Financial Performance - Consolidated profit after taxation for the first half of 2023 decreased to HK$19,387,000, a 38.15% drop compared to HK$31,346,000 in the same period of 2022[14] - Basic earnings per share decreased to 0.98 HK cents from 1.59 HK cents in 2022[14] - Revenue for the six months ended 30th June 2023 was HK$304,291 thousand, a slight increase from HK$301,780 thousand in the same period in 2022[101] - Gross profit for the six months ended 30th June 2023 was HK$179,908 thousand, compared to HK$181,201 thousand in 2022[101] - Profit before taxation for the six months ended 30th June 2023 was HK$93,464 thousand, down from HK$107,710 thousand in 2022[101] - Profit for the period attributable to owners of the company was HK$19,387 thousand in 2023, compared to HK$31,346 thousand in 2022[101] - Earnings per share (basic) decreased to 0.98 HK cents in 2023 from 1.59 HK cents in 2022[101] - Total comprehensive expense for the period was HK$431,657 thousand in 2023, compared to HK$521,198 thousand in 2022[103] - Total revenue for the six months ended 30th June 2023 was HK$304.29 million, compared to HK$301.78 million in the same period last year[118] - Profit before taxation for the six months ended 30th June 2023 was HK$93.46 million, compared to HK$107.71 million in the same period last year[125] - Group revenue for the period was HK$304,291,000, a slight increase from HK$301,780,000 in 2022[128] - Basic earnings per share attributable to owners of the company were HK$19,387,000 in 2023, down from HK$31,346,000 in 2022[140] Property Development and Investment - Property development and trading segment revenue decreased to HK$148,822,000, down from HK$164,374,000 in 2022, with a drop in gross profit margin[13] - Property investment segment contributed a segment profit of HK$73,413,000, down from HK$80,732,000 in 2022, primarily from rental and property management fees in Shanghai[16] - Property development and trading segment profit decreased to HK$11,713,000 from HK$37,995,000 in 2022, mainly due to property sales in Shanghai[16] - Property development and investment contributed a segment profit of HK$85,126,000, accounting for 81.49% of the Group's total revenue of HK$278,420,000 for the first half of 2023[21][25] - Tomson Riviera generated HK$226.23 million in revenue, representing 66.22% of the Group's total revenue, with 65% of the 58,400 square meters in Towers B and D leased[22][26] - Commercial and industrial properties in Shanghai provided HK$47.63 million in rental income, contributing 13.94% of the Group's total revenue, but recorded an unrealized loss of HK$17.04 million[23][27] - The Jinqiao Town project in Shanghai is planned to be developed in six phases over four years, with the first phase expected to deliver properties in the first half of 2024[29][33] - The second and third phases of the Jinqiao Town project, with a total residential gross floor area of approximately 100,000 square meters, are expected to be completed by 2026[30][33] - The Group holds a 70% interest in One Penha Hill, Macau, with 6,700 square meters of saleable area available as of June 30, 2023, but no sales were recorded in the first half of 2023[34] - The Group acquired office premises in Tower II, Admiralty Centre, Hong Kong, for HK$193 million, which is expected to generate stable recurring rental income[35] - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2023, with the Jinqiao Town project expected to contribute significantly in the coming years[60][64] - Revenue from property sales decreased to HK$148.82 million in 2023 from HK$164.37 million in 2022[118] - Segment profit for property investment was HK$73.41 million in 2023, compared to HK$80.73 million in 2022[125] - Revenue from property management fees increased to HK$15.30 million in 2023 from HK$13.44 million in 2022[118] - The fair value of the group's investment properties was HK$7,473,519,000 as of 30th June 2023[143] - An unrealized loss on property valuation of HK$17,042,000 was charged in the condensed consolidated statement of profit or loss for the six months ended 30th June 2023[143] - Commitments for properties under development surged to HK$2,199,169,000 in June 2023 from HK$384,951,000 in December 2022[159] Securities and Investments - Securities trading