Financial Performance - For the fiscal year ending March 31, 2022, the group's consolidated revenue was HKD 1,113 million, a decrease from HKD 1,278 million in the previous year[22]. - Shareholders' profit for the same period was HKD 56 million, down from HKD 78 million in the prior year[22]. - Excluding fair value losses on investment properties, the adjusted profit attributable to shareholders was HKD 110 million, compared to HKD 91 million in the previous year[22]. - The decrease in revenue was primarily due to a reduction in property sales recognized during the year[22]. - The increase in related profit was attributed to gains from the sale of part of the group's interest in a redevelopment project in Dongguan, amounting to HKD 33 million[22]. - Han Guo Group recorded revenue of HKD 1,106 million for the fiscal year 2021/22, a decrease of 13.3% from HKD 1,276 million in the previous year[28]. - The net profit attributable to shareholders decreased to HKD 92 million, down 24.6% from HKD 122 million in the previous year[28]. - The revenue from the sale of delivered residential units amounted to RMB 341 million for the year ended March 31, 2022, compared to RMB 351 million in the previous year[41]. - The company's revenue decreased by 13% from HKD 1,278,000,000 to HKD 1,113,000,000 in the fiscal year ending March 31, 2022[148]. Equity and Assets - The group's total equity as of March 31, 2022, was HKD 8,448 million, an increase from HKD 8,234 million the previous year[22]. - The net asset value per share increased to HKD 15.32 from HKD 14.93 year-on-year[22]. - The investment property portfolio was valued at HKD 15.923 billion as of March 31, 2022, an increase from HKD 15.207 billion the previous year[55]. - The total equity attributable to shareholders increased to approximately HKD 8,448 million from HKD 8,234 million in the previous year[152]. Dividends - The board proposed a final dividend of HKD 0.05 per share, consistent with the previous year's dividend[23]. - The proposed final dividend for the year ending March 31, 2022, is subject to approval at the annual general meeting, with a total distributable reserve of HKD 713,419,000, of which HKD 27,568,000 is recommended for the final dividend[174]. Property and Leasing - Revenue from property leasing increased to HKD 434 million, up 49.3% from HKD 290 million in the previous year, due to improved occupancy rates[28]. - The average occupancy rate of the Hong Kong data center reached approximately 98%, significantly up from 74% in the previous year[30]. - The occupancy rate of the Han Guo City Commercial Center in Shenzhen reached 64%, up from 39% in the previous year, with office units rented out at 58%[38]. - The average occupancy rate for the office building in Chongqing Han Guo Center was 88% for the year, consistent with the previous year[45]. - The average occupancy rate for the hotel/office building in Chongqing was 62%, down from 64% in the previous year[45]. - The average occupancy rate for the Bao Hsien Hotel in Central was approximately 82% for the year, up from 71% the previous year[50]. - The overall average occupancy rate across properties was 75% for the year, compared to 74% in the previous year[45]. Debt and Financial Position - As of March 31, 2022, the total interest-bearing debt of the group was approximately HKD 6,677 million, an increase from HKD 6,477 million in the previous year[149]. - Approximately 57% of the total debt is classified as current liabilities, compared to 25% in the previous year[149]. - The debt-to-equity ratio calculated from net interest-bearing debt of approximately HKD 4,677 million and total equity of approximately HKD 12,610 million was 37%, up from 36% in the previous year[153]. - The group has approximately HKD 3,069 million in loans due within one year, which includes project loans secured by properties in China and Hong Kong[152]. Corporate Governance - The company has adopted the corporate governance code and has been compliant with its applicable provisions, with some deviations disclosed in the report[93]. - The board of directors held two meetings during the fiscal year, which is below the recommended minimum of four meetings per year[99]. - The company encourages continuous professional development for all directors, with training records maintained for each director[105]. - The chairman and the managing director are separate individuals, ensuring clear delineation of responsibilities[101]. - The independent non-executive directors have confirmed their independence as per the listing rules[98]. - The company has a structured approach to board meetings, with formal agendas and adequate notice provided to all directors[98]. - The company has a commitment to high standards of corporate governance and regularly reviews its practices[93]. Market Outlook and Strategy - The company continues to focus on its redevelopment projects and investment properties in mainland China[22]. - The company aims to generate stable and recurring rental income from investment properties to cover operational expenses and additional cash flow from property sales[144]. - The company is committed to environmental sustainability and has implemented measures to reduce energy consumption and promote recycling[144]. - The company is expanding its market presence in D regions, aiming to capture a larger share of the market[75]. - Recent acquisitions are expected to enhance the company's capabilities and drive future growth, with an estimated contribution of E million in revenue[75]. Employment and Workforce - The group employed approximately 370 employees as of March 31, 2022, down from 380 employees in the previous year[159].

