Financial Performance - The Group reported a consolidated profit after taxation attributable to shareholders of HK$31,346,000, a significant decrease of approximately 76.22% compared to HK$131,832,000 for the same period in 2021[15]. - Basic earnings per share for the first half of 2022 was 1.59 HK cents, down from 6.69 HK cents in 2021[15]. - Total comprehensive expense for the period was HK$521,198,000, compared to a comprehensive income of HK$340,713,000 in the previous year[140]. - Profit for the period attributable to owners of the company was HK$31,346,000, a significant decrease of 76.2% from HK$131,832,000 in the same period last year[138]. - Total revenue for the six months ended June 30, 2022, was HK$301,780,000, down 24.3% from HK$398,292,000 in 2021[163]. - Revenue from property sales decreased to HK$164,374,000, a decline of 32.8% from HK$244,658,000 in the previous year[163]. - The company reported a net gain on financial assets at fair value through profit or loss of HK$8,940,000, down from HK$12,146,000 in the previous year[138]. - Profit before taxation for the six months ended June 30, 2022, was HK$107,710,000, compared to HK$298,608,000 in 2021, indicating a significant decrease of about 64.0%[170][177]. Revenue Breakdown - For the first six months of 2022, the project recognized total revenue of HK$238.49 million, accounting for approximately 65.85% of the Group's total operating revenue[26]. - The property development and investment segment generated a total income of HK$287.33 million, contributing approximately 79.34% to the Group's operating revenue for the same period[29]. - The property investment segment contributed a segment profit of HK$80,732,000, an increase from HK$75,260,000 in 2021, driven by rental and management income from investment properties in Shanghai[17]. - The property development and trading segment reported a segment profit of HK$37,995,000, a decrease from HK$164,680,000 in 2021, primarily due to reduced property sales in Shanghai[17]. - The securities trading business generated a segment profit of HK$8,937,000, down from HK$12,064,000 in 2021, ranking third in profit contribution among the Group's operating segments[23]. Cash Flow and Liquidity - The Group recorded a net decrease in cash and cash equivalents of HK$382,477,000 during the period, primarily due to pledged bank deposits and dividend payments[60]. - Cash and cash equivalents at June 30, 2022, were HK$3,883,335,000, slightly up from HK$3,864,448,000 at the end of June 2021[151]. - Net cash used in operating activities for the six months ended June 30, 2022, was HK$48,167,000, a significant improvement compared to HK$261,511,000 in the same period of 2021[151]. - The net cash used in investing activities was HK$209,651,000 for the first half of 2022, compared to a cash inflow of HK$1,214,499,000 in the same period of 2021[151]. Assets and Liabilities - The Group's total liabilities were HK$6,144,304,000 as of June 30, 2022, with approximately 65.15% being current tax liabilities[61]. - The Group's total liabilities, excluding contract liabilities, were HK$6,144,304,000, down from HK$6,487,567,000 as of December 31, 2021, indicating a reduction in liabilities[66]. - Non-current assets decreased to HK$9,243,456,000 from HK$9,439,476,000 as of December 31, 2021[143]. - Current liabilities totaled HK$4,774,005,000, a decrease from HK$5,155,090,000 at the end of 2021[145]. - The Group's total equity attributable to owners of the company was HK$12,879,841,000, a decrease from HK$13,500,950,000 at the end of 2021[145]. Shareholding and Corporate Governance - Madam Hsu Feng held a total of 908,001,416 shares in the company, representing 46.067% of the total issued shares[93]. - The company has established a share option scheme for incentivizing performance, which became ineffective as of May 31, 2022[81]. - The company complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period, except for the dual role of Madam Hsu Feng as both Chairman and Managing Director[127]. - Major shareholders include Jin Hua Group Limited with 252,919,265 shares (12.832%), Chuan He Group Limited with 247,300,000 shares (12.547%), and Jin Yu Investment Limited also with 247,300,000 shares (12.547%)[117]. Market Conditions and Future Outlook - The Group remains optimistic about the economic situation in Mainland China, particularly the demand for properties catering to high-income middle class and high net-worth individuals[73]. - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2022[73]. - The construction of the Jinqiao-Zhangjiang project in Pudong, Shanghai, is actively proceeding and is expected to be a major profit contributor in the coming years[73]. Employee Information - The Group engaged around 410 employees as of June 30, 2022, with total emoluments paid amounting to HK$34.13 million during the review period[79]. - The total number of employees in the group was approximately 410, with total employee compensation amounting to approximately HK$34,130,000[81].

