香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SHUN TAK HOLDINGS LIMITED 信 德 集 團 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：242） 網址：http://www.shuntakgroup.com 二零二三年中期業績公佈 本集團業績 信德集團有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（「本集 團」）截至二零二三年六月三十日止六個月之未經審核綜合中期業績。 期內本公司擁有人應佔未經審核虧損為港幣 425百萬元（二零二二年：溢利港幣229 百萬元）。擁有人應佔相關虧損（主要就投資物業產生之未變現公平價值變動作出調整 後）將為港幣274百萬元（二零二二年：溢利港幣458百萬元）。每股基本虧損為14.1 港仙（二零二二年：每股基本盈利7.6港仙）。 中期股息 董事會議決不就截至二零二三年六月三十日止六個月宣派中期股息（二零二二年： 無）。 – 1 – 簡明綜合收益表 截至六月三十日止六個月 ...

Real Estate Development - Shun Tak Holdings has expanded its real estate portfolio significantly, becoming one of the largest listed companies in Hong Kong with substantial development floor area in Macau[9]. - The group is actively investing in the Greater China real estate market, with projects in Beijing, Shanghai, Zhuhai, Tianjin, and Kunming[9]. - The luxury residential project "The Waterside" in Macau has been well-received, with the first four phases sold out[9]. - The group has entered the Singapore real estate market by acquiring premium properties near the central business district[9]. - Shun Tak Holdings is developing a landmark integrated project in Beijing's Tongzhou, combining retail, office, and serviced apartments[9]. - The group has established a diverse property portfolio that includes hotels, commercial, and residential developments in Macau and Hong Kong[9]. - The total gross floor area of the "The Waterside" project exceeds 655,000 square feet, featuring luxury residential units and a large shopping center[9]. - The group is collaborating with Hong Kong Land Holdings to develop "One Central" in Macau, which includes luxury residential towers and a flagship shopping mall[9]. - The group acquired the remaining 30% stake in the Hengqin Comprehensive Development Project in December 2020, becoming the sole owner of the project located in Zhuhai, Guangdong, which will feature office buildings, retail facilities, hotels, and residential areas[10]. - The Shanghai Qiantan project, developed in partnership with Shanghai Lujiazui Group, has a total construction area of 140,500 square meters, including a five-star hotel with 202 rooms and a cultural performance center accommodating approximately 4,000 spectators[10]. - In 2020, the group formed a strategic partnership with China Resources Land to acquire a 40% stake in a comprehensive development project in Shanghai Jing'an District, with a total area of approximately 65,692 square meters and a planned total floor area of about 329,000 square meters[10]. - The group is actively expanding its business in Singapore, acquiring high-potential projects, including a commercial development project at 111 Somerset Road with a building area of approximately 766,550 square feet[11]. - The group plans to open eight new hotels in mainland China in 2023 to capitalize on the expected recovery of cross-border and international tourism[33]. - The group achieved a sales rate of 98% for the residential units in the Macau project "濠珀" as of December 31, 2022, with a total of 620 units[37]. - The "濠尚" project in Macau has sold 87% of its residential units, totaling over 1,700 units, with 50 units recognized in revenue during 2022[38]. - The Hengqin comprehensive development project has sold 420 residential units and is expected to sell the remaining six units in 2023, including four demonstration units[39]. - The Singapore project at 111 Somerset Road achieved a rental rate of 93% for its retail and office spaces by the end of 2022, despite the economic slowdown caused by the pandemic[40]. - The Beijing Tongzhou comprehensive development project is expected to begin pre-sales of its apartment units in 2023, with the first phase anticipated to be completed in 2024[41]. - The Shanghai Qiantan 31 project includes a five-star hotel with 202 rooms, which is expected to open in 2023, alongside office and retail spaces[42]. Financial Performance - The company's revenue for 2022 was HKD 3,490,725,000, a decrease of 27.8% from HKD 4,829,794,000 in 2021[25]. - The loss attributable to shareholders for 2022 was HKD (558,222,000), compared to a profit of HKD 962,431,000 in 2021[25]. - Total equity value decreased to HKD 35,778,835,000 in 2022 from HKD 38,217,814,000 in 2021[25]. - Basic and diluted loss per share for 2022 was HKD (18.5), down from earnings of HKD 31.9 per share in 2021[25]. - The net asset value per share decreased to HKD 11.8 in 2022 from HKD 12.7 in 2021[25]. - The company did not declare any dividends for 2022, consistent with the previous year[25]. - The average number of shares issued during the year was 3,020,379,785, slightly down from 3,020,898,141 shares in 2021[25]. - The group reported a loss attributable to shareholders of HKD 558 million for the year ended December 31, 2022, compared to a profit of HKD 962 million in 2021, with a basic loss per share of HKD 0.185[32]. - The retail center "Wuxiang Tiandi" achieved a 90% occupancy rate as of October 2022[32]. - The group sold a commercial building in the Shanghai Suhe Bay development project for RMB 2.6 billion[30]. - The group signed a strategic cooperation agreement with China Resources Land for potential real estate projects, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area[31]. - The group’s property management companies were recognized as "Property Management Pioneers" by the Property Management Industry Authority[28]. - The group’s hotel and leisure sectors faced challenges due to strict travel restrictions and port closures between Hong Kong and Macau[32]. - The group is optimistic about the domestic real estate market trends as China gradually relaxes pandemic restrictions[32]. - The group’s subsidiary, Hong Kong International Airport's SkyPier, resumed ferry services to Macau after a three-year suspension[31]. - The real estate sector recorded a profit of HKD 1.12 billion in 2022, down from HKD 1.85 billion in 2021, reflecting the challenging operating environment due to the Omicron variant and geopolitical tensions[36]. - The company has a commitment to enhancing its financial performance and strategic investments in various sectors[22]. - The group’s total assets decreased to HKD 35,779 million, a reduction of HKD 2,439 million compared to the previous year[136]. - The group's cash and cash equivalents as of December 31, 2022, were HKD 6,538 million, a decrease of HKD 1,281 million from the previous year[138]. - The group's net debt was approximately HKD 9,434 million, with a capital to debt ratio of 28.3%[138]. - The company’s distributable reserves as of December 31, 2022, were HKD 5,184,642,000, down from HKD 6,423,849,000 in 2021[148]. Hotel and Leisure Operations - The group has established the Yat Sing Hotel Group in 2013 to manage and develop a series of luxury hotel brands, increasing its influence in the hotel service industry[13]. - The Yat Sing Hotel Group currently manages ten projects, including eight Yat Sing branded hotels and two non-branded hotels, with seven more hotel properties under development[13]. - The group is expanding its hotel portfolio in Singapore, with the Singapore Yat Sing Hotel planned to be a five-star luxury hotel with 142 rooms[13]. - The group aims to leverage the booming Asian tourism market by catering to affluent and frequent travelers from China through its luxury hotel offerings[13]. - The group operates the Beijing Dongzhimen Yacheng Hotel, which opened in 2017, offering 138 rooms[15]. - The Shanghai Hongqiao Yacheng Hotel, opened in 2018, features 188 rooms and is located near major shopping and entertainment venues[15]. - The Shanghai Qiantan Yacheng Hotel and Shanghai Qiantan Yacheng Shang Hotel opened in September 2022, offering 246 and 210 rooms respectively[15]. - The group launched the Yacheng Club in 2018, providing diverse dining and recreational facilities in the Central business district[15]. - The average occupancy rate of the Hong Kong SkyCity Marriott Hotel was 32% in 2022, benefiting mainly from clients in the airline and international logistics sectors[69]. - The Macau Mandarin Oriental Hotel experienced a decline in visitor numbers due to COVID-19, but the spa business saw a slight increase in revenue due to higher average spending per person[70]. - The average occupancy rate of the Luhuan Seaside Resort Hotel was 75% in 2022, achieving the highest revenue since 2019, driven by demand for quality quarantine accommodations[71]. - The Beijing Dongzhimen Yacheng Hotel recorded an average occupancy rate of 39% in 2022, impacted by strict pandemic measures and high infection rates in the capital[72]. - The Shanghai Hongqiao Yacheng Hotel had an average occupancy rate of 33% in 2022, with a stable performance during the traditional trade fair season despite a decline in international business travelers[74]. - The Shanghai Hongqiao