Project Development - The company reported a total gross floor area of 1,191,751 sq.m for the Changsha Outlets project, which includes both residential and commercial properties[19]. - The expected completion date for the commercial south portion of the Changsha Outlets is March 2023, with a gross floor area of 302,141 sq.m[19]. - The residential phase 1 of the Changsha Outlets has been completed and delivered, covering an area of 100,161 sq.m[19]. - The company has a total attributable site area of 483.65 mu, equivalent to approximately 322,435.9 sq.m for the Changsha Outlets project[19]. - The residential phase 3 of the Changsha Outlets, which includes required education facilities, is expected to be completed by June 2022[19]. - The total site area for the residential portion of the Changsha Outlets is 1,104.18 mu, approximately 736,117.1 sq.m[19]. - The Changsha Outlets Project covers an area of approximately 1,500 mu, comprising a residential portion (Outlets Town) and a commercial portion (Globe Outlets), with planned areas of approximately 500 mu and 1,000 mu, respectively[48]. - The Group is developing Section C, covering approximately 204 mu, with plans for 37 eleven-storey buildings and a kindergarten, with construction progressing smoothly[55]. - The first batch of ten buildings has obtained pre-sale permits, with main structures and interior/exterior masonry walls completed during the reporting period[55]. - The second batch of ten buildings has completed the capping of main structures, with masonry walls and plastering in progress, and five pre-sale permits obtained[57]. - Globe Outlets has developed nearly 100,000 sq.m., featuring over 200 renowned fashion retail brands and various entertainment facilities[60]. - The Qinhuangdao Venice – City of Water Outlets Project covers approximately 1,077 mu, planned to be developed in three phases, with Phase 1 covering about 230,000 sq.m.[66]. - The main structure of the outlets business, covering 70,000 sq.m., has completed capping, and the exhibition hall is operational for pre-sale of resort units[67]. - A total of 189 resort units are planned, with 129 units capped and others under construction[67]. - The health preservation hotel has entered into a strategic cooperation agreement with Nanjing Jinling Hotel, with construction expected to commence in the second half of 2020[67]. - The Jin Sheng Yue Jing project is planned to have a gross floor area of 221,000 square meters, developed in three phases, with a site area of approximately 120 mu[74]. - The planned gross floor area of Phase 3 is approximately 140,000 square meters, with 14 buildings of 11/18 stories planned for development[79]. - The Yinchuan Commercial Properties consist of three commercial buildings and two corridors, with a total gross floor area of approximately 95,000 square meters and an occupancy rate of 92%[80]. Financial Performance - The Group recorded total revenue of HK$181,687,000 for the year ended 31 March 2020, a decrease of 36.1% compared to HK$284,184,000 for the previous year[38]. - Property sales amounted to approximately HK$143,999,000, down from HK$235,062,000 in the corresponding year, reflecting the impact of the COVID-19 pandemic[38]. - Gross rental income was HK$21,251,000, a decrease from HK$28,743,000 in the previous year[38]. - Management fee income decreased to HK$16,437,000 from HK$20,379,000 in the corresponding year[38]. - The Group recorded a loss on revaluation of investment properties of HK$140,551,000, compared to a gain of HK$2,590,000 in the previous year[38]. - The loss attributable to equity holders for the year was HK$294,856,000, representing a 9.9% increase from HK$268,297,000 in the previous year[39]. - Loss per share for the year was HK$1.26, compared to HK$1.15 for the previous year[39]. - The Group reported a net loss of approximately HK$294,856,000 for the year ended 31 March 2020[1]. - As of 31 March 2020, the Group had net current liabilities of approximately HK$352,886,000 and cash and cash equivalents of approximately HK$27,107,000[1]. - The Group's current ratio was 0.88 times as of 31 March 2020, compared to 0.72 times in 2019[7]. - The secured and unsecured interest-bearing borrowings amounted to approximately HK$1,325,111,000 as of 31 March 2020, down from HK$1,422,276,000 in 2019[7]. - The gearing ratio increased to 1,773% as of 31 March 2020, compared to 407% in 2019, primarily due to a decrease in total equity from losses incurred[7]. - The Group's