恒盛地产(00845.HK)公告，胡金星因欲将更多时间投入其他个人事务辞任公司独立非执行董事、并不再 担任公司薪酬委员会主席、公司审核委员会及公司提名委员会各自成员，其辞呈自2025年7月31日起生 效。 ...

丁向陽先生（董事會主席) 陸娟女士 嚴志榮先生 獨立非執行董事 薛文君博士 韓平先生 董事會設立五個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 董事 | 委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | 企業管治委員會 | 財務委員會 | | --- | --- | --- | --- | --- | --- | --- | | 丁向陽先生 | | | M | C | C | M | | 陸娟女士 | | | | | M | M | | 嚴志榮先生 | | | | | | | | 薛文君博士 | | C | M | M | M | | | 韓平先生 | | M | C | M | | | Glorious Property Holdings Limited 恒盛地產控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號: 00845） 董事名單與其角色和職能 恆盛地產控股有限公司董事會（「董事會」）自二零二五年七月三十一日起成員載列如下： 執行董事 附註: C 有關委員會的主席 M 有關委員會的成員 香港，二零二五年七月三十一日 ...

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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Glorious Property Holdings Limited 恒盛地產控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號: 00845） 獨立非執行董事辞任; 董事會委員會組成變動； 及 不遵守上市規則規定 胡博士辭任後，本公司獨立非執行董事人數將由三名減少至兩名。審核委員會之 成員人數亦將由三名減少至兩名。因此，本公司將不符合以下要求： 因此，董事會將盡最大努力於實際可行及任何情況下盡快並於三個月內物色合適 候選人填補獨立非執行董事及審核委員會自之成員空缺，以確保本公司遵守上市 規則的規定。本公司將於委任新獨立非執行董事後於實際可行情況下盡快刊發進 一步公告。 獨立非執行董事退任及董事會委員會組成變動 恆盛地產控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈， 胡金星博士（「胡博士」）因欲將更多時間投入其他個人事務辭任本公司之獨立 非執行董事、並不再擔任本公司薪酬委員會（ ...

Financial Performance - In 2023, the company recorded sales revenue of RMB 2,639.7 million, a decrease of 58.7% from RMB 6,385.0 million in 2022[11] - The company reported a loss attributable to owners of RMB 2,949.2 million, compared to a loss of RMB 297.4 million in 2022, indicating a significant increase in losses[15] - The company recorded a consolidated revenue of RMB 2,639.7 million for the year ended December 31, 2023, a decrease of 58.7% compared to RMB 6,385.0 million in 2022[74] - The company reported a significant loss attributable to shareholders of RMB 2,949.2 million for the year ended December 31, 2023, with cumulative losses reaching RMB 11,872.3 million[104] - The gross profit for 2023 was RMB 833.4 million, significantly down from RMB 4,010.8 million in 2022, resulting in a gross margin of 31.6% compared to 62.8% in the previous year[82] - The company anticipates a challenging economic environment in 2024, with uncertainties in global development and international political stability impacting the real estate market[70] Sales and Market Performance - The area of properties sold and delivered was 82,004 square meters, down from 143,030 square meters in the previous year, representing a decline of 42.7%[11] - The company achieved real estate sales of RMB 1,686.0 million, with a sales area of 83,754 square meters, reflecting a decrease from RMB 2,079.5 million and 142,520 square meters in 2022[16] - The average confirmed selling price decreased by 39.1% from RMB 44,391 per square meter in 2022 to RMB 27,025 per square meter in 2023[28] - 81.7% of the sales revenue in 2023 came from projects in Shanghai, while 10.7% came from the Bohai Rim region, and only 7.6% from other areas outside Shanghai[28] - The sales revenue from seven projects located in first-tier cities (Shanghai and Beijing) accounted for 92.3% of the total sales revenue[28] - The company's property sales hit a historical low of RMB 1,686.0 million in 2023, significantly impacted by weak purchasing power in the domestic real estate market[106] Assets and Liabilities - Total assets decreased to RMB 44,828.1 million from RMB 48,494.1 million in the previous year[20] - Total liabilities slightly decreased to RMB 47,650.1 million from RMB 48,366.9 million in 2022[20] - As of December 31, 2023, total borrowings amounted to RMB 22,663.4 million, an increase from RMB 20,963.7 million in 2022[15] - The balance of completed properties held for sale increased by 13.5% to RMB 6,724.8 million as of December 31, 2023, from RMB 5,924.2 million in 2022, attributed to new property completions[96] - Total current liabilities as of December 31, 2023, were RMB 45,267.4 million, a slight decrease of 0.7% from RMB 45,566.7 million in 2022[97] Operational Strategies - The company is navigating a challenging international environment marked by geopolitical tensions and economic instability, impacting its operational strategies[21] - The company aims to enhance its market position and adapt to the evolving economic landscape through strategic reforms and development initiatives[21] - The company is actively seeking solutions for financing structure and debt reduction to stabilize its financial risk and improve cash flow from commercial leasing[26] - The company plans to adopt a prudent financial policy to systematically reduce total debt and improve debt structure through project sales and asset disposals[72] - The company aims to enhance management efficiency and optimize project control models to