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]

Financial Performance - The group's revenue for the first half of 2022 was HKD 189.5 million, a decrease of 31% compared to HKD 276.1 million in the same period of 2021[7]. - Shareholders' attributable profit for the period was HKD 65.3 million, compared to a loss of HKD 65.6 million in the previous year[7]. - The loss for the period was HKD 65,300,000, compared to a profit of HKD 65,600,000 in 2021, primarily due to reduced financial investment returns and decreased fair value of investment properties[40]. - Total revenue for the group reached HKD 10,097.6 million, an increase from HKD 9,628.1 million in the previous period, representing a growth of approximately 4.9%[44]. - The company reported a net loss of HKD 65,262,000 for the six months ended June 30, 2022[148]. - The company reported a significant increase in investment activities, with cash outflows for purchasing property, plant, and equipment totaling HKD 1,190,896,000[151]. - The company recognized impairment losses on debt instruments measured at fair value through other comprehensive income amounting to HKD 93,143,000[148]. - The company reported a loss attributable to shareholders of HKD (65,262,000) for the six months ended June 30, 2022, compared to a profit of HKD 65,627,000 for the same period in 2021[191]. Asset and Equity Information - The net asset value attributable to shareholders as of June 30, 2022, was HKD 10.05 billion, with a net asset value per share of HKD 16.7[7]. - Shareholders' equity as of June 30, 2022, was HKD 4,984,000,000, down from HKD 5,455,700,000 as of December 31, 2021[41]. - The net asset value per share as of June 30, 2022, was HKD 8.3, compared to HKD 9.1 as of December 31, 2021[41]. - The group's consolidated financial position as of June 30, 2022, showed total assets of HKD 23,865.9 million and total liabilities of HKD 5,483.4 million[120]. - The company's total equity as of June 30, 2022, was HKD 4,983,995,000[148]. - The company’s capital and reserves decreased from HKD 5,395,533 to HKD 4,923,783, indicating a decline of 8.7%[143]. Property Development and Investment - The group is developing a residential project at 6 and 8 Lai Ying Street, with an estimated total area of 987,812 square feet and 1,437 residential units planned for completion by March 2023[12]. - The Shouson Hill project consists of 7 independent houses, with a total area of approximately 22,000 square feet and a 100% ownership status[15]. - The group is also developing a luxury residential project at Jardine's Lookout, with a site area of approximately 11,000 square feet[19]. - The group plans to enhance its market presence through strategic partnerships and new product offerings in the residential sector[12]. - The company aims to leverage its existing properties to expand its portfolio and increase overall asset value[12]. - The group successfully purchased a residential site in South Bay Road for HKD 1,188.2 million, with a total floor area of approximately 19,055 square feet, intended for luxury residential development[51]. - The group acquired an additional 4.5% stake in the "Victoria Harbour" residential project for HKD 413 million, increasing its ownership from 10% to 14.5%[51]. - The "Victoria Harbour" project has sold over 785 units, generating total sales proceeds of nearly HKD 11.3 billion[51]. Financial Strategy and Market Outlook - The group is committed to maintaining strong financial health while pursuing growth opportunities in the real estate market[12]. - Future outlook includes a focus on sustainable development and smart home designs in upcoming projects[12]. - The company aims to maintain a healthy financial and liquidity position while developing a more resilient business model[85]. - The company plans to continue focusing on market expansion and new product development to drive future growth[146]. - The company aims to reduce operational costs during challenging times while striving for increased market share[16]. - The group’s strategy focuses on property development and investment, continuously reviewing and optimizing its project portfolio[46]. Economic Environment and Challenges - The global economic growth slowed down in the first half of 2022, with China's economic slowdown exceeding expectations[79]. - Hong Kong's GDP contracted by 4.0% year-on-year in Q1 2022 due to strict social distancing measures and border closures[82]. - The average hotel occupancy rate in Hong Kong dropped from 71% in Q4 2021 to 57% in Q1 2022, with only 11,500 visitors recorded[84]. - The ongoing inflationary pressures and slow growth are expected to weaken business investment sentiment in the UK[80]. - The economic outlook for Hong Kong remains bleak for the remainder of the year due to ongoing challenges[82]. Shareholder Information and Corporate Governance - As of June 30, 2022, the total number of issued shares was 602,122,726[98]. - Major shareholders include NLI with 338,779,740 shares, representing approximately 56.26% of the issued share capital[106]. - The company regularly reviews the effectiveness and adequacy of its internal control systems, including financial, operational, compliance, and risk management functions[90]. - The board ensures that resources, employee qualifications, and training programs are sufficient for accounting and financial reporting functions[90]. - The company has established standards for managing the trading of its shares by directors and employees to prevent insider trading[91].