Financial Performance - The group's unaudited consolidated revenue for the six months ended September 30, 2021, was HKD 610 million, down from HKD 750 million in 2020, primarily due to a decrease in confirmed property sales from projects in mainland China[18]. - Shareholders' net profit for the same period was HKD 58 million, compared to HKD 53 million in 2020. Excluding fair value losses on investment properties, the adjusted net profit was HKD 71 million, up from HKD 52 million in 2020[18]. - Basic earnings per share increased to HKD 0.11 from HKD 0.10 in 2020[18]. - Revenue for the six months ended September 30, 2021, was HKD 609,576,000, a decrease of 18.7% compared to HKD 750,077,000 for the same period in 2020[82]. - Gross profit increased to HKD 350,798,000, up 6.4% from HKD 328,480,000 year-on-year[82]. - Net profit for the period was HKD 96,257,000, representing a 15.5% increase from HKD 83,641,000 in the previous year[85]. - The profit before tax for the group for the six months ended September 30, 2021, was impacted by depreciation of property, plant, and equipment amounting to HKD 3,262,000[134]. - The total tax expense for the six months ended September 30, 2021, was HKD 93,888,000, down from HKD 138,420,000 in the previous year[135]. Property Development - The group's property development revenue for the six months was HKD 377 million, down from HKD 609 million in 2020, with a pre-tax profit of HKD 185 million compared to HKD 204 million in 2020[21]. - As of September 30, 2021, the group had contracted but unrecognized property sales amounting to RMB 552 million, expected to be recognized in the second half of the fiscal year 2021/2022 and the next fiscal year[24]. - The group is expanding its property development projects in mainland China, including the Yayao Oasis project in Nanhai and a mixed-use development in Yuexiu District, Guangzhou[24][25]. - Construction for the mixed-use project in Yuexiu District has commenced in the third quarter of 2021, with a total floor area of approximately 77,000 square meters[25]. - The company expects to commence pre-sales of a redevelopment project in Dongguan by the end of this year[36]. Property Investment - Property investment revenue for the six months ended September 30, 2021, was HKD 213 million, up from HKD 128 million in the same period of 2020, with a pre-tax profit of HKD 68 million compared to HKD 61 million in 2020[28]. - The average occupancy rate of completed investment properties in Hong Kong reached 85% for the six months ended September 30, 2021, compared to 68% in 2020[29]. - The average occupancy rate of completed investment properties in mainland China was 67% for the six months ended September 30, 2021, up from 63% in 2020[32]. - The valuation of the investment property portfolio as of September 30, 2021, was HKD 15.315 billion, an increase from HKD 15.207 billion as of March 31, 2021[33]. - The company reported a net loss from investment properties of HKD 41,099,000 compared to a gain of HKD 11,474,000 in the previous year[82]. Financial Position - The total equity attributable to shareholders as of September 30, 2021, was HKD 8,345 million, compared to HKD 8,234 million as of March 31, 2021[18]. - As of September 30, 2021, the total interest-bearing debt of the group was approximately HKD 6,245,000,000, a decrease from HKD 6,477,000,000 as of March 31, 2021[73]. - Approximately 38% of the total debt was classified as current liabilities, compared to 25% as of March 31, 2021[73]. - The group's cash and bank balances totaled approximately HKD 1,736,000,000 as of September 30, 2021, down from HKD 2,000,000,000 as of March 31, 2021[74]. - The net interest-bearing debt was approximately HKD 4,509,000,000, with a debt-to-equity ratio of 36% as of September 30, 2021, unchanged from March 31, 2021[75]. Corporate Governance and Strategy - The company is focusing on risk management and enhancing operational capabilities rather than aggressive growth strategies in the current market environment[43]. - The company plans to participate in urban development and infrastructure projects initiated by the Hong Kong government to alleviate housing shortages[44]. - The chairman expressed cautious optimism regarding the long-term growth prospects of the local economy[44]. - The company has established a nomination committee as of December 8, 2021, to comply with corporate governance codes[70]. Market Conditions and Outlook - The company anticipates that Hong Kong and China will resume cross-border travel in 2022, contributing to economic recovery despite ongoing risks from virus variants[43]. - The company expects to benefit from the opportunities arising from China's 14th Five-Year Plan, positioning Hong Kong as an international financial, transportation, and trade center[44]. - The company is monitoring geopolitical tensions between the US and China, which may impact market conditions[43]. Other Financial Information - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2021[54]. - A loan agreement was established for HKD 1,500,000,000 with a syndicate to refinance an existing loan balance of HKD 440,000,000 and meet general corporate funding needs[55]. - A domestic loan agreement was signed for a maximum principal of RMB 450,000,000, primarily for refinancing existing bank financing and general operating funds[57]. - A loan agreement for HKD 800,000,000 was signed to refinance an outstanding balance of HKD 500,000,000 and for general corporate funding needs[60]. - The company has not made any payments to the contractor for development costs as of September 30, 2021[62].