Financial Performance - The Group reported a consolidated net profit of HK$283,448,000 for the year ended December 31, 2021, an increase of approximately 62% compared to HK$174,993,000 in 2020[15]. - Segment profit from property development and investment increased to HK$455,963,000 in 2021, up from HK$268,854,000 in 2020[13]. - The property development and trading segment was the primary profit contributor, generating HK$277,287,000 in segment profit, compared to HK$139,885,000 in 2020[20]. - The property investment segment contributed HK$178,676,000 in segment profit, an increase from HK$128,969,000 in 2020[21]. - The Group recorded a net gain on trading securities investment of HK$12,838,000 in 2021, reversing a net loss of HK$7,070,000 in 2020[14]. - Basic earnings per share increased to 14.38 HK cents, up from 8.88 HK cents in the previous year[15]. - The Group's operating profit before taxation was HK$591,250,000, an increase from HK$419,044,000 in 2020[15]. - The leisure business segment improved significantly, reporting a profit of HK$12,892,000 compared to a loss of HK$14,745,000 in 2020[22]. Revenue Sources - The total revenue from property development was HK$714,750,000, accounting for approximately 90.82% of the Group's gross proceeds from operations for 2021[27]. - Projects in Pudong, Shanghai, were the primary revenue source, contributing approximately 88.29% of the gross proceeds, while the Macau project accounted for about 2.53%[27]. - Rental income and management fees from the commercial and industrial property portfolio in Pudong provided steady recurrent revenue of HK$115,360,000, representing approximately 14.66% of the Group's gross proceeds[35]. - The Group recognized sale proceeds of HK$19.95 million from the One Penha Hill project, accounting for approximately 2.53% of the total gross proceeds from operations for the year ended 31st December, 2021[47]. - Tomson Shanghai Pudong Golf Club generated revenue of HK$63.49 million, representing about 8.07% of the Group's gross proceeds, with a segment profit of HK$12.89 million for the year[52]. - The InterContinental Shanghai Pudong hotel reported an average occupancy rate of approximately 51% in 2021, resulting in a net profit of HK$1.34 million from the Group's 50% interest[55]. - The Group's securities trading business reported revenue of HK$7.95 million, accounting for approximately 1.01% of the gross proceeds, with a net gain of HK$12.84 million from trading securities investments[59]. - The media and entertainment segment generated revenue of only HK$829,000, representing approximately 0.10% of the Group's gross proceeds, with a segment loss of HK$622,000[61]. Assets and Liabilities - As of December 31, 2021, the total assets of the Group increased by approximately 0.72% to HK$20,534,605,000, compared to HK$20,387,155,000 in 2020[81]. - Equity attributable to owners of the Company was HK$13,500,950,000, or approximately HK$6.85 per share, representing an increase of approximately 4.74% due to the appreciation of Renminbi during the year[81]. - Cash and cash equivalents amounted to HK$4,445,869,000, an increase of approximately 19.79% from HK$3,711,525,000 in 2020[83]. - The Group's total liabilities decreased to HK$6,487,567,000 in 2021 from HK$7,123,907,000 in 2020, with about 64.74% of liabilities being current tax liabilities[88]. - The Group's borrowings as of December 31, 2021, were HK$294,333,000, down from HK$1,019,758,000 in 2020, representing approximately 2.18% of equity attributable to owners[89]. - The Group's current ratio improved to 2.15 times in 2021 from 1.94 times in 2020, while the gearing ratio decreased to 49.60% from 55.64%[91]. Future Outlook and Strategy - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2022[106]. - The Group is actively proceeding with the construction of the Jinqiao-Zhangjiang project in Pudong, Shanghai, which is expected to be a major profit contributor in the coming years[106]. - The Group remains optimistic about the economic situation in Mainland China and the underlying demand for properties catering to high-income individuals[105]. - Property development and investment will remain the core focus of the Group's business strategy, while prudently exploring other potential investment opportunities[108]. - The Group expects significant profit contributions from its projects in Shanghai and Macau, particularly from Tomson Riviera and Tomson Peak[110]. Corporate Governance - The Board of Directors is committed to maintaining high corporate governance standards, emphasizing transparency and accountability to shareholders[120]. - A nomination committee has been established as of December 31, 2021, to enhance governance practices within the Group[123]. - The Board consists of six members, including three executive Directors and three independent non-executive Directors, ensuring a balanced structure and diverse perspectives[127]. - Independent non-executive Directors represent 50% of the Board, with two possessing appropriate professional accounting qualifications or related financial management expertise as required by the Listing Rules[132]. - The Board has established various committees, including an executive committee, an audit committee, and a remuneration committee, to oversee specific aspects of the Company's affairs[133]. - The Company has adopted a board diversity policy, focusing on measurable objectives such as gender, age, and professional experience to enhance Board performance[126]. - The Board conducted an annual review of its structure and composition during the year, reflecting its commitment to continuous improvement[126]. Risk Management and Internal Control - The Board acknowledges its responsibility for maintaining proper risk management and internal control systems to safeguard shareholders' investments[187]. - The Audit Committee conducted three meetings in 2021 to review interim and annual financial statements, evaluate risk management, and internal control systems[151]. - The Audit Committee concluded that the risk management and internal control systems were effectively implemented in 2021[152]. - The Group's internal audit function was deemed effectively implemented and adequately resourced in 2021[194]. - The Audit Committee is responsible for monitoring the integrity of the financial statements and overseeing the relationship with the Company's auditor[150].