support stable development[72] Environmental, Social, and Governance (ESG) Initiatives - The company reported a commitment to green production principles, aiming to improve resource efficiency in property development[151] - The company integrates environmental elements into property design, construction, operation, and maintenance to reduce carbon emissions throughout the property lifecycle[151] - The company has engaged an independent sustainability consultant to assist in data collection and analysis related to ESG[147] - Key ESG issues identified include greenhouse gas emissions, green building practices, land use, pollution, and product quality management[149] - The company has established a carbon emission management policy, energy consumption management policy, and waste management policy[151] Employee and Community Engagement - The total number of employees as of December 31, 2023, was 397, down from 509 in 2022, with total compensation and employee benefits amounting to RMB 134.5 million, compared to RMB 174.8 million in 2022[118] - The company emphasizes a fair and harmonious work environment, adhering to principles of non-discrimination and diversity[169] - The group emphasizes community involvement and encourages employees to participate in charitable activities[194] - The employee performance evaluation system is in place to assess all employees, with salary adjustments based on performance, company results, and market conditions[170]

Financial Performance - The company recorded a consolidated revenue of RMB 2,639.7 million for the year ended December 31, 2023, a decrease of 58.7% compared to RMB 6,385.0 million in 2022[4]. - The loss attributable to the company's owners was RMB 2,949.2 million, an increase of 891.8% from a loss of RMB 297.4 million in the previous year[4]. - The gross profit for the year was RMB 833,357,000, down 79.3% from RMB 4,010,842,000 in the previous year[34]. - The net loss attributable to the company's owners was RMB 2,949,153,000, compared to a loss of RMB 297,355,000 in 2022, representing a significant increase in losses[34]. - The segment performance for 2023 showed a profit of RMB 911,508,000, down from RMB 3,685,131,000 in 2022, indicating a decrease of about 75.3%[66]. - The fair value changes of investment properties resulted in a loss of RMB 1,457,471,000 in 2023, compared to a loss of RMB 893,326,000 in 2022, reflecting an increase in losses of approximately 63.2%[66]. - The company reported a pre-tax loss of RMB 3,399.3 million for the year ended December 31, 2023, compared to a pre-tax profit of RMB 1,281.2 million in 2022[93]. Sales and Revenue - The total area sold and delivered decreased by 42.7% from 143,030 square meters in 2022 to 82,004 square meters in 2023[7]. - In 2023, the company's real estate sales amounted to RMB 1,686.0 million, a decrease of 18.9% year-on-year, with a total sales area of 83,754 square meters, down 41.2% year-on-year[13]. - The average selling price of property sales decreased by 39.1% from RMB 44,391 per square meter in 2022 to RMB 27,025 per square meter in 2023[7]. - The sales revenue from other 14 projects amounted to RMB 345.9 million, accounting for 13.1% of the total sales revenue[9]. - The company achieved real estate sales of RMB 1,068.8 million in second and third-tier cities, accounting for 63.4% of total sales in 2023[16]. Debt and Liabilities - The total borrowings amounted to RMB 22,663.4 million[4]. - The company's total liabilities decreased to RMB 47,650,088,000 from RMB 48,366,926,000, a reduction of 1.5%[37]. - The company has a total outstanding borrowings of RMB 22,663,387,000, with a significant portion classified as overdue, indicating potential financial distress[41]. - The company is actively negotiating with lenders regarding overdue loans, seeking to modify terms and extend repayment schedules[45]. - The company's current liabilities exceeded current assets by RMB 24,189.8 million as of December 31, 2023[102]. Land and Property Development - The total land reserve held by the company as of December 31, 2023, is 5.7 million square meters, with an average land cost of RMB 1,446 per square meter[21]. - The company has approximately 2.0 million square meters of total floor area planned for commercial property development, with 130,715 square meters completed and 647,774 square meters under construction[27]. - The company has not purchased any land in 2023, maintaining a cautious land acquisition strategy based on cash flow and financial resources[21]. - The company expects to launch properties from 14 projects in 2024, with a total saleable floor area of approximately 0.55 million square meters[19]. Economic Outlook - The company anticipates that the Chinese economy will