business generated a segment profit of HK$825,000, down from HK$8,937,000 in 2022, from sale proceeds and fair value changes of trading securities in Hong Kong[20] - Dividend income from a long-term equity investment recognized at HK$18,470,000, compared to nil in 2022[14] - Net gain on trading securities investment decreased to HK$828,000 from HK$8,940,000 in 2022[14] - Share of results of a joint venture improved, recording a net profit of HK$8,314,000 compared to a loss of HK$12,009,000 in 2022[14] - The company's securities trading business in Hong Kong generated revenue of HK$37,357,000, accounting for 10.93% of the group's gross proceeds, with a net gain of HK$828,000 from trading securities[42][46] - The company holds a 13.483% interest in Shanghai Zhangjiang Micro-electronics Port Co. Ltd., with a fair value of HK$302,244,000, representing 1.66% of the group's total assets, and recognized dividend income of HK$18,470,000[44][48] - Net gain on financial assets at fair value through profit or loss decreased significantly to HK$828 thousand in 2023 from HK$8,940 thousand in 2022[101] - Securities trading segment revenue was HK$37.36 million in 2023, a decrease from HK$60.36 million in 2022[118] - Financial assets at fair value through profit or loss (FVTPL) decreased to HK$2,173,000 in June 2023 from HK$36,724,000 in December 2022[163] - Unlisted equity instruments at fair value through other comprehensive income (FVTOCI) decreased to HK$302,244,000 in June 2023 from HK$312,824,000 in December 2022[163] - Unlisted equity investment fair value as of June 30, 2023, was HK$302,244,000, compared to HK$287,349,000 in 2022[167] - Fair value gain recognized in other comprehensive income for the six months ended June 30, 2023, was HK$1,634,000, down from HK$6,931,000 in 2022[167] - Foreign exchange rate changes negatively impacted the fair value by HK$12,214,000 for the six months ended June 30, 2023[167] Cash Flow and Financial Position - The company's cash and cash equivalents decreased by 2.87% to HK$3,771,927,000 as of June 30, 2023, with 89.45% denominated in RMB and 9.14% in HKD[50][51] - The company's borrowings as of June 30, 2023, amounted to HK$400,161,000, representing 3.36% of the equity attributable to owners, with 58.14% denominated in RMB and 41.86% in HKD[52] - The Group's commitments for properties under development increased to HK$2,199,169,000 as of the reporting period, up from HK$384,951,000 at the end of 2022, primarily due to the Jinqiao Town project in Shanghai[53][55] - The Group's cash and cash equivalents decreased by 2.87% to HK$3,771,927,000 as of June 30, 2023, compared to HK$3,883,335,000 at the end of 2022[54] - The Group's gearing ratio increased slightly to 49.68% as of June 30, 2023, from 49.15% at the end of 2022, mainly due to new borrowings[53][55] - The Group's liabilities totaled HK$5,923,785,000 as of June 30, 2023, with 62.50% being current tax liabilities and 17.27% deferred tax liabilities[54] - The Group's borrowings increased to HK$400,161,000 as of June 30, 2023, representing 3.36% of equity attributable to owners, up from 1.96% at the end of 2022[54] - The Group's assets with a carrying value of HK$647.50 million were pledged for securing bank facilities as of June 30, 2023, up from HK$476.32 million at the end of 2022[56][62] - The Group's cash and cash equivalents are primarily denominated in RMB (89.45%) and HKD (9.14%) as of June 30, 2023[54] - The Group's foreign exchange exposure is manageable, with most assets and liabilities denominated in RMB, and the rest in HKD or USD[57][63] - Non-current assets as of 30th June 2023 were HK$7,473,519 thousand, down from HK$7,794,927 thousand at the end of 2022[105] - Current assets as of 30th June 2023 were HK$9,769,550 thousand, slightly lower than HK$10,058,240 thousand at the end of 2022[105] - Total equity as of 30th June 2023 was HK$12,234,167 thousand, compared to HK$12,706,582 thousand at the end of 2022[107] - Total equity decreased by HK$447,018 thousand (3.4%) to HK$12,706,582 thousand as of June 30, 2023[108] - Retained earnings increased by HK$19,387 thousand to HK$9,410,846 thousand[108] - Net cash used in operating activities was HK$207,788 thousand, a significant increase from HK$48,167 thousand in the same period last year[110] - Net