Financial Performance - For the first half of 2021, the Group reported segment revenue from property development and investment of HK$371,774,000, an increase from HK$290,816,000 in 2020, representing a growth of approximately 28%[15]. - The Group recorded a consolidated profit after taxation attributable to shareholders of HK$131,832,000 for the first half of 2021, a significant increase of approximately 22.06 times compared to HK$5,718,000 in 2020[16]. - Basic earnings per share for the first half of 2021 was 6.69 HK cents, compared to 0.29 HK cent in 2020[16]. - Revenue for the six months ended June 30, 2021, was HK$398,292,000, an increase of 29% compared to HK$308,760,000 for the same period in 2020[118]. - Gross profit for the same period was HK$344,194,000, compared to HK$155,903,000 in 2020, reflecting a significant improvement[118]. - Profit for the period attributable to owners of the company was HK$131,832,000, a substantial increase from HK$5,718,000 in the previous year[118]. - Total comprehensive income for the period was HK$340,713,000, compared to a loss of HK$258,716,000 in the same period last year[120]. Segment Contributions - The property development and trading segment contributed a profit of HK$164,680,000, up from HK$24,679,000 in 2020, indicating a substantial improvement in profitability[17]. - The property investment segment reported a profit of HK$75,260,000, an increase from HK$21,731,000 in 2020, driven by rental and management income from investment properties in Shanghai[17]. - The property development and investment in Shanghai and Macau contributed a total profit of HK$239,940,000, up from HK$46,410,000 in 2020[23]. - Segment profit for property investment was HK$75,260,000, while property development and trading generated a profit of HK$164,680,000, contributing to a total segment profit of HK$255,092,000[142]. Cash and Assets - As of June 30, 2021, the Group's cash and cash equivalents amounted to HK$3,864,448,000, representing an increase of approximately 18.35% compared to HK$3,265,173,000 in 2020[60]. - The Group generated a net cash inflow of HK$1,214,499,000 from investing activities during the reporting period[60]. - Non-current assets as of June 30, 2021, totaled HK$9,419,718,000, slightly down from HK$9,461,448,000 at the end of 2020[122]. - Current assets increased to HK$10,329,777,000 as of June 30, 2021, from HK$10,925,707,000 at the end of 2020[122]. - Total assets less current liabilities reached HK$14,987,417, up from HK$14,759,184, reflecting a growth of approximately 1.55%[124]. Liabilities and Equity - The Group's total liabilities as of June 30, 2021, were HK$6,303,254,000, down from HK$7,123,907,000 as of December 31, 2020[61]. - The Group's borrowings decreased to HK$317,023,000 as of June 30, 2021, from HK$1,019,758,000 at the end of 2020, representing approximately 2.42% of equity attributable to owners[62]. - Total equity increased to HK$13,444,181, up from HK$13,216,374 as of December 31, 2020, representing a growth of approximately 1.73%[124]. - Retained earnings stood at HK$9,176,232, showing a slight increase from HK$9,044,400, which is an increase of approximately 1.46%[125]. Shareholder Information - Madam Hsu Feng holds a total of 908,001,416 shares in the Company, representing 46.067% of the total issued shares[87]. - King China Holdings Limited held 252,919,265 shares, accounting for 12.832% of the total issued shares[101]. - The total number of shares held by the company and its subsidiaries was 434,023,124, representing 22.020% of the total issued shares[92]. - Major shareholders include E-Shares Investments Limited (9.188%), Jin Hua Group Limited (12.832%), and Chuan He Group Limited (12.547%)[105]. Future Outlook - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2021[70]. - The Group remains optimistic about the underlying demand for properties catering to high-income middle class and high net-worth individuals in Mainland China in the long run[70]. - The Group is actively proceeding with the construction of the Jinqiao-Zhangjiang project in Pudong, Shanghai, which is expected to be a major profit contributor in the future[70]. Governance and Compliance - The company complied with all provisions of the Corporate Governance Code except for the dual role of the Chairman and Managing Director[109]. - The company has not established a nomination committee as stipulated in the Corporate Governance Code[109]. - All Directors confirmed compliance with the required standards for securities transactions throughout the period ended June 30, 2021[111].