property interest held with a net carrying amount of approximately HK$2,061,241,000 was pledged to banks and financial institutions as of 31 March 2020[12]. - The Group had capital commitments for construction of properties amounting to approximately HK$472,697,000 as of 31 March 2020[114]. Impact of COVID-19 - The impact of the COVID-19 pandemic significantly affected sales, leading to a temporary halt in operations for several months[38]. - The COVID-19 epidemic has posed significant challenges to the global economy, particularly affecting industries such as catering, tourism, and transportation, while the real estate industry faces severe challenges due to its connections with these sectors[120]. - The Group's real estate transactions primarily rely on on-site flat viewing, which exposes the Group to increased risk due to the epidemic[124]. - The Group actively collaborated with government departments for public welfare events, demonstrating strong corporate social responsibility during the COVID-19 pandemic by waiving two months of rent for tenants[86]. - The Group defaulted on two loans due to the impact of the COVID-19 pandemic, resulting in a negative cash flow[165]. Corporate Governance - The Company has complied with all code provisions in the Corporate Governance Code except for the separation of the roles of chairman and chief executive officer[171]. - The roles of Chairman and Chief Executive Officer are currently held by the same individual, Mr. Li Yi Feng, to provide strong and consistent leadership[171]. - The Board comprises five Directors, including two Executive Directors and three Independent Non-executive Directors[171]. - The Company adopted a board diversity policy to enhance the effectiveness of the Board by considering factors such as gender, age, and professional experience[173]. - The Audit Committee consists of all Independent Non-executive Directors, ensuring compliance with applicable accounting standards and legal requirements[192]. - The Audit Committee reviewed the consolidated financial statements for the six months ended on September 30, 2019, and deemed them compliant with the relevant regulations[194]. - The Remuneration Committee includes one Executive Director and three Independent Non-executive Directors, focusing on the remuneration policy for Directors and senior management[199]. - The Remuneration Committee assessed the performance of Executive Directors and approved their service contract terms during the year[200]. Financing and Debt Management - The Group is considering various options for additional financing, including new investors and business partners[103]. - The outstanding principal amount of Other Loan 1 was approximately RMB231,792,000 (equivalent to approximately HK$253,696,000) with an interest rate of 9.5% per annum, due for repayment on December 31, 2021[44]. - The total outstanding principal amount of Other Loan 2 was RMB301,800,000 (equivalent to approximately HK$330,320,000) as of March 31, 2020, with an interest rate range of 5.7%-6.19% per annum, due in December 2020[44]. - The total outstanding principal amount of Other Loan 3 was RMB940,700,000 (equivalent to approximately HK$1,029,596,000) as of March 31, 2020, with an interest rate range of 8%-10% per annum, and the repayment amount was RMB248,800,000 (equivalent to approximately HK$272,312,000) due by June 30, 2020[44]. - The outstanding principal for Other Loan 3 is RMB 940,700,000 (approximately HK$1,029,596,000) and for Other Loan 5 is RMB 270,000,000 (approximately HK$295,515,000), with an estimated unpaid interest of approximately RMB 97,389,000[165]. - Negotiations for the repayment terms of the loans are ongoing and have not been concluded as of the report date[165]. Strategic Initiatives - The company is focusing on medium-term lease terms for its properties, indicating a strategy for stable income generation[19]. - The company aims to enhance its market presence through ongoing property developments and expansions in key locations[19]. - The Group is engaged in the development of high-end residential properties and featured commercial properties, showcasing a diversified business strategy[36]. - The Group is exploring online marketing channels, including live streaming, videos, and VR, to expand brand influence and mitigate risk concentration[124]. - The Group's management believes that leveraging extensive industry experience will lead to successful transformation of its featured real estate products[128].