cash from investing activities was HK$44,989 thousand, compared to a net cash used of HK$209,651 thousand in 2022[110] - New borrowing raised amounted to HK$167,500 thousand[110] - Cash dividend paid decreased to HK$37,758 thousand from HK$108,406 thousand in 2022[110] - Cash and cash equivalents decreased by HK$47,027 thousand to HK$3,771,927 thousand as of June 30, 2023[110] - Foreign exchange rate changes had a negative impact of HK$147,117 thousand on cash and cash equivalents[110] - The Group's pledged assets increased to HK$647.5 million in June 2023 from HK$476.32 million in December 2022[156] Leisure and Entertainment - Tomson Shanghai Pudong Golf Club generated HK$24,275,000 in revenue, contributing 7.11% of the Group's total revenue, with a gross profit of HK$12.01 million[36] - InterContinental Shanghai Pudong hotel achieved an average occupancy rate of 70% in H1 2023, with the company sharing a net profit of HK$8,314,000 (2022: net loss of HK$12,009,000)[37][41] - Revenue from golf club operations increased to HK$24.28 million in 2023 from HK$14.08 million in 2022[118] - Revenue from media and entertainment business increased to HK$1.60 million in 2023 from HK$0.37 million in 2022[118] - Segment loss for leisure business was HK$0.62 million in 2023, compared to a loss of HK$8.57 million in 2022[125] Corporate Governance and Shareholding - Madam Hsu Feng holds a 41.798% interest in the company's total issued shares, including 270,389,412 shares (13.176%) directly and 457,083,484 shares (22.273%) through controlled companies[75][76] - Mr. Albert Tong holds a 14.819% interest in the company's total issued shares, amounting to 304,108,315 shares[76] - Mr. Tong Chi Kar Charles holds a 15.118% interest in the company's total issued shares, amounting to 310,244,303 shares[76] - Madam Hsu Feng holds a 54% personal interest in Tomson Entertainment, with the company holding an additional 45% through its wholly-owned subsidiary, totaling 99% interest[77] - King China Holdings Limited holds 266,357,280 shares, representing 12.979% of the company's issued shares[82][85] - E-Shares Investments Limited holds 190,726,204 shares, representing 9.294% of the company's issued shares[82][85] - Step Famous Investment Limited holds 130,291,582 shares, representing 6.349% of the company's issued shares[82][85] - Madam Hsu Feng is the beneficial owner of King China Holdings Limited and E-Shares Investments Limited, and holds 66% interest in Step Famous Investment Limited[86][89] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended 30th June, 2023[91][95] - Madam Hsu Feng serves as both Chairman of the Board and Managing Director, deviating from the Corporate Governance Code but providing strong leadership[92][95] - The company has three independent non-executive directors, including Mr. Cheung Siu Ping, Oscar, who chairs the Audit Committee[94][97] - Mr. Sean S J Wang retired as an independent non-executive director and from the Audit, Nomination, and Remuneration Committees in June 2023[98] - The company issued 81,122,062 new shares as a scrip dividend of HK$129,779,000 for the year ended December 31, 2022[173] - Short-term employee benefits and post-employment benefits for key management personnel totaled HK$13,123,000 for the six months ended June 30, 2023[172] Taxation and Finance Costs - Total tax charges for the period were HK$73,001,000, a decrease from HK$76,306,000 in 2022[135] - Finance costs decreased to HK$7,124,000 in 2023 from HK$8,013,000 in 2022[132] - Profit before taxation included interest income of HK$33,212,000 in 2023, down from HK$35,725,000 in 2022[133] - Net exchange loss decreased to HK$9,977,000 in 2023 from HK$13,530,000 in 2022[130] Employee and Remuneration - The Group engaged around 400 employees as of June 30, 2023, with total emoluments paid to staff and directors amounting to HK$31.76 million during the period[65] - The company employed approximately 400 employees across multiple offices, including Hong Kong and Shanghai, as of June 30, 2023, with total employee and director remuneration amounting to HKD 31,760,000[67] Other Financial Metrics - The Group purchased property, plant, and equipment for administrative purposes amounting to HK$1,168,000 in 2023, a significant decrease from HK$3,772,000 in 2022[145] - The Group recognized right-of-use assets and lease liabilities of HK$20,355,000 in 2023, compared to nil in 2022, due to new lease agreements with three-year terms[145] - Trade receivables aged 0-3 months increased to HK$623,000 in June 2023 from HK$339,000 in December 2022[149] - Trade payables aged 0-3 months decreased to HK$15,867,000 in June 2023 from HK$24,125,000 in December 2022[151]