Financial Performance - The consolidated profit after taxation attributable to shareholders for the year ended December 31, 2020, was HK$174,993,000, a slight increase from HK$172,513,000 in 2019[10]. - Basic earnings per share increased to 8.88 HK cents in 2020, compared to 8.59 HK cents in 2019[10]. - The Group reported an operating profit before taxation of HK$419,044,000 for 2020, an increase from HK$357,195,000 in 2019, excluding changes in revaluation of investment properties[10]. - Dividend receipts from long-term equity investments amounted to HK$26,046,000 in 2020, slightly down from HK$27,134,000 in 2019[10]. - The Board declared an interim dividend of 5.50 HK cents per share for the year ended December 31, 2020, down from 11 HK cents per share in 2019[10]. - As of December 31, 2020, total assets increased by approximately 2.70% to HK$20,387,155,000 compared to HK$19,852,038,000 in 2019[51]. - Equity attributable to owners of the Company rose to HK$12,888,642,000, representing an increase of approximately 5.13% from HK$12,259,425,000 in 2019, primarily due to the appreciation of Renminbi[51]. - The Group's borrowings decreased to HK$1,019,758,000 from HK$1,293,510,000 in 2019, equivalent to approximately 7.91% of equity attributable to owners[52]. - Cash and cash equivalents amounted to HK$3,711,525,000, a slight increase of approximately 1.57% from HK$3,654,035,000 in 2019[51]. - The Group recorded net cash inflows of HK$321,697,000 from operating activities and HK$166,811,000 from investing activities, resulting in a net decrease in cash of HK$70,841,000 for the year[51]. Property Development and Investment - Segment profit from property development and investment decreased to HK$268,854,000 in 2020, down from HK$342,666,000 in 2019 due to higher costs[10]. - For the year ended December 31, 2020, the property development and trading segment contributed a profit of HK$139,885,000, down from HK$189,344,000 in 2019[11]. - The property investment segment generated a profit of HK$128,969,000, compared to HK$153,322,000 in 2019, impacted by unrealized losses on fair value changes[11]. - Total profit from property development and investment in Shanghai and Macau was HK$268,854,000, a decrease from HK$342,666,000 in 2019[11]. - The total revenue from property development and investment was HK$884,035,000, accounting for approximately 94.42% of the Group's total revenue for 2020[11]. - Projects in Pudong, Shanghai, accounted for approximately 90.80% of the gross proceeds from operations, while Macau contributed about 3.62%[11]. - Tomson Riviera recognized total revenue of HK$709.43 million, representing approximately 75.77% of the Group's gross proceeds from operations[14]. - Sale deposits of HK$46.51 million were received, expected to be recognized in 2021 upon property delivery[14]. - Rental income and management fees from commercial and industrial properties provided HK$101.94 million, accounting for approximately 10.89% of the Group's total revenue[15]. - The sale of a clubhouse at Tomson Garden generated proceeds of HK$30.34 million, representing approximately 3.24% of the Group's total revenue[18]. - Gross proceeds from miscellaneous residential developments amounted to HK$2.45 million, representing approximately 0.26% of the Group's total revenue[22]. Management and Governance - Madam Hsu Feng serves as both Chairman and Managing Director, providing strong leadership for the Group[72]. - The Board consists of six members, including three executive Directors and three independent non-executive Directors, with one female member[77]. - The Company has not established a nomination committee as required by the CG Code, emphasizing the importance of executive Directors' participation in the nomination process[73]. - The Board has adopted a diversity policy, focusing on measurable objectives such as gender, age, and professional experience in selecting candidates[76]. - The Company has received annual confirmations of independence from all independent non-executive Directors for the year 2020[79]. - The Board conducts an annual review of its structure and composition to ensure it meets the Company's needs[76]. - The Company has implemented a streamlined mechanism for the re-election of Directors at annual general meetings[73]. - The