Financial Performance - For the fiscal year ending March 31, 2021, the company's consolidated revenue was HKD 1,278 million, an increase from HKD 639 million in the previous year[20] - The net profit attributable to shareholders was HKD 78 million, compared to a net loss of HKD 45 million in the previous year[20] - Excluding fair value losses on investment properties, the adjusted net profit attributable to shareholders was HKD 91 million, up from HKD 38 million in the previous year[20] - Basic earnings per share for the year were HKD 0.14, compared to a loss per share of HKD 0.08 in the previous year[20] - As of March 31, 2021, total equity attributable to shareholders was HKD 8,234 million, up from HKD 7,722 million the previous year[20] - The net asset value per share increased to HKD 14.93 from HKD 14.01 year-over-year[20] - The increase in equity was primarily due to the net profit attributable to shareholders and foreign exchange gains from the appreciation of the Renminbi against the Hong Kong dollar[20] - The group’s profit and financial position as of March 31, 2021, are detailed in the financial statements on pages 51 to 159[131] - The group's revenue increased by 100% from HKD 639 million to HKD 1,278 million, with 74.9% from property sales, 22.8% from property leasing, and 2.3% from property and parking management[136] - As of March 31, 2021, the total interest-bearing debt was approximately HKD 6,477 million, with 25% classified as current liabilities[137] - The total cash and bank balances amounted to approximately HKD 2,000 million, including restricted bank deposits of HKD 114 million[137] - The debt-to-equity ratio was calculated at 36%, compared to 37% in the previous year[138] Dividends and Shareholder Matters - The board proposed a final dividend of HKD 0.05 per share, consistent with the previous year's dividend[21] - The annual general meeting is scheduled for August 26, 2021, to approve the proposed dividend and other matters[22] - The company reported a proposed final dividend of HKD 27,568,000 for the year ending March 31, 2021, subject to shareholder approval[158] - The company's available reserves for distribution as of March 31, 2021, amounted to HKD 708,878,000[158] - The company's board remuneration is subject to shareholder approval at the annual general meeting[166] Operational Highlights - The company plans to continue expanding its property sales and related profit contributions in the upcoming fiscal year[20] - Han Guo Group recorded revenue of HKD 1,276 million for the fiscal year 2020/21, a significant increase from HKD 638 million in the previous year, driven by higher sales from development projects[26] - Sales from the residential project Yao Yao Green Oasis contributed HKD 957 million in revenue, up from HKD 193 million in the previous year, reflecting strong demand[33] - The average occupancy rate for the commercial/office building in Guangzhou was 74% during the year, improving to 96% by March 31, 2021, compared to 86% a year earlier[27] - The average occupancy rate for the retail portion of the Han Guo City Commercial Center in Shenzhen increased to 78%, up from 64% in the previous year, while office units rented out increased to 37% from 24%[37] - The total floor area of the Yao Yao Green Oasis project is approximately 273,000 square meters, with the third phase completed in December 2020, providing around 550 units[33] - The company plans to start the presale of a redevelopment project in Dongguan by the end of 2021, with a total floor area of approximately 58,000 square meters[56] Market and Economic Outlook - The company expects the real estate market to continue growing in the coming years due to strong demand and government efforts to maintain stability[66] - The local GDP grew by 7.9% year-on-year in the first quarter of 2021, indicating a recovery in the economy[66] - The company remains cautious about uncertainties related to the pandemic and geopolitical instability affecting economic recovery[64] - The residential market remains robust, supported by pent-up demand and a low-interest-rate environment[66] - The company acknowledges the impact of COVID-19 restrictions on the hotel, tourism, and retail sectors in Hong Kong[66] Corporate Governance - The company has maintained high standards of corporate governance and continuously reviews and improves its governance practices[86] - The board of directors is responsible for the overall development strategy and monitors the financial performance and internal controls of the group[90] - The company held two board meetings during the fiscal year ending March 31, 2021, which is below the recommended frequency of four meetings per year[91] - The independent non-executive directors confirmed their independence in accordance with the listing rules[90] - The company has a diverse board with members having extensive experience in investment, finance, and real estate[88] - The management team has over 30 years of experience in accounting and finance, ensuring strong financial oversight[82] - The company is committed to maintaining transparency and providing adequate information to its directors for informed decision-making[90] - The board includes members with significant experience in