(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） （Stock Code 股份代號：369） WING TAI PROPERTIES LIMITED 永泰地產有限公司 Dear Shareholders, New Arrangements on Dissemination of Corporate Communications Pursuant to the amended Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") effective from 31 December 2023 and the second amended and restated bye-laws of Wing Tai Properties Limited (the "Company") adopted on 29 May 2025, the C ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不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。 WING TAI PROPERTIES LIMITED 永 泰 地 產 有 限 公 司 ( 於百慕達註冊成立之有限公司 ) (股份代號: 369) 董事會會議召開日期 永泰地產有限公司（「本公司」）宣佈，本公司將於二零二五年八月二十一 日（星期四）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年六月三十日止六個月之中期業績公告及其發佈，及考慮宣派 中期股息（如適用）。 永泰地產有限公司 公司秘書兼集團法律顧問 鍾少華 代行 香港，二零二五年八月六日 於本公告發表日期，本公司之董事如下： 執行董事： 鄭維志、鄭維新、鄭文彪、周偉偉及吳家煒 非執行董事： 郭炳聯（郭顥澧為其替任董事）、康百祥及陳周薇薇 獨立非執行董事： 楊傑聖、林健鋒、吳德偉及林天福 ...

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 1,031.1 million, representing a 17% increase from HKD 882.4 million in 2023[17] - Gross profit decreased to HKD 635.2 million from HKD 680.7 million, reflecting a 7% decline[17] - The fair value change of investment properties and financial instruments resulted in a loss of HKD 1,357.9 million, up 97% from a loss of HKD 690.0 million in the previous year[17] - The pre-tax loss increased to HKD 2,521.6 million, a 228% rise compared to HKD 768.6 million in 2023[17] - The loss attributable to shareholders was HKD 2,559.5 million, which is 187% higher than the loss of HKD 890.4 million in the prior year[17] - Core consolidated profit attributable to shareholders, excluding fair value changes and impairment provisions, was HKD 92.0 million, a 53% decrease from HKD 197.0 million[17] - The group recorded a comprehensive loss of HKD 2,576,000,000 for the year, an increase from HKD 812,000,000 in 2023, highlighting significant financial pressures[29] - The total non-cash valuation loss for the year was HKD 2,652,000,000, compared to HKD 1,087,000,000 in 2023, reflecting ongoing market challenges[27] Assets and Equity - Total assets as of December 31, 2024, amounted to HKD 31,085.5 million, down 9% from HKD 33,988.1 million in 2023[17] - Total equity decreased to HKD 23,320.8 million from HKD 26,094.6 million, reflecting an 11% decline[17] - The net asset value of the group as of December 31, 2024, was HKD 23,321,000,000, a decrease of HKD 2,774,000,000 from HKD 26,095,000,000 in 2023, primarily due to dividend distributions and a loss of HKD 2,576,000,000 during the year[45] Dividends - The interim dividend per share was reduced to HKD 0.03 from HKD 0.06, and the final dividend per share was also reduced to HKD 0.04 from HKD 0.08, totaling HKD 0.07 compared to HKD 0.14 in the previous year[17] - The board proposed a final dividend of HKD 0.04 per share, totaling HKD 0.07 per share for the year, reflecting a cautious approach to shareholder returns amid financial losses[20] Property Development and Management - The property development segment reported revenue of HKD 325,000,000, up from HKD 212,000,000 in 2023, despite lower profit margins due to market conditions[30] - The group has initiated pre-sale preparations for residential projects "Cloud Towards" and a joint venture project near MTR stations, indicating ongoing market engagement[21] - The group has signed a management contract for a long-term rental apartment project in Shenzhen, consisting of 1,610 units, expanding its portfolio in the Greater Bay Area[23] - The group holds a 70% interest in the "OMA by the Sea" residential project, with 517 units and approximately 252,000 sq ft of usable area, having sold about 96% of the units by December 31, 2024[32] Market Outlook - The economic outlook for Hong Kong in 2025 remains uncertain, with potential support from recent U.S. Federal Reserve rate cuts, but caution is advised due to the changing global economic environment[55] - The residential property market may benefit from a gradual recovery in demand, supported by new capital investment plans, although a large supply of unsold units could hinder significant price growth in the short term[55] - The company anticipates a slight decrease in rental income from Hong Kong, while London rental income is expected to remain stable[56] - The company maintains a cautiously optimistic outlook for the Hong Kong real estate market, supported by the government's commitment to the sector and the foundation of the local economy[56] Corporate Governance - The company is committed to maintaining high standards of corporate governance, as evidenced by the qualifications and experience of its directors[80] - The board consists of five executive directors, three non-executive directors, and five independent non-executive directors, ensuring a balanced governance structure[166] - The company has established a Corporate Governance Committee on August 25, 2022, to enhance and ensure high standards of corporate governance[182] - The board has full discretion in granting these options and incentives, reflecting the company's commitment to rewarding performance and contribution[112] Employee Compensation and Incentives - The company continues to utilize stock options as a key component of its employee compensation strategy, aligning employee interests with shareholder value[105] - The 2023 stock option plan and share incentive plan aim to recognize, motivate, and reward contributors to the group, helping retain existing and attract new valuable directors and employees[113] - The total number of employees eligible for the share incentive plan is significant, with 4,346,750 share incentives granted specifically to employees[117] Sustainability and Social Responsibility - The company is committed to corporate social responsibility initiatives, including community engagement and environmental policies[61][63] - The company has a strong focus on environmental, social, and governance (ESG) policies, which are crucial for its business success[88] Leadership and Management - 郭炳聯先生 has been a non-executive director since 1991 and is the chairman and managing director of Sun Hung Kai Properties, a major shareholder of the company[73] - The company has a strong board with members holding degrees from prestigious universities such as Harvard and Cambridge, enhancing its governance and strategic direction[73][79] - The company has a diverse leadership team with members from different professional backgrounds, contributing to a well-rounded strategic approach[79]

