Financial Performance - The group's revenue decreased by 11.2% to HK$177.5 million for the year ended March 31, 2020, compared to HK$199.8 million in 2019[11]. - Gross profit slightly decreased by 4.5% to HK$133.1 million, while the gross profit margin increased from 70% to 75% due to higher margins from property sales and asset management[11]. - Rental and management fee income decreased by 6.9% to approximately HK$66.2 million, primarily due to a decline in rental income from UK investment properties[14]. - The fair value change of investment properties recorded a loss of HK$25.8 million, compared to a gain of HK$363.8 million in 2019, mainly due to market price declines in the UK and Guangzhou[16]. - Financing costs increased to HK$74 million due to higher bank borrowings and interest rates, compared to HK$54.3 million in 2019[17]. - The group reported a loss attributable to equity holders of HK$192.4 million for the year, compared to a profit of HK$167.8 million in 2019, with a loss per share of HK$0.0819[17]. - The board decided not to recommend a final dividend for the year ended March 31, 2020, due to the uncertain business environment, compared to a final dividend of HK$0.02 per share in 2019[17]. Property Sales and Developments - As of the report date, 364 out of 371 residential units at The Esplanade in Tuen Mun, Hong Kong, have been pre-sold, generating total sales of approximately HK$1,641.5 million, with deposits received amounting to about HK$1,552.5 million[7]. - The group anticipates completing the sale of the UK investment property by the end of August 2020, which is expected to enhance its cash position[18]. - The "Xianhai" project in Tuen Mun has a total estimated sales value of approximately 1,714,300,000 HKD, with 364 residential units and 3 parking spaces pre-sold, amounting to a total pre-sale value of about 1,641,500,000 HKD[65]. - The company completed the acquisition of a property in Hong Kong for approximately 455,000,000 HKD, with a total developable floor area of about 39,767 square feet[68]. - The "Zhuangshi Yingdie Lanwan" project in Guangzhou has completed the first two phases, providing a total of 2,077 residential units, with all units sold out[70]. - The third phase of the "Zhuangshi Yingdie Lanwan" project has a total land area of over 92,000 square meters, with a planned total floor area of approximately 175,011 square meters, and the company has obtained land quotas for about 123,362 square meters for development purposes[72]. Investment Properties and Valuations - The commercial podium has a total floor area of approximately 29,600 square meters, while the twin towers have a combined floor area of about 62,700 square meters[25]. - The property valuation upon completion is approximately RMB 763,300,000, with the commercial podium valued at RMB 294,800,000 and the twin towers at RMB 468,500,000[26]. - The annual rental income is projected to be RMB 25,000,000, resulting in a rental yield of 3.3% based on the valuation[26]. - The hotel and resort villas in Xiamen have a total valuation of RMB 447,800,000, with the hotel valued at RMB 185,700,000 and the villas at RMB 262,100,000[31]. - The rental income for the hotel and villas is estimated at RMB 25,900,000, leading to a rental yield of approximately 5.8% based on the valuation[31]. - The commercial property in Dongguan is valued at RMB 36,400,000, with two floors leased to China Life for office use[53]. - The office property at Fenchurch Street, London, is valued at £96,500,000 (approximately HKD 926,400,000) and is under a sale agreement for £94,200,000 (approximately HKD 909,200,000)[56]. - The sale of the London property is expected to enhance the company's cash position and is anticipated to complete by the end of August 2020[56]. Corporate Governance and Management - The company has over 16 years of experience in property business and corporate management, led by Chairman Mr. Zhu Jia-bin[154]. - The company has a strong financial background with over 34 years of experience in finance and corporate management from Vice Chairman Ms. Li Mei-xin[154]. - The company has expanded its management team with executives having extensive experience in construction, real estate, and asset management[155][159]. - The company is actively involved in corporate governance with various committees led by experienced directors[161][166]. - The company has a diversified board with independent directors bringing legal and financial expertise[160][166]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[161]. - The company has adopted a new board diversity policy effective from January 1, 2019, to enhance corporate governance and performance[181]. - The board aims to maintain a balance in skills, experience, and diversity to support business strategy execution and sustainable development[182]. Market Outlook and Strategic Plans - The company anticipates that the economic transformation in China will continue to drive stable growth, supported by urbanization and rising living standards[132]. - The Greater Bay Area and the Belt and Road Initiative are expected to be growth drivers for China, creating business opportunities for Hong Kong[132]. - Following the sale of a property in London in August 2020, the company's financial position is expected to improve significantly[132]. - The company plans to explore new development projects and investment properties to expand its business scope and income base[132]. - The company plans to expand its investment property portfolio to increase recurring and stable income[59]. - The company is reviewing the tenant mix of its properties and considering further upgrades to improve rental yields and occupancy rates[59]. - The company is actively pursuing suitable opportunities for market expansion and acquisitions to enhance its investment portfolio[59]. Bond Portfolio and Financial Assets - The group held a high-yield bond portfolio with an annualized average yield of approximately 7% as of March 31, 2020[118]. - The total market value of the bonds held by the group was approximately HKD 686,949,000, representing 8.3% of total assets as of March 31, 2020[121]. - The group recorded interest income of approximately HKD 45,485,000, with an unrealized fair value loss of HKD 68,273,000 for the year[121]. - The bond issuer, Country Garden Holdings Company Limited, had a market value of approximately HKD 109,932,000, with a face value of USD 14,000,000 and an interest rate of 5.625% maturing in 2026[121]. - The group’s bond portfolio included issuers from various sectors, primarily real estate development and property management[124]. - The group experienced significant downward pressure on bond prices due to uncertain political and economic environments, compounded by the COVID-19 pandemic[124]. - The group plans to closely monitor the performance of its bond portfolio in response to currency environment changes[124]. - The bond portfolio included a total of 12 different issuers, with varying interest rates and maturity dates[124]. - The group’s unrealized losses were primarily due to bond prices falling below face value as of March 31, 2020[124].