Yacheng Ti Hotel reopened in 2022 after a successful brand relaunch, attracting many local travelers despite facing challenges from tightened travel restrictions[75]. - Yacheng Hotel Group plans to open eight new hotels in mainland China by the end of 2023, increasing its presence in Shanghai to ten properties[76]. - The group is collaborating with a Singapore-based company to develop two hotel projects, including one in Tianjin with 982 rooms[76]. Corporate Governance and Management - The company has a focus on sustainable growth and maintaining market leadership through operational excellence[22]. - The company’s management team includes experienced professionals with significant roles in various industry associations and government committees[18]. - The company appointed Mr. Ye Jiaqi as an independent non-executive director in October 2015 and as a member of the audit and risk management committee since January 2017[22]. - Ms. He Chaofeng has been with the company since 1994 and currently serves as the executive director and deputy managing director[22]. - Mr. Ye Jiaqi holds a Bachelor's degree in Economics from Harvard University and has extensive experience in private equity and alternative investments[22]. - Ms. He Chaofeng is a member of the executive committee, remuneration committee, and nomination committee of the company[22]. - The company has a commitment to corporate social responsibility, actively participating in community support and charity initiatives to create a positive social impact[96]. - The company continues to support youth development through internship programs and career planning workshops, benefiting 240 secondary school students[102]. - The company respects and appreciates the elderly, organizing various activities to support their social health and well-being, including local tours for 44 seniors[104]. - The company has established a framework for ongoing consultancy services with Tianji Group, which has been a related party since September 2020[151]. - The company’s independent auditor issued an unqualified opinion on the related party transactions, confirming compliance with relevant regulations[151]. - The company has a strong presence in the Guangdong-Hong Kong-Macao Greater Bay Area, recognized as a leader in real estate, hospitality, and transportation industries[168]. - The board consists of nine members, with a balanced ratio of executive and independent non-executive directors to prevent decision-making control by individuals or small groups[172]. - The company has achieved gender diversity on the board, with 66.7% male and 33.3% female representation[179]. - The board has adopted a diversity policy to enhance performance and considers various aspects such as gender, age, cultural background, and professional experience[176]. - The company emphasizes a culture of responsible and ethical conduct, aligning its corporate culture with its mission and values[171]. - The management team is responsible for daily operations and reports regularly to the board on operational and financial performance[175]. - The board is committed to maintaining high standards of corporate governance to protect the interests of shareholders and stakeholders[171]. - The company has made progress in maintaining an ideal gender balance in its workforce over recent years[180]. - The board held a total of five meetings during the year to review quarterly business performance and related strategies[186]. - All independent non-executive directors are appointed for a term of three years, with re-election required at least every three years during the annual general meeting[187]. - The company provided training covering topics such as corporate governance code reviews and compliance with listing rules, enhancing directors' knowledge and skills[187]. Sustainability and Environmental Initiatives - The company has successfully reduced carbon emissions intensity by 12% this year through various green initiatives and activities[114]. - Efforts to lower electricity and water consumption resulted in a reduction of 24% and 38% respectively, achieved by using energy-efficient appliances and promoting water-saving measures[114]. - Waste generation intensity decreased by 6% compared to the baseline year, aided by initiatives to minimize the use of single-use plastic products[114]. - The company has been included in the Hang Seng Sustainable Development Corporate Index for 12 consecutive years, reflecting its commitment to sustainability[117]. - The company achieved a BBB rating in the MSCI Environmental, Social, and Governance (ESG) rating system[117]. - The implementation of a reclaimed water system at hotels for irrigation and sanitation purposes demonstrates the company's focus on resource efficiency[117]. - The company has set four environmental goals for 2030, aligned with the United Nations Sustainable Development Goals, aimed at reducing carbon emissions, electricity, water consumption, and waste generation[114]. - The company actively collaborates with charitable organizations, raising funds to support children with developmental disorders, including autism and learning difficulties[111]. - A climate change policy was established this year to guide business and logistics departments in managing climate risks[114]. - The company has conducted a preliminary climate risk assessment since 2020, leading to the development of a comprehensive climate change policy[114]. - The group has implemented more environmentally friendly initiatives to reduce non-recyclable waste in operations[118]. - The group is focusing on sustainable materials, opting for biodegradable packaging and containers to replace single-use plastics[118]. Transportation and Logistics - The group completed a significant equity restructuring with Hong Kong China Travel International in July 2020, enhancing its cross-border transportation services and aiming to create a multi-modal transportation platform in the Greater Bay Area[12]. - The group has developed a unique cross-regional sea-air transportation network, connecting major international airports in the Pearl River Delta region with ferry services[12]. - The transportation division recorded a loss of HKD 241 million in 2022, compared to a loss of HKD 340 million in 2021[61]. - The company plans to expand its cross-border multi-modal transportation platform in the Greater Bay Area[61]. - The company is actively seeking new development opportunities in facility management as the market is expected to recover in 2023[57]. - The company aims to deepen its multi-modal transport services with new contracts for cross-border bus services starting in Q3 2023[62]. - The group’s subsidiary, Jetfoil Shipyard Limited, became an officially recognized contractor for the repair of government vessels in Hong Kong[30]. - The company anticipates a gradual recovery in the tourism sector following the relaxation of travel restrictions and plans to enhance its transportation services to meet increasing demand[93].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 558 million for the year ended December 31, 2022, compared to a profit of HKD 962 million in 2021[1]. - Total revenue decreased to HKD 3,490.7 million, down 27.8% from HKD 4,829.8 million in the previous year[2]. - The operating profit fell significantly to HKD 365.0 million, a decline of 81.0% from HKD 1,917.5 million in 2021[2]. - The basic loss per share was HKD 0.185, compared to a basic earnings per share of HKD 0.319 in the prior year[2]. - Total comprehensive loss for the year amounted to HKD 1,911.98 million, compared to a comprehensive income of HKD 507.91 million in the previous year[4]. - The company's total equity decreased to HKD 35,778.8 million from HKD 38,217.8 million in 2021[6]. - The net loss for the year 2022 was HKD 476,380,000, contrasting with a profit of HKD 1,180,827,000 in 2021[18]. - The company’s total liabilities included HKD 17,149,813,000 in undistributed liabilities, indicating a substantial portion of total liabilities[17]. - The company’s investment income for 2022 was HKD 127,431,000, down from HKD 128,078,000 in 2021, showing a slight decrease of 0.5%[18]. - The company’s total equity decreased significantly due to the net loss, impacting future investment and operational strategies[18]. Asset and Liability Management - Non-current assets decreased to HKD 35,150.1 million from HKD 37,693.8 million in the previous year[5]. - Current assets also declined to HKD 19,871.9 million, down from HKD 21,861.5 million in 2021[5]. - Total assets as of 2022 were HKD 55,021,949,000, while total liabilities were HKD 19,243,114,000, resulting in a net asset position of HKD 35,778,835,000[17]. - Total assets for the year ended December 31, 2021, amounted to HKD 59,555,314,000, with total liabilities at HKD 21,337,500,000[20]. - The group has