multinational business management and financial advisory[79] - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations[87] - The board's composition includes both executive and independent directors, promoting a balance of power and independent judgment[90] - The company has established a clear division of responsibilities between the Chairman and the CEO, ensuring effective board operations and smooth business management[94] - The company encourages continuous professional development for all directors, with training records maintained for each director's participation in training sessions[98] - The Audit Committee held two meetings during the review year, focusing on financial reporting, internal controls, and risk management systems[106] - The company’s remuneration committee reviewed the current remuneration of all directors during the year, ensuring compliance with governance standards[102] - The board of directors is collectively responsible for reviewing and updating corporate governance policies and practices[101] - The company’s governance practices include ensuring that one-third of the directors retire at each annual general meeting, in compliance with its articles of association[96] - The company has not adhered to certain provisions of the corporate governance code regarding the re-election of directors, citing the importance of leadership continuity[96] - The company’s independent auditors attended all Audit Committee meetings, ensuring transparency and accountability in financial reporting[106] - The company’s governance report indicates that all directors participated in at least two board meetings during the fiscal year[109] - The company’s governance framework includes a commitment to compliance with legal and regulatory requirements, as well as adherence to the corporate governance code[101] Risk Management and Financing - The group faces risks related to the property market in mainland China, including policy changes and currency fluctuations[145] - The group maintains a prudent financing policy, with surplus funds primarily held in cash deposits[140] - The company is operating well above the safety line amid the government's tightening of real estate financing activities[64] - The company has arranged appropriate directors' and senior management liability insurance for its directors and senior personnel during the year[200] Staffing and Resources - The group employed approximately 380 staff as of March 31, 2021, an increase from 340 the previous year[143] - The group has taken measures to save energy consumption and promote the recycling of office supplies[136] Transactions and Agreements - The company completed the sale of a 35% stake in an overseas holding company for RMB 35 million, realizing a gain of approximately HKD 36.4 million during the review year[56] - The total contract amount for the foundation construction project in Hong Kong is HKD 210,000,000, which was approved by independent shareholders[182] - The fixed fee for the consultancy agreement with Shun Cheung Data Center Development Limited is HKD 16,200,000, which has been fully paid[184] - The total development cost paid to Jianye Construction for the data center project as of March 31, 2021, is HKD 39,235,000[187] - A loan agreement for HKD 1,500,000,000 was established for refinancing existing loans and general corporate funding needs, with a term of 48 months[188] - A domestic loan agreement for RMB 450,000,000 was signed for refinancing and general operating funds, with a repayment period of five years[191] - The company has entered into a loan agreement for a maximum principal amount of HKD 100,000,000 with a Hong Kong bank, intended for refinancing existing inter-company loans[192] - A loan agreement for HKD 800,000,000 has been established with a syndicate, with a term of 48 months, aimed at refinancing an outstanding balance of HKD 500,000,000 and meeting general corporate funding needs[194] - If the chairman or his family members cease to maintain control or ownership of at least 50% of the company's equity, it will constitute a breach of the HKD 800,000,000 loan agreement[195] - At least 25% of the company's issued shares are held by the public as of the last practicable date before the publication of the annual report[196] - The chairman is considered to have interests in companies engaged in property investment, which may compete with the group[197] - The company did not purchase, sell, or redeem any of its listed securities during the year ending March 31, 2021[157] - There was no change in the company's share capital during the year[156] - The company’s largest customer group accounted for less than 30% of total sales, indicating a diversified customer base[159] - The company has not disclosed any significant transactions involving directors or their associates that would impact the group’s business[167] - The company’s financial performance summary for the past five fiscal years is available on page 160 of the annual report[155]

