Financial Performance - The Group reported an unaudited consolidated loss attributable to shareholders of approximately HK$64,552,000 for the six months ended 30 September 2020, compared to a consolidated loss of approximately HK$12,369,000 for the same period in 2019[12]. - Basic and diluted loss per share for the Period was approximately 6.93 HK cents, slightly improved from 7.44 HK cents in the 2019 Period[13]. - The company reported a loss before taxation of HK$66,091,000 for the six months ended September 30, 2020, compared to a loss of HK$12,503,000 in the prior year[181]. - The company reported a loss attributable to owners of HK$64,552,000 for the six months ended September 30, 2020, compared to a loss of HK$12,369,000 in the same period of 2019, indicating a significant increase in losses[183]. - The total comprehensive expense for the period included significant losses, emphasizing the need for strategic adjustments[187]. Revenue and Income - Revenue for the six months ended September 30, 2020, was HK$41,357,000, compared to HK$39,950,000 for the same period in 2019, representing an increase of approximately 3.5%[181]. - Rental income decreased to HK$22,664,000 from HK$23,899,000, a decline of about 5.2% year-over-year[181]. - Management fee income increased to HK$7,344,000, up from HK$5,993,000, reflecting a growth of approximately 22.5%[181]. - The Group's total rental and management fee income increased by approximately 0.4% to approximately HK$30,008,000 for the period[43]. Assets and Liabilities - As of September 30, 2020, the Group's total assets amounted to approximately HK$4,679,276,000, an increase from approximately HK$4,602,993,000 as of March 31, 2020[70]. - The total carrying amount of residential, commercial, and industrial units in Hong Kong was approximately HK$778,799,000 as of September 30, 2020[44]. - The Group's total carrying amount of factory premises and dormitories in Huzhou City, PRC, was approximately HK$347,896,000 as of September 30, 2020[50]. - The Group's current ratio remained stable at approximately 5.9 as of September 30, 2020[71]. - The Group's total bank borrowings as of September 30, 2020, were approximately HK$1,537,813,000, compared to approximately HK$1,431,740,000 as of March 31, 2020[71]. Investment Activities - The Group's investment strategy includes securities investment and loan financing, complementing its core property businesses[18]. - The Group recorded a fair value loss in securities investments of approximately HK$4,625,000, an improvement from approximately HK$6,992,000 in the previous period[55]. - The Group's investment in equity securities listed in Hong Kong was approximately HK$35,478,000 as of September 30, 2020, down from approximately HK$39,606,000 as of March 31, 2020[60]. - The Group will continue to maintain a diversified investment portfolio to minimize financial risks and closely monitor the performance of its investments[61]. Property Development and Redevelopment - The Group's core businesses include property development and property investment, with significant projects ongoing during the Period[18]. - The Matheson Street project, expected to complete in February 2022, will provide a gross floor area of approximately 42,778 square feet[20]. - The Wing Cheong Factory Building redevelopment project is expected to complete in December 2023, maximizing the usage of the site area of approximately 5,483 square feet[28]. - The Group continues to focus on property redevelopment, particularly in acquiring old buildings for renewal and redevelopment[19]. Financial Management and Governance - The Group's audit committee has reviewed the interim results, ensuring compliance and accuracy in financial reporting[11]. - The Company has complied with the Corporate Governance Code, except for the dual role of Chairman and Chief Executive Officer held by Mr. Kwong Jimmy Cheung Tim[145]. - The Company does not have an internal audit function, but the Board reviewed the effectiveness of the internal control system and identified areas for improvement[149]. - The Group's business operations and governance are deemed sufficient to ensure a balance of power and functions, despite the dual role of the Chairman and CEO[146]. Employee and Director Remuneration - The Group had 59 employees as of September 30, 2020, with staff costs amounting to approximately HK$11,366,000 for the period, an increase from approximately HK$10,627,000 in the previous period[162]. - The remuneration for independent non-executive Directors was increased from HK$140,000 per annum to HK$150,000 per annum effective April 1, 2020[155]. - Mr. Lai Law Kau was appointed as an executive Director with an annual remuneration of HK$480,000, and Mr. Kwong Jimmy Cheung Tim's remuneration was changed to HK$600,000 per annum[152]. Future Outlook - The Group remains cautiously optimistic about the prospects of the property and securities market in Hong Kong despite global economic uncertainties[118]. - The Board will exercise utmost caution in identifying investment and divestment opportunities to positively impact the Group's operating and financial results in the foreseeable future[119].

