[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides an overview of the company's governance structure, including its board of directors and committees, as well as essential corporate details such as its registered office, headquarters, auditor, and legal advisors [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) The company's board of directors comprises six executive directors and three independent non-executive directors, with established audit, remuneration, and nomination committees, where Mr. Kwan Kai Cheong, an independent non-executive director, chairs the audit and remuneration committees - The board of directors includes six executive directors, including Chairman Mr. Luo Weifeng, and three independent non-executive directors[5](index=5&type=chunk)[6](index=6&type=chunk) - The audit, remuneration, and nomination committees have been established, with Mr. Kwan Kai Cheong serving as Chairman of the audit and remuneration committees[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) The company's registered office is in the Cayman Islands, with its headquarters in Shanghai, China, and its principal place of business in Hong Kong at The Center. Deloitte Touche Tohmatsu serves as the company's auditor, and legal advisors have been appointed for Hong Kong and China - The company's headquarters are located at No. 193 Xiehe Road, Changning District, Shanghai, China, with its principal place of business in Hong Kong at 57/F, The Center, 99 Queen's Road Central, Central[7](index=7&type=chunk)[8](index=8&type=chunk) - The auditor is Deloitte Touche Tohmatsu, and legal advisors include Messrs. Tsang, Chau & Saw (Hong Kong law) and Shanghai Jianwei Law Firm (PRC law)[7](index=7&type=chunk)[8](index=8&type=chunk) [Results Highlights](index=5&type=section&id=Results%20Highlights) This section summarizes the company's key financial performance indicators and balance sheet positions for the reporting period, highlighting revenue, profit, assets, and liabilities [Financial Performance Overview](index=5&type=section&id=Financial%20Performance%20Overview) In the first half of 2025, the company's revenue increased by 10% to RMB 6.936 billion, but gross profit decreased by 17.1% to RMB 711 million, and loss attributable to owners expanded by 11% to RMB 538 million, with total assets and liabilities decreasing and net assets slightly reduced Key Financial Data for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Revenue | 6,936 | 6,331 | +605 | | Gross Profit | 711 | 858 | -147 | | Loss for the Period | (493) | (500) | +7 | | Loss Attributable to Owners of the Company | (538) | (483) | -55 | | Basic Loss Per Share (RMB) | (0.19) | (0.17) | -0.02 | Balance Sheet Summary for H1 2025 | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total Assets | 109,360 | 114,470 | -5,110 | | Total Liabilities | 92,702 | 97,319 | -4,617 | | Total Equity | 16,658 | 17,151 | -493 | [Revenue Analysis](index=6&type=section&id=Revenue%20Analysis) In the first half of 2025, property sales were the company's primary revenue source, accounting for 92.7% of total revenue with an 11% year-on-year increase, while property management and other services revenue slightly grew, and property leasing and hotel and related services revenue declined Revenue Composition for H1 2025 | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Property Sales | 6,429,216 | 5,805,610 | +623,606 | | Property Management and Other Services | 363,298 | 358,577 | +4,721 | | Property Leasing | 112,951 | 127,952 | -15,001 | | Hotel and Related Services | 30,114 | 38,454 | -8,340 | | **Total** | **6,935,579** | **6,330,593** | **+604,986** | - In the first half of 2025, property sales accounted for **92.7% of total revenue**, making it the company's primary income source[13](index=13&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operational performance, strategic initiatives, and financial results within the context of the broader industry landscape [Industry Review](index=7&type=section&id=INDUSTRY%20REVIEW) In the first half of 2025, China's economy grew steadily, boosting confidence in the real estate market, which, despite ongoing deep adjustments, saw increased policy support and demand-side stimulus (e.g., interest rate cuts, reserve requirement ratio reductions, trade-in programs, lifting purchase restrictions) driving a market rebound, particularly a 'mini-spring' in first-tier and hot second-tier cities, as the industry shifts from a 'high-leverage, high-turnover' model to high-quality development focused on product quality, operational efficiency, and refined management - China's GDP grew by **5.1% year-on-year** in Q1 2025, providing confidence to the real estate market[14](index=14&type=chunk)[16](index=16&type=chunk) - Central and local governments continued to intensify real estate policy easing, with demand-side stimulus policies (e.g., interest rate cuts, reserve requirement ratio reductions, trade-in programs, lifting purchase restrictions) driving a market rebound[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) - Market sales pressure persisted in Q1 but narrowed, with new home visits, second-hand home viewings, and transaction volumes in key cities significantly increasing month-on-month after the Spring Festival, and a 'mini-spring' emerging in core areas of first-tier cities like Beijing and Shanghai[15](index=15&type=chunk)[16](index=16&type=chunk) - The industry is accelerating its shift from a 'high-leverage, high-turnover' model to a new pattern of high-quality development centered on product quality, operational efficiency, and refined management[19](index=19&type=chunk)[21](index=21&type=chunk) [Business Review](index=9&type=section&id=BUSINESS%20REVIEW) In the first half of 2025, Greenland Hong Kong addressed industry challenges through innovative mechanisms and flexible decision-making, achieving core business structural upgrades, enhancing development efficiency and management effectiveness, making progress in diversified business areas such as property sales, long-term leasing, commercial operations, and property services, while actively expanding strategic cooperation and optimizing land reserves to navigate market fluctuations and achieve high-quality development [Overall Performance](index=9&type=section&id=Results) In the first half of 2025, the Group's contracted sales were approximately RMB 2.972 billion, with a total GFA of 364,398 square meters; total revenue increased by approximately 10% year-on-year to RMB 6.936 billion, but net loss attributable to owners of the company increased by approximately 11% year-on-year to RMB 538 million, with total GFA of sold and delivered projects increasing by approximately 27% year-on-year, and an average selling price of RMB 12,340 per square meter - In the first half of 2025, the Group's contracted sales amounted to approximately **RMB 2.972 billion**, with a total contracted GFA of approximately **364,398 square meters**[23](index=23&type=chunk)[24](index=24&type=chunk) - Total revenue was approximately **RMB 6.936 billion**, an increase of approximately **10%** compared to the same period last year[23](index=23&type=chunk)[24](index=24&type=chunk) - Net loss attributable to owners of the Group was approximately **RMB 538 million**, an increase of approximately **11%** year-on-year[23](index=23&type=chunk)[24](index=24&type=chunk) - The total GFA of sold and delivered projects was **520,991 square meters**, an increase of approximately **27%** compared to the same period last year, with an average selling price of approximately **RMB 12,340 per square meter**[25](index=25&type=chunk)[26](index=26&type=chunk) Completed and Delivered Projects by Province for H1 2025 | Province | Approx. GFA Sold and Delivered (sqm) | Approx. Sales Recognized (RMB thousand) | Average Selling Price (RMB/sqm) | | :--- | :--- | :--- | :--- | | Jiangsu | 120,135 | 2,190,970 | 18,238 | | Zhejiang | 135,745 | 1,859,045 | 13,695 | | Yunnan | 88,764 | 1,449,991 | 16,335 | | Guangxi | 92,063 | 439,010 | 4,769 | | Guangdong | 46,749 | 282,870 | 6,051 | | Anhui | 31,031 | 169,995 | 5,478 | | Others | 6,504 | 37,335 | 5,740 | | **Total** | **520,991** | **6,429,216** | **12,340** | [Contracted Sales & Delivery Efforts](index=11&type=section&id=Contracted%20Sales%20%26%20Delivery%20Efforts) The company's contracted sales in the first half of 2025 were approximately RMB 2.972 billion, primarily from key regions such as Guangdong, Jiangsu, Zhejiang, Yunnan, and Guangxi; facing market adjustments and delivery challenges, the company actively sought financial relief, optimized supply chain collaboration, and focused on key projects to ensure high-quality delivery - In the first half of 2025, the company's contracted sales amounted to approximately **RMB 2.972 billion**, with a total contracted GFA of approximately **364,398 square meters**[29](index=29&type=chunk)[32](index=32&type=chunk) - Contracted sales primarily originated from key regional projects in Guangdong, Jiangsu, Zhejiang, Yunnan, and Guangxi[29](index=29&type=chunk)[32](index=32&type=chunk) - The company actively addressed delivery challenges under dual market and policy pressures by seeking financial relief, optimizing supply chain collaboration, and stationing personnel at key projects to ensure construction progress and high-quality delivery[30](index=30&type=chunk)[33](index=33&type=chunk) [Diversified Business Operations](index=12&type=section&id=Diversified%20Business%20Operations) Greenland Hong Kong actively developed its long-term leasing business (Xiaojing Technology), achieving profitable growth, and advanced its health and wellness business; in commercial operations, the company adhered to a 'real estate + commercial' dual-engine strategy, creating benchmark projects and maintaining satisfactory occupancy rates; core property services business grew steadily, expanding into new areas such as government public buildings, healthcare, and education [Long-term Leasing Business](index=12&type=section&id=Long-term%20Leasing%20Business) In the first half of 2025, the company's long-term leasing business, Xiaojing Technology, maintained profitability amidst fierce market competition, achieving positive year-on-year and quarter-on-quarter revenue and profit growth, laying the foundation for asset transactions, while the health and wellness business actively advanced product positioning reshaping and resource expansion - The long-term leasing business, Xiaojing Technology, maintained profitability across all projects in the first half of 2025, achieving positive year-on-year and quarter-on-quarter revenue and profit growth[36](index=36&type=chunk)[38](index=38&type=chunk) - The company actively advanced its health and wellness business, reshaping product positioning and continuously seeking resources and opportunities[36](index=36&type=chunk)[38](index=38&type=chunk) [Commercial Operation](index=12&type=section&id=Commercial%20Operation) Greenland Hong Kong adhered to a 'real estate + commercial' dual-engine strategy, creating benchmark projects such as Yiwu Greenland Chaoyangmen, Nanning 289 Shanghai Tiandi, and Guangzhou Greenland Colorful City through brand upgrading and deep excavation of commercial value, while maintaining a satisfactory overall occupancy rate - The company adhered to a 'real estate + commercial' dual-engine strategy, creating benchmark projects such as Yiwu Greenland Chaoyangmen, Nanning 289 Shanghai Tiandi, and Guangzhou Greenland Colorful City, with a **satisfactory overall occupancy rate**[37](index=37&type=chunk)[39](index=39&type=chunk) - Product line thinking achieved standardized, normalized, and professional development, adhering to the 'product + service + operation' concept to deeply cultivate the national market[37](index=37&type=chunk)[39](index=39&type=chunk) [Property Services](index=13&type=section&id=Property%20Services) In 2025, the Group's core property services business achieved steady growth, with accelerated expansion of managed projects and continuously increasing service touchpoints, ensuring high-quality delivery; by deepening customer service systems, innovating digital platforms, and adopting multi-format operating models, operating efficiency was significantly unleashed, and new business areas such as government public buildings, healthcare, and education were successfully expanded - The Group's core property services business demonstrated high-quality development in 2025, with **steady growth in operating revenue**, accelerated expansion of managed projects, and continuously increasing service touchpoints[40](index=40&type=chunk)[43](index=43&type=chunk) - Operating efficiency was significantly unleashed through deepening customer service system construction, innovating digital platforms, activating private domain traffic matrix effectiveness, and innovating multi-format operating models[40](index=40&type=chunk)[43](index=43&type=chunk) - Several new external expansion projects were added, achieving breakthroughs in business areas such as government public buildings, healthcare, and education[40](index=40&type=chunk)[43](index=43&type=chunk) [Strategic Cooperation & Land Bank](index=13&type=section&id=Strategic%20Cooperation%20%26%20Land%20Bank) Greenland Hong Kong is committed to building an integrated urban construction and operation service platform and actively responds to the national 'East Data West Computing' strategy by constructing the 'Shaoguan Greenland Smart Computing Center Project'; its subsidiary, Greenland Smart Manufacturing, focuses on integrated real estate agency construction management; as of June 30, 2025, the Group held approximately 17 million square meters of high-quality land reserves, primarily concentrated in core cities of the Yangtze River Delta and Greater Bay Area - Greenland Hong Kong is striving to build an integrated urban construction and operation service platform, fully empowering the upgrade of its agency construction business[41](index=41&type=chunk)[44](index=44&type=chunk) - The Group is constructing the 'Shaoguan Greenland Smart Computing Center Project,' actively responding to the national 'East Data West Computing' strategic deployment, aiming to build it into a national-level green computing hub[42](index=42&type=chunk)[44](index=44&type=chunk) - Greenland Smart Manufacturing specializes in integrated real estate agency construction management and launched a new '3+3 Exclusive Service System' in 2025[45](index=45&type=chunk)[49](index=49&type=chunk) - As of June 30, 2025, the Group held approximately **17 million square meters** of high-quality land reserves, primarily