（股份代號：617） 二零二五年股東週年大會通告 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佈之內容概不負責，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佈全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 茲通告本公司謹訂於二零二五年六月十日（星期二）中午十二時正，假座香港銅鑼灣怡 和街88號富豪香港酒店舉行股東週年大會，討論下列事項： – 1 – (C) 「動議擴大根據上述議案四(B)所授予董事之一般性授權，在其上另加相當 於本公司根據上述議案四(A)通過之一般性授權所購回之普通股總數。」 承董事會命 Paliburg Holdings Limited 林秀芬 秘書 香港，二零二五年四月二十九日 – 2 – 一、 省覽截至二零二四年十二月三十一日止年度之經審核財務報表及董事會與核數 師報告書。 二、 選舉董事。 三、 委任核數師並授權董事會釐定其酬金。 四、 考慮及酌情通過下列議案為普通決議案： (A) 「動議： (a) 在下文(b)段之規限下，一般及無條件批准本公司之董事於有關期 間，依循一切適用之法例及香港聯合交易所有限公司證券上市規則 （「上市規則」 ...

閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註 冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之Paliburg Holdings Limited之普通股全部售出或轉讓，應立即將本通函 及隨附之委任代表表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代 理商，以便轉交買主或承讓人。 此乃要件 請即處理 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通函之內容概不負責，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通函全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：617） 重選董事、 發行及購回普通股之一般性授權 及 股東週年大會通告 | 釋義 | i | | --- | --- | | 主席函件 | 1 | | 重選董事 | 2 | | 發行普通股之一般性授權 | 3 | | 購回普通股之一般性授權 | 3 | | 二零二五年股東週年大會通告 | 3 | | 董事之推薦建議 | 4 | | 附錄一 ： 願意重選連任之退任董事之資料 | 5 | | 附錄二 ： 有關購回普通股之說明文件 | ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion for the last quarter[11]. - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year, aiming for $1.44 billion[13]. - The company recorded a consolidated loss attributable to shareholders of HKD 1,643,400,000 for the fiscal year ending December 31, 2024, compared to a loss of HKD 1,042,000,000 in the previous fiscal year[24]. - The group reported a consolidated loss attributable to shareholders of HKD 2,597.8 million for the year, compared to a loss of HKD 1,791.9 million in the previous fiscal year[32]. - The net cash flow from operating activities for the year was HKD 362,600,000, a decrease from HKD 623,900,000 in the previous year[135]. - The group's interest expenses for the year amounted to HKD 1,136,800,000, compared to HKD 1,069,400,000 in the previous year[135]. - As of December 31, 2024, the group's cash and bank deposits totaled HKD 1,404,200,000, down from HKD 2,180,500,000 in the previous year[136]. - The debt-to-asset ratio increased to 50.8% as of December 31, 2024, from 45.0% in the previous year[136]. - The group's total liabilities, after deducting cash and bank deposits, amounted to HKD 18,332,200,000, compared to HKD 17,937,900,000 in the previous year[136]. Market and Business Expansion - User data showed a growth of 25% in active users, totaling 5 million users by the end of the quarter[12]. - New product launches included a state-of-the-art software platform, expected to generate an additional $200 million in revenue[14]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share within the next two years[15]. - A strategic acquisition of a smaller tech firm was completed, valued at $50 million, enhancing the company's technological capabilities[16]. - The company announced a new partnership with a leading industry player, expected to boost sales by 15%[18]. Operational Performance - Gross profit from operations was HKD 943,700,000, down from HKD 1,124,800,000 in 2023[25]. - The operating loss before depreciation, financing costs, and taxes was HKD 376,400,000, a decline from a profit of HKD 277,800,000 in 2023[25]. - The hotel segment recorded a net revenue increase of approximately 10.1% compared to 2023, with total gross profit amounting to HKD 687.8 million, a 5.4% increase[32]. - The average hotel occupancy rate in Hong Kong for 2024 was 85.0%, an increase of 3.0 percentage points from 2023, while average room rates decreased by 4.3%[35]. - The average occupancy rate of the Regal Airport Hotel reached 59.1% for the year, an increase of 17.0 percentage points from 42.1% in 2023[36]. - Average room rates decreased by 6.8%, but the average revenue per available room increased by 30.9% year-on-year[36]. Sustainability and Corporate Governance - The board approved a new sustainability initiative, aiming to reduce carbon emissions by 40% over the next five years[19]. - The company is committed to maintaining good corporate governance practices and has revised existing policies