capital commitments of approximately HKD 165 million for hotel property construction in Singapore as of December 31, 2022[73]. Segment Performance - The group operates four reportable segments: Real Estate, Transportation, Hotels and Leisure, and Investment, each requiring different marketing strategies[12]. - The performance of reportable segments is assessed based on changes in fair value of investment properties, non-recurring gains or losses, and operating profit or loss before unallocated corporate expenses[14]. - The real estate segment recorded a profit of HKD 1.12 billion in 2022, down from HKD 1.85 billion in 2021[32]. - The transportation department recorded a loss of HKD 241 million in 2022, a decrease from HKD 340 million in 2021, due to the impact of the pandemic[47]. - The hotel and leisure segment recorded a loss of HKD 156 million in 2022, compared to a loss of HKD 141 million in 2021[51]. Revenue and Income Sources - The company reported a significant decrease in rental income, with HKD 425,397,000 in 2022 compared to HKD 424,501,000 in 2021, reflecting a marginal increase of 0.2%[18]. - The company’s share of results from joint ventures showed a loss of HKD 371,474,000 in 2022, compared to a profit of HKD 108,915,000 in 2021[18]. - The company recognized a fair value loss of HKD 242,372,000 on financial assets measured at fair value through profit or loss in 2022[22]. - The overall performance of Toys "R" Us in Macau decreased by 20% compared to the same period last year due to the impact of the Omicron variant and travel restrictions[68]. - Stecco Natura Gelaterie achieved an 80% increase in annual sales, with new ice cream stores opened in Hong Kong and a new store set to open in Macau in Q1 2023[68]. Operational Strategies and Future Plans - The group plans to expand its cross-border multi-modal transport platform in the Greater Bay Area in response to the recovering tourism industry[47]. - The company is set to provide cross-border closed bus services starting in Q3 2023, enhancing multi-modal transport connections[50]. - The group aims to leverage the recovery of the tourism industry in 2023 to create sustainable business outcomes for stakeholders[71]. - The company plans to open eight new hotels in 2023, increasing its hotel properties in Shanghai to a total of ten[70]. - Yacheng plans to open eight new hotels in mainland China by the end of 2023, increasing its properties in Shanghai to ten, enhancing its market presence[58]. Corporate Governance and Compliance - The consolidated financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and comply with the relevant disclosure requirements of the Hong Kong Stock Exchange[7]. - The auditor's report for the year ended December 31, 2022, was issued without any reservations, indicating a clean audit opinion[8]. - The board is committed to maintaining high levels of corporate governance, ensuring compliance with increasingly stringent regulations and meeting shareholder expectations[82]. - The group's consolidated financial statements for the year ending December 31, 2022, were reviewed by the audit and risk management committee, with no verification opinion issued by the auditors[83]. Employee and Community Engagement - As of the end of the year, the group employed around 1,500 employees, offering competitive compensation and promoting team spirit through regular social events and training courses[77]. - The company actively supported government pandemic efforts by providing over 900 transport services during critical periods[49].

Financial Performance - The unaudited profit attributable to owners for the six months ended June 30, 2022, was HKD 229 million, a decrease of 51% compared to HKD 470 million in the same period of 2021[6]. - The profit attributable to owners, adjusted for unrealized fair value changes from investment properties, was HKD 458 million, down from HKD 618 million in the previous year, representing a decline of 26%[6]. - The basic earnings per share for the period were HKD 0.076, compared to HKD 0.156 in the same period last year, reflecting a 51% decrease[6]. - Total revenue for the six months ended June 30, 2022, was HKD 1,889,517, a slight decrease of 0.6% compared to HKD 1,901,562 in the same period of 2021[61]. - Operating profit for the same period was HKD 346,639, down 52.1% from HKD 724,428 in 2021[61]. - Net profit for the period was HKD 305,704, representing a decrease of 49.1% compared to HKD 600,179 in the previous year[62]. - The company reported a net profit of HKD 228,557,000 for the six months ended June 30, 2022, compared to HKD 469,978,000 for the same period in 2021, indicating a decrease of approximately 51.3%[103]. - Total revenue for the six months ended June 30, 2022, was HKD 1,901,562,000, a decline from HKD 1,927,036,000 in the previous year, representing a decrease of about 1.3%[98]. Real Estate Development - The real estate sector recorded a profit of HKD 610 million in the first half of 2022, down 33% from HKD 898 million in the same period of 2021[8]. - As of June 30, 2022, 98% of residential units in the completed project "The Waterside" in Macau have been sold and accounted for[9]. - The "Hengqin Integrated Development Project" has sold 422 residential units, with 419 units delivered to buyers as of June 30, 2022[11]. - The Beijing Tongzhou Integrated Development Project is expected to complete its first phase in 2024, covering 127,000 square meters of retail space and 119,000 square meters of office space[13]. - The Tianjin South High-Speed Railway Station Integrated Development Project is expected to be completed in phases by Q4 2022, covering a total construction area of 330,000 square meters[15]. - The Shanghai Qiantan cultural and arts community project has a total construction area of 140,500 square meters, including a five-star hotel with 202 rooms, expected to be completed in 2023[16]. - The Shanghai Suhewan integrated development project covers an area of 186,500 square meters, strategically located near popular tourist attractions and major business districts[16]. - The Kunming South High-Speed Railway Station integrated development project, covering 65,000 square meters, aims to create a regional medical and commercial hub with a total floor area of approximately 550,000 square meters, expected to commence operations in 2024[18]. - The Singapore project, covering 43,356 square feet, has sold 37 units, including three penthouses, since its pre-sale began in May 2021, with construction expected to be completed in the first half of 2024[19]. Occupancy Rates and Retail Performance - The Hong Kong shopping mall, located at West Kowloon, has maintained a 100% occupancy rate as of June 30, 2022, with new tenants enhancing the retail mix[22]. - The Xibao City shopping mall in Hong Kong achieved a 92% occupancy rate as of June 30, 2022, following renovations aimed at attracting family-oriented customers[23]. - The Macau Star Plaza shopping mall has an occupancy rate of 89% as of June 30, 2022, with all major tenants operational despite pandemic-related challenges[26]. - The group holds a 100% stake in the Macau retail property, maintaining a 100% occupancy rate as of June 30, 2022, while providing rent reductions to long-term tenants due to significant losses from decreased tourist numbers[26]. - The average office occupancy rate for the Xin De Jing Hui Center in Beijing reached 70% as of June 30, 2022[27]. - The Guangzhou Xin De Business Tower achieved an average occupancy rate of 89% as of June 30, 2022, contributing to stable revenue for the group[28]. Transportation and Hotel Performance - The transportation sector reported a loss of HKD 94 million in the first half of 2022, compared to a loss of HKD 137 million in the same period of 2021[29]. - The hotel and leisure division recorded a loss of HKD 130 million in the first half of 2022, compared to a loss of HKD 94 million in the same period of 2021[33]. - The average occupancy rate for the Hong Kong SkyCity Marriott Hotel was 19% as of June 30, 2022[36]. - The average occupancy rate for the Luhuan Seaside Resort Hotel in Macau reached 82% as of June 30, 2022, benefiting from demand from travelers from Hong Kong and Taiwan[37]. - The average occupancy rate for Beijing Dongzhimen Yacheng Hotel dropped to 35% in the first half of 2022 due to COVID-19 restrictions[38]. - Shanghai Hongqiao Yacheng Hotel recorded an average occupancy rate of 37% during the same period, impacted by a surge in COVID-19 cases[38]. - Shanghai Hongqiao Yacheng Ti Hotel's average occupancy rate fell to 26% in the first half of 2022, primarily serving healthcare personnel during the pandemic[38]. - The group plans to open five new hotels in mainland China by the end of 2022, increasing the total number of hotels in Shanghai to seven[43]. Financial Position and Commitments - The group reported a bank balance and deposits of HKD 7,963 million as of June 30, 2022, an increase of HKD 144 million from December 31, 2021[55]. - The group's capital and debt ratio was 30.3% as of June 30, 2022, compared to 28.0% on December 31, 2021[55]. - The group has a capital commitment of approximately HKD 281 million for hotel property construction in Singapore as of June 30, 2022[56]. - The group has an outstanding capital commitment of approximately USD 94 million (equivalent to about HKD 736 million) for its investment in Perennial HC Holdings Pte. Ltd.