Real Estate Development - The group is a leading integrated enterprise with core businesses in real estate, hospitality, transportation, and investment, established in 1972 and listed on HKSE since 1973[8]. - The group holds significant real estate development projects in Macau and Hong Kong, being one of the largest listed companies in Macau by available development floor area[10]. - The group is actively expanding its real estate business in the Guangdong-Hong Kong-Macau Greater Bay Area and mainland China, with investments in key locations such as Beijing, Shanghai, and Zhuhai[10]. - The group has partnered with Hong Kong Land Holdings Limited to develop the "One Central" project in Macau, featuring seven luxury residential towers and a flagship shopping mall[10]. - The group acquired a 40% stake in the Suhewan integrated development project in Shanghai, covering a total area of approximately 65,692 square meters and a gross floor area of about 329,000 square meters[15]. - In January 2021, the group increased its stake in the Suhewan project to 50% by acquiring an additional 10%[15]. - The group became the sole owner of the Hengqin integrated development project by purchasing the remaining 30% stake in December 2020, benefiting from its strategic location in the Guangdong Free Trade Zone[15]. - The group has established a diversified property portfolio in Singapore, including high-end commercial developments and luxury residential projects, with a total building area of approximately 766,550 square feet for the Somerset Road project[16]. - The group launched two flagship projects, "Qiantan 31" in Shanghai and a luxury hotel in Singapore, enhancing its presence in the international market[61]. - The Shanghai Suhewan Integrated Development Project has a total saleable area of over 82,000 square meters and a rental area exceeding 158,000 square meters, with a shopping mall occupancy rate of 96% as of December 31, 2023[74]. - The Hengqin Integrated Development Project is expected to open its shopping mall in the second half of 2024, benefiting from favorable policies for Macao enterprises and improving leasing conditions[76]. - The Kunming South High-Speed Railway Station Integrated Development Project has a total floor area of approximately 550,000 square meters, with ongoing exterior and electromechanical works, expected to commence phased operations by the end of 2024[82]. - The Beijing Tongzhou Integrated Development Project encompasses 127,000 square meters of retail space and 119,000 square meters of office space, with plans to pre-sell apartment units in 2024[79]. Financial Performance - Revenue for 2023 reached HKD 4,068,138, an increase of 16.5% compared to HKD 3,490,725 in 2022[45]. - The company reported a loss attributable to shareholders of HKD 676,726 for 2023, compared to a loss of HKD 558,222 in 2022[45]. - Total equity decreased to HKD 34,066,179 in 2023 from HKD 35,778,835 in 2022[45]. - Basic and diluted loss per share for 2023 was HKD (22.4 cents), worsening from HKD (18.5 cents) in 2022[45]. - The net asset value per share decreased to HKD 11.3 in 2023 from HKD 11.8 in 2022[45]. - The group reported a net loss of HKD 634 million for 2023, a 33% increase in losses compared to HKD 476 million in 2022[194]. - Cash flow from operating activities was HKD 1,718 million, up from HKD 985 million in the previous year, showing a significant improvement of HKD 733 million[196]. - As of December 31, 2023, the group's cash and cash equivalents totaled HKD 6,634 million, an increase of HKD 96 million from the previous year[197]. - The group's capital and debt ratio stood at 28.1%, slightly down from 28.3% in 2022, indicating stable financial leverage[197]. Hospitality and Leisure - The group operates 15 projects under the Yat Sing brand, including 12 branded hotels and 3 non-branded hotels, with plans to develop two more properties in Chongqing and Hengqin[19]. - The Shanghai Qiantan Yat Sing Hotel and Shanghai Qiantan Yat Sing Shang Hotel opened in September 2022, offering 246 and 210 rooms respectively, located in a new commercial and entertainment district[20]. - The group’s flagship hotel in Singapore, the Yat Sing Hotel, is set to commence operations in December 2023, featuring 142 rooms and located near the central business district[20]. - The hotel and leisure division recorded a loss of HKD 74 million in 2023, an improvement from a loss of HKD 156 million in 2022[102]. - The average occupancy rate of the Hong Kong SkyCity Marriott Hotel increased to 62% in 2023, despite still being lower than pre-pandemic levels[104]. - The Mandarin Oriental, Macau achieved an average occupancy rate of 58% in 2023, with revenue returning to 2019 levels due to the lifting of travel restrictions[105]. - The Yat Sing Hotel Group plans to open two new hotels in mainland China in 2024, including the Zhuhai Hengqin Yat Sing Hotel and Chongqing Yat Sing Hotel[106]. - The Singapore Yat Sing Hotel, which opened in December 2023, is the first project outside China for the Yat Sing brand and features 142 rooms[108]. Transportation