to comply with new regulations[188]. - The company plans to publish its sustainability report for the year ending December 31, 2024, by April 30, 2025[186]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee[195]. Shareholder Information - The company plans to increase its dividend payout by 5%, reflecting strong financial performance and shareholder value[20]. - No interim dividends were declared for ordinary shareholders during the year, and the board did not recommend a final dividend for the year ending December 31, 2024[151]. - The company has a total of 830,953,817 shares held by Mr. Luo Xurui, representing approximately 74.55% of the issued shares[159]. - Major shareholders include YSL Int'l and its subsidiaries, holding 694,124,547 shares, representing 62.28% of the issued ordinary shares[168]. Real Estate and Property Development - The core business primarily includes property development and investment, as well as hotel ownership and operation, with property sales performance below expectations due to a sluggish real estate market in Hong Kong and China[24]. - The total transaction volume of residential properties in Hong Kong increased by over 20% compared to 2023, although property prices continued to stabilize[29]. - The luxury residential market remains stable due to limited supply, with the Hong Kong government optimizing the "New Capital Investor Entry Scheme" to boost high-end market transactions[29]. - The group plans to sell unsold residential units from The Queens project, which has 130 units, with 81 units currently rented out, generating high rental returns[46]. - The company is actively planning to sell remaining properties in response to the recovering Chengdu property market following government stimulus policies[124]. Challenges and Market Conditions - The company continues to face high financing costs due to relatively high interest rates in Hong Kong during 2024[25]. - The group recorded a shareholder loss of HKD 453.1 million for the fiscal year ending December 31, 2024, compared to a loss of HKD 372.3 million in 2023, primarily due to a weak property market in China[48]. - The Chinese government has implemented a series of measures to stabilize the real estate market, which are beginning to show positive effects by the end of 2024[49]. - Despite geopolitical and trade tensions, the group maintains an optimistic outlook on Hong Kong's future economic development and is actively implementing plans to leverage its asset portfolio in Hong Kong and China[57].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,643.4 million for the fiscal year ending December 31, 2024, compared to a loss of HKD 1,042.0 million in the previous fiscal year, representing an increase of 57.7%[4] - Revenue for the fiscal year was HKD 2,731.0 million, a decrease of 2.7% from HKD 2,806.4 million in the previous year[3] - Gross profit decreased by 16.1% to HKD 943.7 million from HKD 1,124.8 million in the previous year[3] - The operating loss before depreciation, financing costs, and tax was HKD 376.4 million, compared to an operating profit of HKD 277.8 million in the previous year[4] - The group recorded a consolidated loss attributable to shareholders of HKD 2,597,800,000 for the year ended December 31, 2024, compared to a loss of HKD 1,791,900,000 in the previous fiscal year[15] - The group’s subsidiary, the Prosperity REIT, recorded a consolidated loss of HKD 204,400,000 for the year ended December 31, 2024, down from a profit of HKD 265,700,000 in 2023[16] - The total comprehensive loss for the year was HKD 2,521.0 million, compared to HKD 2,082.3 million in the prior year, indicating a 21.1% increase in comprehensive losses[60] - The company reported a total loss before tax of HKD 2,368.1 million for 2024, compared to a loss of HKD 1,677.5 million in 2023, indicating a significant increase in losses[72] Asset Management and Investments - The company is actively implementing plans to leverage the significant value of its asset portfolio in Hong Kong and China to enhance financial strength[5] - The group holds a 57.0% beneficial interest in Cosmopolitan International Holdings Limited, which is primarily engaged in property development