Financial Performance - For the six months ended June 30, 2024, revenue was approximately RMB 7.24 billion, a decrease of 10.3% compared to the same period in 2023[1] - Gross profit for the period was approximately RMB 684.31 million, down 35.2% from RMB 1.06 billion in the same period of 2023[1] - The gross profit margin was 9.4%, a decrease of 3.7 percentage points compared to the same period in 2023[1] - The loss attributable to equity shareholders for the period was approximately RMB 2.61 billion, compared to a loss of RMB 1.19 billion in the same period of 2023[4] - The total loss for the period was approximately RMB 2.83 billion, compared to a loss of RMB 1.17 billion in the same period of 2023[4] - Basic loss per share was RMB 88.45, compared to RMB 40.67 in the same period of 2023[4] - Other income for the period was RMB 5.38 million, significantly lower than RMB 183.91 million in the same period of 2023[3] - Net other losses for the period amounted to RMB 773.93 million, compared to RMB 50.27 million in the same period of 2023[3] - Total comprehensive loss for the period was RMB 2.99 billion, compared to RMB 1.56 billion in the same period of 2023[5] - The company reported a net loss of RMB 2.826 billion for the six months ended June 30, 2024[10] Debt and Liabilities - As of June 30, 2024, the company's current liabilities and net liabilities were RMB 17.878 billion and RMB 4.412 billion, respectively[10] - The total amount of bank and other loans and senior notes was RMB 23.621 billion, with RMB 5.657 billion and RMB 13.980 billion maturing within the next twelve months[10] - The company announced a comprehensive solution to address its offshore debt situation on July 20, 2023, and is actively seeking communication with offshore creditors[11] - The company is negotiating with existing lenders for the renewal or extension of certain borrowings and seeking additional financing to meet its financial obligations[11] - The total borrowings amounted to approximately RMB 23.621 billion as of June 30, 2024, with a net debt ratio of 499.7%[51] Real Estate Market Conditions - The real estate market in Henan Province is expected to take time to recover, impacting the company's real estate business in the short term[10] - The company anticipates that the real estate market will continue to face adjustment pressures in the second half of 2024, with new home sales expected to remain at a low level[59] - From January to June 2024, the sales area of new residential properties in China decreased by 22.2% year-on-year[55] - The sales amount of new residential properties fell by 27.1% year-on-year during the same period[55] - The real estate development investment in China dropped by 10.3% year-on-year, marking a continuous expansion of the decline[55] - The real estate market in Henan saw a sales area decrease of 19.4% year-on-year, with sales amount down by 22.6%[56] Property Development and Sales - Total property contract sales amounted to RMB 4.5 billion, a decrease of 55.1% year-on-year[45] - The total construction area of contract sales was 673,927 square meters, down 53.5% year-on-year[45] - Average selling price per square meter was RMB 6,676, a decrease of 3.4% year-on-year[45] - Revenue from property sales was RMB 168,750 thousand, down from RMB 172,831 thousand, while revenue from hotel operations increased to RMB 275,323 thousand from RMB 169,019 thousand[16] - The company reported a basic loss attributable to ordinary equity holders of RMB 2,609,388,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,191,967,000 for the same period in 2023[30] Operational Strategies - The company plans to accelerate the pre-sale and sale of its properties under development and completed properties to improve cash flow[11] - The company will continue to control administrative costs and unnecessary capital expenditures to maintain liquidity[12] - The board believes that if all plans and measures are successfully implemented, the company will have sufficient operating funds for at least twelve months from June 30, 2024[13] - The company maintains a strategy of production based on sales to ensure inventory matches sales expectations, enhancing product competitiveness[63] - The company is focused on maintaining a safe and reasonable inventory structure to improve market performance amid declining sales figures[63] Project Development and Construction - The company commenced construction on three new projects during the reporting period, with a total new construction area of approximately 279,350 square meters[63][64] - As of June 30, 2024, the company had 143 ongoing projects, with a total construction area of approximately 18,114,000 square meters[65] - The largest ongoing project in Zhengzhou is the Zhengzhou Jianye Taihong International City, with a construction area of 1,204,319 square meters[66] - The company has a total of 54 projects delivered as of June 30, 2024, with a total construction area of approximately 3.18 million square meters[72] - The total area under construction across various cities amounts to 18,113,685 square meters[71] Hotel Management and Development - The company has established strategic partnerships with international hotel management groups such as Marriott, InterContinental, and Accor, managing 5 high-end hotel projects[75] - The total investment in hotel projects has reached RMB 4.97 billion, with 16 hotels constructed in Henan province[75] - The company is in the process of constructing several self-owned brand hotels, including Pingdingshan Jianye Triumph Hotel and Zhu Ma Dian Jianye Triumph Hotel[75] - The hotel management subsidiary is responsible for brand management, design management, engineering management, and operational management of all hotel projects[75] Cultural Tourism and Agricultural Development - The cultural tourism segment has developed