Financial Performance - The group's unaudited consolidated revenue for the six months ended September 30, 2020, was HKD 750 million, up from HKD 375 million in 2019, representing a 100% increase[17]. - The net profit attributable to shareholders for the same period was HKD 53 million, down from HKD 137 million in 2019, indicating a decrease of approximately 61.4%[17]. - Basic earnings per share were HKD 0.10, compared to HKD 0.25 in 2019, reflecting a decline of 60%[17]. - The profit before tax for the six months ended September 30, 2020, was HKD 222,061 million, down from HKD 315,104 million in the previous year[86]. - The net profit for the period was HKD 83,641 million, a decrease from HKD 223,457 million in the same period last year[89]. - Total comprehensive income for the period was HKD (224,183,000), impacted by foreign exchange losses of HKD (370,877,000)[98]. - The company reported a profit of HKD 136,793,000 for the period, compared to a profit of HKD 53,494,000 in the previous period, representing a significant increase[98]. Property Development - The group's property development revenue for the six months was HKD 609 million, significantly up from HKD 218 million in 2019, marking an increase of 179.8%[20]. - The pre-tax profit from property development was HKD 204 million, compared to HKD 147 million in 2019, which is an increase of 38.8%[20]. - The company reported segment revenue from property development of HKD 608,929,000 for the six months ended September 30, 2020[120]. - Property sales contributed HKD 608,929,000 to the total revenue for the same period[130]. Property Investment - Property investment income for the six months ended September 30, 2020, was HKD 128 million, down from HKD 140 million in the same period of 2019, representing a decrease of approximately 8.57%[26]. - The total floor area of completed investment properties in mainland China was approximately 446,000 square meters, with an average occupancy rate of 63% for the six months ended September 30, 2020, down from 74% in 2019[30]. - The average occupancy rate of completed investment properties in Hong Kong was 68% for the six months ended September 30, 2020, compared to 85% in 2019, indicating a decline of 17.65%[27]. - The company reported a total rental income of HKD 125,021,000 for the six months ended September 30, 2020, compared to HKD 140,082,000 in the same period of 2019, a decrease of 10.7%[132]. Financial Position - The total assets as of September 30, 2020, amounted to HKD 20,636,894,000, up from HKD 19,915,647,000 as of March 31, 2020, reflecting an increase of 3.6%[125]. - The total liabilities as of September 30, 2020, were HKD 8,867,681,000, compared to HKD 8,308,514,000 as of March 31, 2020, showing an increase of 6.7%[125]. - The total equity attributable to shareholders increased to approximately HKD 7,886 million as of September 30, 2020, from HKD 7,722 million as of March 31, 2020, mainly due to retained earnings and asset appreciation[78]. - The company's total equity as of September 30, 2020, was HKD 11,769,213,000, reflecting a slight increase from HKD 11,524,301,000[98]. Debt and Financing - The total interest-bearing debt of the group as of September 30, 2020, was approximately HKD 6,472,000,000, a decrease from HKD 6,556,000,000 as of March 31, 2020[77]. - Approximately 47% of the total debt is classified as current liabilities, an increase from 39% as of March 31, 2020[77]. - A loan agreement for HKD 1,500,000,000 was established for refinancing existing loans and general corporate funding needs[57]. - The company’s bank loans increased to HKD 269,884,000 during the financing activities, compared to HKD 71,713,000 in the previous year[104]. Market Conditions - The GDP growth rate in mainland China for Q2 2020 was 3.2%, indicating a rapid economic recovery post-pandemic[40]. - Hong Kong's GDP fell by 3.5% year-on-year in Q3 2020, with the unemployment rate rising to 6.4% in September 2020[41]. - The company remains cautiously optimistic about the property market in mainland China due to strong housing demand despite a soft rental market[40]. - The local residential property market in Hong Kong remains stable, supported by low interest rates and strong end-user demand[41]. Corporate Governance - The company has adopted the standard code of conduct for securities transactions as per the listing rules, confirming compliance for the six months ended September 30, 2020[70]. - The audit committee has been established and has held regular meetings to review and monitor the group's financial reporting procedures[75]. - The company has not established a nomination committee, with the board responsible for considering suitable candidates for directorship[74]. - The company plans to ensure that each director, except for the executive chairman or managing director, will rotate at least once every three years to comply with corporate governance codes[72]. Operational Challenges - The ongoing impact of the COVID-19 pandemic continues to disrupt business activities, with various government measures adversely affecting business models[40]. - The company acknowledges the need to provide temporary rent concessions to existing tenants due to delayed expansion or relocation plans[40]. - The company anticipates that the stagnant market conditions may persist in the short term despite government stimulus measures[40]. - The company will remain vigilant and cautious while seizing investment opportunities when appropriate[44].