and Connectivity - The group has strengthened its maritime transport business through the establishment of the "Turbojet" brand, enhancing market share and connectivity in the Pearl River Delta region[22]. - The group launched the "Turbojet Airport Route" in 2003, connecting major international airports in the Pearl River Delta, further enhancing regional transport networks[22]. - The group completed a significant equity restructuring with Hong Kong China Travel in July 2020, enhancing cooperation and resource sharing for cross-border transport in the Greater Bay Area[23]. - The transportation sector recorded a profit of HKD 10 million in 2023, a significant improvement from a loss of HKD 241 million in 2022, driven by the recovery of cross-border travel[128]. - The company is actively enhancing its cross-border ferry and bus services to capitalize on the recovery of the tourism industry in the Greater Bay Area[128]. - The transportation department's capacity for cross-border ferry services has recovered to approximately 50% of pre-pandemic levels by the end of 2023[130]. - As of December 31, 2023, the cross-border bus service capacity between Hong Kong and Guangdong has been restored to 80%[132]. Corporate Governance and Leadership - The company has appointed Mr. He Zhu Guo as an independent non-executive director since 2006, who is also a member of the nomination and remuneration committees[31]. - Mr. Wu Zhi Wen has been an executive director since 2009 and has extensive experience in corporate and financial management in Hong Kong[32]. - Mr. Ye Jia Qi, an independent non-executive director, is a member of the strategy investment committee at EQT Partners, focusing on sustainable growth and operational excellence[33]. - Ms. He Chao Feng has been with the group since 1994 and is responsible for overall financial activities, property development, sales, and investment[34]. - The company has a strong presence in the property management sector, with Ms. He Chao Feng overseeing operations and planning for domestic property development projects[39]. - The company has appointed Ms. He Chao Rong as an executive director since 2001, managing property management and retail planning operations[39]. - The company is actively involved in various committees and associations, enhancing its influence in the real estate and financial sectors in Hong Kong[35]. - The company has a focus on strategic investments and risk management, with key personnel holding significant positions in various financial and investment organizations[36]. Social Responsibility and Community Engagement - The group emphasizes the importance of social responsibility and cultural enrichment through various charitable initiatives led by its executives[157]. - The group continues to collaborate with Tung Wah Group of Hospitals to conduct elder visits, providing warm therapy and essential supplies to enhance the well-being of the elderly[166]. - The group organized a visit for 100 elderly individuals to the Macau Tower, providing them with a delightful lunch and a chance to share joyful moments[166]. - The group donated 4,800 kilograms of bread during the Chongyang Festival to express care and gratitude towards the elderly, with 100 elderly participants involved in the initiative[166]. - The group is committed to empowering youth through skills development and community diversity initiatives, reflecting its dedication to nurturing future leaders[160]. - The group launched the "Qiantan 31 Youth Creative Program" in Shanghai, providing a nurturing platform for young talents in the arts and creative fields[161]. - The group sponsored tickets for secondary school students to watch the musical "Revive. House," showcasing the talents of deaf artists and rehabilitated individuals, promoting inclusivity[163]. Environmental Sustainability - The group achieved a significant reduction in carbon emission intensity by 38% compared to the baseline year as part of its 2030 environmental goals[175]. - Electricity and water consumption decreased by 15% and 33% respectively through energy-saving devices and water conservation measures[175]. - The flagship real estate project, Shanghai Qiantan 31, received multiple prestigious certifications, including LEED Gold certification and a three-star rating from China's Green Building Design Label[172]. - The group actively promotes sustainable development by integrating green building practices and has received green building certifications for several projects, including the Hengqin Comprehensive Development Project[173]. - The group has implemented various resource recycling measures, such as donating plastic bottles for school uniform production and using recycled coffee capsules to make pens[178]. - The group has set ambitious goals for reducing waste generation, achieving a 37% reduction in waste intensity compared to the baseline year[175]. - The group has installed solar panels and is considering adding more charging stations for electric vehicles as part of its resource efficiency efforts[178]. Awards and Recognition - The group received the "Hong Kong ESG Award" from the Chinese Manufacturers' Association of Hong Kong in September 2023[55]. - The group was awarded "Best Crisis Management" at the IR Magazine Greater China Awards 2023[58]. - The group participated in the "Hong Kong Volunteer Award" and received the "Top Ten Highest Volunteer Hours" award, encouraging employee involvement in volunteer services[169]. - The company has been recognized for its leadership and contributions to the industry, with several executives receiving honors from the Hong Kong SAR government[38].