Financial Performance - For the six months ending December 31, 2020, the group's unaudited profit attributable to shareholders was HKD 1.617 billion, down from HKD 1.460 billion in 2019, representing a decrease of approximately 10.5%[8] - The basic earnings per share for the interim period were HKD 0.61, compared to HKD 0.78 in 2019, reflecting a decline of about 21.8%[8] - After accounting for a revaluation loss of investment properties of HKD 466 million, the profit attributable to shareholders for the interim period was HKD 692.5 million, down from HKD 1.491 billion in 2019, a decrease of approximately 53.6%[8] - The basic earnings per share, including the revaluation loss, were HKD 0.36, compared to HKD 0.80 in 2019, indicating a decline of about 55%[8] - Revenue for the six months ended December 31, 2020, was HKD 4,117,082,293, an increase of 28.8% from HKD 3,194,211,241 in the same period of 2019[26] - Gross profit for the same period was HKD 2,206,256,072, compared to HKD 1,880,982,114 in 2019, reflecting a growth of 17.3%[26] - The net profit for the period was HKD 1,271,092,873, down 54.3% from HKD 2,782,543,442 in the previous year[26] - Total comprehensive income for the period was HKD 2,356,349,298, down 9.1% from HKD 2,593,162,724 year-on-year[28] - The company's non-current assets amounted to HKD 108,084,129,715 as of December 31, 2020, compared to HKD 107,109,780,881 as of June 30, 2020, reflecting a slight increase of 0.9%[29] - Current assets totaled HKD 81,349,500,410, an increase from HKD 80,668,495,460 as of June 30, 2020, indicating a growth of 0.84%[29] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.14 per share, consistent with the previous year's dividend[9] - The company declared an interim dividend of HKD 0.14 per share, totaling HKD 269,420,440, consistent with the previous year's interim dividend[57] Property Sales and Revenue - Total property sales revenue for the interim period was HKD 2.018 billion, an increase from HKD 1.886 billion in 2019[11] - The company sold 97% of residential units at 1 Kowloon Road and 64% at Xinhui Yulong Tianxia Phase III[11] - Revenue from property sales was HKD 1,949,855,362, significantly up from HKD 412,238,609 in the previous year, indicating a growth of approximately 373.5%[42] - The group's operating profit for property sales was HKD 781,561,052, compared to HKD 23,624,741 in the previous year, showing a substantial increase[44] Rental Income and Occupancy - Total rental income for the interim period was HKD 1.842 billion, a decrease of 12.6% from HKD 2.107 billion in 2019[17] - Net rental income decreased by 10.9% to HKD 1.629 billion from HKD 1.828 billion in 2019[17] - The overall occupancy rate for investment properties was approximately 90%, down from 96% in 2019[17] Investment Properties and Valuation - The total value of investment properties was HKD 83.155 billion, a slight decrease of 0.28% from HKD 83.385 billion in June 2020[18] - The fair value loss on investment properties for the six months ended December 31, 2020, was HKD 534,848,712, contrasting with a fair value gain of HKD 169,336,043 for the same period in 2019[62] - The net fair value change attributable to the group's investment properties was HKD 466,006,007 for the six months ended December 31, 2020, compared to a loss of HKD 59,611,086 for the same period in 2019[61] Financial Position and Cash Flow - As of December 31, 2020, the group had cash and bank deposits of HKD 42.615 billion, with net cash amounting to HKD 35.899 billion after deducting total borrowings of HKD 6.72 billion[20] - The company’s cash and cash equivalents decreased to HKD 4,542,045,148 from HKD 6,081,049,352, a decline of 25.4%[29] - Cash generated from operating activities was HKD 209,984,376, a significant decrease from HKD 5,496,071,849 in the previous year[35] - The cash and cash equivalents at the end of the period were HKD 13,180,090,253, down from HKD 30,551,244,390 year-over-year[36] - The company reported a decrease in cash and cash equivalents of HKD (10,212,361,152) for the six months ended December 31, 2020[36] Sustainability and Corporate Governance - The group aims to reduce carbon emissions by 30% by 2030, using 2012 as the baseline, having already achieved a 17.73% reduction by June 2019[21] - The group received the "Corporate Governance Excellence Award" and the "Sustainable Development Excellence Award" at the Hong Kong Corporate Governance Excellence Awards in December 2020[21] - The group has established a series of sustainability goals covering carbon reduction, renewable energy, and green building certifications[21] - The group emphasizes corporate governance, integrity, and business ethics as the foundation for creating long-term value for stakeholders[21] Future Plans and Strategies - The company plans to obtain five additional pre-sale consent letters for residential projects in 2021[11] - The