Financial Performance - For the six months ended September 30, 2019, the group's revenue was approximately HKD 81,300,000, a decrease of about 35.9% compared to HKD 126,900,000 in 2018, primarily due to reduced property sales in China[27]. - Gross profit decreased by 16.8% to HKD 63,000,000, down from HKD 75,700,000 in 2018, mainly due to the decline in revenue[28]. - The group's attributable profit for the six months ended September 30, 2019, was HKD 21,300,000, down from HKD 94,300,000 in 2018, with earnings per share at HKD 0.91 compared to HKD 4.01 in 2018[31]. - The net profit for the period was HKD 21,652,000, a decrease of 77% from HKD 94,065,000 in the prior year[95]. - Basic and diluted earnings per share were HKD 0.91, down from HKD 4.01 in the same period last year[95]. - The company’s total comprehensive income for the period was HKD (203,065) thousand, compared to HKD 94,065 thousand in the previous period, indicating a significant decline[106]. Revenue Sources - Revenue from property sales in China had a gross margin of 55%, compared to 32% in the previous year[28]. - Rental and management fee income had a gross margin of 83%, slightly down from 84% in 2018[28]. - Cemetery asset sales generated revenue of HKD 10,500,000, up from HKD 8,400,000 in 2018[27]. - The group reported property sales of HKD 14,800,000, significantly down from HKD 60,900,000 in the previous year[27]. - Revenue for the period was HKD 81,269,000, a decrease of 36% compared to HKD 126,864,000 in the previous year[132]. - Property sales generated HKD 14,810,000, down from HKD 60,961,000 year-on-year[132]. Expenses and Costs - Sales and marketing expenses increased to HKD 13,600,000 from HKD 10,600,000 in 2018 due to the promotion of the Tuen Mun project "The Esplanade"[30]. - Administrative and other operating expenses decreased by 39.2% to HKD 58,400,000 from HKD 96,100,000 in 2018, attributed to overall cost reductions and decreased litigation expenses[30]. - Financing costs rose to HKD 38,500,000 from HKD 20,900,000 in 2018 due to increased bank borrowings and higher interest rates[30]. - Total interest expenses rose to HKD 45,676,000 in 2019 compared to HKD 28,619,000 in 2018, with a capitalization rate for property development loans at 2.38%[147]. Assets and Liabilities - Total assets as of September 30, 2019, were HKD 4,822,968,000, an increase from HKD 3,804,034,000 as of March 31, 2019[99]. - Current liabilities increased to HKD 2,527,692,000 from HKD 1,868,592,000, indicating a rise in short-term obligations[99]. - Total non-current liabilities increased to HKD 2,028,588 thousand as of September 30, 2019, from HKD 1,515,964 thousand as of March 31, 2019, reflecting a rise of approximately 33.8%[101]. - The company’s equity attributable to shareholders decreased to HKD 4,038,108 thousand as of September 30, 2019, from HKD 4,252,873 thousand as of March 31, 2019, a decrease of about 5.0%[106]. Cash Flow and Financing - The group's cash and bank balances, along with trading investments, amounted to HKD 1,828,300,000, an increase from HKD 1,599,200,000 as of March 31, 2019[76]. - The net debt decreased to approximately HKD 237,900,000, down from HKD 482,100,000 as of March 31, 2019, resulting in a net debt to equity ratio of 5.9%[76]. - The company’s financing activities generated net cash of HKD 33,614 thousand for the six months ended September 30, 2019, down from HKD 533,218 thousand in the same period of 2018[104]. - Long-term bank borrowings rose to HKD 1,486,854 thousand as of September 30, 2019, compared to HKD 986,178 thousand as of March 31, 2019, marking an increase of approximately 50.8%[101]. Market and Strategic Outlook - The group aims to enhance its market presence and explore new strategies for growth in the upcoming periods[27]. - The company anticipates that global political and economic uncertainties will continue to impact business development and investor confidence in the short term[80]. - The company believes that the fundamental factors supporting long-term healthy growth in the Chinese economy will remain unchanged, despite current challenges[80]. - The company plans to continue expanding its market presence, particularly in the cemetery and property development sectors[135]. Property Development and Projects - The "Yuan Hai" project in Tuen Mun has a total estimated sales value of approximately 1,714,300,000 HKD, with 361 units pre-sold generating a total pre-sale amount of about 1,617,500,000 HKD[50]. - The company completed the acquisition of a property in Hong Kong for approximately 455,000,000 HKD, with a site area of about 4,320 square feet and a total developable floor area of approximately 39,767 square feet[51]. - The "Zhuangshi Plaza" project in Anshan has a total developable floor area of 390,000 square meters, aimed at becoming a large-scale mixed-use development[57]. - The