experience a challenging recovery process in 2024, with uncertainties in the overall economic situation[30]. - The real estate market is expected to remain under pressure in 2024, with both first-tier and third- and fourth-tier cities not showing signs of rapid development[30]. Operational Challenges - The company faced significant operational disruptions due to COVID-19, leading to delays in construction and delivery, which further limited sales[44]. - Significant uncertainties exist regarding the company's ability to generate sufficient financing and operating cash flow to continue as a going concern[46]. - The company is facing defaults on borrowings totaling RMB 12,166,958,000 due to overdue principal and/or interest payments as of December 31, 2023[126]. Cost Management - Cost control measures are being taken, including optimizing human resources and adjusting management compensation[47]. - The company has been implementing measures to control administrative costs, including optimizing human resources and adjusting management salaries[105]. Future Plans - The company plans to adopt a prudent financial policy to systematically reduce total debt and improve debt structure[32]. - The company plans to accelerate the sales of its developed and under-development properties, including unsold units and garages[48]. - The company plans to accelerate the pre-sale and sale of its developed and completed properties to improve cash inflow[105].

Financial Performance - For the first half of 2023, the company recorded sales revenue of RMB 482.3 million, representing a year-on-year increase of 5.3% compared to RMB 457.9 million in the same period of 2022[11]. - The company reported a loss attributable to owners of RMB 686.5 million, an improvement from a loss of RMB 973.6 million in the same period last year[11]. - The group recorded a consolidated sales revenue of RMB 482.3 million in the first half of 2023, an increase of 5.3% compared to RMB 458.0 million in the same period of 2022[43]. - The loss attributable to the company's owners decreased by 29.5% to RMB 686.5 million in the first half of 2023, down from RMB 973.6 million in the same period of 2022[43]. - The company reported a net loss of RMB 686,485,000 for the six months ended June 30, 2023, compared to a net loss of RMB 980,409,000 for the same period in 2022, representing a 30% improvement[126]. - The company reported a pre-tax loss of RMB (682,730,000) for the first half of 2023, an improvement from a loss of RMB (988,719,000) in the first half of 2022, indicating better financial performance[156]. Sales and Market Conditions - The total area of properties sold and delivered was 35,010 square meters, down from 39,763 square meters in the first half of 2022[11]. - The real estate contract sales amounted to RMB 888.4 million, with a total sales area of 52,875 square meters[13]. - The group faced challenges in sales due to a decline in domestic economic conditions, leading to a noticeable drop in sales in the second quarter[18]. - The group achieved real estate contract sales of RMB 888.4 million, a year-on-year decrease of 15.7%[26]. - The average selling price per square meter was RMB 16,802, down 3.9% from RMB 17,475 in the same period of 2022[27]. - The group is focusing on improving sales management and cash flow recovery to address operational pressures and ensure stable financing[18]. Assets and Liabilities - Total assets increased to RMB 49,018.7 million from RMB 48,494.1 million at the end of 2022[14]. - Total liabilities rose to RMB 49,578.0 million from RMB 48,366.9 million at the end of 2022[14]. - The total current assets as of June 30, 2023, were approximately RMB 23,221.1 million, a slight increase of 1.5% from RMB 22,870.8 million as of December 31, 2022[59]. - The total current liabilities as of June 30, 2023, were RMB 46,801.2 million, an increase of 2.7% from RMB 45,566.7 million as of December 31, 2022[61]. - The company has accumulated losses of RMB 9,608.7 million as of June 30, 2023, with current liabilities exceeding current assets by RMB 23,580.1 million[65]. - The company’s total liabilities as of June 30, 2023, were RMB 21,315,156,000, with all borrowings secured against various assets, ensuring financial stability[170]. Financing and Debt Management - As of June 30, 2023, total borrowings stood at RMB 21,315.2 million, compared to RMB 20,963.7 million at the end of 2022[13]. - The group is actively negotiating with multiple lenders to modify terms and extend bank loans to improve liquidity and financial conditions[68]. - The group has no available capital debt ratio due to a net equity deficit of RMB 559.3 million as of June 30, 2023[64]. - The group is exploring various financing options to secure