Financial Performance - The group's consolidated revenue for the year ended March 31, 2020, was HKD 639 million, down from HKD 1,478 million in 2019, representing a decrease of approximately 57%[24]. - Shareholders' attributable loss for the year was HKD 45 million, compared to a profit of HKD 781 million in 2019, indicating a significant decline in profitability[24]. - Basic loss per share was HKD 0.08, compared to earnings of HKD 1.42 per share in the previous year[24]. - The group's equity attributable to shareholders decreased to HKD 7,722 million from HKD 8,086 million in 2019, reflecting a decline of about 4.5%[24]. - The fair value loss on investment properties (net of deferred tax) was HKD 83 million, while in 2019, there was a fair value gain of HKD 481 million[24]. - The group recorded revenue of HKD 638 million for the fiscal year 2019/20, a decrease of 57.5% from HKD 1,478 million in the previous year[31]. - The group reported a net loss attributable to shareholders of HKD 36 million, compared to a net profit of HKD 1,159 million in the previous year[31]. - Revenue from the final phase of the Guangzhou Baocui Garden project was HKD 132 million, down from HKD 1,035 million in the previous year[32]. - The group recorded property sales revenue of RMB 1,497 million from the Qiaochengfang project, a decrease of 20.5% from RMB 1,884 million in the previous year[46]. - The total equity attributable to shareholders decreased to approximately HKD 7,722,000,000 from HKD 8,086,000,000 due to losses incurred during the year[148]. - The debt-to-equity ratio increased to 37% from 31% year-on-year, calculated based on net interest-bearing debt of approximately HKD 4,320,000,000[148]. Business Environment and Challenges - The COVID-19 pandemic has negatively impacted the group's property-related business and hotel operations, leading to rental concessions for tenants[25]. - The company anticipates continued pressure on the business environment in the near future but maintains a strong and stable overall financial and business position[25]. - The decline in equity was primarily due to the attributable loss and exchange differences arising from the depreciation of the Renminbi against the Hong Kong dollar[24]. - The company faced challenges due to ongoing US-China trade tensions, leading to a cautious pricing attitude from customers and a decline in profit margins[71]. - The 2019-2020 fiscal year was one of the most challenging periods in the company's history due to trade tensions, social unrest, and the spread of the pandemic, causing a sharp contraction in global economic activity[73]. - The Hong Kong economy faced significant impacts from the pandemic, with a sharp decline in economic activity, particularly in the retail, dining, and hotel sectors[74]. - The company acknowledges the ongoing uncertainty in the business environment and expects more challenges in the short term due to the pandemic's effects[74]. Occupancy and Property Management - The average occupancy rate of the Hong Kong Plaza was approximately 85%[34]. - The overall occupancy rate of the Han Guo City Commercial Center was approximately 30% as of March 31, 2020[41]. - The average occupancy rate of the serviced apartments in the commercial center remained stable at over 90%[41]. - The average occupancy rate of Chongqing Hanguo Center reached 94%[50]. - The average occupancy rate of the boutique hotel in Central (寶軒酒店) is approximately 85%, while the serviced apartments above have an average occupancy rate of about 83%[56]. - The average occupancy rate of the boutique hotel in Tsim Sha Tsui (寶軒酒店) is approximately 62%, with the remaining floors being leased for restaurant/commercial use[59]. - Property and parking management segment recorded revenue of HKD 31,900,000, a decrease from HKD 32,400,000 in the previous year due to the impact of social unrest and the COVID-19 pandemic[60]. Corporate Governance - The company has maintained high standards of corporate governance and continuously reviews and improves its governance practices[94]. - The board of directors held at least two meetings during the year to discuss business development, operational performance, and financial status[99]. - The chairman and the managing director roles are held by separate individuals, ensuring clear delineation of responsibilities[102]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[98]. - The company has a strong management team with over 27 years of experience in investment and real estate, led by the CEO of Hong Kong Fuzuan Group[86]. - The audit committee is chaired by an independent non-executive director with over 40 years of experience in accounting and financial