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 677 million for the year ended December 31, 2023, compared to a loss of HKD 558 million in 2022[1]. - Revenue for the year increased to HKD 4,068,138 thousand, representing a growth of approximately 16.5% from HKD 3,490,725 thousand in 2022[2]. - The basic loss per share was HKD 22.4, compared to HKD 18.5 in the previous year, indicating a deterioration in earnings[2]. - Total comprehensive loss for the year amounted to HKD 633,506 thousand, compared to HKD 476,380 thousand in 2022[3]. - The company reported a loss for the year of HKD 633,506,000, compared to a loss of HKD 476,380,000 in the previous year, indicating a worsening of 32.9%[20]. - The total tax expense for 2023 was HKD 59.776 million, a decrease from HKD 75.258 million in 2022[27]. Dividends and Share Repurchase - The company did not declare any final dividend for the year, consistent with the previous year[1]. - The company did not declare any final or interim dividends for the year ending December 31, 2023, consistent with the previous year[28]. - The company repurchased a total of 2,718,000 shares at a total cost of HKD 2,772,360 during the year ended December 31, 2023[87]. - The board believes that the share repurchase enhances the company's net asset value and earnings per share[88]. Assets and Liabilities - Non-current assets decreased to HKD 32,890,472 thousand from HKD 35,150,069 thousand in the previous year, a decline of approximately 6.4%[5]. - Current assets decreased to HKD 18,931,227 thousand from HKD 19,871,880 thousand, a reduction of about 4.7%[5]. - Total liabilities decreased to HKD 12,544,317 thousand from HKD 12,660,012 thousand, indicating a slight reduction[6]. - The company's equity attributable to shareholders decreased to HKD 31,715,234 thousand from HKD 33,392,311 thousand, a decline of approximately 5.0%[6]. - The total assets of the company amounted to HKD 51,821,699,000, while total liabilities were HKD 17,755,520,000, leading to a net asset position[18]. Segment Performance - The group operates four reportable segments: Real Estate, Transportation, Hotel and Leisure, and Investment, each requiring different marketing strategies[13]. - 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[15]. - The investment segment reported a loss of HKD 231,395,000, reflecting challenges in this area[20]. - The hotel and leisure division recorded a loss of HKD 74 million in 2023, an improvement from a loss of HKD 156 million in 2022[48]. Revenue Sources - Rental income contributed HKD 457,585,000, while dividend income accounted for HKD 96,157,000, totaling HKD 553,742,000 from other sources[20]. - Revenue from external customers in Hong Kong was HKD 589,209,000, while Macau generated HKD 759,458,000, contributing to a total of HKD 4,172,724,000[24]. - The fair value change of investment properties resulted in a loss of HKD 248,804,000, which is part of the overall operating loss[20]. Operational Developments - The company plans to focus on market expansion and new product development to improve future performance[20]. - The company is expanding its cross-border ferry and bus services, with operations returning to approximately 50% of pre-pandemic levels by the end of 2023[71]. - The company launched new multi-modal transport services connecting Hong Kong International Airport to Macau and Zhuhai in 2023[73]. Future Projects and Developments - The Hengqin Comprehensive Development Project is expected to open its shopping mall in the second half of 2024, with a focus on leisure and entertainment tenants[35]. - The Beijing Tongzhou Comprehensive Development Project is set to begin pre-sales of its residential units in 2024, with the first phase expected to be completed in 2025[37]. - The company plans to launch two new hotels in mainland China: Zhuhai Hengqin Yacheng Hotel and Chongqing Yuelai Yacheng Hotel[53]. - The Shanghai Qiantan 31 project, launched in October 2023, features a total construction area of 139,200 sq m and includes a five-star hotel with 202 rooms, positioning it as a cultural and commercial hub[45]. Employee and Governance - The group employed approximately 1,700 employees at year-end, offering competitive compensation and promoting team spirit through regular events[84]. - The company has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO[89]. - The consolidated financial statements for the year ended December 31, 2023, were reviewed by the Audit and Risk Management Committee[90].