operational funding and address repayment delays to financial institutions[68]. - The group recorded a net financial cost of RMB 542.8 million, a decrease from RMB 780.4 million in the same period of 2022[44]. - The group has provided guarantees for bank financing arrangements for certain buyers of its properties, with the outstanding guaranteed mortgage amounting to RMB 3,598.2 million as of June 30, 2023, up from RMB 3,378.2 million as of December 31, 2022[75]. Operational Strategies - The group plans to hold most commercial properties for stable rental income, with retail, office, and hotel properties making up 62.4%, 24.1%, and 13.5% of the commercial property development total respectively[37]. - The group plans to accelerate the pre-sale and sale of its development and completed properties, expecting to launch two to three existing projects for pre-sale starting July 2023[68]. - The group is taking measures to accelerate the collection of outstanding sales proceeds and control administrative costs[143]. - The group continues to focus on the strategic management of construction and delivery cycles to improve sales adaptability and team competitiveness[41]. - The group anticipates a gradual recovery in the real estate market, with government policies aimed at stabilizing the market expected to be implemented[40]. - The group is actively exploring mergers and acquisitions as part of its growth strategy, although detailed plans were not outlined in the conference call[156]. Governance and Shareholder Information - The board consists of six members, with two females, achieving a gender diversity level of 33.3% as of June 30, 2023[95]. - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, which was adopted on December 31, 2018[96]. - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[119]. - The company has a policy for board member diversity, considering factors such as skills, knowledge, and experience to enhance board effectiveness[91]. - The total number of issued ordinary shares is 7,792,645,623 as of June 30, 2023[106]. - Mr. Zhang Zhiyong holds 5,275,922,436 shares, representing approximately 67.70% of the company's issued shares[112].

Financial Performance - The company reported a sales revenue of RMB 6,385.0 million in 2022, a significant increase from RMB 3,317.6 million in 2021, representing an increase of approximately 92.5%[12] - The company recorded a gross profit of RMB 4,010.8 million in 2022, compared to a gross loss of RMB 1,091.1 million in 2021, indicating a turnaround in profitability[12] - The net loss attributable to the owners of the company was RMB 297.4 million in 2022, an improvement from a loss of RMB 5,150.0 million in 2021[12] - The company achieved real estate sales of RMB 2,079.5 million in 2022, a significant decrease from RMB 6,838.0 million in 2021, representing a decline of approximately 69.6%[18] - The company recorded a loss attributable to equity holders of RMB 297.4 million, a substantial decrease of 94.2% from a loss of RMB 5,150.0 million in the previous year[78] - The group achieved a profit before tax of RMB 1,281.2 million for the year ended December 31, 2022, compared to a loss of RMB 4,942.4 million in 2021, primarily due to substantial gross profit and reduced financial costs[94] Sales and Market Trends - The total area sold and delivered was 143,030 square meters in 2022, a decrease from 349,820 square meters in 2021, reflecting a decline of about 59%[12] - The average confirmed selling price surged by 371.2% from RMB 9,421 per square meter in 2021 to RMB 44,391 per square meter in 2022[31] - 60.2% of the sales revenue came from projects in Shanghai, while 35.2% was from the Bohai Rim region, with only 4.6% from other areas including the Yangtze River Delta and Northeast regions[31][33] - The sales revenue from the Shanghai project "Hengsheng • Shanhai Bay" and the Beijing project "European Mansion" contributed RMB 3,730.7 million and RMB 2,247.7 million respectively, with average selling prices exceeding RMB 100,000 and RMB 60,000 per square meter[32] - The company faced significant challenges due to the overall market downturn and the impact of the pandemic, leading to historically low sales and collection amounts[29] Operational Strategies - The company has implemented measures to streamline operations and enhance marketing systems to address imbalances in project development and product structure[29] - The company plans to continue leveraging external policy support and financing opportunities to stabilize operations and optimize adjustments[29] - The company will focus on operational planning and management to ensure timely construction and delivery of properties, while also enhancing the sales team's professionalism and