Financial Performance - Core profit attributable to shareholders decreased to HKD 92 million, down HKD 105 million from HKD 197 million in 2023, primarily due to a decline in residential unit prices and increased operational losses from the hotel[5] - The company reported a comprehensive loss attributable to shareholders of HKD 2,559.5 million, compared to a loss of HKD 890.4 million in 2023, with a loss per share of HKD 1.89[10] - The company reported a loss of HKD 2,576.0 million for the year ended December 31, 2024, compared to a loss of HKD 812.4 million in 2023, representing an increase in losses of 217.5%[11] - Total comprehensive loss for the year amounted to HKD 2,585.4 million, up from HKD 812.0 million in the previous year, indicating a significant increase of 218.5%[11] - The company reported a total operating loss of HKD 1,900.3 million for the year, compared to a loss of HKD 2,521.6 million before tax, indicating a reduction in losses[24] - The company reported a significant impairment provision of HKD 760.8 million related to properties held for sale and financial investments[24] - The company reported a net loss attributable to shareholders of HKD 2,559.5 million for 2024, compared to a loss of HKD 890.4 million in 2023, resulting in a basic loss per share of HKD 1.89, up from HKD 0.66[37][39] Revenue and Sales - Total revenue for the year ended December 31, 2024, was HKD 1,031.1 million, an increase from HKD 882.4 million in 2023[10] - Property sales and project management revenue amounted to HKD 315.7 million in 2024, up from HKD 190.5 million in 2023, indicating a significant increase of 65.7%[23] - Rental income and property management revenue increased to HKD 645.9 million in 2024 from HKD 611.4 million in 2023, reflecting a growth of 5.6%[23] - The company's revenue for the year ending December 31, 2024, was HKD 1,031 million, an increase from HKD 882 million in 2023, primarily due to increased sales from "OMA OMA" and "OMA by the Sea" units, as well as revenue from the reopening of the renovated hotel in Causeway Bay[47] - The property development segment reported revenue of HKD 325 million for 2024, up from HKD 212 million in 2023, despite a lower profit margin[51] Asset and Liability Management - Non-current assets decreased to HKD 24,418.3 million in 2024 from HKD 25,999.0 million in 2023, a decline of 6.1%[12] - Current assets also fell to HKD 6,667.2 million in 2024, down from HKD 7,989.1 million in 2023, reflecting a decrease of 16.5%[12] - The company's net asset value decreased to HKD 23,320.8 million in 2024 from HKD 26,094.6 million in 2023, a reduction of 10.6%[13] - Bank and other borrowings increased to HKD 4,737.4 million in 2024 from HKD 4,000.3 million in 2023, marking an increase of 18.4%[13] - The company’s equity attributable to shareholders decreased to HKD 21,749.3 million in 2024 from HKD 24,440.1 million in 2023, a decrease of 10.9%[13] - The company’s liabilities increased, with current liabilities totaling HKD 2,785.5 million in 2024, down from HKD 3,636.7 million in 2023, a decrease of 23.4%[12] Market Conditions and Outlook - The overall market remains sluggish, with unsold residential units continuing to exert downward pressure on property prices despite recent easing measures[5] - The economic outlook for Hong Kong in 2025 remains uncertain, with potential support from U.S. Federal Reserve rate cuts, but caution is advised due to global economic conditions[75] - The residential property market may benefit from a gradual recovery in demand, supported by new capital investment programs, although significant unsold inventory may hinder short-term price growth[75] - The Hong Kong office market is facing downward pressure on rental rates and occupancy due to global economic headwinds, while London office market rents continue to grow[77] - The company maintains a cautiously optimistic outlook for the Hong Kong real estate market, supported by the government's commitment to the sector[77] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.04 per share, bringing the total dividend for the year to HKD 0.07 per share[5] - The company plans to distribute an interim dividend of HKD 0.03 per share in 2024, down from HKD 0.06 per share in 2023, and a proposed final dividend of HKD 0.04 per share, reduced from HKD 0.08 per share in 2023[39] - The company proposed a final dividend of HKD 0.04 per share for the year ending December 31, 2024, down from HKD 0.08 in 2023, resulting in a total dividend of HKD 0.07 per share for the year[45] Operational Developments - The company maintained an occupancy rate of approximately 90% for its Landmark East office properties despite challenges in the Hong Kong office leasing market[6] - The company is preparing for the pre-sale of its residential projects near Sheung Shui and Tai Wai, which have obtained pre-sale consent[6] - The re-opened hotel in