Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 216.2 million, down from HKD 305 million in 2023, representing a decrease of about 29.1%[5] - The group recorded a pre-tax loss of approximately HKD 231.7 million for the year, compared to a loss of HKD 168.9 million in 2023[5] - For the fiscal year ending December 31, 2024, the group's revenue was approximately HKD 216.2 million, a decrease from HKD 305 million in 2023, primarily due to a significant decline in property sales[17] - The group recorded a pre-tax loss of approximately HKD 231.7 million for 2024, compared to a loss of HKD 168.9 million in 2023, attributed to impairments in properties under development and other receivables[17] - The group recorded a net loss of approximately HKD 232,075,000 for the year ending December 31, 2024[34] - The group's total equity as of December 31, 2024, was a deficit of HKD 18,100,000, compared to an equity of HKD 87,900,000 as of December 31, 2023[26] - The group reported a net loss margin of 107.36% for the year ending December 31, 2024, compared to 67.02% in the previous year[51] - The return on equity for the group was -664.75% in 2024, significantly worse than -172.06% in 2023[51] - The current ratio decreased to 0.76 in 2024 from 1.20 in 2023, indicating a decline in liquidity[51] - The group has financial obligations due within the next twelve months amounting to approximately HKD 1,755,322,000, including bank loans of HKD 225,804,000 and other borrowings of HKD 64,217,000[83] Property Development - The property development segment generated revenue of approximately HKD 214.2 million, down from HKD 296.9 million in 2023, indicating a decline of about 27.8%[5] - The property development segment generated revenue of approximately HKD 214.2 million in 2024, down from HKD 296.9 million in 2023, with a loss of HKD 65.7 million compared to a loss of HKD 200,000 in the previous year[18] - The group has four ongoing development projects located in Zhuhai, Chengdu, Doumen, and Taishan[6][9] - The group has four ongoing development projects, including the German City project in Zhuhai, which has achieved sales of 59.10% of its available area as of December 31, 2024[18] - The group is focused on accelerating the pre-sale progress of its properties[10] - The group aims to accelerate the pre-sale progress of its properties to improve cash flow[20] - The group plans to accelerate the pre-sale of properties and expedite the delivery of completed properties to improve cash flow[34] - The group anticipates a more favorable real estate policy environment in 2025, which may boost property sales[35] Assets and Liabilities - The group had non-current assets totaling approximately HKD 1,741.2 million as of December 31, 2024, compared to HKD 1,820.3 million in 2023[10] - Current assets amounted to approximately HKD 1,337.2 million as of December 31, 2024, down from HKD 1,568.2 million in 2023[10] - Current liabilities were approximately HKD 1,755.3 million as of December 31, 2024, compared to HKD 1,303 million in 2023, reflecting an increase of about 35%[10] - The group's total liabilities increased, with current liabilities at approximately HKD 1.76 billion in 2024, up from HKD 1.30 billion in 2023[24] - As of December 31, 2024, the total interest-bearing borrowings of the group amounted to HKD 1,804,100,000, an increase from HKD 1,763,500,000 as of December 31, 2023[26] - The group had contingent liabilities of HKD 280,600,000 as of December 31, 2024, down from HKD 301,100,000 as of December 31, 2023[30] - The group has outstanding property development costs and land acquisition commitments of HKD 273,600,000 as of December 31, 2024, compared to HKD 221,000,000 as of December 31, 2023[29] Human Resources - The group employed a total of 90 staff as of December 31, 2024, down from 98 staff as of December 31, 2023[33] - The overall employee turnover rate for the year was 13%, with a new hire rate also at 13%[198] - The company employed a total of 90 staff members, with a gender ratio of approximately 1:1[197] - 92% of employees hold a university degree or higher, indicating a highly educated workforce[197] - The group has implemented a comprehensive human resources training and development plan to equip employees with necessary skills for current and future challenges[61] Corporate Governance - The company has three independent non-executive directors, all of whom are members of the audit committee[78] - The board of directors has no significant interests in any major transactions or contracts related to the group's business[76] - The company has established mechanisms to ensure a strong independent element within the board to maintain shareholder interests and enhance performance[108] - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors for the fiscal year 2024[99] - The board meets regularly to discuss overall strategy, operational and financial performance, and to review and approve annual and interim results[107] - The company has appropriate directors' and officers' liability insurance in place for legal proceedings against directors[111] - The independent non-executive directors are required to rotate at least once every three years, ensuring fresh perspectives on the board[103] - The company is committed to conducting annual assessments of the independence of its independent non-executive directors[110] - The board held a total of four meetings during the fiscal year ending December 31, 2024[112] - The audit committee conducted three meetings in the fiscal year 2024, exceeding the minimum requirement of two meetings[120] Environmental, Social, and Governance (ESG) - The group has maintained air pollutants and greenhouse gas emissions within the statutory limits set by the Environmental Protection Agency during the year[54] - The group operates a hotel in Guangdong, China, ensuring strict compliance with environmental performance management rules and regulations[54] - The group emphasizes energy-saving and optimal resource utilization in its operations[54] - The group has a climate change policy aimed at managing risks associated with extreme weather events throughout the year[54] - The company has implemented various measures to mitigate climate change risks, including a climate change policy[173] - The company is committed to integrating green building concepts throughout the project lifecycle to minimize ecological impact[184] - The company has identified five major sustainability issues: emissions and waste, energy efficiency, anti-corruption, product quality and safety, and employee engagement[172] - The company has implemented strict waste classification management to minimize environmental impact[192] - No significant legal or regulatory issues related to emissions or waste management were reported for 2024[185] Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and clear information dissemination to shareholders and potential investors[150] - The company emphasizes effective communication with shareholders, particularly through annual general meetings[161] - The company is open to shareholder feedback to improve its reporting and performance[167] - The company has a responsibility to disclose any resolutions and statements to shareholders in accordance with its articles of association[157] Future Outlook - The group is assessing plans and measures to improve its liquidity and financial performance[11] - The group aims to introduce new business opportunities to maximize shareholder value[35] - The company is expanding its reporting scope to include high-quality tourism assets in the Guangdong-Hong Kong-Macao Greater Bay Area[166] - The board is committed to integrating sustainable development into all business aspects and actively promoting low-carbon transformation[168] - The board regularly reviews the company's ESG performance to ensure responsible corporate practices and long-term value creation for stakeholders[168]