[57]. - The group has secured bank loans totaling approximately HKD 7,389 million against assets with a book value of HKD 14,387 million[58]. - The group anticipates a slight decline in overall performance for 2022 compared to the previous year due to economic challenges in Macau[52]. - The group’s total assets as of June 30, 2022, were HKD 53,319,217, a decrease from HKD 55,383,192 at the end of 2021[63]. - The group’s non-current liabilities totaled HKD 16,448,364, down from HKD 17,165,378 at the end of the previous year[64]. Shareholder Information and Corporate Governance - The company had a total of 3,020,379,785 issued and fully paid ordinary shares as of June 30, 2022, slightly down from 3,021,479,785 shares as of December 31, 2021[111]. - Ms. Ho Choi Kiong held a total of 373,620,627 shares, representing approximately 17.87% of the total issued shares[135]. - Ms. Ho Choi Fung owned 134,503,471 shares, which accounted for 7.42% of the total issued shares[135]. - Renito Investments Limited holds 500,658,864 shares, representing 16.58% of the total issued shares, making it the largest shareholder[141]. - Oakmount Holdings Limited owns 396,522,735 shares, accounting for 13.13% of the total issued shares[141]. - The board believes it has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO[143]. - The company has four independent non-executive directors providing independent advice and opinions on board matters[143].

Real Estate Development - The group is a leading integrated enterprise with core businesses including real estate, transportation, hotels, and investments, established in 1972[9]. - The group holds a significant position in the Macau real estate market, being one of the largest listed companies with available development floor area[13]. - The group is actively expanding its real estate business in Greater China, with investment projects in Beijing, Shanghai, Zhuhai, Tianjin, and Yunnan[13]. - The group has entered the Singapore real estate market through acquisitions of premium properties near the central business district[13]. - The "One Central" project in Macau, developed in collaboration with Hongkong Land Holdings, includes seven luxury residential towers and a flagship shopping mall[13]. - The group’s "The 8" project is one of the largest luxury residential developments in Macau, featuring stylish residential units and world-class amenities[13]. - The group is investing in a comprehensive development project in Tongzhou, Beijing, which will combine retail, office buildings, and serviced apartments[13]. - The group owns the Shun Tak Centre in Beijing, covering an area of 63,000 square feet, which includes office buildings and leisure elements[13]. - The company acquired the remaining 30% interest in the Hengqin Integrated Development Project, becoming the sole owner of the project located in Zhuhai, Guangdong, which benefits from significant transportation advantages[14]. - The Shanghai Qiantan 31 project, developed in partnership with Shanghai Lujiazui Group, has a total construction area of 140,500 square meters and will include office buildings, retail space, and a five-star hotel with 202 rooms[15]. - The company has formed a strategic partnership with CR Land to acquire a 40% interest in a comprehensive development project in Jing'an District, Shanghai, covering a total area of approximately 65,692 square meters and planned to develop 329,000 square meters of floor area[15]. - The company is actively expanding its business in Singapore, acquiring several high-potential projects, including a premium commercial development at 111 Somerset Road with a building area of approximately 766,550 square feet[15]. - The group plans to launch five new hotel properties in mainland China in 2022, aiming to establish a significant presence in Shanghai with seven properties by the end of 2022[49]. - The group is strategically collaborating with local developers to enhance project outcomes and is currently pre-selling or leasing major integrated development projects set to complete in 2022[48]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[30]. - User data showed a 25% increase in active users, reaching 5 million by the end of the fiscal year[30]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[30]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[30]. - The company reported a revenue of HKD 4,829,794,000 for 2021, an increase of 15.3% compared to HKD 4,190,309,000 in 2020[38]. - Profit attributable to shareholders was HKD 962,431,000, a significant increase from HKD 262,440,000 in the previous year, representing a growth of 267.5%[38]. - The total equity value rose to HKD 38,217,814,000, compared to HKD 37,915,549,000 in 2020, reflecting a growth of 0.8%[38]. - Basic earnings per share increased to HKD 31.9, up from HKD 8.7 in 2020, marking a growth of 267.8%[38]. - The company reported a significant loss of HKD 340 million in 2021, compared to a loss of HKD 300 million in 2020 before restructuring[99]. - The group reported a profit attributable to shareholders of HKD 962 million, an increase of HKD 700 million or 267% compared to 2020[189]. - The capital to debt ratio improved to 28.0% from 35.6% in 2020, reflecting a stronger financial position[192]. Transportation and Tourism - The company launched the "Macau Sea Tour" in 2018, enhancing Macau's tourism offerings by providing customized routes for tourists to enjoy scenic views along the coast[18]. - In July 2020, the company completed a significant equity restructuring with Hong Kong China Travel International Investment Company, deepening their partnership and enhancing cross-border transportation services in the Greater Bay Area[18]. - The company is participating in the operation of the Hong Kong-Zhuhai-Macao Bridge shuttle bus service, further strengthening its multi-modal transportation network[18]. - The group is actively expanding its transportation network in the Greater Bay Area, enhancing connectivity through land, sea, and air[97]. - The company launched a new ferry route "Macao - Coloane" to enhance its service offerings[42]. - The company launched a new ferry route connecting Ma Kok and Coloane in July 2021, enhancing local tourism offerings[102]. - The company has signed a management agreement with a Zhuhai ferry operator to manage routes between Zhuhai and the two Special Administrative Regions post-reopening[102]. Sustainability and Corporate Social Responsibility - The management emphasized a commitment to sustainability, aiming for a 20% reduction in carbon emissions by 2025[30]. - The group aims to reduce carbon emissions intensity by 10% from 2017 levels by 2030[160]. - The group plans to decrease electricity consumption intensity by 10% from 2017 levels by 2030[163]. - The group targets a 10% reduction in water consumption intensity from 2017 levels by 2030[163]. - The group has implemented various measures to enhance energy efficiency, including optimizing boiler and chiller operations[162]. - The group is actively exploring the integration of green building principles into its strategic development[160]. - The group has established a sustainable procurement policy to guide its operations towards low-carbon practices[160]. - The company has donated 1,000 food packages to support the community, with proceeds aimed at welfare assistance for families in need[149]. - The company organized various charitable activities, raising significant funds to support social welfare organizations during the pandemic[149]. - The company continues to focus on the well-being of the elderly, providing health-related activities and support through community engagement[150]. - The company collaborated with schools to provide career planning workshops for nearly 1,000 secondary school students, enhancing their employability skills[154]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[30]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase customer base by 15%[30]. - The company is investing $50 million in research and development for new technologies aimed at improving service efficiency[30]. - The company is exploring partnerships with local firms to enhance distribution channels and improve market penetration[32]. - The company is actively planning for a