Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 414.1 million, a slight increase of 0.1% compared to HKD 413.8 million in 2023[9]. - The company recorded a significant reduction in attributable loss to HKD 136.7 million, down from HKD 853.7 million in the previous year, indicating improved financial performance[9]. - The company recorded a loss of HKD 136,700,000 in fiscal year 2024, a decrease of 84% compared to a loss of HKD 853,700,000 in fiscal year 2023[59]. - The loss attributable to shareholders decreased to HKD 136,700,000 in fiscal year 2024 from HKD 853,700,000 in fiscal year 2023, reflecting a lower fair value loss on investment properties of HKD 14,500,000 compared to HKD 451,500,000 in the previous year[67]. - The company maintained a consistent dividend payout of HKD 0.05 per share over the past five years[100]. - The group will propose a final dividend of HKD 0.03 per share for the year ending December 31, 2024, maintaining the same level as 2023[110]. - Total dividends for the year are expected to be HKD 0.05 per share, consistent with the previous year[110]. Property Development - The company is developing a residential project "Victoria Harbour" with a total of 1,437 units and an estimated total floor area of 987,812 square feet, expected to be completed in phases by July 2023[18]. - Another residential project "Repulse Bay" is under development, with an estimated total floor area of 19,055 square feet, and is projected to be completed by 2028[22]. - The company holds a 14.5% stake in the "Victoria Harbour" project, indicating a strategic partnership in property development[18]. - The group has successfully established a development pipeline in Hong Kong through land acquisitions and government tenders, focusing on luxury residential projects[61]. - The group sold over 1,320 units from the Victoria Harbour project, generating total sales of over HKD 22,600,000,000, with HKD 1,500,000,000 already received and an expected HKD 400,000,000 in 2025[64]. Investment Properties - The investment property "33 Old Broad Street" in London is part of the company's portfolio, enhancing its international presence[34]. - The total net area of the investment property at 20 Moorgate is 154,854 square feet, with 100% ownership[40]. - The investment property at 33-41 Old Broad Street has a net area of 191,165 square feet and is expected to be redeveloped into a landmark[36]. - The company has a 58.83% ownership stake in the investment property at 50 Wellington Street, which has a total area of 60,000 square feet[43]. - The hotel property in Causeway Bay has 100% ownership and is located in a prime shopping area, making it a preferred choice for business and leisure travelers[46]. - The company has established long-term leases with reputable tenants to contribute stable rental income[52]. - The revenue from investment properties, hotel operations, and financial investments contributed significantly to the overall revenue[108]. Market Conditions - The hotel industry is facing demand pressure in 2024, with high occupancy rates but downward pressure on room prices due to changing traveler behavior[51]. - The hotel sector is still recovering, with average room rates not yet returning to pre-pandemic levels, despite an increase in tourist numbers in 2024[62]. - The hotel industry continues to face significant challenges in 2024 due to rising operational costs and changing consumer behavior, despite an increase in tourist numbers[80]. - The Hong Kong real estate market faces challenges, with consumer sentiment remaining weak despite the removal of cooling measures[141]. - The Hong Kong government has announced a five-year development plan to revitalize the tourism industry, including nearly 100 major events in the first half of 2025[141]. Financial Strategy - The company aims to maintain a balanced investment property portfolio to mitigate business risks and capitalize on different regional cycles[52]. - The group maintains a healthy asset-to-liability ratio and has HKD 5,900,000,000 in available cash, with no significant refinancing needs before the end of 2026[66]. - The net asset-to-liability ratio as of December 31, 2024, was 31.4%, down from 35.1% in 2023, primarily due to cash inflows from the Victoria Harbour project[73]. - The company is closely monitoring market conditions, including interest rate trends and geopolitical factors, to adjust its investment strategy effectively[55]. - The company is focusing on reducing financing costs associated with bank borrowings, which impacted the loss attributable to shareholders[108]. - The company expects no significant refinancing needs before 2026, indicating sufficient financial flexibility and liquidity for future operations[126]. Corporate Governance - The company emphasizes the importance of good corporate governance and regularly reviews its governance practices to meet shareholder expectations[145]. - The board consists of seven members, including three executive directors and four independent non-executive directors[149]. - The company has established mechanisms to provide independent views and opinions to strengthen decision-making[152]. - The board has reviewed the effectiveness of its governance mechanisms and considers them appropriate and effective as of December 31, 2024[158]. - The company is committed to maintaining a strong and effective independent element within the board[152]. - The board encourages open communication and the raising of questions, particularly from independent non-executive directors[155]. Sustainability and Social Responsibility - The company is committed to sustainable development principles and creating long-term value for customers, society, and the environment[147]. - The company received multiple international awards for its efforts in corporate governance and social responsibility, enhancing transparency for investors[75]. - The company will publish its 2024 Environmental, Social, and Governance report in April 2025, detailing gender diversity among employees[169]. Economic Outlook - The International Monetary Fund projects global economic growth at 3.3% in 2025, slightly up from 3.2% in 2024, but below the average growth rate of 3.7% from 2000 to 2019[79]. - China's economy is expected to grow by 5% in 2024, aligning with government targets, with continued support for real estate and domestic investment[137]. - The UK economy unexpectedly grew by 0.1% in Q4 2024, with expectations for further interest rate cuts[142].