projects like Jianye Huayi Brothers Film Town and "Only Henan: Drama Fantasy City," enhancing the company's influence in China's cultural tourism industry[87] - The Jianye Huayi Brothers Film Town spans approximately 600 acres and has become a popular tourist destination, receiving extensive media coverage and achieving a revenue of approximately RMB 117 million in the first half of 2024[88] - The company operates five green bases, contributing to modern agricultural development and sustainability efforts[90] - The Yichuan Green Base has a total investment of approximately RMB 2 billion and covers an area of about 6,725 acres, focusing on sustainable development and modern agriculture[93] Corporate Governance - The company emphasizes strong corporate governance and compliance with the listing rules, having adhered to all provisions of the Corporate Governance Code as of June 30, 2024[119] - The audit committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024[126] - There are no significant events expected to occur after June 30, 2024, that would severely impact the group's operational and financial performance as of the announcement date[125]

Company Overview and Shareholder Information - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with 3,039,126,090 shares outstanding as of 31 December 2023, each with a nominal value of HK$0.10[10] - The company was incorporated in the Cayman Islands on 15 November 2007 and listed on the Hong Kong Stock Exchange on 6 June 2008[12] - Henan Tongsheng Zhiye Co., Ltd., a wholly-owned subsidiary of Henan Railway Construction & Investment Group, is one of the substantial shareholders of the company[12] Real Estate Development and Projects - The company focuses on real estate development and has been committed to improving urban construction standards, increasing tax collections, and creating job opportunities in Henan Province[13] - Accumulated delivered development projects reached 62.48 million sq.m., with 173 projects under development totaling 21.78 million sq.m. and land reserves of 37.69 million sq.m., including 28.65 million sq.m. of beneficially interested GFA[21] - In 2023, the company delivered 72 projects with a construction area of approximately 5.84 million sq.m.[35] - The company commenced construction of 14 new property projects in 2023 with a total GFA of 1,442,000 sq.m.[148][149] - As of 31 December 2023, the company had 173 projects under development with a total GFA of approximately 21,783,000 sq.m.[153] - The largest newly commenced project in 2023 was Zhengzhou Junlin Grand Courtyard Bamboo Court with a GFA of 197,245 sq.m.[151] - The largest project under development as of 31 December 2023 was Zhengzhou CCRE Tihome International City with a GFA of 1,204,319 sq.m.[154] - Luoyang Dingding Palace has the largest residential development area under construction at 573,711 sq.m.[157] - Anyang Junlin Grand Courtyard has a significant residential development area of 321,688 sq.m.[158] - Changyuan Forest Peninsula Courtyard in Xinxiang has the largest residential development area at 496,565 sq.m.[161] - Puyang Puyuan has a substantial residential development area of 264,415 sq.m.[161] - Xiangcheng CCRE Mall in Xuchang has the largest residential development area at 407,457 sq.m.[162] - Hebi Zhenyuehui is the only commercial property under development with an area of 92,187 sq.m.[158] - Xinxiang Honour Mansion has a significant residential development area of 375,491 sq.m.[161] - Luoyang Zhonghong City has a residential development area of 319,208 sq.m.[157] - Anyang Sky Mansion has a residential development area of 303,541 sq.m.[158] - Puyang Zhenyuehui has a residential development area of 141,559 sq.m.[162] - Total GFA under development for residential projects in Luohe is 1,000,435 sq.m., with the largest project being Luohe Art Mansion at 260,995 sq.m.[164] - Sanmenxia New District Forest Peninsula has the largest GFA under development in Sanmenxia at 134,846 sq.m.[164] - Shangqiu Shangheyuan has the highest GFA under development in Shangqiu at 231,549 sq.m.[166] - Zhoukou Hill Water Lake City is the largest residential project in Zhoukou with a GFA of 309,587 sq.m.[166] - Huaiyang Mingren Villa in Zhoukou has a significant GFA under development at 304,360 sq.m.[168] - Zhumadian West Lake Villa has the largest GFA under development in Zhumadian at 284,869 sq.m.[168] - Nanyang Shilihushan has a GFA under development of 124,448 sq.m., making it the largest project in Nanyang[170] - Xinyang Jianye City has the highest GFA under development in Xinyang at 213,644 sq.m.[170] - Total GFA under development for parking spaces in Zhumadian is 98,581 sq.m., with Zhengyang Jianye City contributing 60,148 sq.m.[168] - Xi County Jianye New City in Xinyang has a GFA under development of 173,542 sq.m.[170] - Total GFA under development is 21,783,291 sq.m., with major residential projects in Xinyang, Jiyuan, and Hainan[172] - The company delivered 72 projects with a total GFA of approximately 5,840,000 sq.m. by the end of 2023[174][175] - Key residential project deliveries include Zhengzhou Intelligent Palace (215,854 sq.m.) and Anyang Phoenix City North Bank (192,245 sq.m.)[175] - Commercial project deliveries include Jiyuan Code One City Majestic Mansion (297,818 sq.m.) and Huaiyang Jianye CCRE Mall (26,502 sq.m.)[172][177] - Significant residential deliveries in Hebi include Hebi Chinoiserie Palace (156,551 sq.m.) and Hebi Taihe Mansion (121,228 sq.m.)[176] - Xinxiang's major residential deliveries include Xinxiang Dongjing Mansion (104,004 sq.m.) and Xinxiang Meidi Yunqi (70,430 sq.m.)[176] - Puyang's residential deliveries include Puyang Jianye Longcheng (101,040 sq.m.) and Taiqian Jianye Jianrun House (159,455 sq.m.)[176] - Xuchang's residential deliveries include Xuchang Pleasure Garden (155,430 sq.m.) and Xuchang Zhenyuehui (37,019 sq.m.)