Financial Performance - The total revenue for the year ending December 31, 2024, is HKD 5,216,159,000, compared to HKD 305,020,000 for the previous year, representing a significant increase[4]. - The gross profit for the year is HKD 92,475,000, down from HKD 117,765,000, indicating a decrease of approximately 21.4%[4]. - The net loss for the year is HKD 232,075,000, compared to a net loss of HKD 204,429,000 in the previous year, reflecting an increase in losses of about 13.5%[4]. - The company reported a comprehensive loss of HKD 238,955,000 for the year, compared to HKD 209,282,000 in the previous year, which is an increase of approximately 14.3%[5]. - The total operating expenses increased to HKD 231,684,000 from HKD 168,934,000, marking an increase of about 37.1%[4]. - The total loss before tax for the group increased to HKD 231,684,000 in 2024 from HKD 168,934,000 in 2023, reflecting a worsening financial position[20]. - The group reported a pre-tax loss of HKD 203,483,000 for 2024, compared to a loss of HKD 192,711,000 in 2023, reflecting an increase in losses of approximately 5.9%[32]. Assets and Liabilities - Total assets decreased from HKD 3,388,535,000 in 2023 to HKD 3,078,839,000 in 2024, representing a decline of approximately 9.1%[6]. - Current assets decreased from HKD 1,568,189,000 in 2023 to HKD 1,337,198,000 in 2024, a reduction of about 14.7%[6]. - Total liabilities increased from HKD 1,302,981,000 in 2023 to HKD 1,755,322,000 in 2024, indicating an increase of approximately 35%[7]. - Current liabilities rose from HKD 519,459,000 in 2023 to HKD 641,586,000 in 2024, reflecting an increase of around 23.5%[7]. - The company's non-current liabilities increased from HKD 1,160,820,000 in 2023 to HKD 713,621,000 in 2024, showing a decrease of about 38.5%[7]. - The total value of non-current assets decreased from HKD 1,820,346,000 in 2023 to HKD 1,741,641,000 in 2024, a decline of approximately 4.3%[6]. - The company's cash and cash equivalents decreased from HKD 13,370,000 in 2023 to HKD 8,656,000 in 2024, a drop of about 35.4%[6]. - The total equity attributable to the owners of the company decreased from HKD 76,872,000 in 2023 to HKD 76,872,000 in 2024, remaining unchanged[7]. - The company reported a net loss attributable to owners of HKD 145,946,000 in 2024 compared to a profit of HKD 56,076,000 in 2023[7]. - The company’s total liabilities to total assets ratio increased from approximately 38.4% in 2023 to 57.0% in 2024, indicating a higher leverage position[7]. Cash Flow and Financial Position - The group recorded a net loss of approximately HKD 232,075,000 for the year ending December 31, 2024[10]. - As of December 31, 2024, the group's financial obligations amounted to approximately HKD 1,755,322,000, with bank borrowings of about HKD 225,804,000 and other borrowings of HKD 64,217,000 due within the next twelve months[10]. - The group's available cash and cash equivalents were approximately HKD 8,656,000 as of December 31, 2024, indicating significant liquidity concerns[10]. - The company has implemented several measures to improve its cash flow and financial position, including seeking new funding sources and expediting property sales[11][12]. - The effectiveness of the going concern basis of preparation for the financial statements is contingent on the success of these measures, which are subject to significant uncertainties[11]. - The company plans to improve liquidity and financial condition through various measures, including negotiating loan extensions and obtaining new financing[71]. Market Outlook and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3]. - The company is focusing on improving operational efficiency to mitigate losses in the upcoming fiscal year[3]. - Future guidance indicates a cautious outlook due to ongoing market challenges and increased competition[3]. - The real estate market is expected to stabilize in 2025, potentially boosting property sales for the company[73]. - The company remains cautiously optimistic about long-term consumer demand in the hotel and tourism sectors despite economic uncertainties[74]. Segment Performance - Total revenue for the property development segment decreased to HKD 214,179,000 in 2024 from HKD 296,949,000 in 2023, representing a decline of approximately 27.8%[20]. - The hotel business segment reported a loss of HKD 22,416,000 in 2024 compared to a loss of HKD 24,444,000 in 2023, indicating an improvement in performance[20]. - The group has three reportable segments: property development, hotel business, and other business activities[19]. - The property development segment reported revenue of approximately HKD 214,200,000 for the year ending December 31, 2024, compared to HKD 296,900,000 in 2023, with a loss of HKD 65,700,000 attributed to impairment losses on unsold properties[54]. Governance and Compliance - The company has adhered to corporate governance principles but has temporarily not complied with certain listing rules due to director resignations[76]. - The audit committee has been established with three independent non-executive directors[81]. - The consolidated financial statements for the year ending December 31, 2024, have been reviewed and confirmed by the auditors[82]. - The annual report will include information as required by the listing rules and will be published on the company's and the exchange's websites at an appropriate time[83].