Financial Performance - Total operating revenue for the six months ended June 30, 2023, was HKD 341,648,000, a decrease of 5.5% compared to HKD 362,136,000 in the same period of 2022[2] - Gross profit for the same period was HKD 179,908,000, slightly down from HKD 181,201,000, reflecting a gross margin of approximately 52.7%[2] - Net profit for the period was HKD 20,463,000, a decline of 34.9% from HKD 31,404,000 in the previous year[7] - Basic earnings per share decreased to HKD 0.98 from HKD 1.59, indicating a significant drop in profitability[3] - Operating profit for the six months ended June 30, 2023, was HKD 341,648,000, down 5.6% from HKD 362,136,000 in the same period last year[14] - The company reported a pre-tax profit of HKD 93,464,000 for the period, compared to HKD 119,862,000 in the previous year[15][21] - The group recorded a net profit after tax of HKD 19,387,000 for the first half of 2023, a decrease of approximately 38.15% compared to HKD 31,346,000 in the same period of 2022[31] Assets and Liabilities - Non-current assets as of June 30, 2023, totaled HKD 8,388,402,000, down from HKD 8,737,074,000 at the end of 2022[8] - Current assets increased to HKD 9,769,550,000 from HKD 10,058,240,000, primarily driven by changes in property development and inventory[9] - Total liabilities decreased to HKD 4,665,221,000 from HKD 4,745,348,000, indicating improved financial stability[9] - The company's equity attributable to shareholders was HKD 11,924,916,000, down from HKD 12,388,347,000, reflecting a decrease in retained earnings[10] - The group's total liabilities were HKD 5,923,785,000, with about 62.50% classified as current liabilities[49] - The group recorded a current ratio of 2.09 and a debt-to-equity ratio of 49.68% as of June 30, 2023, indicating stable liquidity and increased leverage due to new borrowings[49] Revenue Breakdown - Total revenue for the six months ended June 30, 2023, was HKD 304,291,000, compared to HKD 301,780,000 for the same period in 2022, representing a growth of 1.7%[14] - Revenue from property sales was HKD 148,822,000, a decrease of 9.4% from HKD 164,374,000 in the previous year[14] - Revenue from golf club services increased significantly to HKD 24,275,000, up 72.5% from HKD 14,082,000 in 2022[14] - Revenue from property development and sales decreased to HKD 148,822,000 in the first half of 2023, down from HKD 164,374,000 in 2022, with a corresponding decline in gross profit margin[31] - The group’s total revenue from the Tang Chen Yi Garden project was approximately HKD 4,560,000, accounting for about 1.33% of total operating revenue[37] Other Income and Expenses - The company reported a loss of HKD 9,789,000 in other income and losses, an improvement from a loss of HKD 13,141,000 in the previous year[2] - The company incurred financing costs of HKD 7,124,000, a decrease from HKD 8,013,000 in the previous year[23] - The total tax expense for the period was HKD 73,001,000, compared to HKD 76,306,000 in the previous year[24] - The company reported a significant increase in other income, including interest income of HKD 33,212,000, compared to HKD 35,725,000 in the previous year[22] Future Plans and Market Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[11] - The group plans to develop residential projects in Jinqiao Town, Shanghai, with a total floor area of approximately 328,687.5 square meters over six phases, with the first phase expected to be delivered in the first half of 2024[38] - The group is actively advancing construction and sales plans for the project located in Jinqiao Town, Pudong, Shanghai, which is anticipated to be a significant contributor to future profits[52] - The main profit sources for the group in 2023 are expected to be from the sales of high-end residential properties, specifically from projects like Tang Chen Yi Pin and Tang Chen Zhu Jiao Shan Yi Hao[52] - The