[176] - Luohe's residential deliveries include Luohe Blossom Garden (115,119 sq.m.) and Luohe Jianye Xicheng Forest Peninsula (58,792 sq.m.)[177] - Shangqiu's residential deliveries include Shangqiu Jianye Chinoiserie Palace (189,720 sq.m.) and Shangqiu Art Mansion (102,253 sq.m.)[177] - Total residential property delivered during the year reached 5,840,367 sq.m.[178] Financial Performance and Market Conditions - Total contracted sales for the year amounted to approximately RMB 14.69 billion, a year-on-year decrease of 38.9%[40] - Revenue decreased by 20.0% from RMB24,083 million in 2022 to RMB19,261 million in 2023, primarily due to macroeconomic challenges and a downturn in the property market[84] - Property sales revenue decreased by 22.1% from RMB23,467 million in 2022 to RMB18,272 million in 2023, with recognized GFA decreasing by 29.9% from 3,548,000 sq.m. to 2,486,000 sq.m.[85] - Rental income increased by 8.7% from RMB136 million in 2022 to RMB147 million in 2023, driven by the lifting of COVID-19 restrictions and recovery in mall foot traffic[86] - Hotel operation revenue increased by 54.4% from RMB232 million in 2022 to RMB357 million in 2023, due to the resumption of tourism and travel post-COVID-19[87] - Total property contract sales in 2023 amounted to RMB14,690 million, a year-on-year decrease of 38.9% compared to RMB24,049 million in 2022[76] - Cash and cash equivalents decreased by 50.7% from RMB4,352 million in 2022 to RMB2,144 million in 2023[73] - Net borrowings increased by 10.7% from RMB19,309 million in 2022 to RMB21,366 million in 2023, with a net gearing ratio of -3,176.3%[77] - Loss attributable to equity shareholders decreased by 56.8% from RMB7,561 million in 2022 to RMB3,264 million in 2023, driven by macroeconomic and property market challenges[78] - Unrecognized property contract sales as of 31 December 2023 amounted to RMB38,972 million, with corresponding gross profit of RMB3,430 million expected to be recognized in the next 1-3 years[79] - Revenue decreased by 20.0% from approximately RMB24.08 billion in 2022 to approximately RMB19.26 billion in 2023, primarily due to macroeconomic and real estate market downturns[88] - Property sales revenue decreased by 22.1% from approximately RMB23.47 billion in 2022 to approximately RMB18.27 billion in 2023, with the annual recognized area decreasing by 29.9% from 3.548 million square meters to 2.486 million square meters[88] - Rental income increased by 8.7% from approximately RMB136 million in 2022 to approximately RMB147 million in 2023, driven by the lifting of COVID-19 restrictions and increased foot traffic in malls[88] - Hotel operating income increased by 54.4% from approximately RMB232 million in 2022 to approximately RMB357 million in 2023, due to the recovery of travel and increased demand for accommodation and dining[89] - Gross profit increased by 3.1% from approximately RMB1.90 billion in 2022 to approximately RMB1.96 billion in 2023, with the gross profit margin rising from 7.9% to 10.2%[93] - Other revenue increased by 56.6% from approximately RMB121 million in 2022 to approximately RMB190 million in 2023, primarily due to increased government grants[94] - Selling and marketing expenses decreased by 41.4% from approximately RMB1.13 billion in 2022 to RMB665 million in 2023, with the expense-to-revenue ratio dropping from 4.7% to 3.5%[98] - General and administrative expenses decreased by 28.9% from approximately RMB1.25 billion in 2022 to approximately RMB889 million in 2023, with the expense-to-revenue ratio decreasing from 5.2% to 4.6%[99] - Finance costs decreased by 7.5% from approximately RMB1.05 billion in 2022 to approximately RMB971 million in 2023, mainly due to reduced interest expenses on borrowings[101] - The company's cash and cash equivalents, along with restricted bank deposits, amounted to approximately RMB2.14 billion as of 31 December 2023, compared to RMB4.35 billion in 2022[110] - The company's share of profits from associates increased to RMB 40 million in 2023, up from RMB 16 million in 2022, reflecting a gain of RMB 24 million[111] - The company's share of profits from joint ventures was RMB 147 million in 2023, compared to a loss of RMB 185 million in 2022[111] - Investment property valuation gains were RMB 223 million in 2023, a significant improvement from a loss of RMB 1.414 billion in 2022, driven by increased commercial leasing demand post-pandemic[111] - The company's income tax expense rose by 24.7% to RMB 968 million in 2023, up from RMB 776 million in 2022, due to a narrowing of pre-tax losses[111] - The annual loss for 2023 was RMB 3.103 billion, a substantial reduction from the RMB 7.819 billion loss in 2022[111] - Cash and cash equivalents, including restricted bank deposits, decreased to RMB 2.144 billion in 2023 from RMB 4.352 billion in 2022[112] - Total borrowings as of December 31, 2023, amounted to RMB 23.511 billion, with senior notes making up RMB 13.865 billion of this total[114][116] - The company's net gearing ratio worsened to -3,176.3% in 2023, compared to 580.2% in 2022, indicating a significant increase in net borrowings relative to equity[116] - The company had pledged assets with a carrying amount of RMB 17.372 billion as of December 31, 2023, to secure bank credit facilities and loans[118] - Contingent liabilities for guarantees provided by the company stood at RMB 39.569 billion as of December 31, 2023, down from RMB 54.694 billion in 2022[119] - The company's total property contracted sales amount was approximately RMB14.69 billion, with a total contracted sales GFA of approximately 2.176 million sq.m., representing year-on-year decreases of 38.9% and 36.9% respectively[146] - In 2023, China's GDP exceeded RMB126 trillion, with a year-on-year increase of 5.2%, while fixed asset investment growth narrowed