Property Development - The company reported a total attributable site area of 483.65 mu (322,435.9 sq.m) for the Changsha Outlets project, with an expected completion date in March 2023[17]. - Residential Phase 1 of the Changsha Outlets has been completed and delivered, covering an area of 100,161 sq.m[17]. - The total expected completion area for Residential Phase 2 is 402,779 sq.m, which is partially completed and delivered[17]. - The company has a diversified property portfolio, including both commercial and residential segments in Changsha, with a total expected completion area of 1,191,751 sq.m[17]. - The Changsha Outlets Project covers an area of 1,500 mu, with a residential portion of 500 mu and a commercial portion of 1,000 mu, aiming to establish market recognition as a featured property developer[31]. - During the Reporting Period, the Group commenced the development of 37 buildings for Outlets Town, with the first ten buildings having obtained pre-sale permits and construction progressing smoothly[37]. - The main structures for the first ten buildings have been completed, with interior and exterior masonry walls and plastering finished, while decoration and installation of doors and windows are next steps[37]. - The second batch of ten buildings is also under construction, with five nearing completion and pre-sale permits actively being acquired[37]. - The Yinchuan Project includes both commercial and residential portions, with a total site area of 119.05 mu (79,365.0 sq.m) for residential use, and 100% interest in the project[4]. - The Qinhuangdao Project has a total site area of 1,077 mu (717,955 sq.m) and is also focused on residential and commercial development[5]. - The Group's projects are designed to outperform competitors in terms of quality, layout, and environmental features, with a focus on low-density residential communities[35]. - The Group aims to expedite project construction and negotiate with local government to deliver high-quality properties for immediate use[39][40]. - The first ten buildings of Outlets City sold out quickly during the reporting period, demonstrating strong competitiveness in a depressed national housing market[42][43]. - The Group is actively working to obtain pre-sale permits for a second batch of ten buildings to ensure orderly sales and alleviate cash flow pressure[42][43]. - The Group's property development projects showed steady progress with satisfactory results from pre-sales activities, and the Group is accelerating the pre-sales and sales of its properties under development[194]. Financial Performance - The Group recorded total revenue of approximately HK$158,474,000, an increase from approximately HK$91,621,000 in the corresponding period, primarily driven by property sales from the Yinchuan Project amounting to approximately HK$125,385,000[90]. - Revenue from the ChangSha Project was approximately HK$7,337,000, a decrease from approximately HK$63,770,000 in the corresponding period[90]. - Gross rental income for the reporting period was approximately HK$15,182,000, compared to approximately HK$17,747,000 for the corresponding period[90]. - The loss attributable to equity holders was approximately HK$61,490,000, significantly reduced from approximately HK$135,880,000 in the corresponding period[91]. - The loss per share for the reporting period was HK$0.26, down from HK$0.58 in the corresponding period[91]. - The Group's financial position is stable, with no significant foreign exchange risk due to most financial instruments being denominated in RMB[114]. - The Group reported a net loss of approximately HK$61,490,000 for the six months ended 30 September 2019[191]. - The accumulated losses as of 30 September 2019 were HK$2,702,756,000, reflecting an increase from HK$2,508,849,000 as of 30 September 2018[178]. - The company reported a loss for the period of HK$61,490,000, compared to a loss of HK$135,880,000 in the same period of the previous year[178]. - The Group's current ratio remained stable at 0.72 times as of 30 September 2019, consistent with the ratio on 31 March 2019[107]. - The total secured and unsecured interest-bearing borrowings amounted to approximately HK$1,352,492,000 as of 30 September 2019, a decrease from approximately HK$1,422,276,000 as of 31 March 2019[107]. - The gearing ratio increased to 474% as of 30 September 2019, compared to 407% as of 31 March 2019, primarily due to an increase in contract liabilities and amounts due to related parties[107]. - The Group maintained a loan facility with a total principal amount of RMB300,000,000 (approximately HK$332,580,000) at interest rates of 8.5%-9.5% per annum, with RMB231,792,000 utilized as of September 30, 2019[92]. - The Group's land reserve is still abundant, providing unlimited possibilities for future development, with potential adjustments to product portfolios based on changing industrial policies and market demands[128]. Strategic Initiatives - The