dedication[75] - The company aims to actively pursue opportunities in the industry while adhering to a stable development strategy, emphasizing the importance of macro policy guidance[75] Financial Position and Liabilities - As of December 31, 2022, the total borrowings amounted to RMB 20,963.7 million, slightly increasing from RMB 20,084.0 million in 2021[17] - The total assets decreased to RMB 48,494.1 million in 2022 from RMB 49,889.2 million in 2021, while total liabilities also decreased to RMB 48,366.9 million from RMB 49,464.5 million[23] - The capital debt ratio was not applicable in 2022, compared to 6,483.4% in 2021, indicating a significant change in the company's financial structure[23] - The overall actual borrowing rate was 9.3% as of December 31, 2022, a decrease from over 12% in previous years, indicating improved financial cost management[109] Land and Property Development - The total land reserve was 5.9 million square meters as of December 31, 2022, down from 6.3 million square meters in 2021, with an average land cost of RMB 1,597 per square meter[18] - The company has not purchased any new land in 2022, continuing a cautious land acquisition strategy based on cash flow and financial resources[56] - The total construction area completed in 2022 was approximately 130,000 square meters, with new construction area added of about 103,000 square meters, resulting in a total area under construction of 2.2 million square meters as of December 31, 2022[54] Environmental, Social, and Governance (ESG) Initiatives - The company reported a focus on sustainable development, balancing social, economic, and environmental aspects in its operations[134] - The ESG report covers the period from January 1, 2022, to December 31, 2022, including key performance indicators related to environmental and social sustainability[135] - Key ESG issues identified include greenhouse gas emissions, green building practices, land use and pollution management, product quality management, and anti-corruption measures[148] - The company has implemented various environmental management policies, including carbon emission and energy consumption management policies[160] Employee and Community Engagement - The group provided 371 hours of training to 131 employees during the reporting period, averaging 2.8 hours per employee[182] - The group strictly adheres to Chinese labor laws, ensuring no child or forced labor is employed, and all employees work within legal hours[186][187] - Community service participation is valued, with employees encouraged to engage in charitable activities despite restrictions due to the COVID-19 pandemic[199]

Financial Performance - In the first half of 2022, the company recorded sales revenue of RMB 458.0 million, an increase of 38.8% year-on-year[24]. - The company reported a loss attributable to equity holders of RMB 973.6 million, compared to a loss of RMB 1,427.1 million in the same period last year[24]. - The company experienced a gross profit of RMB 174.1 million, significantly up from RMB 5.1 million in the previous year[26]. - The group recorded a consolidated sales revenue of RMB 458.0 million for the first half of 2022, an increase of 38.8% compared to RMB 329.8 million in the same period of 2021[64]. - The group reported a loss attributable to the owners of the company of RMB 973.6 million, a decrease of 31.8% from a loss of RMB 1,427.1 million in the same period of 2021[64]. - The gross profit for the first half of 2022 was RMB 174.1 million, with a gross profit margin of 38.0%, compared to a gross profit of RMB 5.1 million and a margin of 1.5% in the same period of 2021[75]. - The net loss for the six months ended June 30, 2022, was RMB 980,409,000, a decrease in loss compared to RMB 1,433,931,000 in the same period of 2021, reflecting better operational performance[168]. - The company recorded a net financial cost of RMB 780,407,000, down from RMB 891,479,000 in the previous year, indicating improved financial management[168]. Sales and Market Performance - Real estate contract sales amounted to RMB 1,053.2 million, with a total sales area of 60,270 square meters[24]. - The area delivered increased by 25.4% from 31,706 square meters in the first half of 2021 to 39,763 square meters in the first half of 2022[37]. - The average confirmed selling price (excluding internal decoration income) was RMB 11,163 per square meter, up 11.6% from RMB 10,000 per square meter in the same period last year[37]. - The largest contribution to sales revenue came from properties in Shanghai, contributing RMB 203.7 million, accounting for 44.5% of the total confirmed sales revenue[38]. - The group faced significant impacts from strict pandemic control measures, particularly in