company aims to enhance its land reserves selectively to improve profitability[12] - The company plans to launch five residential projects in 2021, which are expected to receive pre-sale consent[24] - The company aims to enhance operational efficiency and product quality through selective land reserve strategies and technology applications[24] - The company has initiated an innovation program in collaboration with Ping An Smart City to foster real estate technology solutions in the Greater Bay Area[22] - The company is optimistic about the Hong Kong property market, citing stable housing demand and favorable mortgage terms[24] Shareholding Structure - The company’s directors hold a significant stake, with Mr. Huang Zhi Xiang owning 1,387,150,124 shares, representing 72.08% of the issued shares[86] - Major shareholder Mr. Huang Zhi Da owns 1,389,270,307 shares, accounting for 72.19% of the issued shares, including 2,865,116 shares held by controlled entities[91] - The ownership structure indicates a high concentration of shares among a few major shareholders, reflecting potential governance implications[91] Financial Reporting and Compliance - The company has prepared the condensed consolidated financial statements in accordance with Hong Kong Accounting Standards No. 34[106] - The review of the financial statements was conducted based on the Hong Kong Institute of Certified Public Accountants' review standards, which is less comprehensive than an audit[107] - No significant issues were found that would lead to the belief that the financial statements were not prepared in accordance with the relevant accounting standards[107]

Financial Performance - The group's revenue for 2020 was HKD 5,934,504,668, a decrease of 26.4% compared to HKD 8,060,213,837 in 2019[7] - The underlying operating profit for 2020 was HKD 2,471,844,783, down 1.0% from HKD 2,508,693,897 in 2019[7] - The attributable profit to shareholders for 2020 was HKD 901,781,260, a significant decline from HKD 3,714,769,199 in 2019, representing a decrease of 75.8%[7] - Basic earnings per share for 2020 were 132.11 cents, down from 136.96 cents in 2019, reflecting a decrease of 2.0%[7] - The group reported a net profit of HKD 901.07 million for the fiscal year, significantly lower than HKD 3.7147 billion in the previous year, with earnings per share dropping to HKD 0.48 from HKD 2.03[15] - Total comprehensive income for the year was HKD 891,199,856, down from HKD 6,628,645,228 in the previous year, reflecting a decline of 86.6%[190] - The company reported a significant decrease in cash and cash equivalents, dropping to HKD 6,081,049,352 from HKD 11,524,945,562, a decline of 47.3%[192] - The company reported a significant increase in contract liabilities, indicating growth in future revenue streams[195] Assets and Liabilities - Non-current assets as of 2020 were valued at HKD 107,109,780,881, slightly up from HKD 106,983,178,886 in 2019[11] - Current assets increased to HKD 80,668,495,460 in 2020 from HKD 74,805,386,609 in 2019, marking a rise of 7.8%[11] - The total liabilities increased to HKD 155,270,884,414 in 2020 from HKD 156,217,884,986 in 2019, indicating a slight decrease of 0.6%[11] - The company's equity attributable to shareholders rose to HKD 78,883,032,862 from HKD 77,837,424,610, an increase of 1.3%[193] - The company's investment properties decreased to HKD 62,658,456,279 from HKD 65,035,087,581, a decrease of 3.6%[192] Dividends - The group declared a final dividend of 41 cents per share for 2020, consistent with the previous year's dividend of 55 cents per share[7] - The board proposed a final dividend of HKD 0.41 per share, totaling HKD 0.55 per share for the fiscal year, including an interim dividend of HKD 0.14[16] - The interim dividend distributed during the year was HKD 0.14 per share, totaling HKD 263,457,581, including HKD 1,041,939 paid in cash and HKD 262,415,642 in scrip dividends[1] Revenue Composition - The group’s revenue composition for the fiscal year included 1.2% from property sales, 82.5% from property leasing, 8.3% from property management and other services, 5.0% from hotel operations, and 3.0% from securities investment and finance[13] - The group’s revenue from property leasing was 54.1% of total revenue, while property management and other services accounted for 19.3%[14] - Total rental income for the fiscal year was HKD 4.0619 billion, a decrease of 4.2% year-on-year due to the impact of COVID-19[25] Community and Corporate Social Responsibility - The group has been recognized for its commitment to corporate social responsibility and sustainable development, being included in the Hang Seng Corporate Sustainability Index since September 2012[32] - The group recorded over 174,000 hours of volunteer service during the reporting period, demonstrating its commitment to community service[32] - The group launched a comprehensive green