to 2.9% and real estate development investment continued to decline[131] - The cumulative supply GFA of commercial properties in Henan Province was 55.48 million sq.m., a year-on-year decrease of 14.3%, while the cumulative GFA sold was 71.91 million sq.m., a year-on-year decrease of 7%[142] - The average price of commercial properties in Henan Province was RMB6,382 per sq.m., rebounding from 2022 but not reaching pre-2021 levels[142] - China's property market entered its "most relaxed" cycle in history in 2023, with policies aimed at "guaranteed delivery, securing operations, and preventing risks"[136] - The national property sales area in 2023 was 1,117.35 million sq.m., a year-on-year decrease of 11.2%, while new construction starts fell over 20% year-on-year, hitting a 10-year low[139] - Henan Province's GDP grew by 4.1% in 2023, with real estate development and sales showing a downward trend compared to the previous year[132] - The company's property development projects saw a significant decline in sales performance, reflecting broader market challenges[146] - Platform companies accounted for over 70% of land acquisitions in Henan Province in Q4 2023, while local private enterprises' share decreased[142] - Total contracted sales amount for 2023 was RMB 14,690 million, a decrease of 39% compared to RMB 24,049 million in 2022[147] - Total contracted GFA for 2023 was 2,176,000 sq.m., a decrease of 37% compared to 3,449,000 sq.m. in 2022[147] - Zhengzhou had the highest contracted sales amount in 2023 at RMB 2,204 million, a decrease of 28% compared to 2022[147] - Zhoukou was the only city with a positive change in contracted sales amount, increasing by 4% to RMB 2,015 million in 2023[147] - The company had 24 projects under development in Zhengzhou, 147 in other cities of Henan Province, and 2 in Hainan as of 31 December 2023[153] Business Strategy and Future Plans - The company aims to upgrade and transform into a new lifestyle services provider by coordinating resources in property, hotel, commerce, and cultural tourism[16] - The company adheres to the philosophy of providing customers with zero-defect products and first-rated services[16] - The company applies scientific decision-making, management standardization, and operation professionalization in its business management to ensure product and service quality[16] - The company will prioritize guaranteeing project delivery in 2024, with increased efforts in cash collection and financing to support delivery[53] - The company will advance the restructuring of US dollar senior notes, aiming to gradually restore credit and return operations to normal[54] - The company plans to enhance profitability by optimizing operations, improving management models, and prioritizing profit[55] - The company will promote refined management by optimizing the management model and refining the management system to respond to market changes[61] - The company encourages front-line business units to explore new project expansion and innovate new paths for sustainable operations[62] - The company will adhere to the business objective of "guaranteeing delivery and ensuring operations" in 2024, focusing on six major tasks including debt resolution and new project expansion[51] - The company aims to establish a scientific work evaluation system and assessment mechanism to ensure stable operations and achieve key objectives[52] - The company will continue to uphold its core values of "Taking root in Central China and Contributing to Society" in 2024[63] - The company has spent 16 years "doing real estate in Henan" from 2008 to 2024 and will continue to promote urbanization and social progress in Central China[64] - The company is diversifying into hotels, cultural tourism, and green houses to expand its revenue base and reduce operational risks[83] Cultural Tourism and Brand Influence - The company's two major cultural tourism projects, "Jianye Movie Town" and "Unique Henan Land of Dramas," attracted over 16 million visitors, with 70% from outside Henan Province and 85% being post-1985 young viewers[41] - The two cultural tourism projects generated over 5 billion online impressions and received continuous attention from mainstream media, enhancing the company's brand influence[41] Hotel Operations and Investments - The company's total investment in hotels has reached RMB 4.93 billion, with 16 hotels invested in Henan[179][180] - Le Méridien Zhengzhou, the first international brand hotel in central China, opened on 30 November 2013 and features 337 deluxe rooms and suites[182][184] - Aloft Zhengzhou Shangjie, opened on 6 August 2011, offers 172 stylish rooms, including 8 deluxe suites and 2 accessible rooms[187][188] - Holiday Inn Nanyang, opened on 8 August 2012, is the first internationally renowned five-star hotel in Nanyang, covering an area of 66,700 sq.m.[193] - Holiday Inn Nanyang offers 353 guestrooms and suites, a 1,000 sq.m. banquet hall, and wireless internet access throughout the hotel[194] - Four Points by Sheraton Luohe opened on 29 November 2012, located near Luohe International Convention and Exhibition Centre, with a 10-minute drive to downtown and 90-minute drive to Zhengzhou Xinzheng International Airport[195] - The hotel in Luohe has 244 rooms, an international buffet restaurant, a Chinese restaurant, an indoor heated swimming pool, sauna equipment, a fitness centre, and a pillarless banquet hall[196] - Pullman Kaifeng Jianye opened on 1 November 2015, covering a total GFA of 43,536 sq.m. and a site area of