company has a land area of approximately 20,000 square meters in Dongguan, generating an annual rental income of about 6,800,000 RMB (approximately 7,500,000 HKD) with a valuation of 223,400,000 RMB (approximately 245,500,000 HKD)[55]. Financial Risks and Management - The company recorded unrealized fair value losses primarily due to trade tensions affecting high-yield and long-term bond prices[73]. - The company’s foreign currency exchange risk is monitored closely, as its consolidated financial statements are presented in HKD, despite operations in multiple currencies[79]. - The company’s financial position was adversely affected by the depreciation of the Renminbi and British Pound, leading to a decrease in foreign exchange reserves by approximately HKD 214,400,000[75]. - Financial risk management policies have not undergone any significant changes since the last fiscal year[127].

Financial Performance - The group's revenue for the year ended March 31, 2019, increased by 14.6% to HKD 199,800,000, compared to HKD 174,300,000 in 2018[7]. - Rental and management fee income rose approximately 36.5% to HKD 71,100,000, driven by enhanced property investment strategies in Malaysia and the UK[7]. - Development property sales increased by 20.6% to approximately HKD 71,400,000, attributed to increased sales of parking spaces in Guangzhou, China[7]. - The group's profit attributable to equity holders was HKD 167,800,000, down from HKD 279,900,000 in 2018, with earnings per share at HKD 0.0715[8]. - Gross profit increased by 10.4% to HKD 139,300,000, while the overall gross profit margin slightly decreased from 72% to 70%[8]. - Financing costs rose to HKD 54,300,000 due to increased bank borrowings and interest rates, compared to HKD 31,400,000 in 2018[12]. - The board proposed a final dividend of HKD 0.02 per share, maintaining the total dividend for the year at HKD 0.035 per share[15]. Investment Properties - The fair value gain from investment properties was HKD 363,800,000, reflecting market price appreciation in properties located in China and the UK[11]. - The estimated rental yield for the Chuang's Center City project is projected at 3.5%, based on an estimated annual rental income of approximately RMB 25,000,000[20]. - The group has completed a 6-story hotel building with 100 rooms and 30 villas in Xiamen, with a total area of 9,780 square meters, valued at RMB 447.8 million as of March 31, 2019[26]. - The annual rental income from the hotel and villas is approximately RMB 25.9 million, resulting in a rental yield of about 5.8% based on valuation[28]. - The group holds 22 villas in Guangzhou, valued at RMB 246.4 million, with leasing activities currently ongoing[34]. - A commercial property in Dongguan, valued at RMB 36.4 million, is also under leasing efforts to generate recurring rental income[36]. - The Fenchurch Street property in London is valued at £104 million, with an annual rental income of approximately £4.1 million, yielding about 4%[43][44]. - The group’s property in Kuala Lumpur, valued at RM 177.5 million, has a rental rate of approximately 70%, generating annual rental income of RM 6.8 million, yielding about 3.8%[47]. - The group is actively seeking opportunities to expand its investment properties to increase stable income[47]. Development Projects - The Xianhai project in Tuen Mun has a total developable floor area of 117,089 square feet for residential and 25,813 square feet for commercial use, with completion expected in Q4 2019[50]. - The estimated total sales for the residential property "Xianhai" amount to approximately HKD 1,714,600,000, with 371 residential units available[54]. - A total of 352 units have been pre-sold in "Xianhai," generating a pre-sale amount of approximately HKD 1,571,100,000, with deposits received totaling HKD 461,400,000[54]. - The "Zhuangshi T Yingdie Bay" project has completed the first two phases, providing a total of 2,077 residential units and 1,497 parking spaces, with most units sold out[61]. - The remaining units in "Zhuangshi T Yingdie Bay" include 2 duplex units valued at approximately HKD 11,000,000 and 572 parking spaces valued at approximately HKD 84,000,000[63]. - The company holds a land area of approximately 20,000 square meters in Dongguan, generating annual rental income of approximately RMB 6,800,000, with a valuation of RMB 223,400,000[67]. - The "Zhuangshi Plaza" project in Anshan has a total developable floor area of 390,000 square meters, with plans to explore various options to accelerate investment returns[71]. - The company has a 69% interest in a property development project in Changsha, with total investment costs of approximately HKD 25,200,000, currently facing legal challenges[72]. - The Chengdu project has a total investment cost of approximately RMB 146,800,000, with ongoing legal proceedings seeking liquidation