased competition and oversupply in the market[108]. Shareholding and Governance - As of December 31, 2019, Mr. Liu Lit Chi holds a total of 201,307,000 shares, representing approximately 53.17% of the issued share capital of the company[50]. - The top 10 largest shareholders held a total of 358,990,935 shares, representing 94.82% of the Company's issued share capital as of December 31, 2019[61]. - The Company has not received any notifications of other shareholders holding 5% or more of the shares as of December 31, 2019, apart from the disclosed interests[54]. - The Company has established various committees, including the Audit Committee and Nomination Committee, to ensure effective governance[138]. Risk Management and Internal Controls - The Company is committed to safeguarding its assets and preventing fraud through proper accounting records and internal controls[65]. - The Audit Committee is responsible for overseeing the relationship with external auditors and reviewing the company's interim and annual financial statements[159]. - The company has established a sound internal control system to safeguard shareholder interests and protect its assets[160]. - The management actively monitors interest rate movements to minimize potential negative impacts on the Group's financial position[123]. Corporate Social Responsibility and ESG - The Group is committed to integrating corporate social responsibility into its corporate ethos while promoting initiatives that benefit the environment, staff, and community[199]. - The ESG report is prepared in accordance with the "Environmental, Social and Governance Reporting Guide" as set out in Appendix 27 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[199]. - The reporting period for the ESG report is from January 1, 2019, to December 31, 2019[199].

Financial Performance - Total revenue for the six months ended June 30, 2019, was HKD 821,023,000, an increase of 78% compared to HKD 461,637,000 in the same period of 2018[59] - Profit before tax for the same period was HKD 392,948,000, down 10.5% from HKD 439,300,000 in 2018[59] - Net profit for the six months was HKD 310,382,000, a decrease of 24.2% compared to HKD 409,625,000 in the previous year[60] - Basic earnings per share for the period was HKD 0.79, down from HKD 1.07 in 2018, representing a decline of 26.2%[59] - The total comprehensive income for the period was HKD 281,835,000, down from HKD 292,904,000 in the prior year[65] Revenue Breakdown - Revenue from property sales amounted to HKD 281,211,000, up from HKD 173,692,000 year-on-year, indicating a growth of about 62%[97] - Revenue from interior decoration services was HKD 270,802,000, reflecting a substantial increase compared to the previous year's figure of HKD 1, which suggests a strong market demand[97] - The group’s total revenue from customer contracts was HKD 604,790,000, significantly higher than HKD 232,449,000 in the same period last year, representing an increase of approximately 160%[97] - Revenue from property management services was HKD 11,179,000, compared to HKD 10,333,000 in the previous year, showing a growth of about 8%[97] - Hotel operations generated revenue of HKD 7,077,000, an increase from HKD 5,745,000, reflecting a growth of about 23%[97] Expenses and Costs - Direct costs increased significantly to HKD 411,306,000, compared to HKD 167,642,000 in 2018, reflecting a rise of 145%[59] - Operating expenses totaled HKD 513,600,000, with property management expenses at HKD 383,003,000[104] - The company reported a net cash outflow from operating activities of HKD 605,902,000 for the six months ended June 30, 2019, compared to a net inflow of HKD 622,218,000 for the same period in 2018[67] Assets and Liabilities - Non-current assets increased to HKD 11,108,034 thousand as of June 30, 2019, compared to HKD 10,979,464 thousand as of December 31, 2018, reflecting a growth of 1.2%[61] - Current assets totaled HKD 3,797,480 thousand, up from HKD 3,534,057 thousand, marking an increase of 7.5%[61] - Total liabilities increased to HKD 2,066,048 thousand from HKD 1,789,676 thousand, representing a rise of 15.4%[62] - The company's equity rose to HKD 12,508,252 thousand as of June 30, 2019, compared to HKD 12,397,068 thousand, indicating a growth of 0.9%[62] - The total amount of trade and other payables as of June 30, 2019, is HKD 520,077,000, significantly higher than HKD 244,799,000 as of December 31, 2018[126] Cash Flow and Financing - The net cash used in investing activities was HKD 519,097,000, significantly higher than HKD 242,998,000 in the previous year[67] - The company raised new borrowings amounting to HKD 872,461,000, while repaying HKD 318,532,000 in borrowings during the same period[67] - The company’s cash flow from financing activities showed a net inflow of HKD 352,317,000, contrasting with a net outflow of HKD 452,685,000 in the previous year[67] Dividends and Shareholder Information - The company declared an interim cash dividend of HKD 0.22 per share[58] - The company’s cash dividend payout for the year increased from HKD 159,005,000 in 2018 to HKD 181,720,000 in 2019[118] - Major shareholder Liao Group Limited holds 132,326,710 shares, representing 34.95% of the issued share capital[156] Investment and Property Management - The fair value gain on investment properties was HKD 93,516,000, indicating a positive market trend in property valuation[104] - The group recorded sales revenue of approximately HKD 552 million for the six months ended June 30, 2019, primarily from the sale of 199 residential units[148] - The overall occupancy rate of the group's major investment properties was maintained at 88.7% as of June 30, 2019[142] Compliance and Governance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules[160] - The audit committee reviewed the accounting policies and discussed the financial reporting, including the unaudited interim financial report for the six months ending June 30, 2019[163] - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[165]