project "One Happy Farm" in March 2020, promoting urban farming and community engagement[32] Governance and Management - The board of directors is committed to effective management and robust monitoring to deliver optimal returns to shareholders, adhering to high corporate governance standards[55] - The company has established a governance framework that allows all directors to access necessary business information to evaluate the company's performance and prospects[66] - The company has established a comprehensive internal control system that integrates with its risk management framework, ensuring effective monitoring and reporting mechanisms are in place[80] Risk Management - The company has adopted a corporate risk management system to assist the board in fulfilling its risk management responsibilities[78] - The company conducts annual self-assessments of its internal control systems based on the COSO framework to identify potential new risks[82] - The company maintains a risk register that records all identified risks, their ratings, and current monitoring measures[121] Market Outlook and Strategy - The group remains cautiously optimistic about the economic and property market outlook in Hong Kong, believing it can overcome current challenges[34] - The company aims to strategically increase land reserves to enhance profit potential amid competition in Hong Kong property development[124] - The company is focused on expanding its market presence and enhancing its portfolio through strategic acquisitions and partnerships[171] Environmental Initiatives - The company aims to reduce greenhouse gas emissions by 30% by 2030, using 2012 levels as a baseline, equivalent to planting 1,072,223 trees[46] - The company has installed over 2,100 solar photovoltaic panels across its managed properties in Hong Kong, with a total rated capacity exceeding 700 kW[46] Employee Engagement and Training - The average training hours per employee in the fiscal year 2019/2020 was 11 hours[40] - The company aims to increase training hours per employee by 50% and 100% by 2025 and 2030, respectively, based on 2019 figures[50]

Financial Performance - The group recorded an unaudited net profit attributable to shareholders of HKD 1.664 billion for the six months ended December 31, 2018, compared to HKD 5.401 billion for the same period in 2017[7]. - Basic earnings per share for the interim period were HKD 0.91, down from HKD 3.09 in the previous interim period[7]. - The group's underlying profit attributable to shareholders, excluding the impact of fair value changes in investment properties, was HKD 1.579 billion, compared to HKD 4.653 billion in the previous interim period[7]. - Revenue for the six months ended December 31, 2018, was HKD 4,622,931,557, an increase from HKD 3,954,035,304 in the same period of 2017, representing a growth of approximately 16.8%[21]. - Net profit for the period was HKD 3,135,549,621, a decrease from HKD 10,381,748,148 in the previous year, indicating a decline of approximately 69.8%[21]. - Total comprehensive income for the period was HKD 2,720,993,944, down 73.5% from HKD 10,258,967,683 in the previous year[22]. - The company reported a profit of HKD 3,135,549,621 for the six months ended December 31, 2018, a decrease of 69.8% compared to HKD 10,381,748,148 for the same period in 2017[22]. - The company reported a total pre-tax profit of HKD 2,810,259,716 for the six months ended December 31, 2018, compared to HKD 3,796,928,188 in the previous year, reflecting a decrease of approximately 26.0%[60]. - For the six months ended December 31, 2018, the profit before tax was HKD 1,664,631,643, a decrease from HKD 5,401,127,454 for the same period in 2017, representing a decline of approximately 69%[70]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.14 per share, payable on April 24, 2019[7]. - The company declared an interim dividend of HKD 0.14 per share for the six months ended December 31, 2018, compared to HKD 0.13 per share for the same period in 2017, representing an increase of approximately 7.7%[68]. Revenue and Sales Performance - Total property sales revenue for the period was HKD 21.465 billion, a decrease from HKD 45.602 billion in 2017[10]. - The company sold 98% of residential units at the project "囍逸" and 99% at both "朗屏8號" and "天賦海灣" during the period[10]. - Total revenue for the six months ended December 31, 2018, was HKD 7,943,782,224, an increase from HKD 6,575,570,682 for the same period in 2017, representing a growth of approximately 20.8%[58]. - Property sales revenue reached HKD 4,560,225,831 for the six months ended December 31, 2018, compared to HKD 3,257,264,639 in 2017, marking an increase of about 40.0%[58]. - Rental income from properties was HKD 2,015,344,851 for the six months ended December 31, 2018, up from HKD 1,742,223,705 in 2017, reflecting a growth of approximately 15.7%[58]. - Revenue from