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 414,100,000, an increase of 0.1% compared to HKD 413,800,000 in 2023[2] - Loss attributable to shareholders decreased by 84% to HKD 136,700,000 from HKD 853,700,000 in the previous year[2] - Total comprehensive loss for the year was HKD 133,468,000, down from HKD 570,594,000 in the previous year[6] - The company reported a profit before investment property fair value changes of HKD 201,854,000, compared to HKD 197,889,000 in 2023, an increase of 2.0%[4] - The group reported total external revenue of HKD 414,134,000 for the year ended December 31, 2024, with property investment contributing HKD 206,045,000, hotel operations HKD 181,993,000, and financial investments HKD 26,096,000[19] Assets and Liabilities - Net asset value attributable to shareholders as of December 31, 2024, was HKD 8,357,300,000, with a net asset value per share of HKD 13.9[2] - Non-current assets totaled HKD 8,181,077,000, a decrease from HKD 8,402,629,000 in 2023[7] - Current liabilities decreased to HKD 1,408,884,000 from HKD 2,469,005,000, a reduction of 43%[8] - Total equity as of December 31, 2024, was HKD 3,923,454,000, down from HKD 4,087,028,000 in 2023[8] - The company's total liabilities decreased to HKD 152.3 million in 2024 from HKD 201.8 million in 2023[35] Revenue Segments - Total income from investment property rentals was HKD 206,045,000, up from HKD 193,904,000 in 2023, representing an increase of 6%[4] - Hotel operations revenue decreased to HKD 181,993,000 from HKD 202,697,000, a decline of 10.2%[4] - The group's total segment profit amounted to HKD 237,813,000, with property development generating HKD 10,332,000, property investment HKD 182,044,000, hotel operations HKD 22,283,000, and financial investments HKD 23,154,000[19] - For the year ending December 31, 2023, the property investment segment reported external revenue of HKD 202,697,000, while the hotel operations segment generated HKD 17,189,000, contributing to a total external revenue of HKD 413,790,000[20] Financial Investments - The financial investment segment strategy focuses on generating stable returns through periodic investments in fixed-income securities[18] - As of December 31, 2024, the group's financial investments amounted to approximately HKD 246.2 million, an increase from HKD 200.3 million in the previous year[47] - Interest income from listed debt securities and time deposits is anticipated to rise to HKD 24,167,000 in 2024, compared to HKD 16,656,000 in 2023, marking an increase of approximately 45.5%[23] Financing and Debt - The group incurred a financing cost of HKD 365,141,000, leading to a pre-tax loss of HKD 137,679,000 for the reporting period[19] - The financing costs decreased to HKD 365,141,000 in 2024 from HKD 378,568,000 in 2023, representing a reduction of about 3.5%[27] - The group's net debt as of December 31, 2024, is HKD 3.95 billion, down from HKD 4.77 billion in the previous year, with a debt-to-asset ratio of 31.4%[51] - Total bank borrowings as of December 31, 2024, amounted to HKD 4,424,300,000, a decrease from HKD 5,100,100,000 in 2023[53] Corporate Governance and Reporting - The group has adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the current and prior years[12] - The group has not early adopted several new and revised Hong Kong Financial Reporting Standards that are expected to come into effect in the future, indicating a cautious approach to regulatory changes[14] - The group is currently evaluating the detailed impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements, which will affect the presentation of the income statement and future disclosures[15] - The company has adhered to the corporate governance code principles as per the listing rules during the year ending December 31, 2024[58] Future Outlook - The forecast for global economic growth in 2025 and 2026 is 3.3%, according to the International Monetary Fund[55] - China's economy is projected to grow by 5% in 2024, aligning with the government's official target[55] - The UK economy unexpectedly grew by 0.1% in the fourth quarter of 2024, with expectations for further interest rate cuts[56] Dividends and Shareholder Information - The total dividend declared for the year 2024 is HKD 30,106,000, consistent with the total dividend declared in 2023[28] - The company plans to propose a final dividend of HKD 0.03 per share, maintaining the same level as in 2023, leading to a total dividend of HKD 0.05 per share for the year[36] - The annual report for 2024 will be sent to shareholders in April 2025 and will be available on the Hong Kong Stock Exchange website[61] Acknowledgments - The company expresses gratitude to its founders, long-term business partners, clients, and shareholders for their contributions and efforts during the year[62]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 203,500,000, representing a 3.6% increase from HKD 196,400,000 in 2023[6] - Shareholders' loss for the same period was HKD 72,000,000, a significant decline of 83.5% compared to HKD 436,900,000 in 2023[6] - Revenue for the six months ended June 30, 2024, was HKD 203,500,000, an increase from HKD 196,400,000 in 2023, primarily driven by rental income from investment properties, hotel operations, and financial investment returns[21] - Shareholders' loss for the period was HKD 72,000,000, compared to a loss of HKD 436,900,000 in 2023, equating to a basic loss per share of HKD 0.12, down from HKD 0.726 in the previous year[21] - The company reported a loss attributable to shareholders of HKD 72,046,000 for the six months ended June 30, 2024, significantly improved from a loss of HKD 436,856,000 in the prior year[65] - The total comprehensive loss for the period was HKD 78,733,000, including other comprehensive losses of HKD 6,687,000[69] Asset and Equity Information - Net asset value as of June 30, 2024, was HKD 8,624,000,000, with a net asset value per share of HKD 14.3[6] - As of June 30, 2024, total assets in Hong Kong were valued at HKD 4,868.5 million, down from HKD 5,192.9 million as of December 31, 2023[22] - The group's total property assets as of June 30, 2024, amounted to HKD 8,617.7 million, down from HKD 8,962.3 million as of December 31, 2023[22] - The company's total equity as of June 30, 2024, was HKD 3,990,231,000, down from HKD 4,087,028,000 at the end of 2023[67] Property Development and Investment - The development project "Victoria Harbour" has a total gross floor area of 987,812 square feet and includes 1,437 residential units[9] - The company holds a 14.5% equity interest in the "Victoria Harbour" project, which is being developed in three phases[9] - The "Repulse Bay" project is expected to be completed by 2028, with a total site area of 21,173 square feet and a gross floor area of 19,055 square feet[10] - The "Shouson Hill" investment property consists of 7 independent houses, with a land lease expiring on June 30, 2047[11] - The investment property "33 Old Broad Street" in London has a net internal area of 191,165 square feet and is currently leased to the Bank of Scotland as its London headquarters[15] - The "20 Moorgate" project in London has a net internal area of 154,854 square feet and is fully leased to the Prudential Regulation Authority[16] Financial Management and Strategy - The group maintains a prudent financial policy, with all borrowings on a non-recourse basis and no cross-defaults at the corporate level[32] - The group expects no significant refinancing needs before 2026, indicating sufficient financial flexibility and liquidity[32] - The company is exploring new strategies for market expansion and potential acquisitions to enhance its growth prospects[6] - The company is