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 13,489,000, a decrease of 58.1% compared to HKD 32,058,000 in the same period of 2023[3] - Gross profit for the same period was HKD 5,787,000, down 47.5% from HKD 11,039,000 year-on-year[3] - The company reported a loss before tax of HKD 93,734,000, an improvement of 22.9% compared to a loss of HKD 121,479,000 in the prior year[3] - Total comprehensive loss for the six months was HKD 85,022,000, compared to HKD 129,742,000 in the same period last year, reflecting a 34.5% reduction[4] - The company reported a loss attributable to equity holders of HKD 93,510,000, compared to HKD 122,319,000 in the previous year[3] - The net loss attributable to the company for the period was HKD 88,185,000, an increase from a net loss of HKD 113,403,000 in the previous year[9] - The company reported a pre-tax loss of HKD 93,734,000 for the six months ended June 30, 2024, compared to a loss of HKD 121,479,000 in 2023[20] - The pre-tax loss for the company was approximately HKD 93,700,000, compared to a loss of HKD 121,500,000 in the same period of 2023[31] Assets and Liabilities - Non-current assets totaled HKD 1,776,030,000 as of June 30, 2024, down from HKD 1,820,346,000 at the end of 2023[5] - Current assets increased slightly to HKD 1,578,254,000 from HKD 1,568,189,000 at the end of 2023[5] - Current liabilities rose to HKD 1,348,811,000, compared to HKD 1,302,981,000 at the end of 2023, indicating a 3.5% increase[6] - The company's net asset value decreased to HKD 2,892,000 from HKD 87,914,000 at the end of 2023[6] - The company’s total liabilities related to contingent liabilities were approximately HKD 284,975,000 as of June 30, 2024, down from HKD 301,082,000 as of December 31, 2023[30] Revenue Breakdown - For the six months ended June 30, 2024, the company reported a total revenue of HKD 76,872,000, compared to HKD 778,892,000 for the same period in 2023, indicating a significant decline[9] - Revenue from property sales was HKD 10,507,000 for the six months ended June 30, 2024, down from HKD 21,896,000 in 2023, a decline of about 52.0%[17] - The property development segment reported revenue of HKD 11,900,000 for the six months ending June 30, 2024, down from HKD 26,100,000 in the same period of 2023[32] Cash Flow and Financial Position - The cash generated from operating activities was HKD 73,117,000, a recovery from a cash outflow of HKD 180,864,000 in the prior period[10] - The company reported a cash and cash equivalents balance of HKD 10,410,000 at the end of the period, down from HKD 13,370,000 at the beginning of the period[10] - The company has taken measures to improve liquidity and financial performance, including negotiating with financial institutions to extend repayment schedules[41] Operational Focus and Future Outlook - The company plans to focus on market expansion and new product development to improve future performance[3] - The company is focusing on property development and hotel operations in China, with no mention of market expansion or acquisitions in the recent report[11] - The company has not disclosed any specific future guidance or outlook for the upcoming periods[9] - The group anticipates a challenging operating environment in the second half of 2024 due to ongoing geopolitical instability and weak local demand in China[43] - The group is hopeful that government stimulus measures will enhance market activity and boost property sales[43] Shareholder and Governance Information - Major shareholders include 富偉國際控股有限公司 with 2,940,475,152 shares, representing a significant portion of the issued capital[47] - The company has adhered to the corporate governance code as per the listing rules, with a noted deviation where the roles of Chairman and CEO are held by the same individual, Mr. Yang Li Jun[52] - The company has confirmed compliance with the standard code for securities trading by all directors for the six months ending June 30, 2024[55] Employee and Human Resources - As of June 30, 2024, the total number of employees in the group decreased to 90 from 176 on December 31, 2023[42] - The company continues to implement its overall human resources training and development plan to meet current and future challenges[42] - The group is focused on attracting and retaining high-quality employees through its stock option plan[44]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 13,489,000, a decrease of 58.1% compared to HKD 32,058,000 for the same period in 2023[2] - Gross profit for the same period was HKD 5,787,000, down 47.5% from HKD 11,039,000 year-on-year[2] - The company reported a loss before tax of HKD 93,734,000, an improvement of 22.9% compared to a loss of HKD 121,479,000 in the previous year[2] - Total comprehensive loss for the period was HKD 85,022,000, compared to HKD 129,743,000 in the same period last year, indicating a 34.5% reduction in losses[3] - The basic loss per share for the period was HKD 1.15, compared to HKD 1.63 in the same period last year[2] - The company reported other income and gains of HKD 1,060,000, a marginal increase from HKD 1,048,000 year-on-year[2] - The group reported a pre-tax loss of HKD (93,734,000) for the six months ended June 30, 2024, compared to a pre-tax loss of HKD (121,479,000) for the same period in 2023, showing a reduction in losses[13] - The company recorded a loss before tax of approximately HKD 93,700,000 for the first half of 2024, compared to a loss of HKD 121,500,000 in the same period of 2023[40] - The company recorded a loss attributable to shareholders of approximately HKD 88,200,000 for the first half of 2024, compared to a loss of HKD 113,400,000 in the same period of 2023[40] Assets and Liabilities - Non-current assets totaled HKD 1,776,030,000 as of June 30, 2024, down from HKD 1,820,346,000 at the end of 2023[4] - Current liabilities amounted to HKD 1,348,811,000, an increase from HKD 1,302,981,000 in the previous year[6] - The company’s total assets were valued at HKD 3,354,284,000, a slight decrease from HKD 3,388,535,000 at the end of 2023[4] - As of June 30, 2024, the company had total liabilities of HKD 556,144,000, an increase from HKD 519,459,000 as of December 31, 2023[31] - The total amount of trade receivables as of June 30, 2024, was HKD 84,135,000, slightly down from HKD 85,765,000 as of December 31, 2023[28] - The group’s total borrowings amounted to HKD 1,715,600,000 as of June 30, 2024, down from HKD 1,763,500,000 as of December 31, 2023[46] - The asset-to-equity ratio significantly increased to 59,321.0% as of June 30, 2024, from 2,005.9% as of December 31, 2023, primarily due to increased borrowings for property development projects[46] - The group’s financial expenses for the six months ended June 30, 2024, totaled HKD 55,011,000, down from HKD 74,762,000 in 2023, representing a reduction of approximately 26.5%[18] Revenue Breakdown - For the six months ended June 30, 2024, total revenue from property development was HKD 11,930,000, while for the same period in 2023, it was HKD 26,109,000, representing a decrease of approximately 54.4%[13] - The hotel business reported a loss of HKD (11,560,000) for the six months ended June 30, 2024, compared to a loss of HKD (13,898,000) for the same period in 2023, indicating an improvement in performance[13] - The Property Development segment reported revenue of HKD 11,900,000 for the six months ended June 30, 2024, down from HKD 26,100,000 in the same period of 2023[41] - The hotel business segment recorded revenue of HKD 300,000 for the six months ended June 30, 2024, consistent with the same period in 