Board is accountable to shareholders for the long-term performance of the Group while considering the interests of other stakeholders[74]. - The Board has established an executive committee, an audit committee, and a remuneration committee to oversee specific aspects of the Company's affairs and assist in sharing the Board's responsibilities[82]. - The management is responsible for implementing the strategies and plans adopted by the Board and assumes full accountability to the Board for the operation of the Group[83]. Risk Management and Internal Control - The Group's risk management and internal control systems were deemed adequate and effectively implemented for the year ended December 31, 2020[112]. - The Board acknowledges its responsibility for maintaining proper risk management and internal control systems to safeguard shareholder investments[107]. - The risk management and internal control systems are designed to manage significant risks but do not eliminate them entirely[108]. - The Company regularly reviews and modifies its risk management and internal control code based on operational requirements[111]. - The Audit Committee reviewed the effectiveness of the Group's risk management and internal control systems, confirming compliance with the CG Code[112]. Shareholder Communication and Corporate Citizenship - The Company aims to provide stable and sustainable returns to shareholders through its dividend policy, with the payout ratio determined at the Board's discretion based on operational performance and financial results[126]. - The Group made charitable donations to various organizations, supporting activities in poverty relief, education, and health promotion[131]. - The Company has established a website to provide timely and updated information to shareholders, including corporate information and reports[120]. - Shareholders holding at least 5% of the total paid-up capital have the right to request the Board to convene an Extraordinary General Meeting (EGM)[121]. - Procedures for shareholders to put forward enquiries to the Board are available, allowing for direct communication with the Company Secretary[125]. Future Outlook - The Group remains optimistic about the underlying demand for properties catering to high-income middle class and high net-worth individuals in Mainland China despite recent regulatory pressures[63]. - The anticipated principal sources of profit for the Group in 2021 are Tomson Riviera and One Penha Hill[63]. - The Group is actively proceeding with the construction of the Jinqiao-Zhangjiang project in Pudong, Shanghai, which will be a major source of revenue in the coming years[63]. - The impact of COVID-19 on the Group's operations is still being assessed, with a cautious optimism for gradual economic recovery due to global vaccination efforts[66]. - The ongoing tensions between China and the USA may dampen foreign investment sentiments in Mainland China, affecting demand for quality apartments[62]. Director Interests and Shareholding - As of December 31, 2020, Madam Hsu Feng held a personal interest in 226,678,292 shares, representing 11.500% of the total issued shares[182]. - Madam Hsu Feng was deemed to be interested in an aggregate of 908,001,416 shares, which is 46.067% of the total issued shares[183]. - Mr. Albert Tong held an interest in 278,981,024 shares, accounting for 14.154% of the total issued shares[185]. - Mr. Tong Chi Kar Charles held an interest in 284,807,445 shares, representing 14.449% of the total issued shares[185]. - The Company has a significant shareholding structure involving E-Shares and RHL, indicating strong internal governance[142]. Audit and Compliance - The audit fee for the year ended December 31, 2020, amounted to HK$2,978,000, with no non-audit services provided by the auditor during the year[114]. - The Audit Committee held three meetings in 2020 to review interim and annual financial statements, evaluate risk management, and oversee internal control systems[93]. - The Audit Committee concluded that the risk management and internal control systems were effectively implemented in 2020[94]. - The Company Secretary ensured compliance with board procedures and relevant laws, and participated in professional training as required by the Listing Rules[115].