focused on prudent asset-liability management to navigate the rapidly changing business environment, ensuring long-term value creation for shareholders[41] Market Conditions and Economic Outlook - The Hong Kong real estate market remains challenged, with slow recovery in property prices due to high interest rates and insufficient buyer purchasing power, despite the removal of housing demand management measures[40] - The Chinese economy has struggled to achieve a strong and sustainable rebound post-COVID, with the second quarter GDP growth rate significantly below expectations, indicating a weakening growth momentum[40] - The global economic growth forecast for 2024 is projected at 3.2%, with a slight increase to 3.3% in 2025 according to the International Monetary Fund[39] Shareholder Information - As of June 30, 2024, the total number of issued shares of the company was 602,122,726[48] - The company’s major shareholders include Mr. Lu Rongzi, who holds 446,392,255 shares, representing 74.14% of the total shares[47] - The board declared an interim dividend of HKD 0.02 per share for the six months ending June 30, 2024, consistent with the previous period[23] Credit and Investment Management - The expected credit loss for listed debt instruments was HKD 34,436,000 as of June 30, 2024, an increase from HKD 32,014,000 as of December 31, 2023[106] - The company continues to monitor market conditions closely, particularly regarding the credit ratings of issuers, to reflect timely expected credit loss assessments[105] - The group recognized a credit loss of HKD 208,301,000 due to significant modifications in contract terms under debt restructuring plans[108] Operational Performance - The company reported a total cash and cash equivalents of HKD 2,262,512 at the end of the period, down from HKD 2,308,134 at the end of June 2023, reflecting a decrease of 2%[71] - Net cash generated from operating activities for the six months ended June 30, 2024, was HKD 239,618, compared to HKD 94,397 for the same period in 2023, representing an increase of 153%[71] - The company incurred a pre-tax loss of HKD 71,527 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 433,832 for the same period in 2023, indicating a significant improvement[78] Corporate Governance - The company has adopted corporate governance codes and continues to monitor and review its governance practices to enhance performance[43] - The board is responsible for ensuring effective risk management and internal control systems to protect shareholder interests and company assets[44]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 203,500,000, an increase of 3.6% compared to HKD 196,400,000 in 2023[2] - Loss attributable to shareholders for the same period was HKD 72,000,000, a significant decrease of 83.5% from HKD 436,900,000 in 2023[2] - The company reported a profit before tax of HKD 71,527,000, a substantial improvement from a loss of HKD 433,832,000 in 2023[3] - Basic and diluted loss per share for the period was HKD 12.0, compared to HKD 72.6 in the previous year[4] - The total tax expense for the six months ended June 30, 2024, was HKD 519,000, down from HKD 3,024,000 in 2023, a decrease of 82.8%[23] - The basic loss per share attributable to shareholders was HKD (72,046,000) for the six months ended June 30, 2024, compared to HKD (436,856,000) in 2023, showing a significant reduction in losses[24] Assets and Equity - Total assets as of June 30, 2024, amounted to HKD 8,408,148,000, slightly up from HKD 8,402,629,000 as of December 31, 2023[6] - The company’s total equity as of June 30, 2024, was HKD 3,990,231,000, down from HKD 4,087,028,000 at the end of 2023[7] - Non-current assets totaled HKD 8,408,148,000, with investment properties valued at HKD 6,735,845,000[6] - Total equity attributable to shareholders as of June 30, 2024, was HKD 3,990,200,000, down from HKD 4,087,000,000 as of December 31, 2023[33] Revenue Segments - Investment property rental income was HKD 100,905,000, up from HKD 96,453,000 in the previous year[3] - The property investment segment generated revenue of HKD 100,905,000, up from HKD 96,453,000 in the previous year, reflecting an increase of about 4.8%[16] - Hotel operations revenue was HKD 90,897,000, slightly down from HKD 91,967,000 in the prior year, indicating a decrease of approximately 1.2%[16] - Financial investment income rose to HKD 11,743,000, compared to HKD 7,955,000 in the same period last year, marking an increase of around 47.5%[16] Expenses and Costs - Sales and marketing expenses increased to HKD 270,000 for the six months ended June 30, 2024, from HKD 216,000 in 2023, representing a growth of 25%[20] - Direct operating expenses for investment properties rose to HKD 1,992,000 in the first half of 2024, up from HKD 1,696,000 in 2023, an increase of 17.5%[20] - Bank loan interest expenses increased to HKD 171,753,000 for the six months ended June 30, 2024, compared to HKD 154,777,000 in 2023, a rise of 10.9%[22] - The employee costs for the period amounted to HKD 48,700,000, down from HKD 50,700,000 in the previous year[43] Cash Flow and Investments - Cash and cash equivalents decreased to HKD 2,262,512,000 from HKD 2,445,668,000[6] - The group received approximately HKD 352,500,000 in cash from the "Victoria Harbour" project during the period, down from HKD 800,000,000 in the previous year[36] - The group’s financial investments amounted to HKD 213,900,000 as of June 30, 2024, an increase from HKD 200,300,000 at the end of 2023[39] Market and Economic Conditions - The global economic growth forecast for 2024 is 3.2%, with a slight increase to 3.3% in 2025, according to the International Monetary Fund[45] - The Chinese economy is facing challenges with a second-quarter growth rate significantly below expectations, prompting the central government to implement measures to boost housing sentiment[45] - The Hong Kong real estate market remains constrained, with slow recovery in property prices due to high interest rates and insufficient buyer purchasing power[45] - The rental market for residential properties in Hong Kong shows positive signs, supported by professionals and non-local students[45] Strategic Focus - The company plans to continue focusing on market expansion and new product development strategies moving forward[2] - The group continues to focus on property development and investment projects, optimizing its project portfolio based on market opportunities and financial resources[35] - The group’s strategy includes ongoing financial investments, particularly in fixed-income securities, to ensure stable financial returns[11] Operational Highlights - The group employed approximately 190 staff in Hong Kong as of June 30, 2024, an increase from 181 staff in the previous year[43] - The group expects to host over 100 major events in the second half of 2024, bringing the total number of events for the year to at least 210[46] - The group’s hotel operations in Hong Kong maintained stable occupancy rates and room prices, contributing to steady revenue performance[38] Financial Position - The group recorded net debt of HKD 4,372,300,000 as of June 30, 2024, down 8.27% from HKD 4,767,600,000 on December 31, 2023, with a debt-to-asset ratio of 33.0% compared to 35.1% previously[40] - The total bank borrowings as of June 30, 2024, were HKD 7,056,700,000, a decrease of 7.7% from HKD 7,647,700,000 on December 31, 2023[41] - The group has a committed revolving credit facility of approximately HKD 1,000,000,000, which remains undrawn as of the reporting date and has been successfully renewed[40]