2023[43] Strategic Focus - The company is focused on property development and hotel operations in China, indicating a strategic emphasis on these sectors moving forward[7] - The group operates primarily in the Chinese market, focusing on property development and hotel management services[14] - The group plans to deliver completed properties to buyers in the second half of 2024 as part of its strategy to improve cash flow and financial performance[51] Employee and Governance - As of June 30, 2024, the group employed a total of 90 employees, a significant decrease from 176 employees as of December 31, 2023[52] - The company has established an audit committee consisting of three independent non-executive directors[58] - The group has maintained compliance with corporate governance principles, although there is a noted deviation regarding the roles of the Chairman and CEO[54] Market Conditions and Future Outlook - The group anticipates a challenging operating environment in the second half of 2024 due to geopolitical instability and high interest rates affecting global business conditions[53] - The group is actively negotiating with financial institutions to extend or amend repayment schedules for certain loans and borrowings[51] Miscellaneous - The group has not adopted any new accounting standards or interpretations that would have a significant impact on its performance and financial position[10] - The group expects to continue as a going concern, with sufficient resources available for the foreseeable future[11] - The financial information disclosed is unaudited and has not been agreed upon by the auditors[59] - Shareholders and potential investors are advised to exercise caution when trading the company's securities[59]

Financial Performance - For the year ended December 31, 2023, the group's revenue was approximately HKD 305,000,000, a significant decrease from HKD 1,601,800,000 in 2022, resulting in a pre-tax loss of approximately HKD 168,900,000 compared to a profit of HKD 547,900,000 in 2022[8]. - The property development segment generated revenue of approximately HKD 296,900,000 for the year ended December 31, 2023, down from HKD 1,595,500,000 in 2022, with a loss of HKD 200,000 compared to a profit of HKD 572,900,000 in the previous year[9]. - The company reported a net loss of approximately HKD 204,429,000 for the year ending December 31, 2023[156]. - As of December 31, 2023, the company's financial obligations due within twelve months amounted to approximately HKD 1,302,981,000[156]. - The available cash and cash equivalents of the company were approximately HKD 13,370,000 as of December 31, 2023[156]. Debt and Liabilities - The asset-liability ratio as of December 31, 2023, was approximately 2,005.9%, up from 991.4% on December 31, 2022[17]. - The company’s bank borrowings amount to approximately HKD 256,248,000, which are due for repayment[21]. - The group has engaged in discussions with lenders to extend repayment dates for certain loans and borrowings[50]. - The board is implementing measures to improve liquidity and financial condition, including accelerating the pre-sale of properties under development[157]. - The company is negotiating with contractors to extend the payment terms for contract costs[157]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, which is deemed essential for its success and enhancing shareholder value[92]. - The board of directors has confirmed that there are no significant uncertainties that would cast doubt on the company's ability to continue as a going concern[86]. - The company has established a nomination committee to identify suitable candidates for independent non-executive director positions[83]. - The company has adhered to the corporate governance code principles as outlined in the listing rules, with the exception of one specific provision[117]. - The board structure is believed to provide sufficient checks and balances for effective business decision-making[121]. Shareholder Information - The company has a significant shareholder, 富偉國際控股有限公司, holding 40.16% of the issued ordinary shares[151]. - The company’s major shareholder, 黃岸峰, holds 40.31% of the issued ordinary shares through 明高投資控股有限公司[152]. - The company’s dividend policy is discretionary, based on financial performance and future business plans[132]. - The group has not declared any dividends for the year[31]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the fiscal year ending December 31, 2023[134]. Operational Strategy - The company plans to collaborate with leading international hotel brands to enhance its hotel services and expand into the Greater China and Southeast Asia tourism markets[6]. - The company aims to introduce new businesses, including theme parks and short-term vacation services, to maximize shareholder value[6]. - The company has identified strong growth potential in the post-pandemic Chinese tourism industry, with expectations for international tourism to fully recover to pre-pandemic levels in 2024[23]. - The group is focused on enhancing its operational efficiency and environmental performance through partnerships with hotel operators[35]. - The group has established a standard operating system to address and resolve any complaints from hotel guests, overseen by senior management[40]. Compliance and Risk Management - The group has maintained compliance with environmental laws and regulations, with no violations reported during the year[37]. - The group is committed to monitoring and evaluating risks and opportunities related to environmental, social, and governance issues[62]. - The company has complied with the Guangdong Province Food Safety Regulations and related policies, ensuring strict supervision over food additives used in its operations[70]. - The audit committee has reviewed the effectiveness of the group's internal systems and controls, as well as the audited financial statements for the year ending December 31, 2023[89]. - The audit committee has fulfilled its responsibilities, including reviewing accounting matters and the financial impact of new accounting standards[187]. Human Resources and Development - The group continues to implement comprehensive human resources training and development programs to equip employees with necessary skills for current and future challenges[42]. - The company encourages directors and senior executives to participate in professional development courses related to listing rules and corporate governance[181]. - The remuneration committee is responsible for ensuring a formal and transparent remuneration policy for executive directors and senior management, considering factors such as salary levels of comparable companies[196]. - The company emphasizes the importance of a diverse board to maintain a high-quality director team[190]. - The nomination committee has adopted a set of terms of reference for the nomination, appointment, and removal of directors, considering diversity and qualifications[189].