company maintains a cautious optimism regarding long-term economic development in mainland China, despite short-term market volatility due to high interest rates and low sentiment[52] Dividends and Shareholder Returns - The company did not recommend an interim dividend for the review period, but paid an interim dividend of HKD 0.085 per share for the year ended December 31, 2022, totaling approximately HKD 167,537,000[26] - The group does not recommend the payment of an interim dividend for the six months ended June 30, 2023[31] Corporate Governance - The board believes it has complied with all applicable code provisions of the Corporate Governance Code during the reporting period, with a noted deviation regarding the dual role of the chairperson and managing director[53] - The interim results announcement for the six months ended June 30, 2023, will be published on the Hong Kong Stock Exchange and the company's website by the end of September 2023[54]

Financial Performance - The Group reported a consolidated profit after taxation of HK$17,168,000 for the year ended December 31, 2022, a significant decrease of approximately 93.94% compared to HK$283,448,000 in 2021[64]. - The property development and investment segment profit decreased to HK$98,828,000 in 2022 from HK$455,963,000 in 2021, primarily due to a drop in gross proceeds and gross profit margin impacted by the COVID-19 pandemic[61]. - The Group recorded an operating profit before taxation of HK$217,288,000 for 2022, down from HK$591,250,000 in 2021, excluding losses on fair value changes of investment properties[62]. - The net gain on trading securities investment was HK$8,161,000 in 2022, compared to HK$12,838,000 in 2021, while dividend receipts from long-term equity investments amounted to HK$22,054,000, down from HK$23,209,000[62]. - Interest income decreased to HK$70,210,000 in 2022 from HK$76,865,000 in 2021, and the Group recorded a net exchange loss of HK$28,577,000 compared to a net gain of HK$10,262,000 in 2021[62]. - The Group shared a net loss of a joint venture of HK$15,289,000 in 2022, compared to a net gain of HK$1,342,000 in 2021[64]. - An unrealized loss on fair value changes of investment properties in Shanghai was recorded at HK$75,204,000 for 2022, significantly higher than HK$3,540,000 in 2021[61]. - The taxation expense for the year was HK$107,806,000, down from HK$297,027,000 in 2021[64]. - Basic earnings per share decreased to 0.87 HK cents in 2022 from 14.38 HK cents in 2021[64]. - For the year ended December 31, 2022, the Group recorded a net profit attributable to shareholders of HK$17,168,000, a significant decrease of approximately 93.94% compared to HK$283,448,000 in the same period of 2021[67]. Revenue Breakdown - Total revenue from property development and investment was HK$414,688,000, accounting for approximately 77.79% of the Group's total operating revenue for 2022[73]. - The property investment segment contributed a profit of HK$94,780,000, down from HK$178,676,000 in 2021, primarily from rental and property management fees in Shanghai[69]. - The property development and trading segment generated a profit of HK$4,048,000, a sharp decline from HK$277,287,000 in 2021, attributed to property sales in Shanghai[70]. - Rental income and property management fees from commercial and industrial properties provided HK$93,980,000, representing approximately 17.63% of the Group's total operating revenue[78]. - The Group recognized total revenue of HK$318.68 million from Tomson Riviera, accounting for approximately 59.78% of the Group's gross proceeds from operations[75]. - The Group's golf club generated revenue of HK$44,994,000, representing approximately 8.44% of total operating revenue, with a segment loss of HK$8,923,000 for the year[86]. - The Group's securities trading business reported revenue of HK$73,029,000, accounting for approximately 13.70% of total operating revenue, with a net gain of HK$8,161,000 from trading securities investments[90]. - The Group's media and entertainment segment generated revenue of only HK$367,000, representing approximately 0.07% of total operating revenue, with a segment loss of HK$650,000[91]. Assets and Liabilities - The Group's total assets decreased by approximately 8.47% to HK$18,795,314,000 as of December 