concentrated in core cities of the Yangtze River Delta and Greater Bay Area, sufficient to support development needs for the next few years[46](index=46&type=chunk)[50](index=50&type=chunk) [Outlook](index=14&type=section&id=Outlook) The company believes China's economy and real estate industry will show a positive trend in 2025, emphasizing 'good house' construction standards, creating urban projects around four dimensions: 'green environmental protection, healthy living, durable construction, and technological intelligence'; in the future, Greenland Hong Kong will focus on revitalizing existing inventory, innovating and transforming integrated businesses, and expanding into new business areas to achieve high-quality development and innovative transformation - The positive trend for China's economy and real estate industry in 2025 is clear and firm, with a stable and healthy real estate market being the cornerstone of economic development[47](index=47&type=chunk)[51](index=51&type=chunk) - Greenland Group released 'Good House Product Standards,' establishing a '4-dimensional, 12-faceted, 78-point' system to create a new generation of good houses around four dimensions: 'green environmental protection, healthy living, durable construction, and technological intelligence'[48](index=48&type=chunk)[51](index=51&type=chunk) - In the future, the company will focus on 'breaking through with innovation and striving for excellence,' concentrating on revitalizing existing inventory, innovating and transforming integrated businesses, and expanding into new business areas to achieve high-quality development and innovative transformation[52](index=52&type=chunk)[54](index=54&type=chunk) [Financial Performance](index=16&type=section&id=FINANCIAL%20PERFORMANCE) In the first half of 2025, the company's total revenue increased by 10% year-on-year, primarily due to increased recognized area of delivered properties; however, gross profit and gross margin declined due to the persistent real estate market downturn. The company effectively controlled operating expenses, but finance costs and fair value losses on investment properties increased. Both loss for the period and loss attributable to owners of the company expanded. The financial position showed a decrease in both total assets and total liabilities, with the net gearing ratio rising to 81% [Revenue and Profitability Analysis](index=16&type=section&id=Revenue%20and%20Profitability%20Analysis) In the first half of 2025, total revenue increased by 10% to RMB 6.936 billion, with property sales contributing 93%; cost of sales grew by 14%, leading to a 17.1% decrease in gross profit to RMB 711 million, and gross margin falling from 14% to 10%. Other income, gains, and losses turned into gains due to increased tax penalties. Operating expenses (administrative and selling and marketing expenses) decreased by 23% and 13% respectively. Finance costs increased by 25% to RMB 155 million. Fair value losses on investment properties narrowed, but loss for the period and loss attributable to owners of the company still reached RMB 493 million and RMB 538 million, respectively - Total revenue for the first half of 2025 was approximately **RMB 6.936 billion**, an increase of approximately **10%** year-on-year, primarily due to an increase in recognized area of delivered properties[55](index=55&type=chunk)[57](index=57&type=chunk) - Revenue from property sales was approximately **RMB 6.429 billion**, accounting for approximately **93%** of total revenue, an increase of approximately **11%** year-on-year[56](index=56&type=chunk)[57](index=57&type=chunk) - Cost of sales was approximately **RMB 6.224 billion**, an increase of approximately **14%** year-on-year[59](index=59&type=chunk)[61](index=61&type=chunk) - Gross profit decreased from approximately **RMB 858 million** in the first half of 2024 to approximately **RMB 711 million**, with gross margin declining from **14% to 10%**, primarily due to the persistent real estate market downturn[60](index=60&type=chunk)[62](index=62&type=chunk) - Other income, gains and losses, and other operating expenses turned from a loss of approximately **RMB 15 million** in the first half of 2024 to a gain of approximately **RMB 119 million** in the first half of 2025, primarily due to an increase in tax penalties during the period[63](index=63&type=chunk)[69](index=69&type=chunk) - Administrative expenses and selling and marketing costs decreased by approximately **23%** and **13%** respectively[64](index=64&type=chunk)[70](index=70&type=chunk) - Finance costs increased from **RMB 124 million** in the first half of 2024 to **RMB 155 million** in the first half of 2025[65](index=65&type=chunk)[71](index=71&type=chunk) - Fair value losses on investment properties were approximately **RMB 302 million**, narrowing from **RMB 592 million** in the same period of 2024, primarily due to a decrease in the value of projects in Yiwu, Jiaxing, Guangzhou, Suzhou, and Nanning[66](index=66&type=chunk)[72](index=72&type=chunk) - Loss for the period was approximately **RMB 493 million**, and loss attributable to owners of the company was approximately **RMB 538 million**, representing a decrease of approximately **1%** and an increase of approximately **11%** respectively compared to the same period in 2024[68](index=68&type=chunk)[74](index=74&type=chunk) [Financial Position and Liquidity](index=18&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2025, the Group's total equity was RMB 16.658 billion, total assets RMB 109.360 billion, and total liabilities RMB 92.702 billion. The net gearing ratio increased from 75% at the end of 2024 to 81%. Total cash and cash equivalents were approximately RMB 988 million, and total borrowings were approximately RMB 14.487 billion. The Group primarily conducts business transactions in RMB, with limited foreign exchange risk. As of the period end, the Group pledged approximately RMB 28.745 billion in properties and land use rights to secure bank facilities and provided mortgage loan guarantees of approximately RMB 17.745 billion for property purchasers Financial Position as of June 30, 2025 | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Equity | 16,658 | 17,152 | | Total Assets | 109,360 | 114,470 | | Total Liabilities | 92,702 | 97,318 | - As of June 30, 2025, the net gearing ratio (total borrowings less cash and cash equivalents divided by total equity) was approximately **81%**, higher than **75%** as of December 31, 2024[77](index=77&type=chunk)[82](index=82&type=chunk) - Total cash and cash equivalents (including restricted cash) were approximately **RMB 988 million**, and total borrowings were approximately **RMB 14.487 billion**[77](index=77&type=chunk)[82](index=82&type=chunk) - The Group's business transactions are primarily denominated in RMB, with limited foreign exchange risk, but it continuously monitors the RMB exchange rate against the USD and implements hedging measures[78](index=78&type=chunk)[79](index=79&type=chunk)[83](index=83&type=chunk) - As of June 30, 2025, the Group pledged properties and land use rights with a carrying value of approximately **RMB 28.745 billion** to secure bank facilities, with an outstanding balance of secured loans totaling approximately **RMB 14.452 billion**[85](index=85&type=chunk)[87](index=87&type=chunk) Financial