management[87]. - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations[95]. - The board of directors is responsible for the overall strategic development of the group and monitors financial performance and internal controls[98]. - The company has established a remuneration committee consisting of two independent non-executive directors and one executive director[110]. - The audit committee's functions include reviewing financial reports and monitoring internal controls and risk management systems[114]. Future Plans and Strategies - The company plans to distribute a final dividend of HKD 0.05 per share for the year ended March 31, 2020, unchanged from the previous year[160]. - The group plans to pre-sell residential units in the Beijing South Road project during the fiscal year 2021/22[35]. - The group aims to enhance its market presence in Guangzhou with the development of a comprehensive project along Beijing Road[35]. - The company plans to diversify its product offerings, including the introduction of the "Yahoran" brand disinfectant products to enhance profitability[71]. - The company will closely monitor market conditions and adjust its market strategies accordingly[25]. Debt and Financial Management - As of March 31, 2020, the total interest-bearing debt was approximately HKD 6,556,000,000, an increase from HKD 5,792,000,000 in the previous year[146]. - The total cash and bank balances amounted to approximately HKD 2,236,000,000, compared to HKD 2,092,000,000 in the previous year[146]. - The group has committed but undrawn bank credit facilities totaling approximately HKD 1,972,000,000 available for operational funding[146]. - The company secured a HKD 1,000,000,000 loan agreement for a term of 48 months to refinance an outstanding balance of HKD 290,000,000 and for general working capital needs[199]. - The loan agreements stipulate that any breach related to the management control or ownership percentage by the chairman or family members could trigger a default[199][200]. - If a breach occurs, lenders may terminate the loan and declare all outstanding amounts and accrued interest immediately due[200]. - The company must maintain at least a 30% effective equity stake in Han Guo to avoid default under the loan agreement[200].

Financial Performance - The company's consolidated revenue for the year was HKD 1,478 million, a decrease from HKD 1,781 million in the previous year[20] - Shareholders' profit attributable to the company was HKD 781 million, down from HKD 2,040 million in the previous year[20] - Basic earnings per share were HKD 1.42, a decline from HKD 3.70 in the previous year[20] - The net profit attributable to shareholders was HKD 1,159,000,000, down from HKD 2,980,000,000 in the previous year, largely due to a non-recurring gain of HKD 2,400,000,000 from the sale of a vacant land parcel in Guangzhou in the prior year[26] - The group recorded revenue of HKD 1,478,000,000 for the fiscal year 2018/19, a decrease from HKD 1,781,000,000 in 2017/18, primarily due to reduced property sales from two development projects in mainland China[26] - The group expects to recognize revenue of HKD 1,035,000,000 from delivered units in the Baocui Garden project, compared to HKD 1,129,000,000 in the previous year[28] - The Nanhai Yayao Oasis project recorded revenue of HKD 189,000,000 from the delivery of units, down from HKD 439,000,000 in the previous year, with the third phase expected to complete in 2020[31] - The Qiaochengfang project in Nanshan District, Shenzhen, generated revenue of RMB 1,884,000,000 from delivered units, an increase from RMB 1,174,000,000 in the previous year[38] - The group’s share of net profit from the Qiaochengfang project was HKD 317,000,000, up from HKD 114,000,000 in the previous year[38] Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.05 per share, consistent with the previous year's dividend[21] - The company has adopted a dividend policy that considers financial performance, cash flow, business conditions, future operations, and shareholder interests when declaring dividends[125] - As of March 31, 2019, the distributable reserves amounted to HKD 706,888,000, of which HKD 27,568,000 has been proposed as the final dividend for the year[161] - The board proposed a final dividend of HKD 0.05 per ordinary share for the year ending March 31, 2019, consistent with the previous year[153] - Shareholders holding at least 5% of total voting rights can request a special general meeting[128] Corporate Governance - The company maintains high standards of corporate governance and continuously reviews and improves its governance practices[87] - The board of directors is responsible for the overall