Financial Performance - Revenue for the year ended December 31, 2021, was HKD 530.6 million, a decrease of 12% from HKD 602.9 million in 2020[7] - Shareholders' profit for the same period was HKD 70.2 million, down 54% from HKD 151 million in 2020[7] - The company recorded a profit of HKD 70,200,000 for the fiscal year 2021, a decrease of 53.5% compared to HKD 151,000,000 in the previous fiscal year[42] - Total revenue for the fiscal year 2021 was HKD 530,600,000, down 12.0% from HKD 602,900,000 in fiscal year 2020, primarily due to a decline in financial investment returns[42] - Shareholders' profit for 2021 was HKD 70.2 million, down 53.5% from HKD 151.0 million in 2020[73] - Total assets as of December 31, 2021, were HKD 14,369.9 million, a decline of 15.3% from HKD 16,961.7 million in 2020[79] - Total liabilities decreased to HKD 8,914.2 million in 2021, down 16.9% from HKD 10,721.1 million in 2020[79] - Adjusted net asset value attributable to shareholders was HKD 10,509.5 million in 2021, compared to HKD 11,274.4 million in 2020, reflecting a decrease of 6.8%[79] - The total declared dividend for 2021 remained at HKD 5.0 cents per share, consistent with the previous years[73] Property Development - The company is developing a residential project "Victoria Harbour" with 1,437 units, expected to be completed by March 2023[14] - The "Victoria Harbour" project is located in a prime waterfront area in Southwest Kowloon, enhancing its market appeal[14] - The company holds a 14.5% stake in the joint venture for the "Victoria Harbour" project[14] - The company acquired an additional 4.5% stake in the West Kowloon waterfront residential project "Victoria Harbour" for HKD 413,000,000, increasing its ownership from 10% to 14.5%[38] - Over 700 units of the "Victoria Harbour" residential project have been sold, generating sales proceeds of approximately HKD 10,000,000,000[38] - The company successfully purchased a plot of land on South Bay Road for HKD 1,190,000,000, intended for development into luxury residential properties[38] - The company plans to develop a new luxury residential project on a site acquired for HKD 1,188.2 million, with a total floor area of approximately 19,055 square feet[97] Investment Properties - The investment property at 33 Old Broad Street in London has a total area of 191,165 square feet and is currently leased to the Bank of Scotland[21] - The property at 20 Moorgate in London has a total area of 154,854 square feet and is fully leased to the Prudential Regulation Authority[23] - The company’s investment properties in the UK, including 20 Moorgate and 33 Old Broad Street, have maintained rental income without any defaults during the pandemic[102] Financial Position and Strategy - The company maintains a strong financial position with approximately HKD 8,600,000,000 in available cash to ensure maximum financial flexibility[41] - The company continues to focus on property development and investment as its core business, leveraging a prudent investment strategy[30] - The company is committed to developing high-quality property assets to sustain future growth and liquidity[30] - The company plans to continue exploring new property investment and development opportunities for future growth[55] - The company aims to implement strict risk control measures and prudent financial management to seize opportunities when market conditions improve[58] - The company is optimistic about its future performance, expecting ongoing projects to generate strong cash flow in the coming years[58] Hotel Operations - The company has adjusted its hotel business strategy by participating in the government-designated quarantine hotel program to improve occupancy rates[39] - The hotel sector remains significantly impacted by the COVID-19 pandemic, with recovery dependent on the easing of travel restrictions[30] - The hotel revenue for the Hong Kong Crowne Plaza in Causeway Bay improved to HKD 119,300,000, a 166.5% increase from HKD 44,800,000 in the previous year, driven by room revenue from the designated quarantine hotel program and increased dining revenue[105] - The company successfully repositioned its hotels as quarantine hotels, generating stable income and profits[58] Corporate Governance - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balance of governance[127] - The company emphasizes the importance of good corporate governance and regularly reviews its practices to meet shareholder expectations and regulatory requirements[125] - Independent non-executive directors provide valuable insights and independent judgment to support the company's development and risk management[132] - The company is committed to monitoring compliance with legal and regulatory standards as part of its corporate governance responsibilities[133] - The board held four meetings during the year ending December 31, 2021, with all executive directors attending all meetings[139] - The company has adopted a board diversity policy since August 2013, emphasizing merit-based appointments while considering diversity benefits[137] - The company has implemented a policy to monitor compliance with corporate governance codes and disclose relevant information in its reports[135] Sustainability and Corporate Social Responsibility - The company has implemented energy-saving measures at its main office to reduce electricity consumption and paper usage, including setting devices to eco-friendly defaults and using LED lighting[199] - The company has adopted a climate change policy and supply chain management policy to address climate-related issues and manage environmental and social risks in its supply chain[197] - The company actively promotes material conservation and has implemented policies to reduce waste generated from its business activities[200] - The company encourages the recycling of electronic waste, including computers and printers, by sending them to recyclers[200] - The company promotes the circular use of materials such as paper, plastic bottles, and office supplies in its business operations[200] - The company has established a corporate social responsibility policy to demonstrate its commitment to environmental concerns[197]