Financial Performance - For the year ended December 31, 2023, revenue was approximately RMB 19.26 billion, a decrease of about 20.0% compared to 2022[3]. - The annual gross profit margin was 10.2%, an increase of 2.3 percentage points from 2022[3]. - The annual loss was approximately RMB 3.10 billion, compared to a loss of RMB 7.82 billion in 2022[3]. - The loss attributable to equity holders of the company was approximately RMB 3.26 billion, down from RMB 7.56 billion in 2022[5]. - Basic loss per share for the year was RMB 1.11, compared to RMB 2.60 in 2022[5]. - The group reported a net loss before tax of RMB 353,363 thousand, compared to a net loss of RMB 1,065,647 thousand in 2022[28]. - The group recognized a total of RMB 1,243,638 thousand in current tax expenses, an increase of 23.0% from RMB 1,010,630 thousand in 2022[36]. - The annual loss for 2023 was approximately RMB 3.10 billion, a substantial improvement from a loss of approximately RMB 7.82 billion in 2022[73]. - The net loss attributable to equity holders was RMB 3,264,341,000 in 2023, a reduction of 56.8% from RMB 7,561,017,000 in 2022[53]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 4.03 billion, a decrease from RMB 15.70 billion in 2022[8]. - Non-current assets totaled RMB 19.61 billion, down from RMB 20.27 billion in 2022[8]. - As of December 31, 2023, the company's current liabilities and total liabilities were approximately RMB 15,580 million and RMB 673 million, respectively[15]. - The total amount of bank and other loans and offshore senior notes was approximately RMB 23,511 million, with RMB 6,214 million and RMB 13,865 million maturing within the next twelve months[15]. - Total liabilities decreased by 13.0% to RMB 117,959,140,000 in 2023 from RMB 135,628,918,000 in 2022[55]. - The total net borrowings as of December 31, 2023, were approximately RMB 21.37 billion, an increase from RMB 19.31 billion in 2022, with a net gearing ratio of -3,176.3% compared to 580.2% in 2022[62]. Cash Flow and Financing - The company’s cash and cash equivalents decreased to RMB 388.17 million from RMB 1.89 billion in 2022[8]. - The company reported a net loss of approximately RMB 3,103 million for the year ended December 31, 2023, along with negative operating cash flow[15]. - The company announced a debt restructuring plan to ensure sufficient financial resources to meet its obligations, including seeking an overall solution for offshore debt issues[18]. - The company is actively seeking additional financing to fulfill its existing financial commitments and future operating expenses[19]. - Financing costs decreased by 7.5% to approximately RMB 971 million in 2023, primarily due to a reduction in borrowing interest[71]. Revenue Breakdown - Revenue from property sales was RMB 18,271,775 thousand, down 22.3% from RMB 23,466,781 thousand in the previous year[24]. - Revenue from hotel operations increased to RMB 357,449 thousand, up 54.4% from RMB 231,521 thousand in 2022[24]. - Other income increased to RMB 190,203 thousand, up 56.6% from RMB 121,455 thousand in the previous year[28]. - The company's revenue decreased by 20.0% from approximately RMB 24.08 billion in 2022 to approximately RMB 19.26 billion in 2023, primarily due to the downturn in the macroeconomic and real estate markets[65]. Market and Sales Performance - The total property contract sales for the year 2023 amounted to RMB 14.69 billion, a decrease of approximately 38.9% compared to RMB 24.05 billion in 2022[62]. - Revenue from property sales decreased by 22.1% to approximately RMB 18.27 billion in 2023, with the area delivered dropping by 29.9% to approximately 2.49 million square meters[66]. - The real estate market in China saw a decline in sales area by 11.2% year-on-year, totaling 111.735 million square meters in 2023, indicating ongoing market adjustments[86]. - The company reported a significant decline in sales in several cities, with Luoyang down 48% and Pingdingshan down 61% year-on-year[91]. Operational Strategy - The company plans to accelerate the pre-sale and sale of its properties under development and completed properties to improve cash flow[19]. - The company will not undertake significant capital expenditures or land acquisitions until necessary funding is secured[19]. - The company is focusing on core urban areas for market transactions, as overall market confidence remains to be boosted[88]. - The company aims to maintain a safe and reasonable inventory structure while adapting to the current market environment[93]. Project Development - The company has signed commitments for property development amounting to approximately RMB 6.83 billion as of December 31, 2023, significantly up from RMB 1.18 billion in 2022[81]. - The company has multiple residential projects under construction in various cities, with a total area of 4,000,000 square meters across 40 projects[98]. - The company delivered a total of 72 projects with a construction area of approximately 5.84 million square meters for the year ending December 31, 2023[104]. - The company is actively pursuing new strategies for market expansion, with ongoing projects in emerging urban areas[100]. Sustainability and Innovation - The company is committed to sustainable development practices in its new projects, aiming for a 20% reduction in carbon footprint by 2025[106]. - The company has implemented a comprehensive waste reduction strategy, transitioning to centralized design and procurement to lower material waste and emissions[178]. - The company has established a green building management framework, aligning with national standards to enhance energy efficiency and environmental benefits[176]. - The company has adopted prefabricated BIM technology in its residential industrialization efforts, ensuring product quality through assembly construction[173]. Customer Engagement - The company is committed to customer service improvements, including regular owner meetings and rapid response to complaints, to maintain customer satisfaction and trust[183]. - The company is focusing on customized housing solutions to meet evolving consumer demands, emphasizing personalized design and service[175].