Financial Performance - For the year ended March 31, 2020, the Group reported a loss attributable to owners of approximately HK$206,192,000, compared to a profit of approximately HK$50,510,000 in the previous year[10]. - The basic and diluted loss per share for the year was HK70.68 cents, compared to earnings per share of HK33.46 cents in 2019[18]. - The loss for the year was primarily due to changes in fair value of investment properties and write-downs on properties held for development[17]. - The Group recorded a loss attributable to shareholders of approximately HK$206,192,000 for the year ended March 31, 2020, compared to a profit of approximately HK$50,510,000 in 2019, primarily due to fair value losses on investment properties and impairment of properties held for sale[21]. - Loss before taxation for the year was approximately HK$209,657,000, a significant decrease from a profit of approximately HK$50,910,000 in 2019, with administrative expenses rising by approximately 8.7%[67]. Revenue and Profitability - Consolidated revenue increased by approximately 29.7%, amounting to approximately HK$80,682,000 compared to HK$62,228,000 in the previous year[18]. - The gross profit margin for the year was approximately 94.8%, slightly up from 94.7% in 2019[10]. - Total rental and management fee income recorded was approximately HK$61,142,000, a 43.4% increase from approximately HK$42,627,000 in 2019, driven by contributions from newly acquired properties[37]. - The Group's revenue for the year was approximately HK$80,682,000, representing an increase of approximately 29.7% from HK$62,228,000 in 2019[21]. - Gross profit for the year was approximately HK$76,455,000, representing an increase of approximately 29.7% or HK$17,498,000 compared to HK$58,957,000 in 2019, with a gross profit margin of 94.8%[66]. Property Acquisitions and Disposals - The Group successfully acquired 100% interest in Wing Cheong Factory Building and properties on Davis Street, while also disposing of office units and car parking spaces in Capital Centre[11]. - The Group completed the acquisition of 100% of Wing Cheong Factory Building, with a site area of approximately 5,483 sq. ft., and plans to redevelop it into an industrial building[26]. - The Group disposed of office units and car parks at Capital Centre for HK$361,600,000, resulting in a gain on disposal of approximately HK$57,511,000[42]. - The Group completed the acquisition of remaining units of Wing Cheong Factory Building for approximately HK$12,000,000[85]. - The Group acquired properties at Nos. 1B, 1C, 1D, and 1E of Davis Street, Kennedy Town, with a combined registered area of approximately 4,940 sq. ft., planning to redevelop into a residential/commercial project[107][110]. Rental Income - Property rental income in Hong Kong increased by approximately 71.2% to approximately HK$39,945,000 compared to HK$23,339,000 in 2019[41]. - The Group recorded property rental income of approximately HK$39,945,000 for the year ended March 31, 2020, representing an increase of about 71.2% compared to HK$23,339,000 in 2019[46]. - In Singapore, property rental income decreased by 3.6% to approximately HK$2,739,000 compared to HK$2,840,000 in 2019[44]. - In the PRC, property rental income decreased by approximately 11.7% to approximately HK$5,010,000, while management fee income increased by approximately 24.8% to approximately HK$13,448,000[45]. Financial Position - As of 31 March 2020, total assets amounted to approximately HK$4,602,993,000, an increase from approximately HK$4,034,545,000 in 2019[76]. - Total bank borrowings as of 31 March 2020 were approximately HK$1,431,740,000, compared to approximately HK$1,075,229,000 in 2019, resulting in a gearing ratio of approximately 0.5[77]. - The Group's current ratio improved to approximately 5.9 as of 31 March 2020, compared to approximately 4.8 in 2019[77]. - The outstanding principal amount of loans receivable as of March 31, 2020, was approximately HK$329,969,000, a slight decrease from approximately HK$336,010,000 in 2019[60]. Investment and Financing Activities - The company raised approximately HK$353,900,000 from the Rights Issue, with net proceeds allocated for various construction and acquisition costs[85]. - Approximately HK$79,000,000 was designated for the redevelopment construction cost of the lot on Matheson Street, Causeway Bay[85]. - The company has utilized approximately HK$80,000,000 for potential acquisitions of new properties and other investments[87]. - The Group will continue to maintain a diversified investment portfolio to minimize financial risks and monitor the performance of its investments closely[57]. Corporate Governance - The company has fully complied with the Corporate Governance Code provisions, except for disclosed deviations[148]. - The roles of chairman and chief executive are held by the same individual, which the company deems appropriate for efficiency in planning and execution of long-term strategies[156]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors[163]. - The Audit Committee held two meetings during the year ended 31 March 2020, ensuring compliance with financial reporting standards[189]. - The Company provides regular updates on business performance to the Directors and ensures compliance with Listing Rules and statutory requirements[178]. Impact of COVID-19 - The Group has granted rent concessions to tenants due to the impact of COVID-19, which is expected to decrease rental income from investment properties in the upcoming financial year[127]. - The Group remains cautiously optimistic about the prospects of the property and securities markets in Hong Kong, despite uncertainties caused by the global economic outlook and COVID-19[129]. - The Group's financial effects from COVID-19 will be reflected in future financial statements as the situation evolves[127].