Financial Performance - Revenue for the year 2023 was HKD 305,020,000, a decrease of 81.0% compared to HKD 1,601,799,000 in 2022[1] - Gross profit for 2023 was HKD 117,765,000, down from HKD 676,267,000 in 2022, reflecting a significant decline[1] - The company reported a loss before tax of HKD 168,934,000 in 2023, compared to a profit of HKD 547,895,000 in 2022[1] - Basic loss per share for 2023 was HKD (2.65), a decline from earnings of HKD 3.82 per share in 2022[1] - The company reported a total loss attributable to shareholders of HKD 192,711,000 for the year 2023, compared to a profit of HKD 265,177,000 in 2022[27] - The company experienced a pre-tax loss of approximately HKD 168,900,000 in 2023, compared to a profit of HKD 547,900,000 in 2022, mainly due to asset impairments and the absence of one-time gains from subsidiary sales[42] - The group recorded a net loss of approximately HKD 204,429,000 for the year ended December 31, 2023[136] Revenue Sources - The contribution of customer A accounted for 51% of the total revenue for the year ended December 31, 2023[16] - Revenue for the year 2023 was approximately HKD 305,000,000, a significant decrease from HKD 1,601,800,000 in 2022, primarily due to a sharp decline in property sales[42] - The property development segment generated revenue of approximately HKD 296,900,000 in 2023, down from HKD 1,595,500,000 in 2022, resulting in a loss of HKD 200,000 compared to a profit of HKD 572,900,000 in the previous year[43] - Revenue from a single customer contributing over 10% to total revenue was HKD 288,447,000 for property sales, down from HKD 1,586,691,000 in 2022[156] - Total revenue for the hotel business in 2023 was HKD 296,949,000, compared to HKD 1,595,514,000 in 2022, reflecting a significant decrease[174] Impairments and Losses - The company recognized a significant impairment loss of HKD 153,169,000 on properties held for sale in 2023[1] - The hotel business segment recorded franchise income of HKD 630,000, down from HKD 4.4 million in the same period last year, with a segment loss of HKD 24.4 million compared to a loss of HKD 28.4 million in 2022[93] - The loss from the hotel business segment was HKD (204,000) in 2023, compared to a profit of HKD 572,901,000 in 2022[174] Financial Position - As of December 31, 2023, the total equity of the group was approximately HKD 87,900,000, a decrease from HKD 148,900,000 as of December 31, 2022[73] - The group had contingent liabilities amounting to HKD 301,082,000 as of December 31, 2023, down from HKD 361,076,000 in the previous year[62] - The group has outstanding financial obligations of approximately HKD 1,302,981,000 due within twelve months as of December 31, 2023[77] - The group has bank borrowings of approximately HKD 256,248,000 that are required to be repaid[78] - The group’s total liabilities decreased from HKD 2,159,310,000 to HKD 1,302,981,000, a reduction of approximately 39.6%[131] - Non-current liabilities increased to HKD 1,997,640,000 from HKD 1,022,520,000, showing a significant rise of about 95.3%[131] - The group's cash and cash equivalents were approximately HKD 13,370,000, indicating significant liquidity concerns[136] Operational Developments - The company aims to accelerate the pre-sale progress of its properties[44] - The group is expected to complete the construction of Phase 2 of the Fuyuan Junting project by September 2024[67] - The company has three ongoing development projects, including the German City project in Zhuhai, the Fuyuan Junting project in Chengdu, and the Fuyuan Plaza project in Doumen[91] - The Fuyuan Plaza project has a total construction area of approximately 197,391 square meters, with about 61,654 square meters available for sale, achieving a sales contract amount of approximately 59.63% of the total saleable area as of December 31, 2023[92] Corporate Governance - The company has maintained high standards of corporate governance and adhered to principles of accountability and transparency[107] - The audit committee and management have reviewed the consolidated financial statements for the year ended December 31, 2023[113] - The company has adopted the standards for directors' securities trading as per the listing rules[111] Future Outlook - The group anticipates leveraging the continuous growth of the Chinese economy to drive property sales in 2024[106] - The company has a plan to secure new funding sources as needed to ensure ongoing operations[40] - The company has taken measures to improve liquidity and financial condition, addressing delays in repayments to financial institutions[169]

Financial Performance - The company reported total revenue of HKD 32,058,000 for the six months ended June 30, 2023, a decrease from HKD 414,786,000 in the same period of 2022, representing a decline of approximately 92.3%[21] - The cost of sales was HKD 21,019,000, leading to a gross profit of HKD 11,039,000[3] - The company incurred a loss before tax of HKD 121,479,000, with a net loss of HKD 122,319,000 for the period[3] - Interest income for the six months ended June 30, 2023, was HKD 301,000, compared to HKD 644,000 for the same period in 2022, representing a decrease of approximately 53.3%[46] - Total revenue for the six months ended June 30, 2023, was HKD 1,048,000, down from HKD 1,953,000 in the same period of 2022, indicating a decline of about 46.3%[46] - The group reported a pre-tax loss of HKD 840,000 for the six months ended June 30, 2023, compared to a pre-tax expense of HKD 150,000 for the same period in 2022[57] - The group recorded a pre-tax loss of approximately HKD 121,500,000 for the six months ended June 30, 2023, compared to a profit of HKD 160,500,000 for the same period in 2022[115] - The hotel business segment recorded a revenue of HKD 300,000 for the six months ended June 30, 2023, down from HKD 2,500,000 for the same period in 2022[118] Assets and Liabilities - The total non-current assets decreased to HKD 1,736,702,000 as of June 30, 2023, down from HKD 1,815,016,000 as of December 31, 2022[6] - Current liabilities amounted to HKD 868,466,000, compared to HKD 966,040,000 as of December 31, 2022, indicating a reduction of approximately 10.1%[7] - The company reported cash and cash equivalents of HKD 34,159,000, a decrease from HKD 48,436,000 in the previous period[15] - The group has outstanding commitments for property development expenditures and acquisitions amounting to approximately HKD 273,919,000 as of June 30, 2023, compared to HKD 223,485,000 as of December 31, 2022[89] - The group’s receivables from trade accounts as of June 30, 2023, were HKD 92,281,000, an increase from HKD 87,467,000 at the end of 2022, indicating a growth of about 5.2%[60] - The group has a total of approximately HKD 324,766,000 in contingent liabilities as of June 30, 2023, down from HKD 361,076,000 as of December 31, 2022, representing a decrease of about 10.0%[92] - The group has contingent liabilities of approximately HKD 324,800,000 as of June 30, 2023, down from HKD 361,100,000 as of December 31, 2022[103] - The company’s borrowings from financial institutions amounted to approximately HKD 572,000,000 as of June 30, 2023[180] - The total interest-bearing borrowings of the group amounted to HKD 1,680.8 million as of June 30, 2023[122] - The group’s non-current liabilities increased to HKD 1,255,800,000 as of June 30, 2023, from HKD 1,022,500,000 as of December 31, 2022, primarily due to a new loan of approximately HKD 229,100,000 granted in the first half