Development Projects and Land Reserves - As of June 30, 2023, the Group has delivered development projects with an accumulated gross floor area (GFA) of approximately 1.76 million square meters and owns 179 projects under development, with a total GFA under development of approximately 25.45 million square meters[17]. - The Group has land reserves GFA of approximately 42.70 million square meters, including beneficially interested GFA of approximately 31.75 million square meters[17]. - The total construction area of ongoing projects is approximately 25.45 million square meters, with land reserves of about 42.7 million square meters, of which the attributable area is approximately 31.75 million square meters[19]. - As of June 30, 2023, the company has 179 ongoing projects[19]. - The total GFA under development across various projects amounts to 25,452,041 sq.m.[147]. Corporate Mission and Philosophy - The Group's corporate mission is to provide quality living standards for the people in Henan, focusing on serialization, standardization, and housing industrialization[15]. - The Group emphasizes a philosophy of providing customers with zero-defect products and first-rated services, applying scientific decision-making and management standardization[15]. - The Group's core value is "Taking Root in Central China and Contributing to Society," guiding its operations and community contributions[12]. - The company's corporate philosophy emphasizes "guaranteeing delivery and stabilizing people's livelihood" amid challenging market conditions[34]. Financial Performance - The company's sales for the first half of 2023 amounted to RMB 10,025 million, representing a decrease of 28.6% year-on-year[29]. - The company recognized a loss of approximately RMB 1,200 million in the first half of 2023[29]. - For the six months ended 30 June 2023, the Group achieved total revenue of approximately RMB8,074 million, representing a 10.6% increase compared to RMB7,301 million for the same period in 2022[55]. - Gross profit for the same period was approximately RMB1,056 million, a significant increase of 90.5% from RMB554 million in 2022, resulting in a gross profit margin of 13.1%[55]. - The net loss attributable to equity shareholders decreased by 78.7% to approximately RMB1,192 million, compared to RMB5,605 million in the previous year[62]. Market Conditions and Government Support - The domestic tourism project "Unique Henan Land of Dramas" attracted over 5 million visitors in the first half of the year, marking a 300% increase year-on-year[35]. - The real estate market recovery in the first half of 2023 fell short of expectations, but more supportive policies are anticipated in the second half[41]. - The Henan provincial government has provided strong support to the company, facilitating the smooth commencement of construction projects[36]. - Zhengzhou City announced 15 specific measures on August 3 to support the stable and healthy development of the real estate market[44]. Strategic Focus and Future Outlook - The Group aims to transform into a new lifestyle services provider by coordinating resources in property, hotel, and cultural tourism[15]. - The company plans to focus on "guaranteeing delivery and operation" while optimizing costs and improving profits to achieve strategic goals[42]. - The company anticipates further government policies in the second half of 2023 to stimulate the economy, focusing on consumption, infrastructure, and stabilizing the real estate market[119]. - The company aims to enhance organizational efficiency by optimizing its structure based on current market conditions[47]. Project Development and Residential Focus - The company is focusing on improving market expectations and supporting rigid and improved housing demand to promote healthy residential consumption[125]. - The company is adhering to a sales-based production strategy to ensure alignment among supply, sales, and inventory[132]. - The company has a significant focus on residential properties, with the majority of its ongoing projects categorized as such[139]. - The total GFA of residential projects under development is approximately 25,452,000 sq.m.[135]. Hotel Development and Expansion - The company has invested a total of RMB 4.96 billion in hotel projects, with 16 hotels established in Henan[153]. - The company is constructing an additional five self-branded hotels, further expanding its presence in the hotel sector[154]. - The hotels provide various amenities including conference centers, dining options, and leisure facilities to enhance guest experience[173]. - The company aims to expand its hotel portfolio with unique themes and cultural integration to attract diverse customer segments[186].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：����） 2023 6 30 截至 年 月 日止六個月中期業績公告 財務摘要 • 2023 6 30 80.74 2022 截至 年 月 日止六個月，收益為約人民幣 億元，較 同期增加 10.6% 。 • 10.56 2022 90.5% 期內毛利為約人民幣 億元，較 同期增加 。 • 13.1% 2022 7.6% 5.5 期內毛利率為 ，較 同期的 增加 個百分點。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：����） 2022 有關 年年報之補充公告 * 2022 12 31 茲提述建業地產股份有限公司 （「本公司」）截至 年 月 日止年度的年報 2022 2022 （「 年年報」）。除非另有界定，否則本公告所用詞彙與 年年報所界定者具有 2022 相同涵義。除載於 年年報的董事會報告「股份獎勵計劃」一節及綜合財務報表附 30 17.09(3) 註 項下的披露外，本公司謹根據上市規則第 條的規定，就本公司的股份獎 勵計劃提供以下補充資料： 2022 118,664,010 ...