Financial Performance - The group's revenue for the year ended December 31, 2023, was HKD 413.8 million, an increase of 11% from HKD 371.7 million in 2022[11]. - The group reported a loss attributable to shareholders of HKD 853.7 million, compared to a loss of HKD 383.7 million in 2022[11]. - The company recorded a loss of HKD 853,700,000 for the fiscal year 2023, primarily due to non-cash items[54]. - The group recorded revenue of HKD 413,800,000 for the fiscal year 2023, an increase of 11.3% compared to HKD 371,700,000 in fiscal year 2022, primarily due to increased hotel operating revenue[64]. - The group reported a loss attributable to shareholders of HKD 853,700,000 for the fiscal year 2023, compared to a loss of HKD 383,700,000 in fiscal year 2022, mainly due to fair value losses on investment properties of HKD 451,500,000[64]. - The company maintained a consistent dividend payout of HKD 5.0 per share over the past five years, despite the losses incurred in 2023[99]. - The group aims to maintain a stable dividend policy, proposing a final dividend of HKD 0.03 per share, totaling HKD 0.05 per share for the year[64]. - The adjusted net asset value attributable to shareholders was HKD 8,710.8 million, down from HKD 9,481.5 million in 2022, reflecting a decline in overall asset valuation[101]. - The adjusted net asset value per share decreased to HKD 14.5 in 2023 from HKD 15.7 in 2022, indicating a reduction in shareholder value[101]. Property Development - The development project "Victoria Harbour" consists of 1,437 residential units, with the first phase completed in May 2023 and subsequent phases expected to complete in July 2023[19]. - The total gross floor area for the "Victoria Harbour" project is approximately 987,812 square feet[19]. - The group has a 14.5% interest in the "Victoria Harbour" project, which is being developed in phases[19]. - The "Chai Wan" development project is expected to be completed by 2028, with the group holding a 50% stake[22]. - The group sold over 1,100 units in the "Victoria Harbour" residential project, generating total sales proceeds exceeding HKD 19,000,000,000[56]. - The group expects to receive an additional HKD 1,000,000,000 from the "Victoria Harbour" project in 2024 following strong sales momentum after the lifting of government restrictions[60]. - The company is focusing on expanding its residential property portfolio in prime locations in Hong Kong[20]. - The company is focusing on luxury residential projects, including a 50% stake in the South Bay Road project and 100% ownership of land for a luxury residential development in Jardine's Lookout[120]. Investment Strategy - The company maintains a focus on property development and investment as its core business strategy[48]. - The group aims to enhance its market position through strategic partnerships and new developments in high-demand areas[20]. - The company is actively monitoring external market changes, including interest rate trends and geopolitical conditions, to adjust its investment strategy accordingly[52]. - The group plans to continue a prudent investment strategy while seeking opportunities for business expansion and partnerships for land development[66]. - The company aims to maintain a geographically balanced investment property portfolio to mitigate business risks[48]. - The group has established a quality investment portfolio through a prudent investment strategy, with ongoing projects expected to enhance revenue and profitability[48]. Hotel Business - The hotel business is gradually recovering as tourists return following the reopening of borders and international flights[47]. - The hotel revenue improved to HKD 202,700,000 for the year ending December 31, 2023, representing an increase of approximately 58.2% compared to HKD 128,100,000 in 2022[127]. - The hotel at Crown Plaza Causeway Bay offers some of the largest rooms and suites in the area, catering to both business and leisure travelers[44]. - The hotel industry is expected to maintain growth momentum in 2024, supported by the recovery of consumer spending and ongoing government economic stimulus measures[82]. - The hotel valuation has been impacted by the post-COVID-19 situation and a sluggish economy, yet the group's credit condition remains good[72]. Financial Position - The group maintained a healthy asset-to-liability ratio and has approximately HKD 5,700,000,000 in available cash to ensure financial flexibility[61]. - The group has successfully repaid a USD 141,700,000 guaranteed note due in January 2023, maintaining high liquidity and financial flexibility despite rising interest rates[60]. - As of December 31, 2023, the total available cash of the group is HKD 5,516,200,000, including bank deposits and cash of HKD 2,679,800,000, and undrawn financing of HKD 2,836,400,000[72]. - The net debt as of December 31, 2023, was HKD 4,767,600,000, down from HKD 5,675,000,000 in 2022, with an asset-to-liability ratio of 35.1%[133]. - The group anticipates no significant refinancing needs before 2026, indicating sufficient financial flexibility and liquidity[129]. Governance and Corporate Culture - The company emphasizes a strong corporate culture focused on sustainable development and ethical standards, ensuring zero tolerance for dishonest behavior[153]. - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a diverse and independent governance structure[156]. - The company has established mechanisms to ensure the independence of the board, with at least one-third of the members being independent non-executive directors[158]. - The company provides excellent training opportunities for employees to enhance their professional knowledge and capabilities[154]. - The company regularly conducts various activities to strengthen employee belonging and engagement, such as company trips and gatherings[154]. - The board diversity policy aims to enhance performance quality, with a target to appoint at least one female director by 2024[174]. - The company has achieved gender diversity in its workforce, with males accounting for 49% and females for 51% as of December 31, 2023[176]. Market Outlook - The International Monetary Fund (IMF) projects global economic growth of 3.1% in 2024, unchanged from 2023, but below the average growth rate of 3.8% from 2000 to 2019[78]. - The expected inflation rate for consumer goods in 2024 is projected to be 1.7%[139]. - The Hong Kong economy is forecasted to grow between 2.5% and 3.5% in 2024[139]. - The management expressed a cautious outlook for future performance, focusing on cost control and potential market expansion strategies[108].

