Financial Performance - The group's revenue decreased by 10% to HKD 110.8 million, while gross profit fell by 26% to HKD 38.5 million during the reporting period[31]. - The group recorded a net loss attributable to shareholders of HKD 520.6 million, compared to a profit of HKD 288.8 million in the same period last year[31]. - The total comprehensive loss for the period was HKD 594,633,000, compared to a comprehensive income of HKD 234,083,000 in the same period of 2018[133]. - Basic and diluted loss per share was HKD 0.54, compared to earnings of HKD 0.31 per share in the previous year[130]. - The net loss for the period was HKD 520,844,000, compared to a profit of HKD 288,607,000 in the same period last year[133]. - The financial instruments fair value loss was HKD 4,466,000, significantly improved from a loss of HKD 94,480,000 in the previous year[130]. - Other comprehensive expenses for the period totaled HKD 73,789,000, compared to HKD 54,524,000 in the prior year[133]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.03 per share, down from HKD 0.10 per share in the previous year[31]. - The board declared an interim dividend of HKD 0.03 per share, payable to shareholders on January 8, 2020[83]. - The company will suspend share transfer registration from December 16 to December 17, 2019, to determine shareholders' rights to the interim dividend[84]. - As of September 30, 2019, the total shareholding percentages of key executives ranged from 0.03% to 5.77%[86]. - The company’s equity interests include 248,031,919 shares held by Ms. Wu Wan Lan, representing 25.67% of the total issued shares[101]. - The major shareholder Dr. Chan Kwok Keung holds a total of 515,807,012 shares, representing 53.38% of the total issued shares[101]. Asset and Liability Management - Total assets amounted to HKD 9,443 million as of September 30, 2019[27]. - The company's total liabilities increased from HKD 2,284,565 thousand to HKD 2,769,597 thousand, an increase of approximately 21.3%[137]. - The company's equity attributable to owners decreased from HKD 5,336,124 thousand to HKD 4,602,653 thousand, representing a decline of approximately 13.7%[138]. - The company's bank borrowings increased from HKD 1,479,545 thousand to HKD 1,733,249 thousand, an increase of about 17.1%[137]. - As of September 30, 2019, the group's total bank borrowings amounted to HKD 1,733,200,000, with notes payable at HKD 1,535,600,000, resulting in a net debt-to-equity ratio of 0.53, up from 0.47 on March 31, 2019[63]. Operational Challenges - The group's hotel operations faced unprecedented challenges due to the ongoing unrest in Hong Kong[31]. - The segment loss for property operations was HKD 78.2 million, compared to a profit of HKD 433.2 million in the same period last year[32]. - The hotel division's revenue decreased to HKD 63,600,000, down from HKD 76,700,000 year-on-year, resulting in a segment loss of HKD 145,000,000 compared to a profit of HKD 23,300,000 in the previous year[43]. - The group recognized significant credit loss provisions related to HKD 500 million unsecured loan notes issued by a subsidiary, resulting in substantial losses[31]. Future Plans and Strategies - The group plans to continue monitoring market conditions and adjust strategies accordingly to navigate the current economic landscape[31]. - The group plans to launch pre-sales for the redevelopment projects in To Kwa Wan and other areas in 2020, with completion expected in 2021[35]. - The group plans to focus on the pre-sale of its projects and the redevelopment of specific sites to consolidate future revenue, while also expanding its business into China, Macau, Canada, and the UK[70]. - The group plans to prudently enhance its investment portfolio when suitable opportunities arise[70]. Investments and Acquisitions - The group acquired a 20% stake in Uni-Dragon Limited for HKD 300,000,000, which indirectly holds the Thirteen Hotel in Macau[44]. - The group purchased a 9.5% stake in the Shanghai Caobao Westin Hotel for HKD 146,400,000, with an option to acquire an additional 6.5% for HKD 100,000,000 within 18 months[45]. - The group reported a profit share of HKD 30,700,000 from joint ventures in Macau during the period, a significant decrease from HKD 513,500,000 in the same period last year[33]. Credit Risk and Provisions - An additional expected credit loss provision of HKD 219.5 million was recognized for Kaihua as of September 30, 2019, reflecting a significant increase in credit risk, with a loss rate estimated at approximately 60%[77]. - An external assessment indicated an average loss rate of about 50% for Kaihua's loan notes, supporting the internal assessment's provision for expected credit losses[79]. - The company is currently seeking legal advice regarding potential follow-up actions related to Kaihua's liquidation petition, considering cost-effectiveness[80]. Compliance and Governance - The company has maintained compliance with all provisions of the corporate governance code during the reporting period[116]. - The company’s board of directors has confirmed compliance with the standard code of conduct for securities transactions throughout the reporting period[117]. - The company has a stock option plan approved by shareholders, effective from August 17, 2012, to August 16, 2022, aimed at retaining and rewarding eligible individuals[94]. Accounting Standards and Financial Reporting - The company applied new Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the period[155]. - The company has adopted HKFRS 16, which has led to significant changes in accounting policies regarding leases, particularly in recognizing right-of-use assets and lease liabilities[160]. - The company recognizes refundable lease deposits at fair value, with adjustments treated as additional lease payments[167]. - The company’s financial statements for the six months ended September 30, 2019, reflect the impact of HKFRS 16 without restating comparative information[192].