Financial Performance - The company reported an unaudited loss attributable to shareholders of HKD 425 million for the six months ended June 30, 2023, compared to a profit of HKD 229 million in the same period of 2022[6]. - Adjusted loss attributable to shareholders, after accounting for unrealized fair value changes from investment properties, was HKD 274 million, down from a profit of HKD 458 million in 2022[6]. - Basic loss per share was HKD 0.141, compared to basic earnings per share of HKD 0.076 in the previous year[6]. - Total revenue for the six months ended June 30, 2023, was HKD 1,495,148 thousand, a decrease of 20.9% from HKD 1,889,517 thousand in the same period of 2022[57]. - The group reported a net loss of HKD 417,749 thousand for the six months ended June 30, 2023, compared to a profit of HKD 305,704 thousand in the same period of 2022[57]. - The group's financing costs increased to HKD 299,878 thousand in the first half of 2023, compared to HKD 152,879 thousand in the same period of 2022[57]. - Cash generated from operating activities is HKD 498,069, down 23.1% from HKD 647,966 in the previous year[65]. - Net cash from operating activities after tax payments is HKD 485,086, a decrease of 16.1% compared to HKD 578,020 last year[65]. - The company reported a net cash outflow from investing activities of HKD 1,405,632, compared to a net inflow of HKD 499,904 in the previous year[65]. - The company incurred financing costs totaling HKD 336,007,000 for the six months ended June 30, 2023, compared to HKD 166,770,000 in the previous year[83]. Real Estate Performance - The real estate segment recorded a profit of HKD 223 million in the first half of 2023, a decrease from HKD 610 million in the same period of 2022[8]. - The company achieved a sales rate of 98% for the residential project "Ho Po" in Macau, with a total of 620 units[9]. - The "Hengqin Comprehensive Development Project" has sold 422 residential units as of June 30, 2023, with 421 units delivered to buyers[11]. - The Shanghai Suhewan comprehensive development project has a total saleable floor area of over 82,000 square meters and a total leasable area exceeding 158,000 square meters, with a shopping mall occupancy rate of 91% in the first half of 2023[17]. - The Singapore project "Baihao" has a total floor area of approximately 125,000 square feet, with 48 units sold as of June 30, 2023, including 3 penthouses, and 4 units sold in the first half of 2023[20]. - The "Lanshinju" project in Singapore has sold 12 units as of June 30, 2023, with 3 units sold in the first half of 2023, and construction is expected to be completed within 2023[20]. Hotel and Leisure Performance - The hotel and leisure division reported a profit of HKD 6 million in the first half of 2023, compared to a loss of HKD 130 million in the same period of 2022[31]. - The average occupancy rate for the Hong Kong SkyCity Marriott Hotel was 56% as of June 30, 2023, amid increasing competition in the airport and Tung Chung area[32]. - The Mandarin Oriental, Macau achieved a 56% average occupancy rate in the first half of 2023, benefiting from the lifting of travel restrictions and stable growth in bookings and related services[32]. - The average occupancy rate for the Macau Luhuan Haitan Resort Hotel was 51% in the first half of 2023, following its reopening in December 2022[35]. - The Beijing Dongzhimen Yacheng Hotel achieved an average occupancy rate of 77% as of June 30, 2023, benefiting from the significant recovery in the tourism industry[35]. - The company plans to launch two new hotels in mainland China in the second half of 2023, increasing its presence in Shanghai to ten properties by year-end[34]. Investment and Development Projects - The company has partnered with a Singapore-based group to develop a 330,000 square meter healthcare project near Tianjin South High-Speed Railway Station, expected to commence operations in Q4 2023[15]. - The Shanghai Qiantan 31 project, developed in joint venture, has completed construction and is preparing for a Q4 2023 opening[16]. - The company is collaborating with Singapore-based Perennial Group to develop two hotel projects, including a hotel in Tianjin with 982 rooms[34]. - The company has committed to invest approximately USD 88 million in an associate for healthcare-related real estate projects in China as of June 30, 2023, compared to USD 94 million as of December 31, 2022[101]. Occupancy Rates and Performance