Company Overview - Central China Real Estate Limited (CCRE) was incorporated on November 15, 2007, and listed on the Hong Kong Stock Exchange on June 6, 2008[12]. - As of December 31, 2022, the company had 3,039,126,090 shares outstanding with a nominal value of HK$0.10 per share[10]. - On July 21, 2022, Henan Railway Construction & Investment Group acquired 29.01% of CCRE's issued shares, becoming the second largest shareholder[12]. - CCRE has been committed to the real estate business and the development of branded properties as its principal activity for over 31 years[13]. - The registered office is located in Grand Cayman, while the principal place of business in the PRC is in Zhengzhou City, Henan Province[6]. Financial Performance - The company reported a loss attributable to equity holders of RMB 7.8 billion for the year 2022, with nearly 80% of losses arising from non-operating factors such as inventory write-downs and disposals of loss-making subsidiaries[35][38]. - In 2022, the company recorded a revenue of RMB 24,082 million, a decrease of 42.6% compared to RMB 41,959 million in 2021[67]. - The gross profit for 2022 was RMB 1,901 million, down 72.1% from RMB 6,811 million in 2021, resulting in a gross profit margin of 7.9%[67]. - The net loss attributable to equity shareholders for 2022 was approximately RMB 7,561 million, compared to a profit of RMB 605 million in 2021[72]. - The total assets of the company as of December 31, 2022, were RMB 138,957 million, a decrease of 4.7% from RMB 145,807 million in 2021[67]. - The total equity attributable to equity shareholders decreased by 73.9% to RMB 3,328 million as of December 31, 2022, from RMB 12,743 million in 2021[67]. Market Conditions - The real estate industry faced significant challenges in 2022, with key operating data such as sales and investment continuing to decline year-on-year[34]. - The GDP of Henan province reached RMB 6.13 trillion in 2022, representing a year-on-year increase of 3.1%, providing a solid foundation for economic contributions[30]. - The property market in China saw a significant decline in 2022, with the gross floor area of properties sold decreasing by 24.3% to 1,358.37 million sq.m., and property sales dropping by 26.7% to RMB 13,330.8 billion[127][129]. - The company's outlook for 2023 indicates a belief that the property market has bottomed out, with expectations for gradual recovery and continued government support for the industry[131][132]. Strategic Focus - The company has identified a strategic focus on high-end and high-medium end product lines, including "Modern Wisdom" and "Oriental Elegance," to enhance customer experience[17]. - The company aims to construct a "Jianye+" mega service eco-regime by integrating resources across property, education, hotel, commerce, and cultural tourism[17]. - The company plans to continue focusing on construction and delivery to secure market confidence and promote sales and cash collection in 2023[54]. - The company has implemented a business strategy of "focused management, collective breakthrough" to overcome existing challenges and enhance operational efficiency[52]. Project Development - As of December 31, 2022, the company delivered development projects with an accumulated gross floor area (GFA) of approximately 56.64 million square meters and owned 184 projects under development, totaling a GFA of approximately 28.33 million square meters[22]. - The company delivered a total of 63 projects with a total GFA of approximately 5.74 million square meters in 2022, stabilizing market confidence and laying a foundation for sales and cash collection[45]. - The company has a total of 3,200,000 sq.m. of residential properties under development across various cities, including Hebi, Xinxiang, and Puyang[159]. - The company is expanding its presence in Hainan with 3 projects currently under development[151]. Employee and Corporate Culture - As of December 31, 2022, the company had 2,188 employees, a decrease from 2,976 in 2021, with a remuneration policy in place to reward performance[121][124]. - The company emphasizes a corporate culture of honesty, responsibility, and integrity, aiming for a high level of integration between economic and social benefits[22]. Hotel Operations - Total investment in hotels reached RMB 4.94 billion, with 16 hotels invested in Henan[179]. - Five high-end hotel projects in operation include Le Méridien Zhengzhou, Pullman Kaifeng Jianye, Holiday Inn Nanyang, Four Points by Sheraton Luohe, and Aloft Zhengzhou Shangjie, opened between 2011 and 2015[179]. - The hotels are strategically located near major transportation hubs, enhancing accessibility for guests[182]. Challenges and Risks - The company does not currently use derivatives to hedge against interest rate risk, which may increase costs due to floating interest rates on a portion of its loans[120][123]. - Foreign exchange risk is present due to non-RMB assets and liabilities, with the company monitoring exposure and considering hedging instruments as necessary[119][122].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：����） 2022 12 31 截至 年 月 日止年度的年度業績公告 財務摘要 • 2022 12 31 240.83 2021 截至 年 月 日止年度，收益約為人民幣 億元，較 年下跌約 42.6% 。 • 7.9% 2021 8.3 年度毛利率為 ，較 年下跌 個百分點。 • 78.19 2021 12.53 年度虧損約為人民幣 億元（ 年：年度溢利約人民幣 億元）。 ...

Financial Results - Central China Real Estate Limited announced its audited interim results for the six months ended June 30, 2022[2]. - The independent auditor, KPMG, conducted the audit according to Hong Kong auditing standards, confirming no adjustments or discrepancies from the unaudited figures previously reported[3]. Governance Structure - The board of directors consists of seven members, including executive and non-executive directors, ensuring a diverse governance structure[4].