company is focusing on medium-term lease terms for its properties, indicating a strategic approach to property management[17]. - The management discussion highlights ongoing developments in the property sector, emphasizing the importance of market expansion and new project launches[2]. - The company is actively pursuing new strategies for market expansion, including potential acquisitions and partnerships in the property sector[2]. - The Group's strategy includes expanding its portfolio in high-end residential properties and property management services[30]. - The Group aims to enhance its market presence through the development of unique property offerings, such as wine chateaus and senior care properties[30]. - The Group's strategy includes creating distinctive product portfolios such as "commercial + residential" and "real estate + healthcare" to enhance competitiveness in the housing market[127]. - The Group's management believes that leveraging extensive industry experience and aligning products with market demand will lead to successful real estate offerings[128]. - The Group plans to enhance cooperation with financing institutions and governments to facilitate development, moving away from the traditional mindset of "going it alone" due to the challenging financing environment[128]. - The Group is actively monitoring market developments to seize acquisition opportunities for potentially beneficial projects[132]. Operational Developments - The Group is focused on developing professional property management services through its wholly-owned subsidiary, Changsha Richly Field Outlets Property Management Limited[44][45]. - The property service team has improved its service capability through accumulated experience, aiming to replicate effective management models across other project sectors[44][45]. - Globe Outlets has developed nearly 100,000 sq.m. and attracted loyal partners by offering a unique shopping experience and a mix of domestic and international brands[47][49]. - The introduction of HappyNest, a 2,000 sq.m. imported household products store, has enriched the product structure of Globe Outlets, enhancing its competitive edge[48][50]. - Major sports brands Kappa and Supreme were introduced during the reporting period, boosting revenue streams and cooperation confidence among settled brands[48][50]. - The Group has commenced operations in trampoline parks in Beijing, Changsha, Nanjing, and Shanghai, with a second branch in Beijing, contributing to a surge in sales revenues and improved cash flow[131]. - The trampoline park business has shown enthusiastic market response, indicating strong demand and potential for future growth[131]. Corporate Governance - The Board did not recommend any interim dividend for the reporting period, consistent with the previous year[134]. - The share option scheme allows for a maximum of 10% of the total shares in issue to be granted under the scheme[143]. - No share options were exercisable as of September 30, 2019, indicating no shares available for issue under the scheme[150]. - The maximum entitlement for each eligible person under the share option scheme is limited to 1% of the shares in issue[152]. - The share option scheme has a total of 283,200,000 share options granted as of December 22, 2009[160]. - The exercise price of the share options is set at HK$0.428, while the share price at the date of offer was HK$0.425[167]. - The fair value of each share option is estimated to be between HK$0.18 and HK$0.27 based on the Binomial model[167]. - The performance target for vesting the share options is a return on equity of not less than 12% for each financial year ending March 31[163]. - No share options were granted, exercised, lapsed, or cancelled for the six months ended September 30, 2019[163]. - The scheme is scheduled to expire on November 1, 2019, after which no further options will be offered[163]. - The first 25% of the share options granted vested on the date of results announcement for the year ended March 31, 2011, due to the performance target being met[162]. - The second, third, and final 25% of the share options lapsed in the years ending March 31, 2012, 2013, and 2014, respectively, as the performance targets were not met[162]. Regulatory Environment - The central government remains firm on curbing rising housing prices, emphasizing that "houses are for people to live in but not for speculation," which will shape future real estate regulations[126]. - The Group has adopted new accounting standards including HKFRS 16, which has resulted in changes to accounting policies and adjustments in the financial statements[199]. - The application of other new and revised HKFRSs has had no material effect on the Group's financial performance and positions for the current and prior periods[199]. - The financial statements are prepared on a historical cost basis, consistent with the previous annual consolidated financial statements[198].