Metrics - The "Shengyue Mall" in Hong Kong has an occupancy rate of 98% as of June 30, 2023, following a restructuring of the tenant mix[21]. - The "Xibao City" shopping mall in Hong Kong has an occupancy rate of 89% as of June 30, 2023, with a focus on family-oriented tenants[21]. - The "Star Horizon Plaza" in Macau achieved an occupancy rate of 88% in the first half of 2023, with successful lease renewals for major tenants[24]. - The "One Plaza" shopping mall in Hong Kong has an occupancy rate of 88% as of June 30, 2023, benefiting from increased tourist foot traffic[25]. - The "Xinde Jinghui Center" in Beijing has an office occupancy rate of 67% as of June 30, 2023, with gradual business recovery post-pandemic[26]. - The Guangzhou Xinde Business Building has an average occupancy rate of 78% as of June 30, 2023, comprising a six-story shopping mall and a 32-story office building[26]. Financial Position and Capital Management - As of June 30, 2023, the group's bank balances and deposits reached HKD 7,097 million, an increase of HKD 559 million compared to December 31, 2022[50]. - The group's capital and debt ratio was 29.7% as of June 30, 2023, up from 28.3% on December 31, 2022[50]. - The company has unfulfilled capital commitments of approximately HKD 688 million related to its investment in Perennial HC Holdings Pte. Ltd.[52]. - The company has not made any significant acquisitions or disposals during the reporting period[51]. - The total value of retained earnings as of June 30, 2023, was HKD 22,434,360 thousand, down from HKD 22,859,815 thousand[61]. - The company's equity attributable to owners decreased from HKD 33,392,311 thousand to HKD 31,877,606 thousand, a decline of approximately 4.53%[61]. Shareholder Information - The company reported a total of 3,020,379,785 issued and fully paid ordinary shares as of June 30, 2023, unchanged from December 31, 2022[93]. - Ms. Ho Chiu-king held 18.14% of the total issued shares, amounting to 373,620,627 shares[118]. - Renita Investments Limited owns 500,658,864 shares, accounting for 16.58% of the issued shares[124]. - No share buybacks or repurchases were made by the company or its subsidiaries during the six months ending June 30, 2023[126]. Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO[126]. - The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023, have been reviewed by the Audit and Risk Management Committee[131]. - The external auditor, PwC, conducted the review in accordance with the Hong Kong Institute of Certified Public Accountants' standards[131].

Financial Performance - The company reported an unaudited loss attributable to shareholders of HKD 425 million for the six months ended June 30, 2023, compared to a profit of HKD 229 million in the same period of 2022[1]. - The basic loss per share was HKD 14.1, a decline from a basic earnings per share of HKD 7.6 in 2022[2]. - Total revenue for the period was HKD 1,683.6 million, down from HKD 1,969.5 million in the previous year, representing a decrease of approximately 14.6%[2]. - The operating loss for the period was HKD 116.8 million, compared to an operating profit of HKD 346.6 million in 2022[2]. - Total comprehensive loss for the period amounted to HKD 1,518.7 million, compared to a total comprehensive loss of HKD 1,022.9 million in 2022[3]. - The company incurred a total loss of HKD 417,749,000 for the period, reflecting challenges in operational efficiency[13]. - The company recorded a net profit of HKD 305,704,000 for the period, compared to a profit of HKD 367,271,000 in the previous year, indicating a decrease of about 16.8%[15]. - The company reported a net loss of HKD 272,091,000 from financial assets measured at fair value through profit or loss, compared to a gain of HKD 10,972,000 in the previous year[17]. Revenue and Segments - For the six months ended June 30, 2023, total revenue was HKD 1,495,148,000, with property segment revenue contributing HKD 1,185,366,000[13]. - The investment segment reported a loss of HKD 220,793,000, impacting overall performance significantly[14]. - Rental income from the property segment was HKD 226,682,000, contributing to overall revenue stability[13]. - The fair value change of investment properties resulted in a profit of HKD 223,171,000, indicating some positive asset performance[13]. Assets and Liabilities - Non-current assets decreased to HKD 33,034 million as of June 30, 2023, from HKD 35,150 million as of December 31, 