Causeway Bay has launched six top-floor apartments and signed a three-year sustainability-linked loan, marking the company's first such financing[8] - The company has expanded its serviced apartment management portfolio in the Greater Bay Area and the Philippines, with a new project in Shenzhen featuring 1,610 apartments[8] - The "OMA OMA" project has sold approximately 95% of its residential units, with 0.2% delivered to buyers as of December 31, 2024[52] - The "OMA by the Sea" project, in which the company holds a 70% interest, has sold about 96% of its residential units, with 4% delivered to buyers as of December 31, 2024[53] Employee and Corporate Responsibility - The company employs approximately 480 staff and offers comprehensive compensation and benefits plans[82] - The company is committed to corporate social responsibility and has implemented various community initiatives[83] - The company adheres to all relevant regulations and holds necessary licenses for its operations[86]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 560.3 million, an increase from HKD 477.3 million in the same period of 2023, representing a growth of 17.4%[10] - The company reported a loss before tax of HKD (1,323.2) million for the first half of 2024, compared to a loss of HKD (307.7) million in the first half of 2023, indicating a significant increase in losses[10] - The total comprehensive loss for the period was HKD (1,361.6) million, compared to a loss of HKD (334.0) million in the prior year[10] - The consolidated loss for the six months ended June 30, 2024, was HKD 1,362,000,000, compared to a loss of HKD 334,000,000 in the same period of 2023, representing an increase in loss of HKD 1,028,000,000[17] - The core consolidated profit attributable to shareholders was HKD 32,000,000, down from HKD 63,000,000 in 2023, a decrease of HKD 31,000,000[17] - The total comprehensive loss for the period amounted to HKD 1,375.9 million, compared to HKD 350.1 million in the previous period, reflecting a significant increase in losses[47] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 32,519.3 million, while total liabilities were HKD 7,927.4 million, resulting in a net asset position for the company[10] - The equity attributable to shareholders decreased to HKD 22,994.7 million as of June 30, 2024, down from HKD 24,440.1 million in the previous year[10] - The company’s total liabilities increased slightly from HKD 7,893.5 million in 2023 to HKD 7,927.4 million in 2024[10] - As of June 30, 2024, the group's net asset value was HKD 24.592 billion, a decrease of HKD 1.503 billion from HKD 26.095 billion on December 31, 2023[31] - The total bank and other borrowings as of June 30, 2024, amounted to HKD 6.912 billion, compared to HKD 6.808 billion on December 31, 2023[31] - The debt ratio as of June 30, 2024, was 16.7%, up from 16.0% on December 31, 2023[33] Revenue Segments - The property development segment's revenue was HKD 221,000,000, compared to HKD 143,000,000 in the same period of 2023, driven by increased sales of "OMA by the Sea" despite lower profit margins[18] - The property investment and management segment reported revenue of HKD 282 million for the first half of 2024, down from HKD 288 million in the same period of 2023, while the core profit before tax increased to HKD 179 million from HKD 164 million[25] - Revenue from other business segments for the first half of 2024 was HKD 30 million, up from HKD 27 million in the same period of 2023, representing an increase of 11.1%[29] - The revenue from Hong Kong increased to HKD 513.3 million, up from HKD 429.4 million, indicating a growth of 19.6%[74] Market Conditions and Outlook - Future outlook remains cautious due to the current financial performance and market conditions, with no specific guidance provided for the upcoming quarters[10] - The company anticipates a gradual recovery in the Hong Kong economy in the second half of 2024, with residential property demand expected to remain resilient[44] - The management remains focused on maintaining a robust financial position and exploring suitable investment opportunities despite market volatility[44] Dividends and Shareholder Returns - The company proposed an interim dividend of HKD 0.03 per share, totaling HKD 41,000,000[16] - The interim dividend declared is HKD 0.03 per share, down from HKD 0.06 per share in 2023, reflecting a cautious approach amid financial losses[44] - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 40.7 million, down from HKD 81.4 million in the previous year[81] Employee and Management Compensation - The group is committed to providing comprehensive compensation and benefits plans for its approximately 480 employees, including retirement benefits and training activities[44] - Employee costs, including directors' remuneration, increased to HKD 165.0 million in the first half of 2024 from HKD 132.7 million in the same period of 2023[77] Investment Properties and Projects - The company is actively developing a mixed-use project in Central Hong Kong, integrating grade A office space, a high-end international hotel, and retail spaces[15] - The company has sold approximately 95% of the residential units in the "OMA OMA" project, totaling 466 units with a usable area of about 234,000 square feet, as of June 30, 2024[19] - The company is expanding its service apartment management portfolio in the Greater Bay Area and the Philippines, with a new long-term apartment project in Shenzhen featuring 1,610 units[15] Financial Risks and Governance - Financial risks include market risk, credit risk, and liquidity risk, with no changes in risk management policies since year-end[60] - The company maintains a commitment to high standards of corporate governance, complying with all applicable codes and regulations as of June 30, 2024[136] Share Options and Awards - The new 2023 Share Option Scheme and 2023 Share Award Scheme were approved by shareholders on May 23, 2023, with a validity period of ten years until May 22, 2033[107] - The company has a structured approach to managing share options, ensuring compliance with regulatory requirements and shareholder interests[108] - A total of 4,439,000 stock options were granted under the 2023 stock option plan, representing approximately 0.33% of the weighted average number of shares issued during the period[121]