Financial Performance - The group incurred a pre-tax loss of HKD 850,141,000 for the year ended December 31, 2023, compared to a pre-tax loss of HKD 390,513,000 for the previous year, reflecting a worsening financial performance[16]. - The company reported a loss attributable to shareholders of HKD 853,749,000 for 2023, compared to a loss of HKD 383,659,000 in 2022, reflecting an increase in losses of approximately 122%[38]. - The company reported a loss for the year of HKD 853,749,000, which is a significant increase from the loss of HKD 383,659,000 in 2022, reflecting a deterioration of approximately 122.3%[53]. - The company reported a basic and diluted loss per share, which remained the same due to the losses incurred during the year[96]. - The company recorded an unrealized loss of HKD 302.7 million primarily due to impairment losses on debt securities, which are non-cash items and do not immediately impact cash flow[129]. Revenue and Income - Revenue for the year ended December 31, 2023, was HKD 413,790,000, an increase from HKD 371,721,000 in 2022, representing a growth of approximately 11.5%[35]. - The group’s total revenue from external sources for the property investment segment was HKD 193,904,000 in 2023, compared to HKD 193,714,000 in 2022, showing a slight increase of 0.1%[16]. - The group’s hotel operations segment generated revenue of HKD 202,697,000 in 2023, compared to HKD 128,129,000 in 2022, representing a substantial increase of 58%[16]. - The group’s total other income increased to HKD 28,841,000 in 2023 from HKD 9,679,000 in 2022, marking an increase of approximately 197.5%[11]. - The company’s investment property rental income was HKD 193,904,000 in 2023, slightly up from HKD 193,714,000 in 2022, showing a marginal increase of about 0.1%[20]. Assets and Liabilities - The company’s total assets less current liabilities amounted to HKD 9,674,757,000 in 2023, down from HKD 11,457,694,000 in 2022[42]. - Total assets as of December 31, 2023, were HKD 9,674,757,000, a decrease from HKD 11,457,694,000 in 2022, representing a decline of approximately 15.6%[57]. - The company’s total equity decreased to HKD 4,087,028,000 from HKD 4,687,728,000, representing a decline of about 12.8%[57]. - The total liabilities as of December 31, 2023, amounted to HKD 201,780,000, a decrease of 22.8% from HKD 261,431,000 in 2022[100]. - Non-current liabilities decreased to HKD 5,587,729,000 from HKD 6,769,966,000, indicating a reduction of about 17.5%[57]. Financial Investments - The group reported interest income from listed debt securities and time deposits of HKD 16,656,000 for 2023, down from HKD 42,426,000 in 2022, representing a decrease of approximately 60.8%[7]. - The interest income and other income for the year were HKD 17,189,000, a decrease from HKD 49,878,000 in 2022, representing a decline of approximately 65%[20]. - The total financial investments as of December 31, 2023, were HKD 200,300,000, down from HKD 376,100,000 in 2022[150]. - The fair value loss on debt instruments recognized in other comprehensive income increased to HKD 302,667,000 in 2023 from HKD 152,439,000 in 2022[113]. Dividends - The proposed final dividend for the year ending December 31, 2023, is HKD 0.03 per share, totaling HKD 18,064,000, consistent with the previous year's dividend[73][94]. - The group confirmed a total of HKD 12,042,000 in interim dividends for the year, matching the previous year's figure[72]. - The company plans to propose a final dividend of HKD 0.03 per share for the year ended December 31, 2023, consistent with the previous year's dividend[119]. Operational Highlights - The company completed the "Victoria Harbour" residential development project, holding a 14.5% stake, with over 1,100 units sold and total sales exceeding HKD 19 billion, generating approximately HKD 800 million in cash inflow during the year[124]. - The company is focusing on luxury residential projects, holding a 50% stake in a joint venture for a development project in South Bay and 100% ownership of land for another luxury residential project[142]. - The company’s hotel properties had a carrying value of HKD 506,200,000 as of December 31, 2023, down from HKD 526,200,000 in 2022[109]. - The company’s investment property, Warwick House, generated rental income similar to the previous year, with an occupancy rate of 94%, up from 92% in 2022[141]. Economic Outlook - The Hong Kong economy is projected to grow by 2.5% to 3.5% in 2024, with inflation expected to remain moderate at 1.7%[155]. - The hotel industry in Hong Kong is expected to maintain positive growth due to resilient consumer spending and ongoing government economic stimulus[156]. - The UK economy experienced a modest growth of 0.1% in 2023, with the Bank of England maintaining a benchmark interest rate of 5.25%[166]. Employee and Management - The company has a total of approximately 190 employees as of December 31, 2023, with employee costs amounting to HKD 98.4 million, up from HKD 82.8 million in 2022[135]. - The group has implemented an employee stock option plan and a share incentive plan to retain and motivate management and high-performing employees[164]. - The group maintains good working relationships with employees and conducts annual reviews of compensation and benefits based on market conditions and individual assessments[164].