Shanghai, affecting overall sales and cash collection[35]. - The group achieved real estate contract sales of RMB 1,053.2 million, a year-on-year decrease of 80.6%[44]. - The average selling price per square meter was RMB 17,475, a decrease of 33.6% compared to RMB 26,327 in the same period last year[45]. - Sales in the Shanghai region amounted to RMB 555.4 million, a decline of 87.2% from RMB 4,340.5 million in the previous year[46]. Debt and Financial Position - As of June 30, 2022, total borrowings were RMB 20,564.0 million[25]. - The company’s capital debt ratio was not applicable due to net equity deficit as of June 30, 2022[31]. - The company recorded a net loss attributable to shareholders of RMB 973.6 million for the six months ended June 30, 2022, with cumulative losses reaching RMB 9,552.8 million[95]. - The company utilized pre-sale property proceeds and bank loans to fund its property development projects, with cash and cash equivalents at RMB 182.5 million as of June 30, 2022, down from RMB 191.6 million at the end of 2021[88]. - As of June 30, 2022, overdue principal amounted to RMB 2,934.3 million, indicating significant financial distress[99]. - The group faced cross-default on loans amounting to RMB 785,000,000 due to breaches of specific terms and conditions[195]. - The ongoing COVID-19 pandemic and related lockdowns in Shanghai significantly delayed project construction and property sales[195]. - The group is actively negotiating with lenders regarding overdue loans to avoid immediate repayment demands[196]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 49,993.9 million, while total liabilities were RMB 50,549.7 million[31]. - As of June 30, 2022, total current assets were approximately RMB 24,255.0 million, a slight increase of 0.8% from RMB 24,243.7 million at the end of 2021[85]. - Total current liabilities increased by 2.6% to RMB 48,444.2 million from RMB 47,227.3 million at the end of 2021, primarily due to higher property sales receipts[87]. - The company's equity attributable to owners showed a significant decline, with a total equity deficit of RMB 555,768,000 as of June 30, 2022, compared to a positive equity of RMB 424,641,000 at the end of 2021[168]. Corporate Governance - The company has adhered to the corporate governance code but has deviated from the guideline that the roles of chairman and CEO should be separated[110]. - The Audit Committee consists of three independent non-executive directors, responsible for overseeing the appointment and remuneration of external auditors, and ensuring the integrity of financial statements[121]. - The Remuneration Committee evaluates and reviews the remuneration of directors and senior management annually, ensuring alignment with company policies and market standards[124]. - The Nomination Committee is tasked with reviewing the board's structure and diversity annually, ensuring a balanced composition of executive and non-executive directors[126]. - The company adopted a board diversity policy on August 29, 2013, considering various factors such as skills, knowledge, and experience to enhance board effectiveness[129]. - The board consists of six members, with one female director, representing 16.7% gender diversity as of June 30, 2022[132]. - The governance committee is responsible for reviewing the company's compliance with legal and regulatory requirements[136]. Future Outlook and Strategy - The group anticipates that the national sales area and prices of commercial housing will maintain a low-level recovery in the second half of 2022, with first and second-tier cities showing slight growth compared to the first half[61]. - The company plans to strengthen the sales of existing commercial products and enhance the leasing of office buildings and shops to improve cash flow[61]. - The company plans to accelerate the pre-sale and sale of its properties, expecting to launch two to three existing projects after obtaining pre-sale permits in July 2022[97]. - The company will continue to monitor industry policy changes and market expectations to adapt its sales strategies accordingly[61].