in China[12] - The company has plans to sell certain properties and other assets to improve liquidity[64] - The company has a refinancing plan for certain interest-bearing bank loans secured by properties[64] - The company’s investment in joint ventures increased to HKD 401.3 million from HKD 280.3 million, reflecting a growth of 43.2%[73] Market Outlook and Strategy - The company remains optimistic about Hong Kong's future economic development despite uncertainties in the external environment, particularly geopolitical and trade tensions[5] - The luxury residential market in Hong Kong remains stable due to limited supply, with government measures expected to boost high-end market transactions[12] - The company plans to focus on expanding its hotel management services and enhancing its asset management capabilities in the upcoming year[72] - The company plans to expand its market presence in mainland China, where revenue increased significantly to HKD 355.0 million from HKD 79.6 million, marking a growth of 345.5%[74] Revenue Breakdown - Revenue from property sales was HKD 733.9 million, down 16.7% from HKD 881.6 million in 2023[77] - Hotel management services generated HKD 1,710.2 million, an increase of 2.0% compared to HKD 1,670.6 million in 2023[77] - The property development and investment segment generated revenue of HKD 829.2 million, down from HKD 952.3 million, representing a decline of 12.9%[72] - Financial asset investments generated revenue of HKD 37.6 million, an increase from HKD 16.1 million, representing a growth of 133.5%[72] Financial Position - The net asset value per share, adjusted for fair value and impairment losses, was HKD 13.12 as of December 31, 2024, down from HKD 14.65 in the previous year, reflecting a decrease of 10.4%[3] - The company's net asset value decreased to HKD 13,479.8 million from HKD 16,130.7 million, a decline of 16.4%[62] - The debt-to-asset ratio increased to 50.8% as of December 31, 2024, compared to 45.0% in 2023[49] - Total liabilities increased to HKD 22,640.9 million from HKD 21,683.4 million, reflecting a rise of 4.4%[62] - The group's cash and bank deposits, along with time deposits, amounted to HKD 1,404.2 million as of December 31, 2024, down from HKD 2,180.5 million in 2023[49] Operational Highlights - The hotel business, primarily operated through Regal Hotels International Holdings Limited, maintained stable operations despite intense market competition, with an increase in hotel revenue net[6] - The "We Go MALL" shopping mall, opened in 2018, has maintained stable leasing conditions throughout the year[22] - The hotel project at Hong Kong International Airport has a total floor area of 33,700 square meters and officially opened in April 2023[30] - The company has successfully integrated 100% ownership of properties on Cheung Shan Road after the compulsory sale process completed in August 2024[29] Dividends and Shareholder Returns - The group did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[55] - The company did not declare or pay any dividends for the year ending December 31, 2024, consistent with 2023[81]

本公司董事會（「董事會」）謹此知會本公司股東及有意投資者，根據本公司管理層對本 集團於截至二零二四年十二月三十一日止年度之未經審核綜合管理賬目所作初步審閱， 預期本集團於截至二零二四年十二月三十一日止年度將錄得約港幣1,643,000,000元之 淨虧損，而於去年錄得之虧損為港幣1,042,000,000元。 本集團之核心業務主要包括物業發展及投資以及酒店擁有及經營。由於香港及中國房地 產市況低迷，本集團於年度內之物業銷售進度較預期慢，以致自物業銷售所得之盈利貢 獻低於去年。本集團之酒店業務主要透過本公司之上市附屬公司Regal Hotels International Holdings Limited 富豪酒店國際控股有限公司進行，儘管市場競爭激烈，惟 業務經營能保持穩定，且酒店收入淨額有所增加。 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佈之內容概不負責，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佈全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 (股份代號：617) 盈 利 警 告 本公佈乃 Paliburg Holdings Limited（「本公 ...

承董事會命 Paliburg Holdings Limited 林秀芬 秘書 香港，二零二五年三月十四日 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佈之內容概不負責，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佈全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 (股份代號：617) 董事會會議日期 Paliburg Holdings Limited（「本公司」）之董事會（「董事會」）宣佈本公司將於二零二五 年三月二十八日（星期五）舉行董事會會議，藉以批准發佈本集團（包括本公司及其附 屬公司）截至二零二四年十二月三十一日止年度之全年業績及其他相關事宜。 執行董事： 獨立非執行董事： 梁寶榮先生，GBS，JP 伍頴梅女士，JP 羅旭瑞先生 （主席兼行政總裁） 羅俊圖先生 （副主席兼董事總經理） 梁蘇寶先生 石禮謙先生，GBS，JP 羅寶文女士 黃之強先生 吳季楷先生 黃寶文先生 於本公佈刊發日期，董事會包括下列成員： ...

Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 董事會進一步公佈，自二零二五年一月一日起，本公司於百慕達之股份登記過戶處已由 MUFG Fund Services (Bermuda) Limited，地址為 4th Floor North, Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda 變更為： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，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佈全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 (股份代號：617) 於百慕達之註冊辦事處及 股份登記過戶處之變更 Paliburg Holdings Limited（「本公司」）之董事會（「董事會」）公佈，自二零二四年十二 月三十日起，本公司於百慕達之註冊辦事處地址已由 4th Floor North, Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda 變更為： – 1 – ...

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the first half of 2024[1]. - Revenue for the six months ended June 30, 2024, was HKD 1,392.0 million, a decrease of 13.1% compared to HKD 1,602.0 million for the same period in 2023[59]. - Gross profit for the same period was HKD 414.2 million, down 35.4% from HKD 641.8 million year-over-year[59]. - The net loss attributable to equity holders of the parent was HKD 1,021.3 million, compared to a loss of HKD 646.5 million in the prior period, representing a 57.9% increase in losses[61]. - The company reported a total comprehensive loss of HKD 1,073.6 million for the period, compared to HKD 817.7 million in the previous year[61]. - The pre-tax loss for the six months ended June 30, 2024, was HKD 676.3 million, compared to a loss of HKD 383.1 million for the same period in 2023[92]. User and Market Growth - User data showed a 20% increase in active users compared to the previous year, reaching a total of 1.2 million users[1]. - Market expansion plans include entering two new international markets by Q3 2024, aiming for a 5% market share in each[1]. - The total number of visitors to Hong Kong reached 21,200,000 in the first half of 2024, a year-on-year increase of 64.2%, with 16,100,000 visitors from mainland China[15]. Strategic Initiatives - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[1]. - New product launches are expected to contribute an additional $50 million in revenue by the end of the fiscal year[1]. - The company is considering strategic acquisitions to enhance its portfolio, with a budget of $30 million earmarked for potential targets[1]. - The board of directors emphasized the importance of sustainability in future business strategies, aligning with global trends[1]. Operational Challenges - For the six months ended June 30, 2024, the group recorded a consolidated loss attributable to shareholders of HKD 676.3 million, compared to a loss of HKD 383.1 million in the same period of 2023[10]. - The group's overall business operations maintained positive performance; however, the contribution from property sales significantly decreased due to a weakening real estate market in Hong Kong and mainland China[10]. - The company continues to face challenges in the operating environment, particularly in the real estate sector[10]. Financial Position and Cash Flow - The net cash flow from operating activities during the review period was HKD 21,000,000, a decrease from HKD 368,100,000 in the previous year[53]. - As of June 30, 2024, the group's cash and bank deposits totaled HKD 1,623,200,000, down from HKD 2,180,500,000 as of December 31, 2023[54]. - The group's debt, after deducting cash and bank deposits, was HKD 18,287,400,000, an increase from HKD 17,937,900,000 as of December 31, 2023[54]. - The debt-to-asset ratio as of June 30, 2024, was 48.1%, up from 45.0% as of December 31, 2023[54]. Property and Development Projects - The group has ongoing property development projects, including commercial/residential projects in Shau Kei Wan and a comprehensive commercial/residential redevelopment project on Castle Peak Road[13]. - The project at We Go MALL has a site area of 5,090 square meters (54,788 square feet) and a total gross floor area of 15,270 square meters (164,364 square feet), which has been generating stable rental income since its opening in 2018[29]. - The company is closely monitoring market conditions to plan the sale of remaining units in the luxury residential project, Regal Summit, which includes 4 garden houses and 81 apartment units[12]. Hotel Operations - The hotel business, operated by Regal Hotels International Holdings Limited, showed stable performance with an EBITDA of HKD 78 million, down from HKD 284.6 million in the same period last year, reflecting a year-on-year decline of approximately 72.5%[10]. - The average hotel occupancy rate increased from 80.0% in 2023 to 83.0% in 2024, with actual average room rates rising by 5.3%, leading to a 9.2% year-on-year increase in Revenue Per Available Room (RevPAR)[15]. - The hotel business in Hong Kong showed stable operational performance, with profit contribution from hotel operations (before depreciation) increasing by over 