development strategy and monitoring the financial performance and internal controls of the group[92] - The company held two board meetings during the fiscal year ending March 31, 2019, which is below the minimum of four meetings required by the corporate governance code[93] - The chairman and the managing director roles are held by separate individuals, ensuring clear delineation of responsibilities[95] - The company has adopted the standard code for securities transactions by directors, confirming compliance by all directors during the year[88] - The board consists of executive, non-executive, and independent non-executive directors, with independent directors confirming their independence as per listing rules[92] - The company’s governance report indicates adherence to applicable principles and compliance with the corporate governance code, with some disclosed deviations[87] - The board is committed to ensuring that business operations and decision-making processes are appropriately regulated[87] - The company has not established a nomination committee, with the board collectively making decisions on director appointments[114] - The company is committed to ensuring compliance with the corporate governance code, including the rotation of directors every three years[96] Financial Position and Debt - As of March 31, 2019, the total interest-bearing debt was approximately HKD 5,792,000,000, with 25% classified as current liabilities[140] - The total equity increased to approximately HKD 8,086,000,000, primarily due to the profit attributable to shareholders[143] - The debt-to-equity ratio was calculated at 31%, up from 22% the previous year, based on net interest-bearing debt of approximately HKD 3,700,000,000[143] - The group held cash and bank balances of approximately HKD 2,092,000,000, down from HKD 2,716,000,000 the previous year[140] - The group has committed but undrawn bank credit facilities totaling approximately HKD 2,675,000,000 available for operational funding[140] - The group's bank borrowings are primarily at floating interest rates, which affects its financial and operational performance; it closely monitors interest rate changes to mitigate risks[151] Operational Highlights - The rental rate for the Hong Kong City Commercial Center in Shenzhen is currently at approximately 95%[30] - The Chongqing Hanguo Center is nearing full occupancy, indicating strong demand for office space in the region[41] - The group has commenced foundation work for a new residential and commercial project in Yuexiu District, Guangzhou[30] - The average occupancy rate of the boutique hotel at Central is nearly 100%, while the serviced apartments above have an occupancy rate exceeding 85%[47] - The property management and parking services generated revenue of HKD 32,000,000 for the year ending March 31, 2019, up from HKD 23,000,000 in 2018, attributed to an increase in managed parking spaces[48] Market Conditions and Economic Outlook - The global economic outlook is expected to grow moderately, with trade tensions between the US and China impacting growth dynamics and global supply chains[64] - In Q1 2019, China's GDP growth was 6.4%, within the government's target range, but economic conditions are expected to weaken due to escalating trade conflicts[64] - The Hong Kong economy has weakened due to external uncertainties, particularly from US-China trade disputes, but local market stability is supported by employment and income levels[65] - The majority of the group's property portfolio is located in mainland China, exposing it to risks related to policy changes, currency fluctuations, and interest rate changes[149] - The group has a significant portion of its investment properties in Hong Kong, making it susceptible to changes in the local economy, consumer spending, and tourism market[150] Employment and Human Resources - The group employed approximately 330 employees as of March 31, 2019, a decrease from 540 employees the previous year due to the termination of the garment business[147] - The company encourages all directors to participate in continuous professional development to enhance their knowledge and skills[100] Miscellaneous - The company has received approval to redevelop the garment factory site into commercial/residential use, covering an area of approximately 19,000 square meters[50] - The company has a dedicated internal audit team that regularly reviews the effectiveness of risk management and internal control systems[120] - The company made charitable donations amounting to HKD 10,000 during the year[199] - The company plans to propose the reappointment of Ernst & Young as auditors at the upcoming annual general meeting[200]