Financial Performance - For the six months ended June 30, 2024, the company recorded a net valuation loss and impairment provision of HKD 1,352 million, compared to HKD 480 million in 2023[1] - The core profit attributable to shareholders was HKD 32 million, down from HKD 63 million in the same period last year, with a core earnings per share of HKD 0.02 compared to HKD 0.05 in 2023[1] - The total comprehensive loss attributable to shareholders was HKD 1,337 million, compared to a loss of HKD 374 million in 2023, resulting in a loss per share of HKD 0.99 versus HKD 0.28 in the previous year[1] - The company reported a loss of HKD 1,361.6 million for the six months ended June 30, 2024, compared to a loss of HKD 334.0 million for the same period in 2023, representing a significant increase in losses[7] - Total comprehensive loss for the period amounted to HKD 1,375.9 million, up from HKD 350.1 million in the previous year, indicating a worsening financial performance[7] - The company reported a net operating loss of HKD 1,337.1 million for the six months ended June 30, 2024, compared to a loss of HKD 374.2 million for the same period in 2023[25] - The basic loss per share for the six months ended June 30, 2024, was HKD 0.99, compared to HKD 0.28 for the same period in 2023[25] - Consolidated loss for the six months ended June 30, 2024, was HKD 1,362 million, an increase of HKD 1,028 million compared to a loss of HKD 334 million in 2023, mainly due to non-cash losses[33] Revenue and Income - Revenue for the six months ended June 30, 2024, reached HKD 560.3 million, a 17.4% increase from HKD 477.3 million in the same period of 2023[17] - Property sales and project management income amounted to HKD 215.0 million, up from HKD 130.9 million, reflecting a significant increase of 64.3%[17] - Financial investment interest income increased to HKD 22.6 million, compared to HKD 19.0 million, marking a growth of 18.9%[17] - Revenue from Hong Kong increased to HKD 513.3 million, up from HKD 429.4 million, indicating a growth of 19.6%[20] - Property development segment revenue was HKD 221 million, up from HKD 143 million in 2023, despite lower profit margins[35] - The property investment and management segment revenue was HKD 282 million, slightly down from HKD 288 million in 2023, while the segment's core profit before tax increased to HKD 179 million from HKD 164 million[40] Asset and Equity Position - Non-current assets decreased to HKD 25,328.6 million as of June 30, 2024, from HKD 25,999.0 million as of December 31, 2023, reflecting a decline in asset value[8] - Current assets decreased to HKD 7,190.7 million from HKD 7,989.1 million, primarily due to a reduction in receivables and other current assets[8] - The company's net asset value dropped to HKD 24,591.9 million as of June 30, 2024, down from HKD 26,094.6 million at the end of 2023, indicating a decline in shareholder equity[9] - The company's total equity decreased to HKD 24,591.9 million from HKD 26,094.6 million, highlighting a reduction in overall financial strength[10] Borrowings and Liquidity - The company’s bank and other borrowings increased to HKD 3,180.4 million from HKD 2,808.2 million, suggesting a rise in leverage[9] - The company reported a decrease in cash and cash equivalents to HKD 2,803.2 million from HKD 2,642.3 million, indicating a tightening liquidity position[8] - The total bank and other borrowings amounted to HKD 6.912 billion as of June 30, 2024, compared to HKD 6.808 billion as of December 31, 2023[48] - The debt ratio of the group was 16.7% as of June 30, 2024, compared to 16.0% as of December 31, 2023[49] - The group had cash and bank deposits of HKD 2.803 billion as of June 30, 2024, compared to HKD 2.642 billion as of December 31, 2023[50] Market and Operational Insights - The residential property market rebound lasted only two months after the government lifted cooling measures, leading to further price declines and significant drops in transaction volumes[2] - The occupancy rate of the Landmark East office towers in Hong Kong remained stable at approximately 90% due to proactive asset enhancement measures[2] - The company is actively developing a mixed-use project in Central, integrating grade A office space, a high-end international hotel, and retail spaces[2] - The company’s hotel in Causeway Bay reopened in March 2024, focusing on brand building and service quality amid a weak hotel market[2] - The group anticipates a slow recovery in the Hong Kong economy in the second half of 2024, with continued pressure on the property market[56] - Residential property demand is expected to remain resilient due to interest rate cuts, pent-up demand from homebuyers, and increased demand from new immigrants[56] - The group expects stable occupancy rates for its hotel in Causeway Bay, supported by government measures to boost tourism and economic recovery[56] Corporate Governance and Compliance - The company has adopted high standards of corporate governance and has complied with all applicable codes during the reporting period[58] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the six months ending June 30, 2024[60]