Financial Performance - For the six months ended June 30, 2023, the group's revenue increased by 4% to HKD 196,400,000 compared to HKD 189,500,000 in 2022[11]. - The group reported a loss attributable to shareholders of HKD 436,900,000, a significant increase from a loss of HKD 65,300,000 in 2022[11]. - For the six months ended June 30, 2023, the revenue was HKD 196,400,000, an increase from HKD 189,500,000 in 2022, representing a growth of approximately 4.8%[46]. - The loss attributable to shareholders for the period was HKD 436,900,000, compared to a loss of HKD 65,300,000 in 2022, resulting in a basic loss per share of HKD 72.6 cents, up from HKD 10.8 cents[46]. - The company reported a loss of HKD 436,856,000 for the period, compared to a loss of HKD 65,262,000 in the same period last year, indicating a substantial decline in profitability[108]. - The company reported a loss before tax of HKD 436,856,000 for the six months ended June 30, 2023, compared to a loss of HKD 65,262,000 in the same period of 2022[151]. Asset and Equity Information - As of June 30, 2023, the net asset value attributable to shareholders was HKD 9,300,500,000, with a net asset value per share of HKD 15.4[11]. - As of June 30, 2023, the total equity attributable to shareholders was HKD 4,496,700,000, down from HKD 4,687,700,000 as of December 31, 2022[47]. - The net asset value per share as of June 30, 2023, was HKD 7.5, compared to HKD 7.8 as of December 31, 2022[47]. - As of June 30, 2023, the group's equity in the joint venture for the "Victoria Harbour" project is HKD 1,937.4 million, with HKD 1,800 million expected to be recovered within one year classified as current assets[53]. - As of June 30, 2023, the company's total equity attributable to shareholders was HKD 4,496,696,000[118]. Property Development and Investment - The group holds a 14.5% interest in the Victoria Harbour project, which consists of 1,437 residential units with a total gross floor area of 987,812 square feet[21]. - The group is also developing a luxury residential project in Repulse Bay, with a total gross floor area of 19,055 square feet and a 50% interest held by the group[25]. - The group is focused on enhancing its property portfolio through strategic developments and investments in high-demand areas[21]. - Future outlook includes continued focus on residential and commercial property development to capitalize on market opportunities[21]. - The company continues to focus on property development and investment projects, including two residential projects in Hong Kong and two investment properties in London[51]. - The company’s core projects include the 20 Moorgate and 33 Old Broad Street properties in London, which are part of its strategic focus on market opportunities[51]. Financial Investments and Market Conditions - The group is expanding its investment portfolio with properties in London, including a prime office location at 33 Old Broad Street, situated 150 meters from Liverpool Street Station[34]. - The group recorded an unrealized loss of HKD 208.2 million during the review period, primarily due to debt securities impairment losses, which are non-cash items[63]. - The group has unused financing of HKD 3,005.8 million as of June 30, 2023, down from HKD 4,299.3 million as of December 31, 2022[65]. - The group is optimistic about the medium to long-term development prospects of Hong Kong's economy, leveraging opportunities in the Greater Bay Area[78]. - The company aims to enhance its market presence and explore new strategies for growth, although specific details were not disclosed in the report[108]. Shareholder Information - As of June 30, 2023, the total number of issued shares of the company was 602,122,726[87]. - Director Lu Rongzi holds 446,392,255 shares, representing approximately 74.14% of the issued share capital[86]. - Director Lu Lianpu holds 339,329,740 shares, representing approximately 56.36% of the issued share capital[86]. - Major shareholders include NLI with 56.26% ownership, Ambleside Glory with 13.05%, and NYH, SEA Fortune, and Port Lucky each holding 17.87%[89]. - The company declared an interim dividend of HKD 0.02 per share for the six months ended June 30, 2023, consistent with the previous year[50]. Economic and Market Outlook - The global economy continues to face uncertainty due to geopolitical challenges, including the ongoing Russia-Ukraine war and U.S.-China tensions, impacting inflation and consumer confidence[73]. - The Hong Kong real estate market is facing increasing pressure due to interest rate hikes and low investment sentiment, with office demand remaining weak due to high asset costs and vacancy rates[79]. - The Bank of England raised its benchmark interest rate to 5.25% in August 2023, marking the highest level in 15 years, which has reduced purchasing momentum and added pressure to the UK economic recovery[80]. - The geopolitical uncertainty and sustained high interest rates are expected to continue impacting the business throughout the remainder of the year[80]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2023, were HKD 50,700,000, compared to HKD 44,200,000 for the same period in 2022, reflecting an increase in workforce from approximately 162 to 181 employees[71]. - The company reported interest income and other income of HKD 7,955,000, down from HKD 24,205,000 in the previous year, showing a decline of 67.1%[108]. - Total financing costs rose to HKD 173,566,000, an increase of 64% compared to HKD 105,588,000 in the previous year[146]. Credit Losses and Impairments - The impairment loss on debt instruments measured at fair value and recognized in other comprehensive income for the six months ended June 30, 2023, was HKD 208,151,000, compared to HKD 93,143,000 for the same period in 2022, representing a significant increase[174]. - The group has observed a substantial increase in credit risk due to recent liquidity issues faced by Chinese property developers, leading to a reassessment of credit ratings and market conditions[177]. - The expected credit loss for the six months ended June 30, 2023, reflects the ongoing challenges in the Chinese property market and the associated risks[176]. Miscellaneous - The company has adopted corporate governance standards to ensure compliance and enhance performance[82]. - The board is responsible for maintaining effective risk management and internal control systems to protect shareholder interests[83]. - The interim financial statements for the six months ending June 30, 2023, have been reviewed by the audit committee and Deloitte[101].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 * （於百慕達註冊成立之有限公司） （股份代號：251） 截至二零二三年六月三十日止六個月之 中期業績公佈 摘要 截至二零二三年六月三十日止期間 • 收益：港幣196,400,000元（二零二二年：港幣189,500,000元），上升4% • 本公司股東應佔虧損：港幣436,900,000元（二零二二年：港幣65,300,000元） • 於二零二三年六月三十日，本公司股東應佔本集團資產淨值（「資產淨值」） 及每股資產淨值分別為港幣9,300,500,000元及港幣15.4元#。 # 資產淨值乃按本集團賬面資產淨值港幣4,496,700,000元為基礎並調整酒店物業（於賬目中按 成本基準列賬）至由獨立物業估值師釐定之公平市值後計算得出。 ...