Financial Performance - For the first half of 2020, the Group reported a consolidated profit after taxation attributable to shareholders of HK$5,718,000, a significant decrease of approximately 90.47% compared to HK$59,970,000 in 2019[14]. - Gross proceeds from operations for the six months ended June 30, 2020, were HK$308,760,000, a decrease of 35% compared to HK$474,323,000 in 2019[118]. - Gross profit for the same period was HK$155,903,000, down 44% from HK$277,183,000 in 2019[118]. - Profit for the period attributable to owners of the company was HK$5,718,000, a significant decline of 90% from HK$59,970,000 in 2019[118]. - Earnings per share (basic) decreased to HK$0.29 from HK$2.93, representing a drop of 90%[118]. - Total comprehensive expense for the period was HK$258,716,000, compared to a comprehensive income of HK$5,613,000 in 2019[121]. - The profit before taxation for the six months ended June 30, 2020, was HK$27,948,000, down from HK$187,829,000 in 2019, reflecting a significant decline[155]. Revenue and Segment Performance - Gross proceeds from property development and investment business amounted to HK$290,816,000, down from HK$450,708,000 in 2019, indicating a decline in revenue generated from property sales and leasing[15]. - The property development and trading segment contributed a segment profit of HK$24,679,000, down from HK$83,781,000 in 2019[17]. - The property investment segment reported a segment profit of HK$21,731,000, compared to HK$77,297,000 in 2019, affected by unrealized losses on investment properties[17]. - Revenue from leasing residential units at Tomson Golf Villas and Garden was HK$0.36 million, representing approximately 0.11% of the Group's gross proceeds from operations[30]. - Rental income and management fees from the commercial and industrial property portfolio in Pudong generated steady recurrent revenue of HK$48.88 million, accounting for approximately 15.83% of the Group's gross proceeds from operations[26]. - The property investment segment generated revenue of HK$105,005,000, while the property development and trading segment contributed HK$185,811,000[152]. Investment Properties and Fair Value Changes - The Group recorded an unrealized loss on fair value changes of investment properties in Shanghai amounting to HK$41,606,000, compared to a gain of HK$8,186,000 in 2019[15]. - The unrealized loss on fair value changes of the investment properties in Shanghai amounted to HK$41.61 million during the review period[27]. - The fair value of the Group's investment properties was approximately HK$7,644,579,000 as of June 30, 2020, reflecting a fair value loss of approximately HK$41,606,000 compared to a gain of HK$8,186,000 in 2019[172]. - The Group recorded a loss on fair value changes of investment properties amounting to HK$41,606,000 for the period[118]. Cash Flow and Financial Position - As of June 30, 2020, the Group's cash and cash equivalents amounted to HK$3,265,173,000, a decrease of HK$344,403,000 compared to the previous year[56]. - The Group generated a net cash inflow of HK$271,466,000 from investing activities during the review period[56]. - Net cash used in operating activities for the six months ended June 30, 2020, was HK$ (91,037,000), a decrease from HK$ 31,010,000 in 2019[133]. - The company reported a net decrease in cash and cash equivalents of HK$ (344,403,000) for the six months ended June 30, 2020[135]. - The Group's borrowings as of June 30, 2020, were HK$1,008,784,000, representing 8.56% of the equity attributable to owners of the Company[57]. - The Group's total liabilities were HK$6,460,921,000, with approximately 54.54% being current tax liabilities[54]. Dividends and Shareholder Information - The Board does not recommend payment of an interim dividend for the six months ended June 30, 2020[16]. - An interim dividend of 11 HK cents per share was paid in June 2020, totaling approximately HK$216,813,000, compared to HK$354,785,000 in 2019[166]. - Madam Hsu Feng holds a total of 908,001,416 shares in the Company, representing 46.067% of the total issued shares[85]. - King China Holdings Limited holds 252,919,265 shares, representing 12.832% of the total issued shares of the Company[96]. - RHL holds 247,300,000 shares, accounting for 12.547% of the total issued shares[96]. Operational Challenges and Market Outlook - The hospitality and leisure industry faced challenges due to COVID-19, impacting revenue and occupancy rates across various properties[43]. - The ongoing COVID-19 pandemic has created uncertainties that may impact the Group's operations and financial performance, which will be reflected in the 2020 annual financial statements if necessary[70]. - The tensions between the US and China may suppress foreign investment in mainland China, potentially affecting demand for high-quality residential properties[70]. - The Group remains optimistic about the demand for properties catering to high-income individuals in Mainland China in the long run[67]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code except for the dual role of Madam Hsu Feng as both Chairman and Managing Director[108]. - There are three independent non-executive Directors on the Board, who also constitute the Audit Committee[111]. - The company has not established a nomination committee with a majority of independent non-executive Directors as required by the Corporate Governance Code[109]. - All Directors confirmed compliance with the required standards for securities transactions throughout the review period[110].