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 882.4 million, a decrease of 78% compared to HKD 4,096.7 million in 2022[32]. - Gross profit for the same period was HKD 680.7 million, reflecting a decrease of 57% from HKD 1,572.6 million in the previous year[32]. - The company reported a pre-tax loss of HKD 768.6 million, which is an increase of 406% compared to a loss of HKD 152.0 million in 2022[32]. - The loss attributable to shareholders was HKD 890.4 million, up 65% from HKD 540.0 million in the prior year[31]. - Core consolidated profit attributable to shareholders for 2023 was HKD 197 million, down from HKD 658 million in 2022, with core earnings per share at HKD 0.15 compared to HKD 0.49 in the previous year[38]. - The company reported a net loss of HKD 812.4 million for the year, compared to a net loss of HKD 323.9 million in the previous year, representing a 150.5% increase in losses[182]. - The gross profit for the year was HKD 680.7 million, down 56.7% from HKD 1,572.6 million in 2022[181]. - The company reported a comprehensive loss of HKD 890.4 million for the year, compared to a profit in the previous year[192]. Assets and Equity - Total assets as of December 31, 2023, were HKD 33,988.1 million, a decrease of 4% from HKD 35,499.2 million in 2022[33]. - Total equity attributable to shareholders was HKD 24,440.1 million, down from HKD 25,684.8 million in 2022[36]. - The net asset value of the group as of December 31, 2023, was HKD 26,095,000,000, a decrease of HKD 1,232,000,000 from HKD 27,327,000,000 on December 31, 2022, primarily due to dividend distributions and an annual loss of HKD 812,000,000[45]. - The company's total assets decreased to HKD 25,999.0 million from HKD 27,715.8 million in 2022, reflecting a decline of 6.2%[187]. - The company's total equity decreased from HKD 27,327.3 million in 2022 to HKD 26,094.6 million in 2023, a decrease of approximately 4.5%[190]. Dividends - The company declared a total dividend of 14.0 HKD cents for the year, a decrease of 48% from 27.0 HKD cents in the previous year[33]. - The group proposed a final dividend of HKD 0.08 per share, totaling an annual dividend of HKD 0.14 per share, which represents approximately 96% of this year's core profit[38]. - The board proposed a final dividend of HKD 0.08 per share for the year ending December 31, 2023, totaling approximately HKD 190 million, down from HKD 0.21 per share in the previous year[74]. Property and Investment - The company holds a 100% interest in Landmark East and several other properties, indicating a strong position in property investment and management[29]. - The group recorded a net property valuation loss and impairment provision totaling HKD 963 million in 2023, compared to HKD 1.7 billion in 2022[38]. - The investment property portfolio's fair market value was approximately HKD 20,000,000,000, with Hong Kong accounting for 1,633,000 square feet and London for 328,000 square feet[41]. - The group completed the sale of an investment property in Beijing in November 2023, generating approximately HKD 340 million in cash inflow and realizing an investment gain of HKD 250 million[39]. - The group is progressing with two residential development projects, with foundation works expected to be completed in Q2 2024 and Q3 2024 respectively[38]. Market Outlook - The group anticipates that recent government measures to ease mortgage pressure will improve market sentiment and gradually increase transaction volumes in 2024[38]. - The company expects the Hong Kong real estate market to gradually recover, supported by the lifting of cooling measures and increased sales of new residential properties[53]. Financial Management - The group is focused on prudent management of business operations, cash flow, and financing capabilities to ensure a robust financial position and liquidity[39]. - The company maintains a resilient balance sheet and diversified asset portfolio, allowing it to remain cautious amid market fluctuations while exploring suitable investment opportunities[54]. - The company is closely monitoring foreign exchange risks, with 87% of its borrowings in HKD and 13% in other currencies, primarily GBP[48]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency through its independent directors[66]. - The board consists of five executive directors, three non-executive directors, and five independent non-executive directors, ensuring a balance of power and authority[122]. - The company has established a corporate governance committee to enhance and ensure high standards of corporate governance, consisting of at least three members including an executive director, the financial director, and the company secretary[132]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, and the board believes they can continue to provide independent and objective views[126]. Employee and Social Responsibility - The group employs approximately 450 staff members and offers comprehensive compensation and benefits plans, including retirement benefits through mandatory provident fund schemes[58]. - The group has implemented various corporate social responsibility initiatives, including recycling programs and community engagement activities in 2023[59]. Shareholder Information - The total number of issued shares as of December 31, 2023, was 1,357,200,279 shares[83]. - The company has established a shareholder communication policy to ensure timely access to comprehensive and understandable information for shareholders and potential investors[165]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting[167].