2022[4]. - Current assets increased to HKD 20,084 million as of June 30, 2023, compared to HKD 19,872 million as of December 31, 2022[4]. - The company's total liabilities decreased to HKD 13,354 million as of June 30, 2023, from HKD 12,660 million as of December 31, 2022[5]. - The company's total assets as of June 30, 2023, amounted to HKD 53,118,430,000, a decrease from HKD 55,021,949,000 at the end of 2022[16]. - The total liabilities increased to HKD 18,927,289,000 as of June 30, 2023, compared to HKD 19,243,114,000 at the end of 2022[16]. Dividends - The company decided not to declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[1]. - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[21]. Operational Segments - The operational segments include real estate, transportation, hotel and leisure, and investment, each requiring distinct marketing strategies[10]. - The transportation department recorded a profit of HKD 9 million in the first half of 2023, a significant improvement from a loss of HKD 94 million in the same period of 2022[41]. - The hotel and leisure segment recorded a profit of HKD 6 million in the first half of 2023, a significant improvement from a loss of HKD 130 million in the same period of 2022[44]. Projects and Developments - The total sales of completed residential units in Macau's project "Ho Po" reached 98%, with one unit sold in the first half of 2023[27]. - The "Ho Shang" project in Macau has sold 88% of its residential units, with 24 units sold in the first half of 2023[27]. - The Hengqin comprehensive development project has sold 422 residential units, with 421 units delivered to buyers as of June 30, 2023[28]. - The Singapore project "Somerset Road 111" achieved a commercial, retail, medical, and office space leasing rate of 94% as of June 30, 2023[28]. - The Beijing Tongzhou comprehensive development project is expected to start pre-sales of its residential units by the end of 2023, pending government approval[29]. - The Tianjin South High-Speed Railway Station project is expected to begin phased operations in Q4 2023, covering a total commercial area of 330,000 square meters[30]. - The Shanghai Qiantan 31 project has completed construction and is preparing for a Q4 2023 opening, featuring a cultural performance center with a capacity of 4,000[31]. - The Shanghai Suhewan project has achieved a rental rate of 91% for its shopping mall in the first half of 2023, with all residential units delivered to buyers[33]. Occupancy Rates - The average occupancy rate for the Hong Kong SkyCity Marriott Hotel was 56% as of June 30, 2023, with increased demand driven by upcoming events at the AsiaWorld-Expo[45]. - The average occupancy rate for the Mandarin Oriental, Macau was also 56% as of June 30, 2023, benefiting from the removal of travel restrictions and a steady increase in bookings[46]. - The average occupancy rate for the Luhuan Seaview Resort Hotel was 51% in the first half of 2023, having reopened to the public in December 2022[48]. - The Beijing Dongzhimen Yat Sing Hotel achieved an average occupancy rate of 77% as of June 30, 2023, benefiting from the significant recovery in the tourism sector[49]. - Macau Yacheng Hotel's average occupancy rate rose to 62% in the first half of 2023, benefiting from the reopening of the Macau border[52]. Financial Management - The group’s bank balances and deposits reached HKD 7,097 million as of June 30, 2023, an increase of HKD 559 million compared to December 31, 2022[68]. - The group’s capital and debt ratio was 29.7% as of June 30, 2023, compared to 28.3% at the end of 2022, indicating a slight increase in leverage[68]. - The group has capital commitments of approximately HKD 43 million for hotel property developments in Singapore and Hengqin as of June 30, 2023[69]. - The group’s total assets pledged as collateral for bank loans amounted to HKD 6,539 million as of June 30, 2023[70]. - The group has provided corporate guarantees for bank credit facilities of an associated company, with a loan balance of HKD 161 million as of June 30, 2023[71]. Corporate Governance - 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[74]. - The group’s interim financial statements for the six months ending June 30, 2023, were reviewed by the Audit and Risk Management Committee[75]. - The board consists of four independent non-executive directors providing independent advice and opinions[74].

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].