31, 2022, compared to HK$20,534,605,000 in 2021[99]. - Equity attributable to owners of the Company was HK$12,388,347,000, representing a decrease of approximately 8.18% from HK$13,500,950,000 in 2021, mainly due to depreciation in the value of Renminbi[99]. - The Group's cash and cash equivalents amounted to HK$3,966,071,000, a decrease of approximately 10.79% from HK$4,445,869,000 in 2021[99]. - The Group recorded a net decrease in cash and cash equivalents of HK$136,246,000, primarily attributable to the acquisition of a property and payment of interim dividends[99]. - The Group's liabilities amounted to HK$5,967,079,000, with about 63.62% being current tax liabilities[100]. - The Group's borrowing as of December 31, 2022, amounted to HK$242,451,000, equivalent to approximately 1.96% of equity attributable to owners of the Company[101]. - Assets with a carrying value of HK$476,321,000 were pledged to secure the Group's borrowings[104]. Dividends and Shareholder Returns - The Board declared an interim dividend of 8.50 HK cents per share for the year ended December 31, 2022, an increase from 5.50 HK cents per share in 2021[65]. - The Group's dividend for the year was declared at HK$0.085 per share, an increase from HK$0.055 per share in 2021[68]. - 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[193]. - Dividends can only be paid out of retained earnings and/or share premium, subject to statutory and regulatory restrictions under Cayman Islands laws[196]. Corporate Governance - The Board is committed to maintaining good corporate governance standards, emphasizing transparency and accountability to shareholders[120]. - The Board consists of seven members, including three executive Directors and four independent non-executive Directors, achieving gender diversity with one female Director and six male Directors[128]. - The Nomination Committee has reviewed the Board's structure and diversity policy, confirming that the Board has achieved diversity and has a balanced composition of skills and experiences[129]. - The Company has established mechanisms to ensure independent views are available to the Board, maintaining an appropriate proportion of independent non-executive Directors[135]. - The Board has reserved decision-making powers on corporate strategies, major acquisitions, and significant operational matters[132]. - The Company encourages Directors to seek external independent professional advice at its expense to assist in their duties[138]. - The Audit Committee held three meetings in 2022 to review interim and annual financial statements, evaluate risk management and internal control systems, and assess the adequacy of internal audit resources[144]. - The Company has arranged appropriate liability insurance for its Directors, which is reviewed annually[140]. - The Company has established a whistleblowing policy to ensure effective reporting and management of concerns[147]. Risk Management - The Group's risk management and internal control systems are designed to manage significant risks but cannot eliminate them entirely[172]. - The risk management process includes identifying significant risks, developing measures to manage them, and monitoring their effectiveness[175]. - The Audit Committee reviewed the internal audit and enterprise risk assessment reports for approval by the Board[144]. - The risk management and internal control systems were deemed sufficient and effective for the year ended December 31, 2022, following a review by the Audit Committee[178]. Future Outlook - The Group remains optimistic about the economic situation in Mainland China, focusing on high-end residential property development[113]. - Tomson Riviera and One Penha Hill are anticipated to be the principal sources of profit for the Group in 2023[113]. - The Group is actively proceeding with the construction and sales plan for the Jinqiao Town project in Pudong, Shanghai, which is expected to be a major profit contributor in the coming years[113]. - The Group's financial results may be adversely impacted by potential depreciation of the Renminbi, although exchange risk exposure is considered manageable[105]. - The Group will continue to monitor the financial impact of ongoing economic conditions on its operations for the financial year 2023[116].