Financial Performance - Core profit attributable to shareholders for 2023 was HKD 197 million, a decrease of 70% from HKD 658 million in 2022, resulting in a core earnings per share of HKD 0.15 compared to HKD 0.49 in the previous year[1]. - The group reported a consolidated loss attributable to shareholders of HKD 890 million for 2023, compared to a loss of HKD 540 million in 2022, with a loss per share of HKD 0.66 versus HKD 0.40 in the prior year[1]. - The company reported a total loss of HKD 812.4 million for the year ended December 31, 2023, compared to a loss of HKD 323.9 million in 2022, indicating a significant increase in losses[8]. - The company's total comprehensive loss attributable to shareholders was HKD 890.0 million in 2023, up from HKD 613.5 million in the previous year[8]. - Total revenue for 2023 was HKD 882.4 million, a significant decrease from HKD 4,096.7 million in 2022, representing a decline of approximately 78.5%[18]. - The operating loss for the year was HKD 461.5 million, with property development reporting a loss of HKD 159.1 million and property investment and management a loss of HKD 282.0 million[19]. - The pre-tax loss for the year was HKD 768.6 million, with the total loss for the year amounting to HKD 812.4 million[20]. - The basic loss per share for 2023 was HKD 0.66, compared to HKD 0.40 in 2022, representing a 65% increase in loss per share[30]. Dividends - The board proposed a final dividend of HKD 0.08 per share, bringing the total dividend for 2023 to HKD 0.14 per share, which represents approximately 96% of the core profit[2]. - The company declared an interim dividend of HKD 0.06 per share in 2023, unchanged from 2022, while the proposed final dividend decreased to HKD 0.08 per share from HKD 0.21 per share in 2022[32]. Asset and Liability Management - Non-current assets decreased from HKD 27,715.8 million in 2022 to HKD 25,999.0 million in 2023, reflecting a decline of approximately 6.2%[10]. - Current assets increased from HKD 7,783.4 million in 2022 to HKD 7,989.1 million in 2023, representing a growth of about 2.6%[10]. - The company's total equity decreased from HKD 27,327.3 million in 2022 to HKD 26,094.6 million in 2023, a decline of approximately 4.5%[11]. - The company’s bank and other borrowings increased from HKD 2,550.5 million in 2022 to HKD 2,808.2 million in 2023, an increase of about 10.1%[12]. - The company’s total liabilities decreased from HKD 4,567.0 million in 2022 to HKD 4,256.8 million in 2023, a reduction of about 6.8%[12]. - The company's total assets as of December 31, 2023, amounted to HKD 33,988.1 million, a decrease from HKD 35,499.2 million in 2022[21]. - The group's liabilities totaled HKD 7,893.5 million as of December 31, 2023, compared to HKD 8,171.9 million in 2022, reflecting a decrease of approximately 3.4%[24]. Revenue Breakdown - External sales in property development amounted to HKD 212.4 million, while property investment and management generated HKD 572.9 million, and serviced apartment investment and management contributed HKD 37.6 million[19]. - The property development segment's revenue for 2023 was HKD 212 million, a sharp decline from HKD 3,342 million in 2022, with a pre-tax loss of HKD 290 million compared to a profit of HKD 783 million in the previous year[44]. - The property investment and management segment reported revenue of HKD 573 million in 2023, down from HKD 589 million in 2022, with a pre-tax loss of HKD 411 million compared to HKD 768 million in 2022, primarily due to reduced valuation losses on office properties[48]. - The service apartment investment and management segment generated revenue of HKD 37 million in 2023, down from HKD 106 million in 2022, with a pre-tax loss of HKD 81 million compared to HKD 158 million in 2022[52]. Market Outlook and Strategy - The group anticipates that recent government measures to ease mortgage stress tests and the expected interest rate cuts will improve market sentiment and gradually increase transaction volumes in 2024[3]. - The group plans to continue selling remaining units of the "Upper Gold Coast" series and is preparing for the pre-sale of residential projects in Sheung Shui and Sha Tin, which are expected to attract local and Greater Bay Area buyers[65]. - The group expects stable recurring income from its commercial properties despite challenges in the Hong Kong office market, with a focus on high-quality properties that meet ESG standards[65]. - The group aims to maintain a cautious approach to market fluctuations while continuously improving operational performance and exploring suitable investment opportunities[65]. Property Management and Development - The group’s flagship property, Landmark East, maintained an occupancy rate of over 90% despite a competitive and weak demand environment in Kowloon East[3]. - Two residential development projects are progressing as planned, with foundation works expected to be completed in Q2 and Q3 of 2024[3]. - As of December 31, 2023, approximately 95% of the residential units in the "OMA OMA" project have been sold, with no new sales recorded in 2023[45]. - The "OMA by the Sea" project, in which the company holds a 70% interest, has sold about 92% of its residential units as of December 31, 2023, with only 2% sold in 2023[46]. - The company is currently managing a project in Fanling with an expected completion date in the second quarter of 2024, which is in the foundation engineering stage[46]. Environmental and Corporate Governance - The group received two prestigious green building certifications, demonstrating its commitment to enhancing building quality and green standards[3]. - The group has established environmental policies and is committed to corporate social responsibility initiatives within the community[71]. - The group adheres to high standards of corporate governance and complies with all applicable regulations[74]. - The group regularly reviews procurement and tendering processes to ensure transparency and fairness[73]. Employee and Operational Management - The group employs approximately 450 employees as of December 31, 2023, providing comprehensive compensation and benefits plans[69]. - The company has maintained a capital structure to ensure financial resources are available for operational needs and business expansion, with sufficient revolving loan financing to mitigate external economic shocks[55].