swift response to government directives for resuming operations as border restrictions ease[102]. - The group is awaiting land grants from the Macau government for the South Bay Coast project, aiming to develop a long-term land use plan[81]. Hotel and Leisure Operations - The group holds a 70% stake in the Hong Kong SkyCity Marriott Hotel, which has 658 rooms and is adjacent to Hong Kong International Airport[19]. - The group manages the award-winning Macau Tower Convention and Entertainment Centre, a major tourism destination in Macau, offering various dining options and the highest commercial bungee jump in the world[19]. - The group established Yat Sing Hotel Group in 2013, managing eight projects and having eleven properties under development, capitalizing on the growing Asian tourism market[19]. - The group is developing a new luxury hotel in Singapore with 142 rooms, strategically located near the central business district[19]. - The hotel segment reported a loss of HKD 141 million in 2021, an improvement from a loss of HKD 548 million in 2020[108]. - The Hong Kong SkyCity Marriott Hotel saw an 85% decline in air passenger volume compared to the previous year due to strict travel restrictions[111]. - The average occupancy rate for the Luhuan Haotian Resort Hotel was 78% in 2021, as it served as a quarantine hotel during the pandemic[113]. - The Shanghai Hongqiao Yacheng Hotel maintained an average occupancy rate of 60%, benefiting from local demand despite a reduction in international business travelers[116]. - The group is preparing to launch five new hotels in 2022, focusing on the rapidly recovering Chinese leisure market[121]. Property Management and Services - The group provides professional property and facility management services for residential, clubhouse, office, shopping mall, and parking properties in Hong Kong and Macau[13]. - The property services division is expected to expand its processing capacity in 2022, preparing for business growth as the pandemic stabilizes[89]. - The rental rate for the Shun Tak Centre in Hong Kong remains strong at 98% despite the COVID-19 pandemic[82]. - The average rental rate for the West Point shopping mall is recorded at 83% following a major renovation completed in June 2021[83]. - The average rental rate for the One Plaza shopping mall is approximately 90%, with a strong rebound in tenant sales compared to the previous year[87]. - The Star Plaza in Macau achieved over 90% of its leasable area rented out by the end of 2021, with expectations to increase overall occupancy to over 85% in early 2022[86]. - The Beijing Shun Tak Centre recorded an average occupancy rate of 78% in 2021 amid fierce competition in the leasing market[88]. - The Guangzhou Shun Tak Business Tower achieved an average occupancy rate of 94% in 2021, contributing to stable revenue for the group[88].

Financial Performance - The group reported an unaudited profit attributable to owners of HKD 470 million for the six months ended June 30, 2021, compared to a loss of HKD 279 million in 2020[9]. - Adjusted profit attributable to owners, after accounting for unrealized fair value changes from investment properties, was HKD 618 million, up from HKD 272 million in 2020[9]. - Basic earnings per share were HKD 0.156, a significant improvement from a loss of HKD 0.092 per share in the same period last year[9]. - The group recorded a profit of HKD 898 million in the property investment segment, slightly up by 2% from HKD 879 million in the first half of 2020[12]. - The group reported a net profit of HKD 600,179 million for the six months ended June 30, 2021, compared to a loss of HKD 219,471 million in the previous year[81]. - Basic earnings per share for the period was HKD 15.6, a recovery from a loss of HKD 9.2 per share in the same period of 2020[81]. - Total comprehensive income for the period amounted to HKD 701,723,000, a recovery from a loss of HKD 763,110,000 in the previous year[83]. - The company reported total revenue of HKD 1,901,562,000 for the six months ended June 30, 2021, compared to HKD 1,676,804,000 for the same period in 2020, representing an increase of approximately 13.4%[115]. - The company achieved a net profit of HKD 751,216,000 for the six months ended June 30, 2021, compared to HKD 600,179,000 for the same period in 2020, reflecting a growth of about 25.2%[121]. Property Development and Sales - The group achieved a sales rate of nearly 98% for the completed residential project "Ho Po" in Macau, with five units sold in the first half of 2021[13]. - The "Ho Shang" project, part of a major development, has sold 84% of its residential units as of June 30, 2021, with 62 units delivered to buyers in the first half of the year[13]. - The Hengqin comprehensive development project is expected to start generating rental income from retail, office, and parking spaces in 2022, providing a stable income source for the group[15]. - The group sold five residential units in the Macau project "Hau Ting" and 76 units in "Hau Shang" during the period, reflecting strong sales performance[67]. Hotel and Leisure Performance - The hotel and leisure segment incurred a loss of HKD 94 million in the first six months of 2021, impacted by ongoing pandemic challenges[42]. - The Hong Kong SkyCity Marriott Hotel recorded an average occupancy rate of only 30%, significantly lower than other city hotels due to the pandemic's impact on the exhibition and conference business[44]. - The average occupancy rate for the Macau Mandarin Oriental Hotel reached 43% during the pandemic, compensating for losses in inbound tourism through local staycation and dining promotions[45]. - The Luhuan Seaview Resort Hotel achieved an impressive average occupancy rate of 68% in the first half of 2021, leading other hotels in the area[46]. - The company is developing a flagship luxury hotel in Singapore with at least 142 rooms, expected to open in Q1 2023, delayed due to COVID-19[52]. Retail and Leasing Performance - The "Shengyue" shopping mall in Hong Kong has maintained a 100% occupancy rate as of June 30, 2021, despite the impact of the COVID-19 pandemic[28]. - The "Xibao City" shopping center has a rental area of approximately 158,000 square feet, with an occupancy rate of 87% as of June 30, 2021, following a major renovation[28]. - The "Shengyu" shopping center recorded an average occupancy rate of 39% as of June 30, 2021, due to the impact of the pandemic on tenant retention[29]. - The group holds 100% equity in shop 402 of the Shun Tak Center and 55% equity in a series of assets within the center, which has a total retail area of 213,786 square feet[30]. - The retail division, Retail Matters Company Limited, reported a 16% increase in sales year-on-year, despite a significant drop in inbound tourist numbers due to travel restrictions[64]. Financial Position and Investments - As of June 30, 2021, the group's bank balances and deposits reached HKD 6,749 million, an increase of HKD 1,303 million compared to December 31, 2020[71]. - The group's capital and debt ratio was 32.3% as of June 30, 2021, down from 35.6% on December 31, 2020, indicating a reduction in leverage[71]. - The group completed the acquisition of approximately 16.93% of Phoenix Satellite Television Holdings Limited for a cash consideration of approximately HKD 516 million, making it an associate company[65]. - The company has unfulfilled capital commitments of approximately HKD 422 million related to hotel property construction in Singapore as of June 30, 2021[74]. - The company recognized a gain of approximately HKD 321 million from the acquisition of identifiable assets exceeding the investment cost[132]. Market Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer experience[118]. - The company expects to maintain a positive outlook for the second half of 2021, with anticipated revenue growth driven by increased consumer demand and strategic initiatives[118]. - The group continues to monitor market conditions closely and is prepared to allocate resources pragmatically to deliver optimal value to shareholders[69]. - The overall financial performance indicates a strong recovery trajectory, positioning the company favorably for future growth opportunities[83]. Challenges and Adjustments - The transportation sector reported a loss of HKD 137 million in the first half of 2021, an improvement from a loss of HKD 275 million in the same period of 2020[38]. - The company has implemented cost-saving measures across its operations to navigate the challenging environment caused by the pandemic[69]. - The company has identified potential acquisition opportunities to strengthen its portfolio and market position[118]. - The company’s financial performance and position as of June 30, 2021, were not materially affected by the adoption of the new accounting standards[106].