Financial Performance - The company reported a total revenue of HK$2.5 billion for the first half of 2022, representing a decrease of 15% compared to the same period in 2021[14]. - The gross profit margin for the first half of 2022 was 25%, down from 30% in the previous year[14]. - The net profit attributable to shareholders for the first half of 2022 was HK$300 million, a decline of 25% compared to HK$400 million in the same period last year[14]. - Revenue for the period ended June 30, 2022, was RMB 7,300,552, a decrease of 64.1% compared to RMB 20,356,906 in the same period of 2021[68]. - Gross profit for the same period was RMB 553,955, down 84.8% from RMB 3,637,804 in 2021, resulting in a gross profit margin of 7.6%[68]. - The company recorded a net loss of RMB 5,941,484, with a net loss margin of 24.8%, marking the first loss in its 30-year history[68]. - The Group's contracted sales of heavy assets amounted to approximately RMB14,040 million for the six months ended 30 June 2022, representing a period-on-period decrease of approximately 54.8%[74]. - The Group's revenue decreased by 64.1% from approximately RMB20,357 million for the six months ended 30 June 2021 to approximately RMB7,301 million for the six months ended 30 June 2022[78]. - The Group's income tax decreased by 76.5% from approximately RMB1,039 million for the six months ended 30 June 2021 to approximately RMB245 million for the six months ended 30 June 2022[106]. - Loss for the period amounted to approximately RMB5,941 million for the six months ended 30 June 2022, compared to a profit of RMB1,025 million for the same period in 2021[106]. Market Conditions - The real estate industry faced unprecedented difficulties, with the TOP100 real estate companies experiencing a period-on-period decline of approximately 50% in sales for the first half of the year[29]. - The area of properties sold in China in the first half of 2022 was 689.23 million sq.m., representing a year-on-year decrease of 22.2%[127]. - Property sales in China amounted to RMB 6,607.2 billion in the first half of 2022, reflecting a year-on-year decrease of 28.9%[127]. - The real estate market in the second half of 2022 is expected to face challenges, with recovery dependent on macroeconomic conditions and policy effectiveness[139]. - High-quality leading real estate enterprises are anticipated to seek additional land storage opportunities in the second half of 2022, driving industry performance recovery[140]. - The overall market for real estate is expected to gradually improve in the second half of the year due to policy support and economic recovery[142]. - The real estate market is facing challenges, but there is a gradual recovery in purchasing confidence among consumers[142]. Development and Expansion Plans - The company has a land bank of approximately 10 million square meters, which is sufficient to support its development plans for the next three to five years[14]. - The company plans to launch new projects in Zhengzhou and Luoyang, aiming to increase sales by 10% in the second half of 2022[14]. - The company aims to expand its market presence in the Greater Bay Area, targeting a 15% increase in market share by 2025[14]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the real estate market[14]. - The company is committed to transforming into a new lifestyle services provider by constructing a "Jianye+" mega service eco-regime, integrating various resources[21]. - The company is focusing on maintaining a safe and reasonable inventory structure while ensuring supply matches sales[149]. - The company is strategically positioned to capitalize on market trends with a diverse portfolio of residential and commercial properties across central China[158]. Project Deliveries and Performance - The Company delivered 5,000 units in the first half of 2022, a decrease of 20% year-on-year[14]. - The Company completed the delivery of a total of 11,457 properties in 31 batches, maintaining a strong market reputation[42]. - The company delivered a total of 31 projects with a Gross Floor Area (GFA) of approximately 1,774,000 sq.m. as of June 30, 2022[190]. - The company has ongoing projects in Zhumadian, including Zhumadian Chinoiserie Palace with a development area of 601,382 sq.m. and Zhumadian Spring Time with 445,361 sq.m.[179]. - The company is expanding its residential offerings with multiple projects in Xinyang, including Xinyang Mansion with 365,110 sq.m. and Huangchuan Huangguo Palace with 173,542 sq.m.[182]. Financial Health and Liabilities - Total cash as of June 30, 2022, was RMB 6,507,826, a decrease of 33.9% from RMB 9,847,808 at the end of 2021[70]. - Total liabilities increased to RMB 139,672,708, up 5.0% from RMB 133,063,331 at the end of 2021[70]. - Net borrowings rose to RMB 19,282,327, reflecting a significant increase of 59.5% from RMB 12,092,205[70]. - The current ratio decreased to 100.4%, down from 104.6%[70]. - The net gearing ratio surged to 315.6%, compared to 94.9% at the end of 2021, indicating increased financial leverage[70]. - Equity attributable to equity shareholders decreased to RMB 1.12 per share, down 64.4% from RMB 3.15[70]. Strategic Initiatives - The company is focusing on enhancing its digital marketing strategies to attract younger buyers, with a target of increasing online sales by 30%[14]. - The company has allocated HK$500 million for research and development of new sustainable building technologies over the next two years[14]. - The integration with Henan Railway Construction Investment Group is expected to enhance resource synergy and cooperation in various segments[54]. - The Company aims to ensure high standards and timely delivery of properties, which is crucial for maintaining brand reputation and supporting livelihoods[53]. - The Company expressed commitment to long-term value creation despite facing significant industry challenges and a difficult operational environment[62].