of 2023[102] Property Development - The group’s property development expenditure for the six months ended June 30, 2023, was HKD 504,355,000, a decrease from HKD 588,701,000 in the same period of 2022, reflecting a reduction of approximately 14.3%[61] - The Fuyuan Junting project has a total construction area of approximately 120,500 square meters, with 84,425 square meters available for sale; as of June 30, 2023, the sales contract amount for Phase 1 and Phase 2 reached 100% and 61.9% of the total saleable area, respectively[97] - The Fuyuan Plaza project has a total construction area of approximately 197,391 square meters, with 61,654 square meters available for sale; as of June 30, 2023, the sales contract amount reached 59.4% of the total saleable area[117] - As of June 30, 2023, the total construction area of the German City project is approximately 145,176 square meters, with about 49,999 square meters available for sale[96] - The company has three ongoing development projects located in Hengqin, with efforts to accelerate property pre-sales[178] - The company plans to deliver completed properties to buyers in the second half of 2023[145] Financial Management and Governance - The company has not adopted any new accounting standards that would have a significant impact on its financial position[40] - The company continues to monitor its operational segments to assess performance and resource allocation[42] - The company has taken several action plans to improve liquidity and financial performance during the first half of 2023[170] - The company has complied with corporate governance codes and has not purchased, sold, or redeemed any of its shares during the reporting period[187] - The total number of shares that can be issued under the 2021 share option scheme is capped at 694,635,004 shares[184] - The company’s leasehold land and buildings were valued at HKD 204,500,000, with some mortgaged as collateral for loans[181] - The company’s restricted bank balances amounted to HKD 167,600,000 as of June 30, 2023, down from HKD 235,800,000 as of December 31, 2022[181] Market Outlook - The operating environment for the company remains dynamic and challenging, with future performance difficult to predict[146] - The company expects increased market liquidity due to recent central government interest rate cuts, which may boost buyer sentiment in real estate sales[146] - Future outlook indicates a focus on market expansion and potential mergers and acquisitions[198] - Management discussion and analysis section provides insights into user data and performance trends[198] - The company reported a mid-term performance with a summary of financial position, including key metrics in the financial statements[198]

Financial Performance - For the six months ended June 30, 2023, the group reported a loss attributable to equity holders of HKD 122,319,000 compared to a profit of HKD 160,333,000 for the same period in 2022[15]. - Revenue for the six months ended June 30, 2023, was HKD 32,058,000, a decrease from HKD 414,786,000 in the same period of 2022[15]. - The group's gross profit for the period was HKD 11,039,000, down from HKD 23,788,000 in the previous year[15]. - The total comprehensive loss for the period was HKD 129,743,000, compared to a comprehensive income of HKD 161,790,000 in the same period last year[17]. - The basic loss per share for the period was HKD (1.63), compared to earnings of HKD 2.39 per share in the previous year[16]. - The overall loss before tax for the group was HKD (121,479,000) in 2023 (unaudited), compared to a profit of HKD 160,483,000 in 2022 (unaudited)[22]. - The group reported a loss before tax of approximately HKD 121,500,000, compared to a profit of HKD 160,500,000 in the same period of 2022[65]. Revenue Breakdown - The total revenue for the property development segment in 2023 (unaudited) was HKD 26,109,000, compared to HKD 412,328,000 in 2022 (unaudited), indicating a significant decline[22]. - The hotel segment reported a loss of HKD (13,898,000) in 2023 (unaudited), while the previous year showed a loss of HKD (12,233,000) in 2022 (unaudited)[22]. - The total income from property agency services was HKD 4,213,000 in 2023 (unaudited), slightly up from HKD 4,177,000 in 2022 (unaudited)[22]. - The revenue from sales of properties was HKD 21,896,000 in 2023 (unaudited), a drastic decrease from HKD 408,151,000 in 2022 (unaudited)[28]. - The hotel business segment recorded revenue of HKD 300,000, down from HKD 2,500,000 in the same period of 2022, with losses of HKD 13,900,000 compared to HKD 12,200,000 in the previous year[73]. Expenses and Costs - Administrative and other expenses increased to HKD 62,794,000 from HKD 48,170,000 year-on-year[15]. - Financial costs rose significantly to HKD 70,526,000 compared to HKD 38,709,000 in the prior period[15]. - Interest expenses for loans and borrowings increased to HKD 69,131,000 for the six months ended June 30, 2023, compared to HKD 36,978,000 for the same period in 2022, representing an increase of 87%[30]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 3,358,025,000, compared to HKD 3,330,776,000 as of December 31, 2022, showing a slight increase[38]. - The company reported a total liability of HKD 148,906,000 related to the sold subsidiary group[33]. - The company’s total liabilities decreased to HKD 868,466 million in June 2023 from HKD 966,040 million in December 2022, reflecting a decline of approximately 10.1%[54]. - The total non-current liabilities rose to HKD 1,255,819 thousand from HKD 1,022,520 thousand, marking an increase of approximately 22.8%[40]. - The debt-to-equity ratio increased significantly to 8,752.0% as of June 30, 2023, compared to 991.4% as of December 31, 2022, primarily due to substantial borrowing for property development projects[80]. Development Projects - The group has three ongoing development projects, including the German Town project in Hengqin, Chengdu's Fuyuan Junting project, and Doumen's Fuyuan Plaza project[67]. - The German Town project has achieved a sales contract amount representing 54.8% of its saleable area as of June 30, 2023, with construction expected to be completed by the end of 2023[68]. - The Fuyuan Junting project has achieved 100% and 61.9% sales contract amounts for its first and second phases, respectively, with the second phase expected to be completed in 2023[70]. - The Fuyuan Plaza project has achieved a sales contract amount representing 59.4% of its saleable area, with construction expected to be completed in 2024[71]. Corporate Governance and Future Outlook - The group continues to adopt the going concern basis in preparing its financial statements, expecting sufficient resources to continue operations in the foreseeable future[7]. - The company has adhered to corporate governance principles and maintained high standards of accountability and transparency as of June 30, 2023[98]. - The board of directors believes that the current structure provides sufficient checks and balances for effective business decision-making[99]. - The economic recovery in Hong Kong and mainland China is expected to gradually improve, but the recovery in the first half of 2023 was below expectations[97]. - Recent defaults by large real estate developers in mainland China have negatively impacted buyer sentiment[97]. - The company anticipates increased market liquidity due to recent central government interest rate cuts, which may boost buyer sentiment and benefit real estate sales[97].

Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately HKD 1,601,800,000, a significant increase from HKD 780,000 in 2021[28]. - The company recorded a profit before tax of approximately HKD 547,900,000, compared to a loss of HKD 341,100,000 in the previous year[28]. - The profit attributable to the owners of the company for the year was approximately HKD 265,200,000, while the loss for the same period in 2021 was HKD 326,300,000[28]. - The property development segment generated revenue of approximately HKD 1,595,500,000, up from HKD 1,800,000 in 2021, with a profit of HKD 572,900,000 compared to a loss of HKD 126,900,000 in the previous year[29]. - The hotel business segment recorded revenue from franchise rights of HKD 4,400,000, down from HKD 5,700,000 in the same period of 2021[31]. - The segment loss for the year reached HKD 28,400,000, compared to a loss of HKD 17,700,000 in 2021, primarily due to depreciation of property, plant, and equipment, as well as financial costs[31]. Project Development - The company has three ongoing development projects located in Zhuhai, Chengdu, and Doumen, with the Doumen project having a total construction area of approximately 197,391 square meters[29][30]. - The Doumen project has achieved a sales contract amount of approximately 59.34% of its total saleable area as of December 31, 2022, with construction expected to be completed by June 2024[30]. - The group plans to accelerate the pre-sale of properties, involving a total saleable area of approximately 86,607 square meters, with expected sales revenue of approximately RMB 598.6 million in 2023[137]. - The group anticipates delivering completed properties to buyers, with an estimated amount of RMB 899.3 million to be recognized as revenue in 2023 from contract liabilities[137]. - As of December 31, 2022, the German City project achieved sales of 53.94% of its total saleable area, with construction expected to be completed by December 2023[172]. - The Fuyuan Junting project has realized sales of 99.34% and 45.37% for its first and second phases, respectively, with the first phase completed and delivered to buyers since May 2022[172]. - The company plans to accelerate property pre-sale progress to capitalize on market opportunities[173]. Financial Position - The current liquidity ratio is 0.70, down from 0.80 in 2021, indicating a decrease in short-term financial health[14]. - The group's non-current assets amounted to HKD 1,815,000,000 as of December 31, 2022, compared to HKD 1,806,000,000 a year earlier[150]. - Current assets decreased to HKD 1,515,800,000 as of December 31, 2022, from HKD 2,785,100,000 on December 31, 2021[150]. - Current liabilities were reduced to HKD 2,159,300,000 as of December 31, 2022, from HKD 3,471,000,000 a year prior[150]. - The group's total borrowings were HKD 1,476,700,000 as of December 31, 2022, down from HKD 1,882,700,000 on December 31, 2021[153]. - The total equity of the group increased to HKD 148,900,000 as of December 31, 2022, compared to a deficit of HKD 123,200,000 a year earlier[153]. - The group reported a significant improvement in financial condition, with a debt-to-equity ratio of approximately 991.4% as of December 31, 2022[154]. - The group had no significant capital commitments as of December 31, 2022, consistent with the previous year[155]. - Contingent liabilities were HKD 361,100,000 as of December 31, 2022, slightly down from HKD 365,000,000 a year earlier[157]. Governance and Compliance - The company has complied with the listing rules, ensuring that at least one member of the audit committee possesses appropriate professional qualifications or accounting or financial management expertise[89]. - The board confirmed that after reasonable inquiries, they are not aware of any events or conditions that may cast significant doubt on the company's ability to continue as a going concern[88]. - The company has adopted a zero-tolerance policy towards corruption, extortion, fraud, and money laundering, with established guidelines for handling conflicts of interest[104]. - The company has not established an internal audit department, as the board believes there is no immediate need based on the scale and complexity of the business[103]. - The company secretary has completed over 15 hours of professional training to ensure compliance with the listing rules[101]. - The board has reviewed and monitored the independence of independent non-executive directors as part of its governance practices[95]. - The executive committee held one meeting in the fiscal year 2022 to discuss operational matters, with all management decisions requiring board approval[100]. - The nomination committee will consider the diversity of the board and the qualifications of candidates when making recommendations for appointments[93]. Environmental and Social Responsibility - The company has implemented a climate change policy to manage related risks, recognizing the potential impact of extreme weather events on operations[17]. - There were no incidents of non-compliance with environmental laws and regulations during the year, particularly concerning air and greenhouse gas emissions[19]. - The total energy consumption for the year was 4,471,960 kWh, representing a 9% decrease from the previous year[197]. - The energy density was recorded at 2.8 kWh per HKD 1,000 in revenue[197]. - Total greenhouse gas emissions amounted to 2,343 tons of CO2 equivalent, with 95% of emissions coming from purchased electricity[199]. - Direct emissions from fuel combustion and natural gas accounted for 126 tons of CO2 equivalent[199]. - The company has established a climate policy to manage climate change-related risks and regularly reviews relevant data and resources[196]. - The governance framework ensures proper management of environmental, social, and governance performance[192]. - The board of directors is responsible for overseeing environmental, social, and governance risks and strategies[192]. - The company is committed to operating in an environmentally and socially responsible manner to create long-term value[192]. - The energy consumption in the hotel business segment was 3,990,000 kWh[196]. - The energy consumption in the property development segment was 209,269 kWh[196]. Strategic Outlook - The company anticipates a gradual recovery of the economy in Hong Kong and mainland China in 2023, supported by eased pandemic measures and reduced bank reserve requirements[167]. - The hotel business is expected to recover as economic conditions improve in the coming year[167]. - The company is actively seeking viable investment projects to maximize returns for shareholders[167]. - The management emphasizes the importance of effective communication with shareholders, particularly through annual general meetings[184]. - The management is actively negotiating with financial institutions for loan extensions and alternative financing options to support operational funding[137]. - The group is exploring new investment opportunities to generate additional income and returns[137].