Financial Performance - Richly Field China Development Limited reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% year-over-year growth[1]. - The company’s net profit for the year was HKD 300 million, which is a 20% increase compared to the previous year[1]. - The Group recorded total revenue of HK$284,184,000, representing a 45.5% increase compared to HK$195,338,000 in the corresponding year[80]. - Revenue from property sales was approximately HK$235,062,000, up from HK$149,102,000 in the corresponding year[80]. - Gross rental income increased to approximately HK$28,743,000 from HK$26,627,000 in the corresponding year[80]. - Management fee income rose to approximately HK$20,379,000 compared to HK$19,609,000 in the corresponding year[80]. - The loss attributable to equity holders was HK$268,297,000, a 31.5% decrease from HK$391,630,000 in the corresponding year[81]. - Loss per share for the year was HK$1.15 compared to HK$2.79 for the corresponding year[81]. User Growth and Market Expansion - User data indicated a growth in active users by 25%, reaching a total of 500,000 users[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[1]. - The company has initiated a new strategy focusing on sustainable development, aiming to reduce operational costs by 15% over the next three years[1]. - The company is actively pursuing new strategies for market expansion and product development across various projects[25]. Project Development and Construction - The gross floor area of properties under development is projected to be 150,000 square meters, with completion expected by the end of 2024[1]. - The Changsha Outlets project has a total commercial area of 322,435.9 sq.m, with 100% completion in the commercial portion[21]. - The residential portion of Changsha Outlets covers 736,117.1 sq.m, with Phase 1 fully completed and delivered, and Phase 2 partially completed[21]. - Yinchuan Project's commercial area is 53,967.0 sq.m, with Phase 1 completed and Phase 2 expansion also completed[21]. - The Qinhuangdao Project has a total area of 717,955 sq.m, with Phase 1 main part completed[25]. - The Changsha Outlets Project covers an area of 1,500 mu, with plans for 500 mu of commercial space and 1,000 mu of residential space, aiming to establish a market brand as a featured real estate developer[34]. - The Jilin Project is planned to develop a multi-storey high-end residential community with a gross floor area of approximately 105,000 sq.m[78]. - The Jilin Project has completed the initial construction phase, including excavation and piling tests, ahead of schedule[78]. Financial Health and Liabilities - The Group's cash flow from operations improved by 30%, totaling HKD 400 million, indicating strong financial health[1]. - As of 31 March 2019, net current liabilities amounted to approximately HK$831,156,000[82]. - The Group's notes payable had a carrying amount of HK$93,471,000 as of 31 March 2019, with ongoing negotiations for an extension of the maturity date[86]. - The Group breached the repayment term of an other borrowing amounting to RMB270,000,000 (approximately HK$314,766,000) as of March 31, 2019, with RMB30,000,000 in default since April 2019[104]. - The Directors believe the Group has sufficient resources to repay the notes payable if required, despite material uncertainties regarding the Group's ability to continue as a going concern[91]. Strategic Partnerships and Marketing - The Group emphasizes the introduction of diverse participation- and experience-based offerings, including chain kindergartens, supermarkets, gyms, and indoor swimming pools, to enhance customer experience and attract more visitors[54]. - The strategic focus on brand partnerships aims to establish strong relationships and enhance sales through collaborative marketing efforts[54]. - The marketing team is actively securing potential customers and maintaining cooperation with media partners to promote the Company's products across various platforms[41]. - The marketing team is actively engaging with media to promote the company's products and ensure timely communication of marketing activities[43]. Regulatory Environment and Market Outlook - The central government's regulatory policies for the real estate market indicated a shift towards more relaxed measures, with over 450 policy releases recorded during the year[111]. - The overall real estate sales outlook remains promising, driven by cash compensation for residents affected by shanty town renovations, increased panic buying due to rising prices, and enhanced location value from city cluster planning[122][125]. - The Group expects a new round of regulation loosening in 2019, while maintaining the policy that "houses are for people to live in but is not for speculation"[112]. Healthcare and Diversification - The Group is focusing on the healthcare real estate sector, which is in early development stages, to cater to the increasing demand from an aging population[141]. - The Group intends to develop a healthcare business model that integrates real estate with healthcare services, enhancing brand value and customer satisfaction[141]. - The community healthcare market is gradually taking shape, with increasing demand for medical services, which provides a broad platform for the company's cross-industry development in the health sector[143]. Shareholding and Corporate Governance - As of 31 March 2019, the company had a total of 23,336,687,255 shares issued[191]. - The company has a significant concentration of shareholding, with major shareholders controlling over 61% of the shares[195]. - The company is compliant with the Securities and Futures Ordinance regarding the disclosure of interests by directors and substantial shareholders[190].