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 371.7 million, a decrease of 30% compared to HKD 530.6 million in 2021[10]. - The net loss attributable to shareholders for 2022 was HKD 383.7 million, compared to a profit of HKD 70.2 million in 2021[10]. - The company recorded a loss of HKD 383,700,000 for the fiscal year 2022, primarily due to non-cash items[49]. - In the fiscal year 2022, the company recorded revenue of HKD 371,700,000, a decrease of 29.9% compared to HKD 530,600,000 in the fiscal year 2021[55]. - The company reported a loss attributable to shareholders of HKD 383,700,000 in fiscal year 2022, compared to a profit of HKD 70,200,000 in fiscal year 2021, primarily due to a decline in financial investment returns and a fair value loss of HKD 235,000,000 on investment properties[55]. - Total assets as of December 31, 2022, were HKD 13,786.1 million, down from HKD 14,369.9 million in 2021[95]. - Total liabilities for 2022 were HKD 9,098.3 million, an increase from HKD 8,914.2 million in 2021[95]. - Basic earnings per share for 2022 was a loss of HKD 0.64, compared to a profit of HKD 0.11 in 2021[85]. - The company’s financial investment returns significantly decreased in 2022, contributing to the overall loss[108]. - As of December 31, 2022, the company's cash position was HKD 2,580,100,000, down from HKD 2,748,600,000 in 2021, with total available funds of HKD 6,879,400,000[62]. Property Development - The development project "Victoria Harbour" includes 1,437 residential units, with the first phase expected to complete in May 2023[17]. - The "Victoria Harbour" project has a total gross floor area of approximately 987,812 square feet, with a site area of approximately 208,262 square feet[17]. - The company completed the acquisition of a property at 89-93 Dugdale Hill Road, which will be redeveloped into low-density luxury residences, enhancing the property portfolio[50]. - The company holds a 14.5% stake in the "Victoria Harbour" waterfront residential project, which is expected to be completed in 2023, with over 900 units sold generating approximately HKD 14,000,000,000 in sales revenue[51]. - The property at 191,165 square feet is located in the Eastern Cluster of London, designated for skyscraper development[33]. - The company is focusing on expanding its property portfolio in Hong Kong and the UK, with significant projects in prime locations[30]. - The company plans to enhance its residential offerings by incorporating green and smart home designs in its developments[18]. Investment Strategy - The company is actively pursuing joint ventures and partnerships to optimize its development strategies and market presence[18]. - The company plans to explore land acquisition and investment opportunities cautiously in the future[47]. - The company maintains a balanced investment portfolio to mitigate business risks and ensure stable rental income[44]. - The company is focused on developing high-quality investment projects to enhance revenue and profitability[44]. - The company plans to continue developing partnerships with companies that own prime land for joint development, aiming to enhance property development strategies[60]. Market Outlook - The hotel sector is expected to recover in 2023 as travel restrictions are gradually lifted[43]. - The company anticipates an increase in hotel business and room rates in 2023 as border reopening is expected to boost tourist numbers[53]. - The company aims to improve investment sentiment in the Hong Kong residential market despite a decline in property prices during the year[44]. - The real estate market in Hong Kong is expected to continue growing, driven by returning Chinese buyers and government efforts to attract international capital[67]. - The hotel industry in Hong Kong is expected to rebound in 2023, with occupancy rates and demand significantly increasing following the removal of all social distancing and quarantine measures[142]. Corporate Governance - The company emphasizes the importance of good corporate governance and regularly reviews its governance practices to meet shareholder expectations[146]. - The board consists of seven members, including three executive directors and four independent non-executive directors[151]. - The board has established mechanisms to ensure strong independence and effective decision-making[153]. - The company has received annual confirmation letters regarding the independence of all independent non-executive directors, affirming their status as independent individuals[157]. - The board is responsible for executing corporate governance duties, including reviewing the company's governance policies and compliance with legal regulations[162]. - The company has a policy for the appointment and re-election of directors, ensuring that independent non-executive directors are subject to a vote if they have served for more than nine years[164]. - The board aims to appoint at least one female director by December 31, 2024, emphasizing gender diversity[167]. Employee and Training - The company provides training opportunities for employees to enhance their professional knowledge and potential[149]. - The group’s total employee cost for the year ended December 31, 2022, was HKD 82.8 million, slightly down from HKD 83.2 million in 2021, with a total of approximately 170 employees[134]. - As of December 31, 2022, the employee team consists of 51% male and 49% female[169]. Financial Management - The company has implemented effective internal control systems to manage risks and ensure the safeguarding of shareholder interests[199]. - The company ensures timely publication of its financial statements in accordance with legal requirements and appropriate reporting standards[198]. - The company has adopted standards for directors' securities trading to prevent insider trading based on their positions[196]. - The total annual director's remuneration is capped at HKD 5,000,000 as approved by shareholders in the 2019 Annual General Meeting[191]. - The remuneration for executive directors is determined by the board and/or the remuneration committee based on their roles, responsibilities, and the company's performance[194].