Financial Performance - In 2021, the company recorded sales revenue of RMB 3,317.6 million, with a delivered floor area of 349,820 square meters[10]. - The real estate sales amounted to RMB 6,838.0 million, with a sales area of 334,612 square meters in 2021[15]. - The company reported a loss attributable to shareholders of RMB 5,150.0 million for the year[10]. - The group's total sales revenue for the year ended December 31, 2021, was RMB 3,317.6 million, an increase of 18.2% compared to RMB 2,807.7 million in 2020[26]. - The company achieved real estate sales revenue of RMB 6,838.0 million, a year-on-year increase of 0.4%, with a sales area of 334,612 square meters, up 23.0% year-on-year[37]. - The company recorded a comprehensive gross loss of RMB 1,091.1 million for 2021, compared to a gross profit of RMB 1,148.9 million in 2020, resulting in a gross margin of -32.9%[90]. - The company reported a net loss of RMB 1,160.4 million for the year ended December 31, 2021, compared to a net profit of RMB 2,009.5 million in 2020[94]. - The total sales cost for the year was RMB 4,408.7 million, a significant increase of 165.8% from RMB 1,658.8 million in 2020[87]. Assets and Liabilities - As of December 31, 2021, total borrowings were RMB 20,084.0 million, with a capital debt ratio of 6,483.4%[18]. - The total assets decreased to RMB 49,889.2 million from RMB 51,813.8 million in the previous year[18]. - The total liabilities increased to RMB 49,464.5 million from RMB 46,225.3 million in the previous year[18]. - Total current assets decreased by 6.8% to approximately RMB 24,042.4 million as of December 31, 2021, down from RMB 25,798.2 million in 2020[104]. - Total current liabilities as of December 31, 2021, were RMB 47,227.3 million, an increase of 7.6% from RMB 43,894.2 million as of December 31, 2020[108]. - The contract liabilities balance increased by 28.3% to RMB 12,151.8 million as of December 31, 2021, from RMB 9,469.4 million as of December 31, 2020, due to ideal property pre-sales[108]. - The total amount of properties pledged as collateral for borrowings increased from RMB 28,580.2 million in 2020 to RMB 33,565.0 million in 2021[128]. Sales and Market Strategy - The company plans to launch 12 projects in 2022, with a total saleable floor area of approximately 1.3 million square meters, distributed across various regions[47]. - The company expects to maintain a balanced sales strategy across first-tier and second/third-tier cities, with 73.0% of sales coming from first-tier cities in 2021[42]. - The company plans to expedite the pre-sale and sale of its development and completed properties, with expectations to launch two to three existing projects after obtaining pre-sale permits in July 2022[116]. - The company has focused on promoting inventory sales, particularly garages, which have lower sales prices compared to residential properties[86]. - The company aims to enhance cash flow management and reduce debt through targeted sales efforts and structural adjustments[23]. Operational Challenges - The group faced challenges in the second half of the year due to delays in the launch of major projects and increased government regulation affecting pre-sale permits[22]. - The company is navigating the challenges posed by the ongoing COVID-19 pandemic while focusing on economic recovery strategies[20]. - The ongoing challenges in the global economy, including supply chain issues and inflation, are expected to impact recovery efforts, particularly in China[75]. Corporate Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange, except for the separation of roles between the Chairman and CEO, which is a deviation from the code[152]. - The company emphasizes the importance of high standards of corporate governance for its development and shareholder protection[150]. - The company has a commitment to transparency, accountability, and integrity in its corporate governance practices[151]. - The board structure is believed to benefit the overall interests of the company and its shareholders, as the current Chairman and CEO has been in both roles since 2018[152]. - The company has adopted the standard code for securities transactions by directors, confirming compliance during the review period[154]. Employee and Management - The group employed a total of 628 employees as of December 31, 2021, down from 672 employees in 2020, indicating a reduction in workforce[133]. - The company has implemented a performance-based compensation system for employees, which includes annual bonuses for outstanding performers[133]. - The company is focused on enhancing employee training programs to develop professional skills and knowledge among its workforce[133]. - The company’s executive team has extensive experience in real estate and financial management, with key executives having over 20 years of industry experience[135][136][137]. Future Outlook - The company anticipates that the sales area and prices of commercial housing will show increased differentiation among cities in 2022, with a potential trend of lower sales initially followed by recovery[76]. - The company plans to maintain a prudent financial policy, focusing on reducing debt levels while enhancing the management of financial resources[77]. - The company plans to continue advancing property project construction and sales in 2022 to increase cash inflows[119].