60% compared to the same period last year[14]. Financial Management - The company has entered into multiple interest rate swap transactions to convert part of its floating-rate bank loans to fixed rates, aiming to reduce financial costs in the short term[24]. - The interest expenses for the period amounted to HKD 593,500,000, compared to HKD 471,100,000 in the previous year[53]. - The company plans to continue selling non-core assets to enhance liquidity and financial strength amid a challenging macroeconomic environment[26]. Shareholding and Governance - The company holds 90,078,014 shares, representing approximately 74.55% of the issued shares[119]. - The company’s directors collectively own 740,860,803 shares, which is about 74.55% of the total issued shares[119]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024, in conjunction with external auditors[129].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 676.3 million for the six months ended June 30, 2024, compared to a loss of HKD 383.1 million in the same period of 2023, representing an increase of 76.5%[2]. - Revenue for the six months ended June 30, 2024, was HKD 1,392.0 million, down 13.1% from HKD 1,602.0 million in the same period of 2023[1]. - Gross profit decreased by 35.5% to HKD 414.2 million from HKD 641.8 million year-on-year[1]. - EBITDA for the period was HKD 78.0 million, a decline of 72.6% from HKD 284.6 million in the previous year[1]. - The company’s core business reported a loss of HKD 347.4 million, an increase of 183.8% compared to a loss of HKD 122.4 million in the prior year[1]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,599,200,000 for the six months ended June 30, 2024, compared to a loss of HKD 762,600,000 in the same period of 2023[10]. - The group reported a net loss attributable to shareholders of HKD 1,021.3 million for the six months ended June 30, 2024, compared to a loss of HKD 646.5 million in 2023[49]. - Total comprehensive loss for the period was HKD (1,073.6) million, up from HKD (817.7) million in the previous year, indicating a year-over-year increase of 31.3%[51]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD (64.23) cents, compared to HKD (37.94) cents for the same period in 2023, indicating a worsening of 69.5%[50]. - The company reported a pre-tax loss of HKD 933.5 million, compared to a loss of HKD 610.1 million in the previous year[61]. Asset Management - The adjusted net asset value per share was HKD 14.00, down 4.4% from HKD 14.65 as of December 31, 2023[1]. - Non-current assets decreased to HKD 27,933.3 million as of June 30, 2024, from HKD 28,731.8 million as of December 31, 2023, reflecting a decline of 2.8%[52]. - Current assets also decreased to HKD 10,059.0 million from HKD 11,092.7 million, a reduction of 9.3%[52]. - The company's net asset value decreased to HKD 14,984.1 million from HKD 16,130.7 million, a decline of 7.1%[53]. - The total assets after deducting current liabilities remained at HKD 1,478.2 million as of June 30, 2024, indicating stability in asset management[57]. Market Conditions - The real estate market in Hong Kong and mainland China has weakened, significantly affecting property sales contributions compared to the first half of 2023[5]. - The luxury residential property market in Hong Kong showed resilience due to limited supply and increased demand from government policies, despite overall market pressures[8]. - The company is closely monitoring market conditions in Hong Kong and mainland China to implement plans for asset sales to enhance financial stability[4]. - The company anticipates continued challenges in the property market, impacting future revenue projections[61]. Revenue Streams - Revenue from property sales decreased to HKD 455.7 million from HKD 764.7 million, representing a decline of 40.4%[61]. - Hotel management and operation services revenue increased to HKD 808.7 million, up 14.2% from HKD 708.1 million[61]. - The net profit from property sales was HKD 77.0 million, significantly down from HKD 384.2 million in the previous year[64]. - Other income increased to HKD 112.2 million from HKD 39.0 million, driven by gains from the sale of properties and equipment[63]. Financing and Liabilities - The group's total liabilities as of June 30, 2024, amounted to HKD 18,287.4 million, up from HKD 17,937.9 million as of December 31, 2023[42]. - The asset-liability ratio increased to 48.1% as of June 30, 2024, compared to 45.0% as of December 31, 2023[42]. - The group's financing costs for the six months ended June 30, 2024, amounted to HKD 651.9 million, an increase of 24.9% compared to HKD 521.7 million for the same period in 2023[65]. - The group's interest expenses for the period were HKD 593.5 million, up from HKD 471.1 million in 2023[41]. Dividends and Shareholder Returns - The group did not declare an interim dividend for the fiscal year ending December 31, 2024[48]. - The group did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the previous year[68]. Corporate Governance - The group’s management structure has not separated the roles of Chairman and CEO, which is a deviation from corporate governance guidelines[74].