Financial Performance - The consolidated profit after taxation attributable to shareholders for the year ended December 31, 2019, was HK$172,513,000, a decrease of approximately 57.68% compared to HK$407,681,000 in 2018[19]. - Basic earnings per share for 2019 amounted to 8.59 HK cents, down from 20.45 HK cents in 2018[19]. - The Group reported an operating profit before taxation of HK$357,195,000 for 2019, a slight decrease of approximately 2.46% from HK$366,207,000 in 2018[21][23]. - Total profit from property development and investment in Shanghai and Macau was HK$342,666,000, compared to HK$570,344,000 in 2018[27]. - Dividend receipts from long-term equity investments decreased to HK$27,134,000 in 2019, down from HK$90,393,000 in 2018[20]. - An interim dividend of 11 HK cents per share was declared for the year ended December 31, 2019, down from 18 HK cents per share in 2018[22][24]. Property Development and Investment - The property development and trading segment contributed a segment profit of HK$189,344,000, significantly up from HK$78,985,000 in 2018[25]. - The property investment segment generated a segment profit of HK$153,322,000, down from HK$491,359,000 in 2018, primarily due to lower unrealized gains on fair value changes[25]. - The property development and sales segment generated total revenue of HK$866,837,000, accounting for approximately 92.41% of the Group's total operating revenue for the year 2019[30]. - The property development and sales segment contributed a profit of HK$189,344,000, an increase from HK$78,985,000 in 2018, primarily due to property sales in Shanghai and Macau[29]. - The total profit contribution from property investment was HK$153,322,000, down from HK$491,359,000 in 2018, due to changes in rental income and fair value adjustments[29]. Operational Highlights - The Group's operations are primarily based in Mainland China, particularly Shanghai[25]. - Other business segments reported losses during the year under review, except for the securities trading business in Hong Kong, which reported an insignificant profit[26]. - The Group recorded an unrealized gain on fair value changes of investment properties in Shanghai amounting to HK$17,226,000 at year-end[30]. - Rental income and management fees from the commercial and industrial property portfolio in Pudong generated steady recurrent revenue of HK$107,000,000, representing approximately 11.41% of the Group's total operating revenue for the year[36]. Financial Position - The Group's total assets decreased by approximately 9.46% to HK$19,852,038,000 as of December 31, 2019, compared to HK$21,926,186,000 in 2018[72]. - Cash and cash equivalents decreased by approximately 14.40% to HK$3,654,035,000, down from HK$4,268,775,000 in 2018[73]. - The Group's equity attributable to owners decreased by approximately 5.89% to HK$12,259,425,000, with equity per share at HK$6.22, a slight decrease of approximately 0.64%[72]. - Borrowings amounted to HK$1,293,510,000, representing approximately 10.55% of equity attributable to owners, down from 10.96% in 2018[76]. - Current ratio improved to 2.04 times from 1.94 times in 2018, while gearing ratio decreased to 59.38% from 66.35%[77]. Corporate Governance - The Group's corporate governance practices comply with the Corporate Governance Code, with a focus on transparency and accountability[98]. - The Board consists of seven members, including four executive Directors and three independent non-executive Directors[102]. - The Company has not established a nomination committee as required by the CG Code, emphasizing the importance of executive Directors' participation in the nomination process[104]. - The Board has adopted a diversity policy, ensuring a mix of skills, experience, and perspectives, with one female member out of seven[103]. - The Audit Committee conducted three meetings in 2019 to review interim and annual financial statements, evaluating risk management and internal control systems[119]. Future Outlook - The impact of COVID-19 and trade disputes on the Group's operations is still being assessed, with potential negative effects on the property leasing and sales markets[87]. - The Group remains optimistic about the long-term demand for high-end residential properties catering to high-income middle class and high net-worth individuals in Mainland China[88]. - Tomson Riviera and One Penha Hill are anticipated to be the principal sources of profit for the Group in 2020[88]. - The Group aims to resume construction on the first phase of the Jinqiao-Zhangjiang project in Pudong, Shanghai in 2020, which is expected to be a significant component of its property development and investment segment[88]. Employee and Director Information - The Group's total emoluments paid to staff and directors during the year amounted to HK$77,849,000[93]. - Madam Hsu Feng has been an executive director since January 1990 and was appointed Managing Director in December 2001[172]. - Mr. Albert Tong has been an executive director since December 2001 and held various roles in business development and corporate management[176]. - Mr. Yeung Kam Hoi has been an executive director since August 2010 and serves as Chief Deputy General Manager[180]. Shareholder Engagement - The Company aims to provide stable and sustainable returns to shareholders through its dividend policy, with the payout ratio determined at the Board's discretion[164]. - The Company has established a website to enhance communication with shareholders, providing timely updates and corporate information[158]. - Shareholders holding at least 5% of the total paid-up capital can request the Board to convene an Extraordinary General Meeting (EGM)[159].