Financial Performance - Revenue for the first half of 2023 was HKD 477.3 million, a decrease of 44.5% compared to HKD 859.8 million in the same period of 2022[9] - The company reported a loss before tax of HKD 307.7 million, compared to a profit of HKD 456.6 million in the first half of 2022[9] - The company recorded a loss attributable to shareholders of HKD 374.2 million for the period, compared to a profit of HKD 374.0 million in the first half of 2022[9] - Gross profit for the same period was HKD 313.5 million, down 34.2% from HKD 476.0 million year-on-year[38] - The operating loss for the six months was HKD 179.0 million, compared to an operating profit of HKD 279.5 million in the previous year[38] - The net loss for the period was HKD 334.0 million, compared to a profit of HKD 404.8 million in the same period last year[38] - Total comprehensive loss for the period amounted to HKD 350.1 million, compared to a comprehensive income of HKD 311.8 million in the prior year[40] - The company reported a comprehensive loss attributable to shareholders of HKD 374 million, compared to a profit of HKD 374 million in the same period last year[17] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 34,935.2 million, with total liabilities of HKD 8,269.9 million[9] - The equity attributable to shareholders was HKD 25,015.4 million, down from HKD 25,684.8 million in the same period last year[9] - As of June 30, 2023, the group's net asset value was HKD 26,665,000,000, a decrease of HKD 662,000,000 from December 31, 2022, primarily due to dividend distribution and losses during the period[23] - The group's total bank and other borrowings amounted to HKD 6,843,000,000 as of June 30, 2023, compared to HKD 6,728,000,000 as of December 31, 2022[24] - The debt ratio as of June 30, 2023, was 15.9%, down from 16.4% as of December 31, 2022, with net borrowings of HKD 4,248,000,000[25] - Cash and bank deposits stood at HKD 2,595,000,000, while undrawn revolving loan facilities were HKD 2,390,000,000 as of June 30, 2023[26] Investment and Development - The group is focusing on managing new residential development projects, with ongoing construction for a 27-story residential building approved in February 2023[17] - Approximately 95% of residential units in the "OMA OMA" project have been sold as of June 30, 2023[17] - The group has successfully acquired a commercial land plot in Central, Hong Kong, with a 50% interest, intended for a mixed-use development including a Grade A office, hotel, retail spaces, and public green areas, totaling approximately 433,500 square feet[18] - The new hotel in Causeway Bay, scheduled to reopen in December 2023, aims to become a premier boutique hotel in Hong Kong[14] Market Outlook and Strategy - The company has not provided specific guidance for future performance but indicated a focus on enhancing customer experience and operational efficiency[9] - The company aims to continue its market expansion and product development strategies in the upcoming quarters[9] - The group expects the overall economy in Hong Kong to continue recovering, with a gradual rebound in the residential property market anticipated once interest rate hikes conclude and the mainland economy recovers[32] - The company plans to focus on market expansion and new product development to improve future performance[70] Dividends - The interim dividend for the period has not been specified, reflecting the company's cautious approach amid current financial performance[9] - The interim dividend declared is HKD 0.06 per share for the year ending December 31, 2023, consistent with the previous year[33] Financial Risks and Management - The company remains exposed to various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since year-end[54] - The company continues to evaluate the impact of new accounting standards on its financial performance, with no significant effects reported so far[52] Share Capital and Ownership - The total issued shares of the company as of June 30, 2023, were 1,357,200,279 shares[103] - Major shareholders, including Zheng Weizhi and Zheng Weixin, collectively hold 462,488,185 shares, representing approximately 34.08% of the issued share capital[103] - The company has a significant overlap in shareholdings among major shareholders, indicating concentrated ownership[115] Corporate Governance - The group is committed to maintaining high standards of corporate governance and has complied with the corporate governance code principles[128] - The group has adopted the standard code of conduct for securities trading as per the listing rules[129]

Financial Performance - For the six months ended June 30, 2023, the group recorded a consolidated loss attributable to shareholders of HKD 374 million, compared to a profit of HKD 374 million in the same period last year[1]. - The group reported a core consolidated profit attributable to shareholders of HKD 63 million, with a core earnings per share of HKD 0.05[1]. - The operating loss for the six months ended June 30, 2023, was HKD 179.0 million, compared to an operating profit of HKD 279.5 million in the same period of 2022[20]. - The company reported a net loss of HKD 334.0 million for the six months ended June 30, 2023, compared to a profit of HKD 404.8 million in the same period of 2022[18]. - The basic and diluted loss per share for 2023 was HKD 0.28, while in 2022, it was a profit of HKD 0.28 per share[31]. - The total operating expenses, including employee costs, were HKD 132.7 million for the six months ended June 30, 2023, down from HKD 137.9 million in the same period of 2022[21]. - The company recognized a tax expense of HKD 26.3 million for the six months ended June 30, 2023, compared to HKD 51.8 million in the same period of 2022[23]. - The fair value change