Financial Performance - The Group's unaudited consolidated loss attributable to shareholders for the six months ended 30 September 2019 was approximately HK$12,369,000, a decrease from HK$39,592,000 in the corresponding period of 2018, representing a reduction of approximately 68.8%[11]. - Basic and diluted loss per share for the Period was approximately 0.38 HK cents, compared to 1.33 HK cents for the 2018 Period, indicating a significant improvement[12]. - Total rental income increased by approximately 64.8% to approximately HK$23,899,000 during the Period, up from approximately HK$14,502,000 in the 2018 Period[19]. - The increase in rental income was primarily due to contributions from newly acquired properties and an increased occupancy rate[19]. - The Group recorded a fair value loss in securities investments of approximately HK$6,992,000 during the period, compared to a loss of approximately HK$25,483,000 in the previous period[57]. - Finance costs decreased by approximately HK$5,222,000 or approximately 26.9%, from approximately HK$19,420,000 in the 2018 period to approximately HK$14,198,000 in the current period[140][144]. Property and Investment Activities - Property rental income in Hong Kong was approximately HK$14,006,000 for the Period, a substantial increase from approximately HK$4,783,000 in the 2018 Period[20]. - The Group successfully disposed of office units and car parks at Capital Centre for HK$361,600,000, resulting in a gain on disposal of subsidiaries of approximately HK$57,511,000[27]. - The Group recorded property rental income and management fee income of approximately HK$8,501,000 and HK$5,993,000 respectively in the PRC for the period, compared to HK$8,297,000 and HK$5,681,000 in the previous period, reflecting an increase of 2.5% and 5.5% respectively[35]. - The Group's total carrying amount of properties in Huzhou City, Zhejiang Province, was approximately HK$351,125,000 as of September 30, 2019, down from approximately HK$374,130,000 as of March 31, 2019, indicating a decrease of about 6.1%[35]. - The Group's total carrying amount of properties in Singapore was approximately HK$154,941,000 as of September 30, 2019, down from approximately HK$159,831,000 as of March 31, 2019, indicating a decrease of about 3.7%[33]. - The Group's total net asset value for investment properties was approximately HK$459,141,000 as of September 30, 2019[106]. Future Plans and Developments - The Group owns approximately 90.83% of Fung Wah Factorial Building and plans to redevelop it into a high-rise composite commercial building to maximize site usage[49]. - The Group plans to redevelop the site at Kennedy Town into a commercial/residential/service apartment building with a registered site area of approximately 4,941 sq.ft[55]. - The Group's project at Matheson Street is expected to provide a gross floor area of approximately 42,759 sq.ft upon completion in Q4 2021[37]. - The Group plans to redevelop the combined site at Nos. 1B, 1C, 1D, and 1E of Davis Street, Kennedy Town, into a commercial/residential/service apartment building[121]. Share Capital and Financing - The total number of issued ordinary shares increased to 3,725,832,059 as of September 30, 2019, up from 2,965,832,059 shares as of March 31, 2019[129]. - The net proceeds from the issuance of the 3% per annum coupon rate convertible note amounted to approximately HK$69,500,000, intended for financing the acquisition of the remaining units of Wing Cheong Factory Building[81]. - The company issued HK$70,000,000 of convertible notes with a conversion price of HK$0.055, which was approved by independent shareholders on August 21, 2019, and completed on August 28, 2019[83]. - The Group's outstanding principal amount of loans receivable was approximately HK$292,122,000, a decrease from approximately HK$336,010,000 as of March 31, 2019[70]. - The Group's total assets as of September 30, 2019, amounted to approximately HK$3,948,543,000, down from approximately HK$4,034,545,000 as of March 31, 2019[73]. - The Group's gearing ratio was approximately 0.3 as of September 30, 2019, compared to approximately 0.4 as of March 31, 2019[74]. Corporate Governance and Shareholding Structure - The Company has complied with all code provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and Chief Executive Officer[190]. - The Company believes that having a single individual serve as both Chairman and Chief Executive Officer enhances efficiency in planning and execution of long-term strategies[190]. - The total number of share options exercised by directors and other participants was 67,800,000, leaving a balance of 0 options as of the report date[182]. - The Company has a significant concentration of shareholding, with the top shareholders holding over 60% of the total issued shares[168]. - The shareholding structure indicates significant control by a few substantial shareholders, highlighting potential influence over corporate decisions[172]. - As of September 30, 2019, the total interests of the Directors and chief executives in shares and underlying shares amounted to approximately 2,322,657,964, representing about 62.34% of the total issued shares of the Company[156].