Real Estate Development - The group has a significant presence in the Macau real estate market, being one of the largest listed companies with available development floor area[12]. - The group is actively expanding its real estate business in Greater China, with projects in Beijing, Shanghai, Zhuhai, Tianjin, and Yunnan[12]. - The group has entered the Singapore real estate market by acquiring premium properties near the central business district[12]. - The "One Central" project in Macau, developed in partnership with Hongkong Land, includes seven luxury residential towers and a flagship shopping mall[12]. - The group is developing the largest luxury residential project in Macau, "The Waterside," which includes stylish residential units and world-class amenities[12]. - The group holds a significant position in the Hong Kong real estate market with iconic residential projects such as Po Choi Court and The Summit[12]. - The group is investing in the Beijing Tongzhou comprehensive development project, which will feature retail, office buildings, and serviced apartments[12]. - The Shun Tak Centre in Beijing, fully owned by the group, covers an area of 63,000 square feet and includes office buildings and leisure elements[12]. - The company acquired the remaining 30% interest in the Hengqin Comprehensive Development Project, becoming the sole owner of the project located in Zhuhai, Guangdong, which benefits from significant transportation advantages[13]. - The Shanghai Qiantan 31 project, developed in partnership with Shanghai Lujiazui Group, has a total construction area of 140,500 square meters, combining office buildings, retail facilities, a five-star hotel, and a cultural performance center[13]. - The company formed a strategic partnership with the Pengri Group to develop large-scale comprehensive projects focused on healthcare along high-speed rail lines, including the Tianjin South High-Speed Railway Station and Kunming South High-Speed Railway Station projects[14]. - The company increased its stake in a comprehensive development project in Jing'an District, Shanghai, from 40% to 50%, with a total area of approximately 65,692 square meters and a planned total floor area of about 329,000 square meters[14]. - The company is actively expanding its business in Singapore, acquiring several high-potential projects, including a premium commercial development at 111 Somerset Road with a building area of approximately 766,550 square feet[14]. Financial Performance - Revenue for the fiscal year reached $500 million, representing a 15% increase compared to the previous year[22]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a projected growth of 20%[23]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% year-over-year growth[24]. - User data showed a 20% increase in active users, reaching 500,000 by the end of the fiscal year[25]. - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next fiscal year[25]. - New product launches are expected to contribute an additional HKD 300 million in revenue, with a focus on expanding the product line[24]. - The company reported a significant loss in fair value changes of investment properties, reflecting a downturn in the real estate market[127]. - The group's operating profit decreased to HKD 1,746 million, a decline of 72% from HKD 6,285 million in 2019[128]. - The group's net cash from operating activities was HKD 1,027 million, down from HKD 5,811 million in 2019[130]. - Total assets decreased to HKD 37,916 million, a reduction of HKD 2,545 million compared to the previous year[129]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[22]. - A strategic acquisition is in progress, which is anticipated to enhance the company's service offerings and increase market competitiveness[23]. - The company is considering strategic acquisitions to bolster its market position, with a budget of up to HKD 500 million allocated for potential deals[24]. - The group is focusing on strategic partnerships in new markets to enhance operational capabilities[34]. - The group is currently developing properties in multiple regions, with significant ongoing projects in Beijing, Tianjin, and Yunnan, indicating a strong market expansion strategy[111]. Hospitality and Tourism - The group holds a 70% stake in the Hong Kong SkyCity Marriott Hotel, which has 658 rooms and is located near Hong Kong International Airport[16]. - The group has established the Yat Sing Hotel Group, managing four Yat Sing branded hotels and three non-branded hotels, enhancing its influence in the hotel service industry[16]. - The Beijing Dongzhimen Yat Sing Hotel, opened in 2017, offers 138 rooms and is strategically located near a busy train station and only 25 minutes from the airport[16]. - The Shanghai Hongqiao Yat Sing Hotel, opened in 2018, features 188 rooms and is situated in a popular shopping district near multiple entertainment venues[17]. - The group is developing a new five-star luxury hotel in Singapore with no less than 142 rooms, located near the central business district[16]. - The group plans to launch pre-sales for high-end residential projects in the second half of 2021, including projects named Baihao and Lanxinju[34]. - The group anticipates long-term stable rental income from ongoing projects scheduled for completion between 2021 and 2023[34]. Corporate Social Responsibility - The group is committed to corporate social responsibility, actively participating in community service and charitable activities during the pandemic[94]. - The group donated HKD 3 million to support the production of surgical masks for frontline medical staff and vulnerable groups during the initial outbreak of the pandemic[97]. - The group provided 1,000 kilograms of food to the Macau Food Bank to assist those in need[98]. - The group has been included in the Hang Seng Sustainable Development Index for 10 consecutive years, demonstrating its commitment to sustainability[102]. - The group has implemented strict disinfection measures in offices, residential, and commercial properties to ensure stakeholder safety during the pandemic[100]. Operational Efficiency and Cost Control - The company has invested $10 million in research and development for new technologies aimed at improving operational efficiency[21]. - Customer satisfaction ratings have improved by 30%, reflecting the effectiveness of recent service enhancements[22]. - The company aims to reduce operational costs by 5% through improved supply chain management strategies[23]. - The group has implemented rigorous cost control measures to ensure sustainability amid the ongoing pandemic challenges[34]. - Total operating costs decreased by 54% year-on-year as the company implemented measures to control variable costs and reduce fixed expenses[66]. Challenges and Losses - In 2020, the company's revenue was HKD 4,190,309, a decrease of 71.5% compared to HKD 14,649,184 in 2019[27]. - The profit attributable to the company's owners in 2020 was HKD 262,440, down 92.4% from HKD 3,455,796 in 2019[27]. - The hotel and leisure segment reported a loss of HKD 548 million in 2020, compared to a loss of HKD 220 million in 2019, due to the severe impact of travel restrictions[73]. - The passenger ferry business recorded a significant loss of HKD 300 million in 2020, compared to a loss of HKD 122 million in 2019, due to the impact of COVID-19 and operational restrictions[66]. Governance and Compliance - The company has established systems and procedures to ensure compliance with relevant laws and regulations impacting its operations[138]. - The company has maintained a high level of corporate governance and has been a constituent of the Hang Seng Corporate Sustainability Index since its launch in 2011[174]. - The board of directors consists of nine members, with five executive directors (55.56%) and four independent non-executive directors (44.44%)[177]. - The company has established various board committees to assist in fulfilling its responsibilities and making decisions[176]. - The company has a clear framework for the responsibilities and duties of each committee, which will be regularly reviewed and updated as necessary[196].