Financial Performance - Total operating revenue for the year ended December 31, 2022, was HKD 533,078,000, a decrease of 32.3% compared to HKD 787,012,000 in 2021[2] - Gross profit for the year was HKD 314,339,000, down 53.6% from HKD 676,464,000 in the previous year[2] - Net profit for the year was HKD 18,755,000, a significant decline of 93.6% from HKD 291,473,000 in 2021[2] - Basic earnings per share decreased to HKD 0.87 from HKD 14.38, reflecting a drop of 93.9%[3] - Total revenue for the year 2022 was HKD 460,049,000, a decrease of 41% from HKD 779,066,000 in 2021[17] - Revenue from property sales was HKD 164,374,000, down 62% from HKD 435,487,000 in the previous year[17] - Revenue from golf club services decreased to HKD 44,994,000, a decline of 29% compared to HKD 63,487,000 in 2021[17] - Revenue from customer contracts was HKD 241,163,000, a significant drop from HKD 540,526,000 in the previous year[17] - The group recorded an unrealized loss of approximately HKD 75,204,000 from fair value changes of investment properties at year-end[34] - The property development and investment business contributed a total profit of HKD 98,828,000, down from HKD 455,963,000 in 2021, primarily due to reduced property sales and rental income impacted by the COVID-19 pandemic[37] Assets and Liabilities - Non-current assets totaled HKD 8,737,074,000, down from HKD 9,439,476,000 in 2021, indicating a reduction of 7.4%[8] - Current liabilities increased to HKD 4,745,348,000 from HKD 5,155,090,000, a decrease of 8.0%[9] - Total equity attributable to equity holders of the company decreased to HKD 12,388,347,000 from HKD 13,500,950,000, a decline of 8.2%[10] - The company’s cash and bank balances decreased to HKD 3,966,071,000 from HKD 4,445,869,000, a reduction of 10.8%[8] - The company’s total assets less current liabilities stood at HKD 14,049,966,000, down from HKD 15,379,515,000, a decrease of 8.6%[9] - As of December 31, 2022, the group's total assets decreased by approximately 8.47% to HKD 18,795,314,000, with equity attributable to shareholders decreasing by about 8.18% to HKD 12,388,347,000[50] - The group's liabilities amounted to HKD 5,967,079,000, with approximately 63.62% classified as current liabilities[50] - The group's total assets pledged as collateral for borrowings were valued at HKD 476,321,000, down from HKD 544,173,000 in 2021[52] Income and Expenses - The company reported a pre-tax profit of HKD 126,561,000 for the year 2022[19] - The pre-tax profit before tax decreased significantly from HKD 283,448,000 in 2021 to HKD 17,168,000 in 2022, representing a decline of about 94%[27] - The total tax expense for the year was HKD 107,806,000 in 2022, down from HKD 297,027,000 in 2021, a reduction of approximately 64%[25] - The financing costs decreased from HKD 22,270,000 in 2021 to HKD 14,835,000 in 2022, reflecting a reduction of approximately 33%[25] - The net impairment loss on trade receivables and other receivables was HKD 964,000 in 2022, compared to HKD 182,000 in 2021, indicating a significant increase[24] Dividends and Shareholder Information - The interim dividend declared for the year ending December 31, 2022, is HKD 167,537,000, which is an increase from HKD 108,406,000 in 2021, reflecting a rise of about 55%[26] - The average number of ordinary shares used to calculate basic earnings per share remained constant at 1,971,025,125 for both years[27] - The company will suspend share transfer registration from May 4, 2023, to May 8, 2023, for determining shareholders eligible for the interim dividend[32] Business Segments and Future Outlook - The group's operating income from property investment was HKD 414,688,000, accounting for approximately 77.79% of total operating revenue for the year[38] - The total revenue from the famous residential project, Tong Chen Yi Pin, was approximately HKD 318,680,000, representing about 59.78% of the group's total operating revenue[39] - Rental income and property management fees from commercial and industrial properties in Pudong generated stable recurring income of approximately HKD 93,980,000, accounting for about 17.63% of total operating revenue[40] - The group plans to develop residential projects in Jinqiao Town over the next four years, with the first phase expected to launch in Q3 2023[42] - The group remains optimistic about the economic situation in mainland China, focusing on high-end residential property development, with key profit sources expected from projects in Shanghai and Macau[55] - The group is actively advancing construction and sales plans for the project in Jinqiao Town, Pudong, Shanghai, which is anticipated to be a significant contributor to future profits[55] Risk Management and Compliance - The group has not recorded any significant contingent liabilities as of December 31, 2022, maintaining a stable risk profile[54] - The group will closely monitor international developments that may impact future investment plans, particularly in light of geopolitical uncertainties[54] - Management will continue to adopt a conservative approach in managing the securities trading portfolio, emphasizing stable recurring income securities due to market volatility[55] - The company has not early adopted any new accounting standards that have been issued but not yet effective[14] - The company expects no significant impact on its consolidated financial statements from the adoption of new accounting standards in the foreseeable future[15] - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the fiscal year ending December 31, 2022[56]

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].