Financial Performance - For the year ended March 31, 2019, the Group's profit attributable to owners was approximately HK$50,510,000, a decrease from HK$53,539,000 in 2018[13]. - Basic and diluted earnings per share for the year were HK1.70 cents and HK1.67 cents, down from HK2.31 cents and HK2.15 cents in 2018[22]. - Profit before taxation decreased to approximately HK$50,910,000 from approximately HK$54,608,000 in the previous year, while administrative expenses rose by 35.9% to approximately HK$48,276,000[75]. - Profit attributable to shareholders for the year was approximately HK$50,510,000, down from approximately HK$53,539,000, resulting in a net profit margin of 81.2% compared to 107.9% last year[77]. - The Group recorded a profit attributable to shareholders of approximately HK$50,510,000 for the year ended March 31, 2019, a decrease from HK$53,539,000 in 2018, primarily due to increased losses from fair value changes of financial assets and higher administrative expenses[28]. Revenue and Income - Consolidated revenue increased by approximately 25.4%, amounting to HK$62,228,000, up from HK$49,605,000 in the previous year[22]. - Total revenue for the year was approximately HK$62,228,000, representing an increase of 25.4% compared to HK$49,605,000 in 2018[28]. - Total rental income increased by 29.1% to approximately HK$42,627,000 in 2019, up from approximately HK$33,012,000 in 2018[40]. - The Group's property rental income in Hong Kong rose by approximately 41.3% to about HK$23,339,000 for the year ended March 31, 2019, compared to HK$16,516,000 in 2018[44]. - Interest income from the loan financing business was approximately HK$19,601,000, accounting for about 31.50% of the total revenue of the Group for the year ended March 31, 2019[64]. Property Development and Acquisitions - The Group successfully initiated major projects, including the redevelopment of Matheson Building and the acquisition of Easy Tower[14]. - The acquisition of Easy Tower, an industrial building with a total gross floor area of approximately 74,458 sq ft, enhances the Group's focus on industrial and non-residential real estate activities[48]. - The Group plans to develop the Wing Cheong Factory Building site into an industrial mixed-use building with car parking spaces[32]. - The acquisition of Yong Yi Plaza, with a total construction area of approximately 74,458 square feet, enhances the Group's focus on industrial and non-residential real estate activities, increasing competitiveness in this sector[52]. - The Group acquired Easy Tower for HK$470,000,000, enhancing its focus on industrial and non-residential real estate activities[87]. Financial Position - As of March 31, 2019, total assets amounted to approximately HK$4,034,545,000, with total bank balances and cash of approximately HK$141,582,000[79]. - The Group's total bank borrowings were approximately HK$1,075,229,000, with a gearing ratio of approximately 0.4 and a current ratio of approximately 4.8[80]. - The Group's total carrying amount of properties in Hong Kong was approximately HK$1,129,400,000 as of March 31, 2019, a slight decrease from HK$1,156,000,000 in 2018[44]. - The outstanding principal amount of loans receivable as of March 31, 2019, was approximately HK$336,010,000, up from approximately HK$265,297,000 in 2018[64]. - The Group received net proceeds of approximately HK$586.14 million from the acquisition and disposal transactions, strengthening its financial position[96]. Corporate Governance - The Board emphasizes the importance of corporate governance, adhering to the principles of transparency, accountability, and independence[137]. - The Company has fully complied with the Corporate Governance Code provisions during the year, except for a noted deviation regarding the roles of Chairman and Chief Executive Officer[139]. - The dual leadership role of Chairman and Chief Executive Officer has been maintained for efficiency in planning and executing long-term strategies[141]. - The Group is committed to developing and reviewing its corporate governance policies and practices to ensure compliance with legal and regulatory requirements[138]. - The Company will review its governance structure as appropriate to ensure a balance of power and authority within the Board[141]. Employee and Operational Insights - Employee costs for the year were approximately HK$21.22 million, reflecting an increase from HK$17.07 million in the previous year[115]. - The Company has a total of 55 employees as of March 31, 2019, compared to 46 employees in 2018, indicating a growth in workforce[118]. - All Directors receive monthly management information updates to facilitate their duties under the relevant requirements of the Listing Rules[161]. - The primary objective of the Company's remuneration policy is to attract, retain, and motivate personnel by providing fair rewards for their contributions[191]. - The remuneration packages are determined with reference to individual responsibilities, Company performance, and prevailing market conditions[191].