of the joint venture[75]. - The "Jufubao" project in Sihui has a book cost of approximately RMB 926,600,000, with a market valuation of approximately RMB 941,300,000 as of March 31, 2019[77]. Financial Position - As of March 31, 2019, the company's net asset value attributable to equity holders was HKD 4,252,900,000, with a net asset value per share of HKD 1.81[93]. - The group's cash and bank balances, along with trading investments, amounted to HKD 1,599,200,000, an increase from HKD 1,210,100,000 in 2018[94]. - The group's bank borrowings stood at HKD 2,081,300,000, up from HKD 1,632,500,000 in 2018, resulting in a net debt of approximately HKD 482,100,000[94]. - The net debt to equity ratio was 11.3%, compared to 9.6% in 2018[94]. - Approximately 38.8% of the bank borrowings are due for repayment within the first year, while 55.0% are due within the third to fifth years[94]. Corporate Governance - The company is focused on enhancing its corporate governance with a diverse board of directors, including independent non-executive directors with extensive experience in finance and property investment[123][124]. - The company has appointed independent non-executive directors with extensive experience in various fields, including accounting, manufacturing, and information technology, enhancing governance and oversight[128][129][131][132]. - The board has implemented a new diversity policy effective from January 1, 2019, aimed at improving board effectiveness and ensuring a balanced representation of skills and experiences[136][137]. - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience in its selection process[137][140]. - The nomination committee will report annually on the composition of the board in terms of diversity and monitor the implementation of the diversity policy[137]. - The company has a commitment to high standards of corporate governance to protect and enhance shareholder interests[135]. - The board consists of 12 members, including the chairman, vice-chairman, and managing director[150]. - The nomination committee held one meeting during the year to review the board's structure and assess the independence of each independent non-executive director[154]. - The company has a formal and transparent procedure for the appointment and removal of directors[152]. - The company has established a continuous professional development program for all directors to ensure they are well-informed about their roles and responsibilities[165]. Risk Management - The company has implemented a robust risk management process to identify, assess, and manage significant risks[180]. - The risk management process includes risk identification, assessment, prioritization, treatment, monitoring, and reporting[181]. - A risk register is maintained, detailing major enterprise-level risks, their potential outcomes, likelihood, impact, and overall risk ratings[184]. - The risk register is reassessed annually, with adjustments made based on changing circumstances and external environments[184]. - The company emphasizes the importance of effective internal controls to safeguard assets and shareholder interests[176]. - The internal audit department has conducted audits and reported on the implementation of follow-up actions regarding monitoring deficiencies[190]. - The board believes that the risk management and internal control systems are effectively and adequately operating[190]. - The audit committee held three meetings during the year to discuss the relationship with external auditors and review financial reports[192]. - The company has established four committees, including the audit committee, nomination committee, remuneration committee, and corporate governance committee[196]. - The audit committee members include four independent non-executive directors, with full attendance at meetings[193]. Strategic Initiatives - The group plans to continue exploring opportunities to sell investment projects in the UK and Guangzhou amid a complex global economic environment[16]. - The company plans to acquire a property site for approximately HKD 455,000,000, with a total developable floor area of about 39,767 square feet expected to be completed by July 2019[58]. - The company aims to actively pursue land use rights allocation for the remaining 119.8 acres[81]. - The company aims to increase stable and recurring rental income by focusing on opportunities in Hong Kong and cities in the Guangdong-Hong Kong-Macau Greater Bay Area[98]. - The company will actively expand its business into overseas countries along the Belt and Road Initiative[98]. - The group plans to expand its land reserves for property development and seek suitable investment projects to enhance its investment property portfolio[98]. - The company is continuously seeking opportunities for mergers and acquisitions to enhance its market position[112].