Guarantees as of June 30, 2025 | Guarantee Type | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Mortgage | 17,745,161 | 17,864,327 | Capital Commitments as of June 30, 2025 | Business Type | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property development business: contracted but not provided for | 14,409,813 | 12,444,597 | [Human Resources](index=20&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed a total of 2,236 staff, with 667 engaged in property development business; the company adopts a performance-linked remuneration system and provides training courses to enhance employee skills and expertise - As of June 30, 2025, the Group employed a total of **2,236 staff**, with **667** engaged in property development business[92](index=92&type=chunk)[93](index=93&type=chunk) - The company adopts a performance-linked remuneration system and provides various training courses to enhance employee skills and develop expertise[92](index=92&type=chunk)[93](index=93&type=chunk) [Corporate Governance and Other Information](index=21&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance principles, including directors' and substantial shareholders' interests, compliance with listing rules, and other significant disclosures [Directors' and Substantial Shareholders' Interests](index=21&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) As of June 30, 2025, Mr. Wang Weixian, a director of the company, and his family trust held interests in the company's shares and debentures, with Ms. Wang Xuling also holding share interests as a trust beneficiary. Independent non-executive directors Mr. Fong Ho and Mr. Kwan Kai Cheong held a small number of company shares. Substantial shareholders include Gluon Xima International Limited and its parent company, Greenland Holding Group Company Limited, holding 59.11% of the company's shares Total Long Position of Directors in Shares (as of June 30, 2025) | Name of Director | Capacity/Nature of Interest | Number of Shares | Approx. % of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Wang Weixian | Interest in controlled corporation | 38,804,571 | 1.39% | | Mr. Wang Weixian | Settlor of discretionary trust | 164,276,133 | 5.88% | | Ms. Wang Xuling | Beneficiary of discretionary trust | 164,276,133 | 5.88% | | Mr. Fong Ho, JP | Beneficial owner | 500,000 | 0.02% | | Mr. Kwan Kai Cheong | Beneficial owner | 500,000 | 0.02% | Total Long Position of Directors in Debentures (as of June 30, 2025) | Name of Director | Capacity/Nature of Interest | Currency of Debentures | Amount of Debentures | | :--- | :--- | :--- | :--- | | Mr. Wang Weixian | Interest in controlled corporation | USD | 4,475,000 | Total Long Position of Substantial Shareholders in Shares (as of June 30, 2025) | Name of Shareholder | Capacity/Nature of Interest | Number of Shares | Approx. % of Issued Shares | | :--- | :--- | :--- | :--- | | Gluon Xima International Limited | Beneficial owner | 1,650,244,409 | 59.11% | | Hong Kong Vee Eight Limited | Interest in controlled corporation | 1,650,244,409 | 59.11% | | Greenland Holding Group Company Limited | Interest in controlled corporation | 1,650,244,409 | 59.11% | | Greenland Holdings | Interest in controlled corporation | 1,650,244,409 | 59.11% | | SPG Investment Holdings Ltd. | Beneficial owner | 110,094,641 | 3.94% | | Brilliant Bright Investment Limited | Beneficial owner | 54,181,492 | 1.94% | | HSBC International Trustee Limited | Trustee | 164,276,133 | 5.88% | [Corporate Governance Compliance](index=27&type=section&id=Corporate%20Governance%20Compliance) For the six months ended June 30, 2025, the company complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision C.2.1 (separation of roles of chairman and chief executive) and F.2.2 (chairman's attendance at annual general meeting). The company believes that the chairman also serving as chief executive facilitates effective strategy formulation and implementation. All directors confirmed compliance with the Model Code for Securities Transactions by Directors - The company has complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision **C.2.1** (separation of roles of chairman and chief executive) and **F.2.2** (chairman's attendance at annual general meeting)[111](index=111&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk) - The company believes that the chairman also serving as chief executive (Mr. Luo Weifeng) facilitates the effective formulation and implementation of the Group's strategies and has not prejudiced corporate governance practices[112](index=112&type=chunk)[114](index=114&type=chunk) - All directors have confirmed compliance with the Model Code for Securities Transactions by Directors for the six months ended June 30, 2025[113](index=113&type=chunk)[115](index=115&type=chunk) [Other Important Information](index=28&type=section&id=Other%20Important%20Information) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities. Controlling shareholder Greenland Holding Group Company Limited provided a keepwell deed and equity purchase undertaking for the company's medium-term note program. There were no changes in directors' information, no significant acquisitions or disposals of subsidiaries, associates, and joint ventures, and no matters requiring disclosure under Listing Rule 13.20 during the reporting period. Since the publication of the 2024 annual report, there have been no significant changes in the Group's business development, financial position, and future prospects, and no important events occurred after the reporting period. The unaudited condensed consolidated financial statements have been reviewed by the audit committee - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[116](index=116&type=chunk)[118](index=118&type=chunk) - Controlling shareholder Greenland Holding Group Company Limited provided a keepwell deed and equity purchase undertaking for the company's **USD 2 billion** medium-term note program[117](index=117&type=chunk)[119](index=119&type=chunk) - During the reporting period, there were no changes in directors' information, and no significant acquisitions or disposals of subsidiaries, associates, and joint ventures[120](index=120&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The unaudited condensed consolidated financial statements have been reviewed by the audit committee, which confirmed their compliance with applicable accounting standards[130](index=130&type=chunk)[132](index=132&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=31&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents a summary of the company's financial performance, including revenues, costs, and profits or losses, for the reporting period [Profit or Loss Summary](index=31&type=section&id=Profit%20or%20Loss%20Summary) In the first half of 2025, the company's total revenue was RMB 6.936 billion, cost of sales RMB 6.224 billion, and gross profit RMB 711 million. Loss for the period was RMB 493 million, loss attributable to owners of the company was RMB 538 million, and basic loss per share was RMB 0.19. Net other comprehensive income (expense) was a gain of RMB 1.237 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary for H1 2025 | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 6,935,579 | 6,330,593 | | Cost of sales | (6,224,495) | (5,472,821) | | Gross profit | 711,084 | 857,772 | | Other income | 5,165 | 35,090 | | Other gains and losses | 16,553 | (12,765) | | Selling and marketing expenses | (160,459) | (184,362) | | Administrative expenses | (132,603) | (173,088) | | Other operating expenses | (140,831) | (37,411) | | Impairment losses on expected credit losses | (106,033) | 20,164 | | Fair value changes on investment properties | (301,511) | (591,750) | | Finance costs | (155,274) | (123,655) | | Loss before tax | (232,559) | (199,847) | | Income tax expense | (260,350) | (300,519) | | **Loss for the period** | **(492,909)** | **(500,366)** | | Loss for the period attributable to owners of the Company | (538,228) | (482,803) | | Loss for the period attributable to non-controlling interests | 1,310 | (61,094) | | Loss for the period attributable to holders of perpetual securities | 44,009 | 43,531 | | **Basic loss per share (RMB)** | **(0.19)** | **(0.17)** | [Condensed Consolidated Statement of Financial Position](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides a snapshot of the company's assets, liabilities, and equity at a specific point in time, reflecting its financial health [Financial Position Summary](index=33&type=section&id=Financial%20Position%20Summary) As of June 30, 2025, the company's total assets were RMB 109.360 billion, a decrease from RMB 114.470 billion at the end of 2024. Total liabilities were RMB 92.702 billion, and total equity was RMB 16.658 billion. Net current assets significantly decreased to RMB 2.944 billion from RMB 6.267 billion at the end of 2024 Condensed Consolidated Statement of Financial Position Summary as of June 30, 2025 | Metric | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Total non-current assets** | **17,714,520** | **18,125,345** | | Investment properties | 7,952,780 | 7,896,000 | | Property, plant and equipment | 1,997,413 | 2,433,140 | | Interests in associates | 1,659,360 | 1,670,307 | | Interests in joint ventures | 3,496,383 | 3,458,544 | | **Total current assets** | **91,645,550** | **96,344,693** | | Properties under development | 43,927,106 | 50,582,706 | | Completed properties held for sale | 24,083,069 | 21,550,570 | | Bank balances and cash | 463,553 | 695,112 | | **Total assets** | **109,360,070** | **114,470,038** | | **Total equity** | **16,657,717** | **17,151,505** | | Equity attributable to owners of the Company | 9,841,338 | 10,342,025 | | Perpetual securities | 896,776 | 852,767 | | Non-controlling interests | 5,919,603 | 5,956,713 | | **Total non-current liabilities** | **4,001,294** | **7,240,566** | | Interest-bearing loans | 2,727,840 | 5,843,446 | | **Total current liabilities** | **88,701,059** | **90,077,967** | | Interest-bearing loans | 11,758,905 | 8,477,272 | | Contract liabilities | 18,139,501 | 21,814,267 | | **Total liabilities** | **92,702,353** | **97,318,533** | | Net current assets | 2,944,491 | 6,266,726 | [Condensed Consolidated Statement of Changes in Equity](index=35&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section outlines the changes in the company's equity components over the reporting period, including profits, losses, and other comprehensive income [Equity Changes Summary](index=35&type=section&id=Equity%20Changes%20Summary) As of June 30, 2025, equity attributable to owners of the company decreased from RMB 10.342 billion at the beginning of the year to RMB 9.841 billion, primarily due to a loss for the period of RMB 538 million. Perpetual securities equity increased to RMB 897 million, and non-controlling interests slightly decreased. Total equity decreased from RMB 17.152 billion to RMB 16.658 billion Condensed Consolidated Statement of Changes in Equity Summary for H1 2025 | Metric | As of January 1, 2025 (RMB thousand) | As of June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Subtotal of equity attributable to owners of the Company | 10,342,025 | 9,841,338 | | - (Loss) profit for the period | - | (538,228) | | - Other comprehensive income | - | 1,237 | | Perpetual securities | 852,767 | 896,776 | | Non-controlling interests | 5,956,713 | 5,919,603 | | **Total** | **17,151,505** | **16,657,717** | [Condensed Consolidated Statement of Cash Flows](index=36&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities, providing insights into the company's liquidity and solvency [Cash Flow Summary](index=36&type=section&id=Cash%20Flow%20Summary) In the first half of 2025, net cash used in operating activities was RMB 402 million, net cash generated from investing activities was RMB 259 million, and net cash used in financing activities was RMB 88 million. Cash and cash equivalents at period-end decreased by RMB 231 million to RMB 464 million Condensed Consolidated Statement of Cash Flows Summary for H1 2025 | Cash Flow Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (402,148) | (960,173) | | Net cash generated from investing activities | 258,921 | 730,056 | | Net cash used in financing activities | (88,032) | (510,777) | | Net decrease in cash and cash equivalents | (231,259) | (740,894) | | Cash and cash equivalents as of June 30 | 463,553 | 977,233 | [Notes to the Condensed Consolidated Financial Statements](index=37&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements, including accounting policies, segment information, and financial instrument fair value measurements [Basis of Preparation](index=37&type=section&id=BASIS%20OF%20PREPARATION) The condensed consolidated financial statements are prepared in accordance with IAS 34. As of June 30, 2025, the Group faces significant going concern uncertainties, including RMB 14.487 billion in interest-bearing loans (of which RMB 11.759 billion are due within one year) and RMB 4.549 billion in overdue loans. Management has formulated several mitigation measures, including negotiating extensions and restructuring with lenders, asset disposals, adjusting sales strategies, and releasing restricted cash, to ensure its ability to continue as a going concern - As of June 30, 2025, the Group's total interest-bearing loans amounted to **RMB 14.487 billion**, of which **RMB 11.759 billion** are repayable within one year[143](index=143&type=chunk)[145](index=145&type=chunk) - As of June 30, 2025, the Group had **RMB 4.549 billion** in overdue interest-bearing loans, which are secured by inventory properties with a total carrying value of **RMB 13.983 billion**[144](index=144&type=chunk)[145](index=145&type=chunk) - Management is actively negotiating with existing lenders for repayment extensions and restructuring of overdue loans, and seeking new financing sources[147](index=147&type=chunk) - Other mitigation measures include adjusting sales and pre-sale strategies, disposing of certain commercial properties to generate liquidity, and releasing restricted cash through timely completion and delivery of pre-sold properties[147](index=147&type=chunk)[152](index=152&type=chunk) - Despite management's confidence in going concern, significant uncertainties remain regarding the successful implementation of the aforementioned plans and measures, considering the volatility of China's real estate industry[153](index=153&type=chunk)[155](index=155&type=chunk) [Accounting Policies](index=41&type=section&id=ACCOUNTING%20POLICIES) The condensed consolidated financial statements are