hotel operations reached HKD 485,146,079, slightly up from HKD 467,243,104 in the previous year, reflecting a growth of about 3.9%[55]. - Revenue from the Hong Kong market was HKD 3,869,244,847, significantly higher than HKD 2,272,682,360 in 2017, representing an increase of about 70.2%[55]. - Revenue from the People's Republic of China was HKD 198,723,010, down from HKD 1,143,605,863, indicating a decline of approximately 82.6%[55]. Assets and Liabilities - Non-current assets increased to HKD 105,012,211,039 as of December 31, 2018, compared to HKD 106,642,412,401 as of June 30, 2018[23]. - Current assets net worth rose to HKD 47,356,636,643, up from HKD 41,174,137,178 in the previous period[23]. - The company's total assets less current liabilities amounted to HKD 152,368,847,682, an increase from HKD 147,816,549,579[24]. - The company's equity attributable to shareholders rose to HKD 75,743,123,924, compared to HKD 74,046,935,993 in the previous period[24]. - Long-term bank borrowings due after one year amounted to HKD 3,651,221,167, compared to HKD 1,656,000,000 in the previous period[24]. - The group’s total investment in associates increased to HKD 21,790,254,714 as of December 31, 2018, compared to HKD 20,190,218,736 as of June 30, 2018, indicating an increase of approximately 7.9%[76]. - The group’s loans to associates, net of provisions, decreased to HKD 2,153,720,033 as of December 31, 2018, from HKD 2,858,796,861 as of June 30, 2018, reflecting a decrease of approximately 24.6%[76]. Cash Flow and Financing - The company maintained a cash and bank deposit balance of HKD 26.722 billion, with net cash of HKD 21.062 billion after deducting total borrowings of HKD 5.661 billion[17]. - The net cash outflow from operating activities for the six months ended December 31, 2018, was HKD 979,074,172, compared to an inflow of HKD 1,280,085,025 in the same period of 2017[26]. - The company experienced a net cash decrease of HKD 1,054,352,380 in cash and cash equivalents for the six months ended December 31, 2018, compared to a decrease of HKD 5,128,240,898 in the same period of 2017[27]. - The group secured a new bank loan of HKD 2,000,000,000 during the six months ending December 31, 2018, compared to no new loans in the same period of 2017[84]. - Bank loans amounted to HKD 6,195,403,219 as of December 31, 2018, compared to HKD 2,462,157,872 as of June 30, 2018, indicating a significant increase[109]. Accounting Standards and Financial Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, effective from July 1, 2018, impacting the accounting policies and reporting figures[30]. - The application of HKFRS 15 "Revenue from Contracts with Customers" has replaced HKAS 18 "Revenue" and HKAS 11 "Construction Contracts," leading to changes in revenue recognition[33]. - The company has implemented the Hong Kong Financial Reporting Standard No. 9, which significantly changes the classification and measurement of financial assets, requiring them to be measured at fair value and recognized in profit or loss[46]. - The expected credit loss model under HKFRS 9 did not have a significant impact on the cumulative impairment losses recognized by the company as of July 1, 2018[51]. - The review conducted did not reveal any matters that would lead the firm to believe that the condensed consolidated financial statements were not prepared in all material respects in accordance with HKAS 34[118]. Investment Properties and Development - The company acquired a piece of land in Hong Kong with a floor area of approximately 11,582 square feet during the period[12]. - The company’s investment properties and hotels had a total floor area of approximately 11.9 million square feet, with 62% being commercial properties[15]. - The group’s investment properties had a carrying value of HKD 249,896,625 as of December 31, 2018, slightly increasing from HKD 249,265,875 as of June 30, 2018[95]. - The group recognized a total of HKD 85,093,100 from the sale of certain investment properties, significantly higher than HKD 24,264,875 in the same period of 2017, representing an increase of approximately 251.5%[74]. Community Engagement and Sustainability - The company has established a "Green Financing Framework" and successfully obtained its first green loan to invest in sustainable development projects[19]. - The company is actively participating in community activities and has been recognized as a constituent stock in the Hang Seng Sustainable Development Index Series since September 2012[19]. Shareholder Information - Mr. Wong Chi Cheung holds 3,815,997,428 shares, representing 56.44% of the issued shares, with 219,001 shares being beneficially owned and 4,686,077 shares attributed to spouse's interest[101]. - Major shareholder Mr. Wong Chi Tat owns 1,329,275,315 shares, accounting for 72.17% of the issued shares, with 2,741,390 shares held through controlled entities[106].