of investment properties and financial instruments resulted in a loss of HKD 290.1 million for the six months ended June 30, 2023[17]. Revenue and Sales - Total revenue for the six months ended June 30, 2023, was HKD 477.3 million, a decrease from HKD 859.8 million in the same period of 2022[17]. - Revenue from property sales and project management was HKD 130.9 million, significantly lower than HKD 454.1 million for the same period in 2022, reflecting a decline of approximately 71.2%[15]. - Rental income and property management revenue decreased to HKD 306.9 million from HKD 355.4 million, a reduction of about 13.6%[15]. - Revenue from the Hong Kong market decreased to HKD 429.4 million for the six months ended June 30, 2023, down from HKD 805.2 million in the same period of 2022[18]. - The property development segment's revenue for the first half of 2023 was HKD 143 million, down from HKD 475 million in 2022, a decline of approximately 69.9%[32]. - The property investment and management segment reported revenue of HKD 288 million in the first half of 2023, down from HKD 295 million in 2022, with a pre-tax loss of HKD 221 million compared to a profit of HKD 302 million in 2022[35]. - The serviced apartment investment and management segment generated revenue of HKD 19 million in the first half of 2023, a significant decrease from HKD 60 million in 2022, with a pre-tax loss of HKD 50 million compared to a loss of HKD 32 million in 2022[38]. - The revenue for the other business segment in the first half of 2023 was HKD 27 million, down from HKD 30 million in 2022[40]. Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 26,977.0 million, a decrease from HKD 27,715.8 million as of December 31, 2022, representing a decline of approximately 2.67%[7]. - The company reported a total equity of HKD 26,665.3 million, down from HKD 27,327.3 million, indicating a decrease of about 2.42%[9]. - The company's accounts receivable as of June 30, 2023, amounted to HKD 175.1 million, down from HKD 193.7 million as of December 31, 2022, a decrease of approximately 9.5%[26]. - The company's accounts payable as of June 30, 2023, was HKD 916.1 million, an increase from HKD 883.1 million as of December 31, 2022, representing an increase of approximately 3.2%[28]. - Non-current liabilities rose to HKD 5,362.8 million from HKD 4,567.0 million, an increase of about 17.4%[9]. - The group's total bank and other borrowings amounted to HKD 6,843 million as of June 30, 2023, compared to HKD 6,728 million at the end of 2022[43]. - The debt ratio as of June 30, 2023, was 15.9%, slightly down from 16.4% at the end of 2022[44]. - The group had cash and bank deposits of HKD 2,595 million as of June 30, 2023, up from HKD 2,241 million at the end of 2022[45]. Market Conditions and Outlook - The residential property market showed slight recovery in Q1 2023, but weakened from April due to ongoing interest rate hikes and lack of confidence in economic recovery[2]. - The group expects the overall economy in Hong Kong to continue recovering throughout the year, although the residential and office markets will take longer to rebound[51]. - The group plans to continue selling remaining units of the "Upper Gold Coast" series in Tuen Mun, anticipating a gradual recovery in the residential property market[51]. - The group expects stable occupancy rates for office properties for the remainder of the year, with rental declines manageable[52]. - The reopening of the E-Lan Hotel in December 2023 is anticipated to coincide with a market recovery, enhancing its position as a premier boutique hotel in Hong Kong[2]. Dividends and Shareholder Returns - The board proposed an interim dividend of HKD 0.06 per share, totaling HKD 81 million, maintaining a stable financial position with net assets of HKD 26.67 billion[1]. - The overall economic recovery and property market rebound will be considered when proposing the final dividend for 2023[1]. - The interim dividend declared for 2023 was HKD 0.06 per share, consistent with the interim dividend of HKD 0.06 per share in 2022, totaling HKD 81.4 million[25]. Development Projects - The new residential development projects are progressing on schedule, including a 27-story residential building approved in February[2]. - The company has sold approximately 95% of the residential units in the "OMA OMA" project, which consists of 466 units with a usable area of about 234,000 square feet, as of June 30, 2023[33]. - In the "OMA by the Sea" project, the company has sold about 91% of the 517 residential units, with only 1% sold in the first half of 2023, and 2% delivered to buyers[33]. - The company has commenced foundation works for a residential project in Fanling, with a total floor area of approximately 284,000 square feet, where it holds an 85% interest[33]. - The company has a 50% interest in a mixed-use commercial site in Central, which will provide a total floor area of up to 433,500 square feet, with construction works already underway[34]. - The company’s wholly-owned "Eaton Residences" in Causeway Bay is expected to reopen in December 2023 after renovations, having been closed since October 2022[38]. Accounting and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial results for the current and prior periods[13]. - The company is evaluating the impact of upcoming accounting standards but has not determined any significant effects on its performance and financial position[14]. - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules[55]. - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the six months ended June 30, 2023[56]. - The mid-term report containing all financial data and related information will be published on the Hong Kong Stock Exchange website and the company's website around September 15, 2023[57].