Financial Performance - The company reported an unaudited loss attributable to owners of HKD 279 million for the six months ended June 30, 2020, compared to a profit of HKD 3,409 million in the same period of 2019[6]. - The basic loss per share was HKD 0.092, a significant decline from the basic earnings per share of HKD 1.127 in 2019[6]. - The group reported a total revenue of HKD 2,316,795,000 for the six months ended June 30, 2020, a decrease from HKD 11,992,593,000 in the same period of 2019, representing a decline of approximately 80.7%[56]. - The operating profit for the period was HKD 339,430,000, significantly lower than HKD 5,904,755,000 in the previous year, indicating a decrease of about 94.2%[56]. - The group reported a total comprehensive loss of HKD 763,110,000 for the period, compared to a comprehensive income of HKD 4,316,958,000 in the previous year[59]. - The company reported a total comprehensive loss of HKD 516,948 for the six months ended June 30, 2020[63]. - The company recorded a net loss of HKD 63,000 from the sale of properties, machinery, and equipment for the six months ended June 30, 2020[93]. - The company received government subsidies related to COVID-19 amounting to HKD 56,476,000 during the six months ended June 30, 2020[94]. Real Estate Development - The real estate sector recorded a profit decrease to HKD 879 million, down from HKD 5,843 million in the first half of 2019, primarily due to the impact of COVID-19 on consumer confidence and rental income[8]. - The company completed the delivery of 102 residential units in the Macau project, with a total of 77% of the units sold as of June 30, 2020[9]. - The company acquired the remaining 30% interest in a property in Singapore, becoming the sole owner, which enhances management flexibility[10]. - The Beijing Tongzhou integrated development project is expected to be completed in two phases in 2022 and 2023, covering 250,000 square meters of retail space and 117,000 square meters of residential units[11]. - The Shanghai Qiantan cultural and arts community project is expected to be completed in 2023, with a total construction area of 140,500 square meters[12]. - The company is developing a comprehensive project near Tianjin South High-Speed Railway Station, covering approximately 330,000 square meters, expected to commence operations in 2023[15]. - The Hengqin Comprehensive Development Project in Southern China includes approximately 42,300 square meters of office space, 43,000 square meters of retail facilities, 15,600 square meters of hotel space, and 33,400 square meters of serviced apartments, with a 70% equity stake held by the company[16]. - The project at 18 Tomlinson Road in Singapore has a total building area of approximately 142,000 square feet, with plans for 51 single-storey apartments and 3 penthouses, expected to launch in 2021 and complete construction in 2023, with 100% equity held by the company[17]. - The project at 14 and 14A Nansen Road in Singapore will develop approximately 100,200 square feet into luxury apartments, with 14 units planned, and is expected to launch in 2021 and complete construction in 2022, with 100% equity held by the company[18]. - The Kunming South High-Speed Railway Station Comprehensive Development Project, with a 30% equity stake, aims to develop a 65,000 square meter site into a medical and commercial hub with a total development area of approximately 550,000 square meters, expected to start in 2020 and operate in the second half of 2023[19]. Occupancy and Rental Performance - The Ascot Mall in Hong Kong, with a 64.56% equity stake, maintained a 100% occupancy rate in the first half of 2020, showing resilience against the impact of the COVID-19 pandemic[20]. - The West Plaza, with a 51% equity stake, is undergoing a major renovation expected to complete in mid-2021, with an occupancy rate of 89% in the first half of 2020[21]. - The Shun Yi Mall, with a 51% equity stake, has an average occupancy rate of 52% during the pandemic, with rental concessions provided to support tenants[22]. - The Star Plaza in Macau, with a 50% equity stake, opened in April 2020 and aims to achieve an average occupancy rate of at least 80% by the end of 2020, despite a challenging retail environment[24]. - The Shun Tak Fortress in Macau maintained a 100% occupancy rate, with rental concessions provided to long-term tenants due to a significant drop in visitor numbers[26]. - The average occupancy rate of the Guangzhou Xinde Business Tower project reached 96%, contributing to stable revenue for the group[28]. Transportation and Hotel Sector Impact - The transportation department experienced a 90% year-on-year decline in passenger volume, with only 500,000 passengers carried in the first half of 2020, resulting in a loss of HKD 275 million[30]. - The transportation department implemented cost control measures, reducing operating expenses by 50% year-on-year in the first half of 2020[31]. - The hotel and leisure sector recorded a 99% year-on-year drop in inbound travelers, leading to a loss of HKD 128 million in the first half of 2020[32]. - The Hong Kong SkyCity Marriott Hotel saw a 61% year-on-year decline in revenue, with an average occupancy rate of 35% during the pandemic[33]. - The average occupancy rate of the Mandarin Oriental, Macau dropped to 14% due to the cancellation of group bookings[34]. - The Luhuan Seaview Resort Hotel achieved an average occupancy rate of 43%, benefiting from local tourism and government rental for medical observation purposes[36]. - The group anticipates a recovery in the transportation sector as travel restrictions ease, with plans to leverage the Greater Bay Area's development opportunities[31]. - The group is focusing on promoting wedding and local dining services to offset losses from inbound tourism[35]. Financial Position and Capital Management - As of June 30, 2020, the group's bank balance and deposits amounted to HKD 8,984 million, a decrease of HKD 3,297 million compared to December 31, 2019[50]. - The group's capital and debt ratio was 27.6% as of the mid-term, up from 17.3% on December 31, 2019[50]. - The group has maintained a strong financial position despite the challenging operating environment due to the pandemic[49]. - The group is focused on cost control and maintaining cash flow during the ongoing economic challenges[49]. - The group anticipates significant downward pressure on retail rents and challenges in tenant renewals[49]. - The group’s financial risk management strategy aims to minimize currency and interest rate risks, with approximately 90% of bank deposits and cash held in HKD, MOP, and USD[54]. - The group’s non-current assets totaled HKD 34,665,571,000 as of June 30, 2020, an increase from HKD 33,610,409,000 at the end of 2019[60]. - Current liabilities decreased to HKD 7,809,143,000 from HKD 15,841,874,000, reflecting a significant reduction in short-term obligations[61]. - Total equity as of June 30, 2020, is HKD 38,435,645, a decrease from HKD 40,460,592 as of December 31, 2019, representing a decline of approximately 5.0%[62]. Shareholder and Governance Information - The total number of issued and fully paid ordinary shares remained at 3,021,479,785 as of June 30, 2020, unchanged from the previous year[109]. - The company has not proposed any changes to its dividend policy despite the financial downturn[63]. - The company did not declare an interim dividend for the six months ended June 30, 2020, consistent with the previous year[98]. - The board believes it has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO[151]. - The company has four independent non-executive directors providing independent advice and opinions[151]. - The company has received a qualified conclusion from its external auditor regarding the unaudited interim financial statements for the six months ended June 30, 2020[154]. Investment and Acquisitions - The group completed the acquisition of 450 A shares and 450 B shares of Shun Tak Centre for a total consideration of HKD 2,387 million[51]. - The group acquired 30% of the issued ordinary shares, redeemable preference shares, and subordinated bonds of Perennial Somerset Investors Pte. Ltd. for SGD 157 million (approximately HKD 854 million)[52]. - The group completed a restructuring of its transportation business on July 16, 2020, with the performance and assets of the subsidiary continuing to be included in the transportation segment[88]. - The company completed a restructuring agreement on March 6, 2020, involving the sale of 21% of the issued share capital of a subsidiary for HKD 421,805,000 and the acquisition of another subsidiary for HKD 495,687,000[105]. - The group has ongoing construction projects and is preparing to launch pre-sales for significant projects in Zhuhai and Singapore[49]. - The group is actively seeking investment opportunities outside of China to expand its business in the Asia-Pacific region[41].