Financial Performance - For the six months ended June 30, 2021, the group's revenue was HKD 276.1 million, a decrease of 12% compared to HKD 315.1 million in 2020[8]. - Shareholders' profit attributable to the group was HKD 65.6 million, representing a 17% increase from HKD 56 million in the previous year[8]. - Profit for the period was HKD 65,600,000, an increase of 17.9% from HKD 56,000,000 in 2020, primarily due to increased rental income and reduced financing costs[27]. - Earnings per share for shareholders was HKD 0.103, up from HKD 0.084 in the previous year, reflecting a growth of 22.6%[27]. - The total comprehensive income for the period was impacted by a loss on debt instruments measured at fair value through other comprehensive income of HKD 218,285,000[98]. - The company reported a profit before tax of HKD 73,381,000, compared to HKD 71,255,000 in the same period last year[96]. - The group reported a net profit of HKD 65,627,000 for the six months ended June 30, 2021[106]. - The total comprehensive income for the period was a loss of HKD 10,565,000, compared to a profit of HKD 65,627,000[106]. Property Development - The group has a significant property portfolio, including the residential project "Victoria Harbour" with a total area of 987,812 square feet, expected to be completed by March 2023[14]. - The group is developing a total of 1,437 residential units in the "Victoria Harbour" project, with the first phase providing 525 units[17]. - The "Shoushan Road East No. 1" project in Deep Water Bay has a total saleable area of 27,298 square feet and is fully owned by the group[19]. - The "Victoria Harbour" residential project in Hong Kong has sold over 440 units, generating total sales of approximately HKD 6,300,000,000[34]. - The company is focusing on property development and investment projects, with key projects including "Victoria Harbour" and two investment properties in London[32]. Financial Position - The net asset value attributable to shareholders was HKD 10.9 billion, with a net asset value per share of HKD 18.1[8]. - As of June 30, 2021, total equity attributable to shareholders was HKD 5,868,700,000, down from HKD 6,240,600,000 at the end of 2020[27]. - The total number of employees in Hong Kong increased to 159 from 135 in 2020, with total employee costs amounting to HKD 41,700,000[54]. - The total bank borrowings as of June 30, 2021, were HKD 8,905,400,000, a decrease from HKD 9,123,000,000 on December 31, 2020[48]. - The net debt recorded was HKD 3,004,100,000, compared to HKD 2,484,700,000 on December 31, 2020, with a debt-to-asset ratio of 21.1%[48]. Market Outlook - The global economy is projected to grow by 6.0% in 2021 and 4.9% in 2022 according to the IMF, with varying economic outlooks across different regions due to the uneven pace of vaccine rollout and policy support[55]. - Hong Kong's GDP recorded growth rates of 5.4% and 7.6% in Q1 and Q2 of 2021 respectively, marking a recovery from the previous year's decline[59]. - The property market in Hong Kong showed improvement in H1 2021, with increased transaction activity and a strong demand for luxury properties due to limited new supply and low interest rates[59]. - The company is optimistic about the economic outlook for Hong Kong, benefiting from the recovery in mainland China and the United States[59]. Investment Strategy - The group is focused on expanding its property portfolio in Hong Kong, the UK, and Australia, with ongoing developments in key locations[14]. - The group plans to enhance its market presence through strategic partnerships and new project developments in the coming years[17]. - The group’s strategy includes ongoing financial investments, particularly in fixed-income debt securities, to provide stable financial investment returns[124]. Shareholder Actions - The company announced an interim dividend of HKD 0.02 per share for the six months ended June 30, 2021, consistent with the previous year[31]. - The company repurchased a total of 40,116,000 shares at a total cash consideration of HKD 342,242,507[84]. - The company’s share repurchase led to an increase in the net asset value and earnings per remaining share[85]. Rental Income - Rental income from investment properties increased to HKD 115,706,000, up 11.4% from HKD 104,210,000 year-on-year[96]. - The rental income from the property at 20 Moorgate in London was £3,800,000, approximately HKD 40,600,000, an increase from HKD 36,800,000 in 2020[39]. - The property at 33 Old Broad Street generated rental income of £5,200,000, approximately HKD 55,600,000, up from HKD 50,400,000 in 2020[39]. - The Lizard Island resort in Australia produced rental income of HKD 8,700,000, compared to HKD 7,400,000 in 2020, reflecting a growth in revenue[42]. - The hotel revenue for the Crowne Plaza Hong Kong Causeway Bay increased to HKD 33,600,000, a 57% increase from HKD 21,400,000 in 2020, due to brand revitalization and new restaurant openings[43]. Financial Investments - The group’s financial investments amounted to HKD 3,544,400,000, down from HKD 4,412,300,000 on December 31, 2020[46]. - The fair value of listed debt securities held for long-term strategic purposes increased to HKD 573,908,000 as of June 30, 2021[156]. - The fair value of listed debt securities issued by China Evergrande further decreased by approximately HKD 230,000,000 after the reporting period[161]. - A provision for impairment loss of HKD 23,683,000 was recognized for the listed debt securities issued by China Evergrande, reflecting increased credit risk due to deteriorating credit ratings[161]. Risk Management - The company has adopted a risk management and internal control system to safeguard shareholder interests and assets[64]. - The company did not identify any significant issues that would lead to a belief that the financial statements were not prepared in accordance with HKAS 34[94]. - The review of the financial statements was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards, ensuring compliance and accuracy[93].