Financial Performance - The company reported a total comprehensive loss of HKD 737,911,000 for the year ended December 31, 2022, compared to a loss of HKD 411,438,000 in the previous year, representing an increase in loss of approximately 79%[5] - Total revenue for 2022 was HKD 371,721,000, a decrease of 30% from HKD 530,579,000 in 2021[18] - Profit before tax showed a loss of HKD 390,513,000 compared to a profit of HKD 129,375,000 in 2021[18] - The company's attributable loss for the year was HKD 383,659,000, a significant decline from a profit of HKD 70,162,000 in 2021[19] - Basic and diluted loss per share was HKD (63.7) compared to HKD 11.3 in the previous year[19] - The company reported a fair value loss on debt instruments of HKD 225,213,000 in 2022, compared to a loss of HKD 846,106,000 in 2021, showing an improvement of approximately 73%[5] - The company’s total comprehensive income for the year included other comprehensive expenses totaling HKD 354,252,000, down from HKD 481,600,000 in the previous year, indicating a reduction of about 26.4%[5] - The company reported a fair value loss on investment properties of HKD (234,954,000) compared to a gain of HKD 655,533,000 in 2021[18] - The company recorded a fair value loss on UK investment properties, contrasting with a fair value gain on other investment properties in 2021[88] - The group recorded an unrealized loss of HKD 152,400,000 primarily due to impairment losses on debt securities investments, which is a non-cash item[145] Assets and Liabilities - Non-current assets decreased to HKD 8,790,541,000 in 2022 from HKD 10,407,687,000 in 2021, reflecting a decline of about 15.5%[6] - Current assets increased to HKD 4,995,516,000 in 2022 from HKD 3,962,260,000 in 2021, marking an increase of approximately 25.9%[6] - The company's cash and cash equivalents stood at HKD 2,457,179,000, down from HKD 2,685,034,000 in the previous year, a decrease of about 8.5%[6] - Total liabilities related to assets classified as held for sale rose to HKD 466,656,000 in 2022 from HKD 160,491,000 in 2021, indicating a significant increase of approximately 190%[6] - The company’s total assets less current liabilities amounted to HKD 11,457,694,000, down from HKD 12,643,160,000 in the previous year, a decrease of about 9.4%[6] - Total equity decreased to HKD 4,687,728,000 from HKD 5,455,745,000 in 2021, reflecting a decline of approximately 14%[23] - Non-current liabilities increased to HKD 6,769,966,000 from HKD 7,187,415,000, indicating a slight reduction[23] - The group’s net debt as of December 31, 2022, was HKD 5,675,000,000, with an asset-to-liability ratio of 36.9%, compared to 27.6% in the previous year[146] Revenue Streams - Rental income from investment properties decreased to HKD 193,714,000, down 15% from HKD 227,555,000 in the previous year[18] - Hotel operating revenue from customer contracts reached HKD 82,788,000 for room revenue, an increase from HKD 63,913,000 in 2021, while food and beverage sales generated HKD 36,667,000, down from HKD 46,767,000[43] - Interest income from listed debt securities and time deposits was HKD 42,426,000, significantly lower than HKD 177,274,000 in 2021, reflecting a decline of about 76%[70] - The property development segment reported a profit of HKD 130,327,000, while the property investment segment incurred a loss of HKD 95,344,000[66] - Hotel operations generated a profit of HKD 6,483,000, and financial investments reported a loss of HKD 110,551,000, leading to a consolidated loss before tax of HKD 390,513,000[66] Investments and Acquisitions - The group increased its stake in the joint venture "Victoria Harbour" from 10.0% to 14.5%, with a related cost of approximately HKD 412,520,000 and a discount of HKD 158,896,000[46] - The group completed the acquisition of a luxury residential property in Jardine's Lookout, which will be redeveloped into low-density luxury housing for long-term investment[142] - The company recognized a discount amortization of HKD 101,800,000 related to additional investments in joint ventures during the year[67] - Approximately 900 units of the "Victoria Harbour" project have been sold, generating total sales proceeds of nearly HKD 13,600,000,000[140] Future Outlook and Strategy - The company plans to apply new accounting standards effective from January 2024, which may impact financial reporting[29] - The company aims to implement cost-saving measures and enhance service quality in its hotel operations to capture further market share during challenging times[96] - The economic outlook for Hong Kong is expected to improve in 2023, with a projected GDP growth rebound following a contraction of 3.5% in 2022 due to various challenges[151] - The hotel industry in Hong Kong is anticipated to rebound in 2023, with occupancy rates and demand significantly increasing following the removal of all social distancing and quarantine measures[153] - The group aims to identify new business opportunities and suitable investment opportunities to enhance its core business and competitiveness[134] - The company plans to continue its strategy of financial investments, particularly in fixed-income debt securities, to generate stable returns[64] Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as per the listing rules appendix 14[188] - The company plans to adopt new articles of association to align with the current requirements under Bermuda law and enhance shareholder meeting formats[156] - The company will send the annual report containing all applicable information as required by the listing rules to shareholders in April 2023[157] - The company expressed gratitude to its founders, long-term business partners, customers, and shareholders for their contributions and support[158] Employee and Operational Metrics - The total number of employees increased to approximately 170 as of December 31, 2022, compared to 160 in 2021[129] - The average credit period for purchasing goods was 60 days, with current liabilities amounting to HKD 189.9 million and non-current liabilities at HKD 71.5 million as of the end of 2022[80]