Financial Performance - For the year ended December 31, 2022, the group's revenue was HKD 1,601,799,000, a decrease of 79.4% compared to HKD 7,774,000 in 2021[19] - The group's gross profit for the same period was HKD 676,267,000, compared to HKD 4,178,000 in 2021, indicating a significant decline in profitability[19] - The group recorded a net profit of HKD 330,134,000 for the year, a turnaround from a net loss of HKD 341,506,000 in 2021[19] - Basic earnings per share for the year were HKD 3.82, compared to a loss per share of HKD 4.70 in 2021[19] - The company reported a pre-tax profit of HKD 547,895,000, a recovery from a loss of HKD 341,102,000 in 2021[52] - The group recorded a profit before tax of approximately HKD 547,900,000, compared to a loss of HKD 341,100,000 in the previous year[111] Assets and Liabilities - The total equity of the group as of December 31, 2022, was HKD 148,900,000, compared to a loss of HKD 123,200,000 in the previous year[11] - The group's non-current assets amounted to HKD 1,815,000,000, slightly up from HKD 1,806,000,000 in 2021[14] - Total assets decreased from HKD 4,591,013,000 in 2021 to HKD 3,330,776,000 in 2022, a decline of approximately 27.5%[31] - Current assets dropped significantly from HKD 2,785,052,000 in 2021 to HKD 1,515,760,000 in 2022, representing a decrease of about 45.6%[31] - Total liabilities decreased from HKD 4,714,214,000 in 2021 to HKD 3,181,830,000 in 2022, a reduction of approximately 32.4%[35] - The total interest-bearing borrowings of the group as of December 31, 2022, were HKD 1,476,700,000, down from HKD 1,882,700,000 a year earlier[124] Revenue Segments - The hotel business segment reported revenue of HKD 4,400,000, down from HKD 5,700,000 in 2021, with a segment loss of HKD 28,400,000 compared to HKD 17,700,000 in the previous year[13] - The property development segment generated revenue of approximately HKD 1,595,500,000, with a profit of HKD 572,900,000, reversing a loss of HKD 126,900,000 in 2021[113] - The company recognized revenue from property sales of HKD 1,586,691,000, up from HKD 508,000 in 2021[59] Cash Flow and Financial Obligations - The company reported cash and cash equivalents of HKD 16,127,000 in 2022, down from HKD 46,669,000 in 2021, a decline of about 65.5%[31] - The company’s financial obligations totalled approximately HKD 1,494,821,000 as of December 31, 2022, with HKD 559,817,000 due within the next twelve months[39] - The group has a total financial obligation of approximately HKD 1,494,821,000, with HKD 559,817,000 due within the next twelve months[107] Development Projects - The group had three ongoing development projects located in Zhuhai, Chengdu, and Doumen as of December 31, 2022[12] - The German project has a total construction area of approximately 145,176 square meters, with 53.94% of the saleable area sold as of December 31, 2022[114] - The Fuyuan Junting project has achieved sales of 99.34% and 45.37% for its first and second phases, respectively, with the first phase completed in May 2022[115] - The Fuyuan Plaza project has realized sales contracts amounting to approximately 59.34% of its saleable area, with construction expected to complete by June 2024[116] Impairments and Expenses - The group recognized a goodwill impairment of HKD 50,290, which was attributed to the acquisition of Yiwai International Investment Limited[82][83] - The group incurred a tax expense of HKD 217,761, reflecting the corporate income tax rate of 25% applicable in China[75][76] - Financial expenses for the year were HKD 203,706,000, an increase from HKD 135,687,000 in 2021[62] Corporate Governance and Future Outlook - The company aims to maintain high standards of corporate governance and has adhered to the relevant rules and principles as of December 31, 2022[133] - In 2023, with the gradual easing of pandemic measures in Hong Kong and mainland China, and the government's reduction of the bank reserve requirement ratio to stimulate domestic demand, the economy is expected to recover[138] - The company plans to accelerate property sales and strengthen its hotel business while identifying viable investment projects to maximize returns for shareholders[138] Employment and Operational Impact - The company employed a total of 113 staff as of December 31, 2022, a decrease from 156 employees on December 31, 2021[131] - The company's operations in mainland China have been severely impacted since the outbreak of the pneumonia virus at the end of 2019, affecting property sales and hotel business performance[132]