prepared on a historical cost basis, with certain properties and financial instruments measured at fair value. Amendments to IFRS 21 were first applied in the current period but had no significant impact on the financial position and performance - The condensed consolidated financial statements are prepared on a historical cost basis, with certain properties and financial instruments measured at fair value[158](index=158&type=chunk)[161](index=161&type=chunk) - Amendments to IAS 21 were first applied in the current period but had no significant impact on the Group's financial position and performance[160](index=160&type=chunk)[162](index=162&type=chunk) [Revenue from Contracts with Customers & Operating Segments](index=42&type=section&id=REVENUE%20FROM%20CONTRACTS%20WITH%20CUSTOMERS%20%26%20OPERATING%20SEGMENTS) In the first half of 2025, total revenue from contracts with customers was RMB 6.823 billion, with property sales accounting for RMB 6.429 billion, primarily recognized at a point in time. Revenue from property management and other services, and hotel and related services, was recognized over time. Segment-wise, property sales contributed the vast majority of external revenue, but segment losses primarily stemmed from property sales and property leasing Revenue from Contracts with Customers by Type for H1 2025 | Type of goods or services | Revenue recognized at a point in time (RMB thousand) | Revenue recognized over time (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Property sales | 6,429,216 | – | 6,429,216 | | Hotel and related services | – | 30,114 | 30,114 | | Property management and other services | – | 363,298 | 363,298 | | Leasing - rental income | - | - | 112,951 | | **Total revenue** | **6,429,216** | **393,412** | **6,935,579** | Revenue and Loss by Operating Segment for H1 2025 | Segment | External sales (RMB thousand) | Segment loss (RMB thousand) | | :--- | :--- | :--- | | Property sales | 6,429,216 | (297,632) | | Property leasing | 112,951 | (205,470) | | Hotel and related services | 30,114 | (2,215) | | Property management and other services | 363,298 | (14,484) | | **Total** | **6,935,579** | **(519,801)** | Assets and Liabilities by Operating Segment as of June 30, 2025 | Segment | Segment assets (RMB thousand) | Segment liabilities (RMB thousand) | | :--- | :--- | :--- | | Property sales | 122,768,016 | 120,164,489 | | Property leasing | 7,952,780 | 4,215,177 | | Hotel and related services | 2,041,426 | 1,676,234 | | Property management and other services | 10,259,959 | 5,464,307 | | **Total reportable segment assets/liabilities** | **109,360,070** | **92,702,353** | [Other Gains and Losses](index=45&type=section&id=OTHER%20GAINS%20AND%20LOSSES) In the first half of 2025, the company recorded net other gains and losses of RMB 16.553 million, primarily comprising net exchange gains of RMB 15.486 million and net gains on disposal of property, plant and equipment of RMB 1.067 million, contrasting with a loss in the same period of 2024 Other Gains and Losses for H1 2025 | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net exchange gains (losses) | 15,486 | (12,692) | | Net gains (losses) on disposal of property, plant and equipment | 1,067 | (73) | | **Total** | **16,553** | **(12,765)** | [Finance Costs](index=45&type=section&id=FINANCE%20COSTS) In the first half of 2025, the company's finance costs increased to RMB 155 million, primarily comprising interest expenses on interest-bearing loans of RMB 394 million and interest expenses on lease liabilities of RMB 8.764 million. A portion of interest on interest-bearing loans and contract liabilities was capitalized Finance Costs for H1 2025 | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest expenses on interest-bearing loans | 393,950 | 465,058 | | Interest expenses on lease liabilities | 8,764 | 11,105 | | Interest expenses on contract liabilities | 95,628 | 182,488 | | Less: Interest on contract liabilities capitalized | (95,628) | (182,488) | | Less: Interest on interest-bearing loans capitalized | (247,440) | (352,508) | | **Total** | **155,274** | **123,655** | [Income Tax Expense](index=46&type=section&id=INCOME%20TAX%20EXPENSE) In the first half of 2025, income tax expense was RMB 260 million, a decrease of approximately 14% from RMB 301 million in the same period of 2024, primarily due to lower profit margins. Income tax mainly comprises PRC corporate income tax (25%) and land appreciation tax (30%-60% progressive rates) Income Tax Expense for H1 2025 | Tax Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC corporate income tax | 145,347 | 305,225 | | PRC land appreciation tax | 145,739 | 170,069 | | Deferred tax | (30,736) | (174,775) | | **Total** | **260,350** | **300,519** | - Income tax expense decreased by approximately **14%**, primarily due to lower profit margins[67](index=67&type=chunk)[73](index=73&type=chunk) - Major operating companies in China are subject to corporate income tax at a rate of **25%**, while income from the sale or transfer of land use rights and buildings is subject to land appreciation tax at progressive rates ranging from **30% to 60%**[179](index=179&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) [Loss for the Period](index=47&type=section&id=LOSS%20FOR%20THE%20PERIOD) In the first half of 2025, loss for the period was primarily affected by factors such as depreciation, amortization, staff costs, write-downs of properties under development and completed properties held for sale, and cost of properties sold. Notably, write-downs of properties under development and completed properties held for sale significantly increased to RMB 239 million Composition of Loss for the Period for H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 17,887 | 21,952 | | Depreciation of right-of-use assets | 12,443 | 12,471 | | Amortisation of intangible assets | 23 | 23 | | Amortisation of contract costs | 50,610 | 35,213 | | Staff costs (excluding capitalized portion) | 106,455 | 145,656 | | Write-down of properties under development and completed properties held for sale | 239,395 | 110,468 | | Cost of properties sold | 5,838,251 | 5,078,687 | - Write-down of properties under development and completed properties held for sale significantly increased from **RMB 110 million** in the first half of 2024 to **RMB 239 million** in the first half of 2025[186](index=186&type=chunk) [Dividends](index=48&type=section&id=DIVIDENDS) In the first half of 2025, no dividends were paid, declared, or proposed by the company - No dividends were paid, declared, or proposed during the interim period[187](index=187&type=chunk)[188](index=188&type=chunk) [Loss Per Share](index=48&type=section&id=LOSS%20PER%20SHARE) In the first half of 2025, basic loss per share attributable to owners of the company increased to RMB 0.19, up from RMB 0.17 in the same period of 2024 Loss Per Share Calculation for H1 2025 | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the purpose of basic earnings per share | (538,228) | (482,803) | | Weighted average number of ordinary shares (thousand shares) | 2,769,188 | 2,769,188 | | **Basic loss per share (RMB)** | **(0.19)** | **(0.17)** | [Investment Properties](index=49&type=section&id=INVESTMENT%20PROPERTIES) As of June 30, 2025, the carrying value of investment properties was RMB 7.953 