Financial Performance - The total revenue for the year ended December 31, 2021, was RMB 3,317.6 million, an increase of 18.2% compared to RMB 2,807.7 million in 2020[4]. - The company recorded a loss attributable to owners of RMB 4,086.4 million for the year, compared to a profit of RMB 81.0 million in the previous year[4]. - The group achieved real estate sales revenue of RMB 6,838.0 million in 2021, a year-on-year increase of 0.4%[15]. - The total sales revenue for 2021 was RMB 6,838.0 million, with a slight increase from RMB 6,811.7 million in 2020[19]. - The group recorded a net loss of RMB 4,100,184,000 for the year ended December 31, 2021, compared to a profit of RMB 67,089,000 in 2020, indicating a significant decline in profitability[36]. - The group reported a loss before tax of RMB 3,858,436,000 for the year ended December 31, 2021[61]. - The group recorded a comprehensive gross loss of RMB 973.8 million in 2021, compared to a gross profit of RMB 1,148.9 million in 2020, resulting in a gross margin of -29.4%[92]. - The company reported a significant increase in total assets from RMB 51,813,827,000 as of December 31, 2020, to RMB 51,126,780,000 as of December 31, 2021[61]. - The company reported a loss attributable to shareholders of RMB (4,086,367,000) in 2021, a significant decline from a profit of RMB 81,003,000 in 2020[71]. Sales and Revenue - The real estate sales reached RMB 6,838.0 million, with a total sold area of 334,612 square meters[3]. - The average selling price per square meter decreased by 29.3% from RMB 13,317 in 2020 to RMB 9,421 in 2021[8]. - 23.7% of the sales revenue came from projects in Shanghai, while 37.8% came from the rest of the Yangtze River Delta region, and 38.5% from Northeast China[9]. - The average confirmed selling price for residential properties in Shanghai exceeded RMB 100,000 per square meter for certain projects[10]. - The sales revenue from first-tier cities (Shanghai and Beijing) was RMB 4,988.6 million, accounting for 73.0% of total sales, while second and third-tier cities contributed RMB 1,849.4 million, or 27.0%[17]. - The area of sold and delivered properties increased by 73.2%, from 202,019 square meters in 2020 to 349,820 square meters in 2021[88]. - The sales revenue from the Shanghai region accounted for 23.7% of the total confirmed sales revenue, with a contribution of RMB 467.3 million from the Hengsheng • Shanghaibay project[89]. Debt and Liabilities - The total borrowings amounted to RMB 20,084.0 million[3]. - The company's current liabilities exceeded its current assets by RMB 22,121,315,000 as of December 31, 2021, compared to RMB 18,095,971,000 in 2020[44]. - The group reported a significant increase in contract liabilities to RMB 12,151,831,000 in 2021, up from RMB 9,469,448,000 in 2020, indicating a growth of approximately 28.3%[40]. - The overdue loans amounted to RMB 3,512,549,000, including overdue principal of RMB 2,162,549,000 and overdue interest of RMB 1,199,727,000[45]. - The company has reclassified borrowings totaling RMB 12,220,602,000 as current liabilities due to cross-default events[46]. - The total current liabilities as of December 31, 2021, were RMB 47,401.3 million, an increase of 8.0% from RMB 43,894.2 million as of December 31, 2020[104]. Operational Strategy - The group plans to launch 12 projects in 2022, with a total saleable floor area of approximately 1.3 million square meters[20]. - The group plans to accelerate the leasing capabilities of office and commercial properties to enhance cash flow and support financial stability[33]. - The group plans to accelerate the pre-sale and sale of its developing and completed properties, with expectations to launch three to four major projects starting in March 2022[49]. - The group aims to control administrative costs through various channels, including optimizing human resources and adjusting management salaries[49]. - The group plans to continue implementing operational plans in 2022 to enhance cash inflows through project construction and sales[112]. Market Conditions - The central government aims to stabilize market expectations in 2022, continuing the "housing is for living, not for speculation" policy, which will influence the real estate financing environment[30]. - The global economic recovery in 2022 faces significant uncertainty, with ongoing supply chain challenges and inflation impacting growth prospects[29]. - The group anticipates that the sales area and prices of commercial housing will show increased differentiation across cities, with overall sales revenue and area expected to present a trend of lower first half followed by higher second half[31]. Financial Management - The group aims to enhance its financial management capabilities while reducing debt levels and strengthening debt structure adjustments to mitigate financial risks[34]. - The group will continue to adopt a prudent financial policy to ensure the safety of overall financial resources and achieve sustainable development[34]. - The company is actively negotiating with lenders regarding overdue loans and is confident in reaching agreements to extend the repayment terms[48]. - The group is negotiating with multiple commercial banks to extend and refinance bank loans and credit facilities[109]. Employee and Governance - As of December 31, 2021, the group had 628 employees, a decrease from 672 employees in 2020[121]. - The company has established a competitive salary structure for its employees, along with various benefits including pension, insurance, and medical coverage[121]. - The company has a share option plan in place to attract and retain senior executives and key employees[123]. - The company has adhered to the corporate governance code but deviated from the guideline that the roles of Chairman and CEO should be separate[128]. Audit and Compliance - The audit procedures for the financial results for the year ended December 31, 2021, have not been completed due to the impact of COVID-19, affecting the availability of management and employees for the audit process[135]. - The independent auditor's report indicates significant uncertainty regarding the group's ability to continue as a going concern, which may impact the consolidated financial statements[137]. - The company plans to issue a further announcement regarding any significant discrepancies between the audited and unaudited financial results for the year ending December 31, 2021, after the completion of the audit process[138].