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% year-over-year growth[12]. - For the fiscal year ending December 31, 2023, the group achieved a gross profit of HKD 1,124,800,000, a decrease of 34.8% compared to HKD 1,724,900,000 in 2022[17]. - The EBITDA before depreciation, financing costs, and taxes was HKD 277,800,000, down 74.5% from HKD 1,086,400,000 in the previous year[17]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,042,000,000 for the year, compared to a loss of HKD 217,700,000 in the previous fiscal year[42]. - Regal Hotels International reported a consolidated profit of HKD 265.7 million for the year ending December 31, 2023, down from HKD 929.9 million in 2022, primarily due to a significant increase in financial expenses related to bank loans[62]. - The core operating loss for Regal Hotels International was HKD 101.2 million in 2023, compared to a core operating profit of HKD 175.2 million in 2022, largely due to rising HIBOR rates[62]. User Engagement and Market Expansion - User data showed a 15% increase in active users, reaching 1.2 million by the end of the year[12]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[12]. - The company is exploring partnerships to further enhance its product offerings and market reach[12]. Future Projections and Guidance - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 15%[12]. - New product launches are expected to contribute an additional $50 million in revenue, with a focus on innovative technology solutions[12]. - Future outlook remains cautious due to ongoing challenges in the real estate sector and rising financing costs[16]. Operational Efficiency and Cost Management - The company plans to implement cost-saving measures aimed at reducing operational expenses by 5% in the upcoming year[12]. - The company is focused on business development and sales promotion, with a strategic emphasis on enhancing operational efficiency[16]. Financial Challenges and Market Conditions - The increase in financing costs was significant due to a sharp rise in Hong Kong interest rates, particularly in the second half of the previous year[16]. - The group recorded an increase in losses for the review year, attributed to higher depreciation expenses for hotel properties in compliance with applicable accounting standards[16]. - The group's hotel operations continue to face challenges due to high interest rates, particularly in the second half of 2023, impacting overall financial performance[50]. Asset Management and Valuation - The total depreciation expense for the group's hotel portfolio in Hong Kong amounted to HKD 593,600,000, including HKD 123,400,000 for the new hotel, indicating a significant impact on financial performance despite no immediate cash flow effect[52]. - The adjusted net asset value per share as of December 31, 2023, was HKD 14.65, reflecting significant market valuation adjustments[44]. - The group experienced a fair value loss of HKD 770,900,000 related to its investment in Four Seas, reflecting a decline in market price as of December 31, 2023[39]. Investment and Development - The company maintains a focus on property development and investment, which may drive future revenue growth[72]. - The group plans to gradually sell remaining units in the luxury residential development project, 富豪‧山峯, which includes 3 remaining houses and 83 apartments[48]. - The company operates a hotel in Barcelona with 186 rooms, generating satisfactory rental income from a third-party operator[60]. Customer Satisfaction and Service Enhancements - Customer satisfaction ratings improved by 10%, reflecting the success of recent service enhancements[12]. - The average hotel occupancy rate in 2023 was 82.0%, an increase of 16.0 percentage points compared to 2022, while the average room rate rose by 30.7%, leading to a 62.3% year-on-year increase in RevPAR[58]. Accounting and Financial Reporting - The financial statements are prepared using consistent accounting policies across all subsidiaries, ensuring comparability and reliability of financial data[75]. - The company has not adopted any new accounting standards that would significantly impact its financial reporting, indicating stability in its financial practices[83]. - The acquisition method is used for business combinations, with the consideration measured at fair value on the acquisition date, ensuring transparency in financial reporting[87].