billion. During the period, some property, plant and equipment were reclassified as investment properties due to change in use, and a revaluation loss of RMB 170 million was recognized. The fair value of investment properties was assessed by independent professional valuers, Cushman & Wakefield, primarily using the income capitalization approach and direct comparison approach. As of the period end, RMB 3.519 billion of investment properties were pledged as collateral for the Group's borrowings Movement in Investment Properties (H1 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | As of January 1, 2025 (audited) | 7,896,000 | | Disposals | (59,426) | | Transfers from property, plant and equipment | 417,717 | | Net decrease in fair value recognized in profit or loss | (301,511) | | **As of June 30, 2025 (unaudited)** | **7,952,780** | - During the period, property, plant and equipment with a carrying value of **RMB 418 million** were reclassified as investment properties due to a change in use to generate rental income, and a revaluation loss of **RMB 170 million** was recognized[193](index=193&type=chunk)[194](index=194&type=chunk) - The fair value of investment properties was assessed by independent professional valuers, Cushman & Wakefield, primarily using the income capitalization approach and direct comparison approach[192](index=192&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk) - As of June 30, 2025, **RMB 3.519 billion** of investment properties were pledged as collateral for the Group's borrowings[198](index=198&type=chunk)[199](index=199&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=51&type=section&id=TRADE%20AND%20OTHER%20RECEIVABLES%2C%20DEPOSITS%20AND%20PREPAYMENTS) As of June 30, 2025, total trade and other receivables, deposits, and prepayments amounted to RMB 20.549 billion, largely consistent with the end of 2024. Net other receivables were RMB 17.232 billion. A relatively high proportion of trade receivables were aged over 365 days Trade and Other Receivables, Deposits and Prepayments as of June 30, 2025 | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables, net of allowance for credit losses | 147,635 | 167,843 | | Other receivables, net of allowance for credit losses | 17,232,020 | 17,063,402 | | Prepayments | 1,212,870 | 1,351,098 | | Prepaid deposits for acquisition of land for development | 465,120 | 465,120 | | Other prepaid taxes | 1,491,337 | 1,570,460 | | **Total** | **20,548,982** | **20,617,923** | Ageing Analysis of Trade Receivables as of June 30, 2025 | Ageing | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–90 days | 43,160 | 65,851 | | 91–180 days | 14,695 | 3,117 | | 181–365 days | 20,983 | 12,190 | | Over 365 days | 68,797 | 86,685 | | **Total** | **147,635** | **167,843** | [Impairment Assessment on Financial Assets and Other Items Subject to ECL Model](index=53&type=section&id=IMPAIRMENT%20ASSESSMENT%20ON%20FINANCIAL%20ASSETS%20AND%20OTHER%20ITEMS%20SUBJECT%20TO%20ECL%20MODEL) In the first half of 2025, the company recognized RMB 106 million in impairment losses on expected credit losses, primarily due to an increase in impairment losses on other receivables, while impairment losses on trade receivables and contract assets decreased Impairment Losses on Expected Credit Losses for H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | (7,336) | 113 | | Other receivables | 113,859 | (20,277) | | Contract assets | (490) | – | | **Total** | **106,033** | **(20,164)** | [Interest-Bearing Loans](index=54&type=section&id=INTEREST-BEARING%20LOANS) As of June 30, 2025, the Group's total interest-bearing loans amounted to RMB 14.487 billion, with RMB 11.759 billion repayable within one year. Loans are primarily secured bank loans. The Group has RMB 4.549 billion in overdue interest-bearing loans, secured by inventory properties with a carrying value of RMB 13.983 billion, and is currently negotiating restructuring with lenders Composition of Interest-Bearing Loans as of June 30, 2025 | Loan Type | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured bank loans | 14,451,645 | 14,285,618 | | Unsecured bank loans | 35,100 | 35,100 | | **Total** | **14,486,745** | **14,320,718** | Repayment Schedule of Interest-Bearing Loans as of June 30, 2025 | Repayment Period | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 11,758,905 | 8,477,272 | | Over one year but not exceeding two years | 926,814 | 4,655,696 | | Over two years but not exceeding five years | 1,029,026 | 408,750 | | Over five years | 772,000 | 779,000 | | **Total** | **14,486,745** | **14,320,718** | - As of June 30, 2025, the Group had **RMB 4.549 billion** in overdue interest-bearing loans, which are secured by inventory properties with a total carrying value of **RMB 13.983 billion**[213](index=213&type=chunk)[214](index=214&type=chunk) - As of the date of approval for issue of the consolidated financial statements, the repayment of **RMB 4.482 billion** in interest-bearing loans is still under negotiation, and the directors are confident that a satisfactory outcome will ultimately be achieved[214](index=214&type=chunk) [Trade and Other Payables](index=56&type=section&id=TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, total trade and other payables amounted to RMB 49.648 billion, slightly lower than at the end of 2024. Trade payables were RMB 22.749 billion, and non-trade payables to related parties were RMB 7.379 billion. A relatively high proportion of trade payables were aged over 365 days Composition of Trade and Other Payables as of June 30, 2025 | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 22,749,416 | 24,090,536 | | Non-trade payables to related parties | 7,379,112 | 7,320,514 | | Other tax payables | 2,287,875 | 2,066,138 | | Interest payables | 895,460 | 750,237 | | Amounts due to non-controlling shareholders | 4,275,721 | 4,293,344 | | Other payables and accrued expenses | 10,992,147 | 11,214,210 | | **Total** | **49,648,364** | **50,844,451** | Ageing Analysis of Trade Payables as of June 30, 2025 | Ageing | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–90 days | 9,871,484 | 11,016,069 | | 91–180 days | 193,367 | 3,119,131 | | 181–365 days | 2,951,579 | 2,514,468 | | Over 365 days | 9,732,986 | 7,440,868 | | **Total** | **22,749,416** | **24,090,536** | [Share-Based Payment](index=57&type=section&id=SHARE-BASED%20PAYMENT) As of June 30, 2025, the carrying value of shares held under the share award scheme was RMB 49.279 million, with 22,697 thousand shares, remaining unchanged from the end of 2024 Movement in Shares Held Under Share Award Scheme | Item | Shares held under share award scheme (thousand shares) | | :--- | :--- | | Outstanding as of January 1, 2024, December 31, 2024, and June 30, 2025 | 22,697 | - As of June 30, 2025, the carrying value of shares held under the share award scheme was **RMB 49,279,000**[221](index=221&type=chunk) [Share Capital](index=58&type=section&id=SHARE%20CAPITAL) As of June 30, 2025, the company's authorized share capital comprised 7 billion ordinary shares of HKD 0.5 each and 3 billion convertible preference shares of HKD 0.5 each. Issued and fully paid share capital was 2.792 billion ordinary shares of HKD 0.5 each, amounting to RMB 1.132 billion. During the reporting period, no listed securities of the company were