Financial Results - The company announced its annual results for the year ended March 31, 2019, on June 26, 2019[8]. - The financial highlights for the year include a significant increase in revenue compared to the previous year, although specific figures are not provided in the extracted content[2]. - The Group's revenue increased by 6.4% to HK$262.3 million, and gross profit rose by 5.4% to HK$117.1 million due to improvements in the hotel business[20]. - Contributions from associates and joint ventures surged to HK$567.5 million, up from HK$167.6 million in the previous year[29]. - Net profit attributable to owners decreased to HK$140.6 million from HK$182.5 million in the last financial year[29]. - Basic earnings per share were HK15 cents, down from HK20 cents[20]. - The total dividend for the year is HK22 cents per share, comprising a first interim dividend of HK10 cents and a second interim dividend of HK12 cents[21]. - The retained profit decreased to HK$2,742,011,000 in 2019 from HK$2,869,097,000 in 2018, representing a decline of approximately 4.4%[132]. Dividends and Shareholder Information - The second interim dividend's ex-dividend date is set for July 16, 2019, with a record date for dividend entitlement on July 19, 2019[8]. - The company will pay the second interim dividend on or about August 30, 2019[8]. - The Board declared a second interim dividend of HK12 cents per share for the year, consistent with the previous year[121]. - The total dividend for the year is HK22 cents per share, consistent with the previous year, which also had a total dividend of HK22 cents per share[124]. - The Register of Members will be closed from July 18 to July 19, 2019, for the purpose of ascertaining shareholders' entitlement to the Second Interim Dividend[124]. - The Company cannot declare or pay any dividend if it is unable to pay its liabilities as they become due or if the realizable value of its assets would be less than its liabilities[131]. Business Strategy and Outlook - The company is focusing on market expansion and new product development as part of its growth strategy[2]. - The management discussion indicates a positive outlook for the upcoming fiscal year, with expectations of continued growth[2]. - The company is actively pursuing potential acquisitions to enhance its market position[2]. - The presale of remaining blocks in Sky Oasis and Grand Oasis will be a focus to secure revenue for the coming years[23]. - The Group plans to expand its business further into Canada and the United Kingdom while being selective in replenishing its portfolio[23]. Corporate Governance - The board of directors includes experienced professionals, which strengthens corporate governance[3]. - The Company emphasizes corporate governance through its various committees, ensuring compliance and oversight[107]. - The Company has a policy for the re-election of directors at the annual general meeting, ensuring compliance with corporate governance codes[144]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[145]. - The board of directors has received confirmations regarding the independence of all independent non-executive directors[145]. Risks and Challenges - The group faces risks from government cooling measures on property markets, which may pressure effective prices for property sales or rentals[82]. - Competition risks include numerous developers in the property market and pricing pressure from other developers and hotels[83]. - Development projects require government approvals, which may lead to delays and additional costs for compliance with new regulations[84]. - The global economic outlook remains uncertain, with Hong Kong facing adverse impacts from social movements and weak consumer confidence[88]. - The PRC economy is under downward pressure due to sluggish foreign demand, excess production capacity, and the Sino-US trade war[88]. - The Group's financial position may be adversely affected by global economic uncertainties, including Brexit and trade tensions[88]. Investments and Acquisitions - The Group successfully acquired 80% ownership of properties at Nos. 21, 23, 25, 27, 29, and 31 Sheung Heung Road, To Kwa Wan, with a total site area of approximately 9,100 sq. ft., planned for residential redevelopment[41][43]. - The Group acquired a 31.5% interest in a joint venture owning portions of Dabiao International Centre in Guangzhou, with a total floor area of approximately 640,000 sq. ft.[46][49]. - The joint venture in Macau confirmed a significant attributable profit of HK$634.7 million for the year, compared to HK$104.2 million in 2018, driven by the successful delivery of residential units[42]. Financial Position and Capital Management - As of March 31, 2019, the Group held total bank borrowings of HK$1,479.5 million and loan notes of HK$1,547.1 million, resulting in a net gearing ratio of 0.47, up from 0.44 in 2018[71]. - The Group had unused banking facilities of HK$352.0 million available for property construction and working capital[72]. - A total of HK$758.4 million in bank borrowings was drawn down during the year to finance redevelopment projects and working capital[72]. - The Group's total equity and fund investments amounted to HK$191.9 million, with 64% in unlisted securities and funds[68]. Management and Personnel - The total number of employees as of March 31, 2019, was 318, down from 329 in 2018[80]. - The remuneration policy for Directors and top management is aligned with market conditions and includes discretionary bonuses and other benefits[200]. - The Company will review its remuneration policy periodically to ensure competitiveness and alignment with performance[200]. Share Options and Director Interests - The total number of shares available for issuance under the Share Option Scheme as of March 31, 2019, was 93,771,273, representing approximately 9.69% of the existing total number of shares in issue[157]. - The maximum number of shares that may be issued upon exercise of share options in any 12-month period shall not exceed 1% of the total number of shares in issue unless shareholder approval is obtained[159]. - The Company granted a total of 27,020,000 share options with an exercise price of HK$2.57 per share on April 4, 2018[164]. - Dr. Charles Chan holds 191,588,814 shares, representing 19.64% of the company's total shares[185]. - The largest customer accounted for approximately 18% of the Group's total turnover, while the five largest customers contributed about 46% of the total turnover[196].