Financial Performance - For the first half of 2019, the Group reported a consolidated profit after taxation attributable to shareholders of HK$59,970,000, a decrease of approximately 73.61% compared to HK$227,241,000 in 2018[20] - Basic earnings per share for the period was 2.93 HK cents, down from 11.93 HK cents in 2018[20] - The Group's operating profit before taxation increased to HK$171,320,000, representing a 16.07% increase from HK$147,605,000 in the same period of 2018, excluding fair value changes of investment properties[21] - Revenue for the six months ended June 30, 2019, was HK$474,323,000, a 0.2% increase from HK$473,319,000 in 2018[124] - Gross profit for the same period was HK$277,183,000, representing a 26% increase from HK$219,869,000 in 2018[124] - Profit for the period attributable to owners of the company decreased to HK$59,970,000, down 73.7% from HK$227,241,000 in 2018[124] - Total comprehensive income for the period was HK$5,613,000, significantly down from HK$88,265,000 in 2018[126] Revenue Breakdown - Total revenue from property development and investment in Shanghai and Macau was HK$450,708,000, accounting for approximately 95.02% of the Group's gross proceeds from operations[28] - The property development and trading segment generated a profit of HK$83,781,000, up from HK$40,284,000 in 2018, driven by property sales in Shanghai and Macau[23] - The property investment segment reported a profit of HK$77,297,000, down from HK$360,697,000 in 2018, due to lower rental and management income[23] - Revenue from property sales reached HK$333,800,000, up 72% from HK$193,598,000 in the previous year[176] - Revenue from golf club operations increased to HK$19,147,000, a rise of 5% from HK$18,242,000 in 2018[176] - Revenue from property management fees was HK$16,600,000, down 15% from HK$19,538,000 in the previous year[176] Cash Flow and Liquidity - As of June 30, 2019, the Group's cash and cash equivalents amounted to HK$4,344,286,000, an increase from HK$4,064,910,000 in 2018[60] - The Group generated net cash inflows of HK$31,010,000 from operating activities and HK$896,151,000 from investing activities during the period[60] - The net increase in cash and cash equivalents for the six months ended June 30, 2019, was HK$88,324,000, down from HK$407,675,000 in 2018[60] - The Group's cash flow from investing activities included other investing cash flows of HK$48,846, up from HK$40,077 in 2018[135] - The Group's cash and bank balances at June 30, 2019, represented a strong liquidity position with a total of HK$4,344,286[137] Assets and Liabilities - Non-current assets as of June 30, 2019, totaled HK$9,715,304,000, a decrease from HK$9,938,420,000 at the end of 2018[128] - Total liabilities of the Group were HK$8,154,783,000, with approximately 56.57% being current tax liabilities[61] - Total equity attributable to owners of the company decreased to HK$12,337,524,000 from HK$13,027,057,000 at the end of 2018[130] - The Group's borrowings as of June 30, 2019, were HK$1,311,902,000, representing 10.63% of equity attributable to owners of the Company[64] Shareholder Information - Madam Hsu Feng holds a total of 908,001,416 shares in the company, representing 46.067% of the issued shares, including 226,678,292 shares as a beneficial owner[88] - Mr. Albert Tong holds 278,981,024 shares, representing 14.154% of the total issued shares of the company[90] - Mr. Tong Chi Kar Charles holds 284,807,445 shares, representing 14.449% of the total issued shares of the company[91] - King China Holdings Limited holds 252,919,265 shares, representing 12.832% of the total issued shares of the company[102] - Rivera (Holdings) Limited holds 247,300,000 shares, representing 12.547% of the total issued shares of the company[102] Corporate Governance - The company has complied with all code provisions set out in the Corporate Governance Code throughout the period, except for the dual role of the Chairman and Managing Director[110] - The company has three independent non-executive Directors who constitute the Audit Committee, with Mr. Cheung Siu Ping as the chairman[119] - The company confirmed that all Directors complied with the required standards for securities transactions throughout the period ended June 30, 2019[116] Future Outlook - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2019[74] - The company remains optimistic about the demand for properties catering to high-income individuals in Mainland China despite government tightening measures[74] - The company plans to adopt a conservative approach to its securities trading business due to fluctuations in the Hong Kong and global financial markets[77] Accounting Policies - The Group recognized lease liabilities of HK$12,468,000 and right-of-use assets of HK$40,975,000 as of January 1, 2019[152] - The Group has elected to apply HKFRS 16 retrospectively, with the cumulative effect recognized at the date of initial application[152] - The impacts of HKFRS 16 on the Group's financial position were effective from January 1, 2019, with no significant impact on the condensed consolidated statement[161]