Financial Performance - The unaudited consolidated profit attributable to owners for the six months ended June 30, 2019, was HKD 3,409 million, a significant increase from HKD 307 million in 2018[6]. - The profit attributable to owners after adjusting for unrealized fair value changes from investment properties was HKD 3,404 million, compared to HKD 186 million in 2018[6]. - Basic earnings per share for the period were HKD 1.127, up from HKD 0.101 in 2018[6]. - The group reported a total revenue of HKD 11,809,371,000 for the six months ended June 30, 2019, compared to HKD 1,995,986,000 for the same period in 2018, representing a significant increase[58]. - Operating profit for the same period was HKD 5,904,755,000, a substantial rise from HKD 558,380,000 in 2018[58]. - The net profit for the period was HKD 4,961,972,000, compared to HKD 492,815,000 in the previous year, indicating a strong growth[58]. - The total comprehensive income for the period was HKD 4,316,958,000, compared to HKD 1,235,316,000 in 2018, showing a significant increase[60]. Real Estate Development - The real estate segment recorded a profit of HKD 58,430 million for the first half of 2019, a substantial increase from HKD 17,900 million in the same period of 2018[8]. - The group delivered nearly 900 completed units from the residential development project in Macau, contributing to the profit recognition[8]. - The group has ongoing diversified real estate projects in China and Singapore, with most expected to launch in 2020[8]. - The Beijing Tongzhou comprehensive development project is expected to be completed in two phases in 2022 and 2023, with a total retail space of approximately 250,000 square meters[10]. - The Shanghai Qiantan comprehensive development project will include a five-star hotel with around 200 rooms, expected to be completed in 2023[11]. - The Hengqin comprehensive development project is progressing well, with a total site area of 23,834 square meters and expected to be pre-sold in 2020[12]. Hotel and Leisure Operations - The hotel and leisure division reported a loss of HKD 25 million in the first half of 2019, compared to a loss of HKD 8 million in the same period of 2018[32]. - Hong Kong SkyCity Marriott Hotel achieved a 19% year-on-year increase in revenue from its conference and exhibition business, leveraging its proximity to the AsiaWorld-Expo[33]. - The average occupancy rate of the Mandarin Oriental Macau reached approximately 74%, with an average room rate exceeding MOP 2,000[34]. - The average occupancy rate for the Luhuan Seaview Resort Hotel remained above 70% during the reporting period[35]. - The average occupancy rate of the Ascot Mall reached 100% in H1 2019 after expanding the number and variety of shops[18]. Transportation Services - The total passenger volume for the Hong Kong-Macau ferry service dropped by 32% year-on-year to 4.6 million in H1 2019, resulting in a loss of HKD 70 million[28]. - The new Taipa ferry route was launched in March 2019 to capture potential customers from the upcoming Macau Light Rail, with plans to expand services to new tourist attractions[29]. - Jetfoil partnered with Octopus to enhance ferry services and promote the "eBoarding" mobile app, aiming to expand regional and international markets[30]. - As of June 30, 2019, the company recorded revenue of HKD 70 million from its cross-border bus services, operating a fleet of 142 vehicles[31]. Financial Position and Commitments - As of June 30, 2019, the group's bank balances and deposits totaled HKD 17,111 million, an increase of HKD 2,793 million from December 31, 2018[51]. - The group's net debt at the end of the reporting period was HKD 897 million, with a capital-to-debt ratio of 2.5%[51]. - The group's capital commitments not yet fulfilled amounted to approximately HKD 557 million as of June 30, 2019[51]. - The maturity profile of the group's borrowings shows that 54% is due within one year, 13% within one to two years, 31% within two to five years, and 2% beyond five years[52]. - The company reported a significant increase in inventory, which rose to HKD 12,410,710 thousand from HKD 7,626,127 thousand, reflecting a growth of 62.5%[61]. Shareholder Activities - The company repurchased a total of 2,296,000 shares during the period, with a total expenditure of HKD 7,079,000[122]. - The highest price paid per share during the repurchase was HKD 3.12, while the lowest was HKD 3.01[156]. - The company believes that the share repurchase enhances the net asset value and earnings per share for shareholders[155]. - The interim dividend for the six months ended June 30, 2019, was zero, consistent with the previous year[111]. Accounting Standards and Financial Reporting - The adoption of HKFRS 16 "Leases" began on January 1, 2019, significantly changing the accounting treatment for leases, requiring recognition of right-of-use assets and lease liabilities on the balance sheet[86]. - The transition to HKFRS 16 did not require adjustments to the opening balance of retained earnings as the company opted for a modified retrospective approach[90]. - The impact of the new lease standard did not have a significant effect on the company's performance overall[88]. - The company will recognize lease payments related to short-term leases and low-value asset leases on a straight-line basis in the income statement[89]. Investment and Asset Management - The investment department reported a profit of HKD 89 million, up 20% from HKD 74 million in the first half of 2018, due to dividends from the group's stake in Macau's gaming operator[46]. - The fair value change of investment properties was HKD 5,836,899 for the six months ended June 30, 2019, compared to HKD 430,810 in the same period of 2018[106]. - The fair value of equity investments in a Macau-based company was adjusted to HKD 3,862,749,000 as of December 31, 2018, from HKD 2,483,726,000[83]. - The total value of financial assets as of June 30, 2019, was HKD 3,564,188,000, with first-level assets valued at HKD 473,644,000[135].