purchased, sold, or redeemed by its subsidiaries Authorized Share Capital as of June 30, 2025 | Type of share capital | Number of shares (thousand shares) | Amount (HKD thousand) | | :--- | :--- | :--- | | Ordinary shares of HKD 0.5 each | 7,000,000 | 3,500,000 | | Convertible preference shares of HKD 0.5 each | 3,000,000 | 1,500,000 | | **Total** | **10,000,000** | **5,000,000** | Issued and Fully Paid Share Capital as of June 30, 2025 | Type of share capital | Number of shares (thousand shares) | Amount (RMB thousand) | | :--- | :--- | :--- | | Ordinary shares of HKD 0.5 each | 2,791,885 | 1,132,097 | - None of the company's subsidiaries purchased, sold, or redeemed any of the company's listed securities during the two interim periods[224](index=224&type=chunk) [Perpetual Securities](index=59&type=section&id=PERPETUAL%20SECURITIES) On July 27, 2016, the Group issued USD-denominated senior perpetual capital securities with a total principal of USD 120 million. These perpetual securities are classified as equity instruments, entitling holders to receive distributions semi-annually at the applicable distribution rate. During the interim period, the company did not pay distributions, but the applicable distribution rate was 10.21% - On July 27, 2016, the Group issued **USD-denominated senior perpetual capital securities** with a total principal of **USD 120 million**[225](index=225&type=chunk)[228](index=228&type=chunk) - The perpetual securities are classified as equity instruments, and their distributions (if declared) are treated as equity dividends[226](index=226&type=chunk)[228](index=228&type=chunk) - During the interim period, the company did not pay distributions, but the applicable distribution rate was **10.21%**[227](index=227&type=chunk)[228](index=228&type=chunk) [Fair Value Measurement of Financial Instruments](index=60&type=section&id=FAIR%20VALUE%20MEASUREMENT%20OF%20FINANCIAL%20INSTRUMENTS) The company's fair value measurement of financial assets adopts a three-level hierarchy. As of June 30, 2025, the fair value of private equity instruments measured at fair value through other comprehensive income was RMB 464 million, classified as Level 3, valued using the asset approach, and its fair value is affected by the fair value of related assets and liabilities - Fair value measurement of financial assets is categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable input data), and Level 3 (unobservable input data)[230](index=230&type=chunk)[231](index=231&type=chunk)[233](index=233&type=chunk) Private Equity Instruments Measured at Fair Value Through Other Comprehensive Income as of June 30, 2025 | Financial assets | Fair value as of June 30, 2025 (RMB) | Fair value as of December 31, 2024 (RMB) | Fair value hierarchy | Valuation techniques and key inputs | | :--- | :--- | :--- | :--- | :--- | | Private equity instruments measured at fair value through other comprehensive income | 464,150,000 | 462,501,000 | Level 3 | Asset approach, affected by the fair value of related assets and liabilities at the valuation date. | Reconciliation of Financial Assets Measured at Level 3 Fair Value | Item | Equity instruments measured at fair value through other comprehensive income (RMB thousand) | | :--- | :--- | | As of January 1, 2025 (audited) | 462,501 | | Total gains recognized in other comprehensive income | 1,649 | | **As of June 30, 2025 (unaudited)** | **464,150** | [Capital Commitments](index=62&type=section&id=CAPITAL%20COMMITMENTS) As of June 30, 2025, the company's capital commitments for properties under development and property, plant and equipment, contracted but not provided for in the condensed consolidated financial statements, amounted to RMB 14.410 billion, an increase from RMB 12.445 billion at the end of 2024 Capital Commitments as of June 30, 2025 | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property development business contracted but not provided for in the condensed consolidated financial statements | 14,409,813 | 12,444,597 | [Contingent Liabilities](index=62&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group provided financial guarantees for mortgage loans to property purchasers amounting to approximately RMB 17.745 billion, which the directors consider to have a remote chance of default and thus no value was recognized. Additionally, the Group provided a financial guarantee of approximately RMB 396 million to its joint venture, Yancheng Green Leap, which also had no value recognized due to its working capital for repayment - As of June 30, 2025, the Group provided financial guarantees for mortgage loans to property purchasers amounting to approximately **RMB 17.745 billion**, which the directors consider to have a remote chance of default, and thus no value was recognized[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) - As of June 30, 2025, the Group provided a financial guarantee of approximately **RMB 396 million** to its joint venture, Yancheng Green Leap, which also had no value recognized due to its working capital for repayment[243](index=243&type=chunk)[244](index=244&type=chunk) [Glossary](index=64&type=section&id=Glossary) This section provides definitions for key terms and abbreviations used throughout the report

格隆汇9月18日丨绿地香港(00337.HK)宣布，自2025年9月18日起，公司于开曼群岛的注册办事处已更改 为： Vistra(Cayman)Limited P.O.Box31119GrandPavilion 本公司开曼群岛主要股份过户登记处及香港股份过户登记分处维持不变。 GrandCayman,KY1-1205 CaymanIslands HibiscusWay,802WestBayRoad ...

（於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：337） 更改開曼群島註冊辦事處 綠地香港控股有限公司（「本公司」）董事會（「董事會」）宣 佈，自 二 零 二 五 年 九 月 十 八 日 起，本 公 司 於 開 曼 群 島 的 註 冊 辦 事 處 已 更 改 為： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 備 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GREENLAND HONG KONG HOLDINGS LIMITED 綠地香港控股有限公司 香 港，二 零 二 五 年 九 月 十 八 日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 駱 蔚 峰 先 生、王 偉 賢 先 生、吳 正 奎 先 生、 王煦菱女士、李偉博士及李永強先生；及本公司獨立非執行董事為關啟昌先生、 方 和 先 生 太 平 紳 士 及 郭 淳 浩 先 生。 綠地香港控股有限公司 主席兼行政總裁 駱蔚峰 Vistra (Ca ...

每经AI快讯，9月16日，港股内房股盘初走强，佳兆业集团涨超34%，旭辉控股集团涨超4%，富力地 产、绿地香港、越秀地产跟涨。 ...

公告显示，2025年首八个月，本公司、其子公司及其联属公司（统称 "本集团"）的合约销售约为人民 币41.93亿元，已售合约总建筑面积则约为490,016平方米。 9月10日，绿地香港发布2025年1-8月未经审核营运数据。 ...

人民财讯9月10日电，绿地香港9月10日在港交所公告，2025年前8个月合约销售额约为41.93亿元，已售 合约总建筑面积约为49万平方米。 ...

智通财经APP讯，绿地香港(00337)发布公告，2025年首8个月，公司、其子公司及其联属公司(统称集 团)的合约销售约为人民币41.93亿元，同比减少24.12%。已售合约总建筑面积则约为49万平方米。 （原标题：绿地香港(00337)前8个月合约销售约为41.93亿元 同比减少24.12%） ...

绿地香港(00337)发布公告，2025年首8个月，公司、其子公司及其联属公司(统称集团)的合约销售约为 人民币41.93亿元，同比减少24.12%。已售合约总建筑面积则约为49万平方米。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 備 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GREENLAND HONG KONG HOLDINGS LIMITED 綠地香港控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：337） 二零二五年一月至八月之未經審核營運統計數字 綠地香港控股有限公司（「本公司」）董事會（「董事會」）欣 然 宣 佈，二 零 二 五 年 首 八 個 月，本 公 司、其 子 公 司 及 其 聯 屬 公 司（統 稱「本集團」）之合約銷售約為人民 幣4,193,000,000元，已 售 合 約 總 建 築 面 積 則 約 為490,016平 方 米。 上 述 銷 售 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 製，而 鑒 於 收 集 該 等 銷 售 資 料 過 程 中 存 在 各 種 不 確 定 因 素，該 等 銷 售 數 據 與 本 公 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠地香港控股有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00337 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,000,000,000 | HKD | | 0.5 HKD | | 3,500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 7,000,000,000 | HKD | | 0.5 HKD | | 3,500,000,000 | | 2. ...