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].

Financial Performance - In the first half of 2021, the company recorded sales revenue of RMB 329.8 million, a decrease of 16.9% year-on-year[9]. - The company reported a loss attributable to shareholders of RMB 1,427.1 million, compared to a profit of RMB 59.9 million in the same period of 2020[9]. - The average confirmed selling price (excluding internal decoration income) was RMB 10,000 per square meter, down 63.8% from RMB 27,651 per square meter in the same period last year[23]. - The group recorded a consolidated gross profit of RMB 5.1 million for the six months ended June 30, 2021, down from RMB 35.3 million in the same period of 2020, resulting in a gross margin of 1.5%[63]. - The net loss for the period was RMB 1,433,931,000, compared to a profit of RMB 52,899,000 in the previous year, reflecting a substantial deterioration in financial performance[158]. - The company recorded a net cash outflow from operating activities of RMB 258.8 million for the six months ended June 30, 2021[89]. - The company experienced significant financial costs that could not be capitalized, leading to substantial losses in the first half of 2021[52]. Sales and Revenue - Real estate contract sales amounted to RMB 5,431.3 million, with a total sales area of 206,301 square meters[9]. - The group's real estate contract sales amounted to RMB 5,431.3 million, representing a year-on-year increase of 39.4%[31]. - The area of real estate contract sales reached 206,301 square meters, an increase of 87.3% year-on-year[31]. - The majority of sales revenue came from properties located in Shanghai, contributing RMB 260.6 million, which accounted for 79.0% of the total confirmed sales revenue[24]. - The group aims to accelerate the presale and sale of its development and completed properties, with plans to launch two major projects in the second half of 2021[89]. Debt and Liabilities - As of June 30, 2021, total borrowings were RMB 19,765.2 million, with a capital debt ratio of 453.8%[10]. - Total liabilities increased to RMB 49,661.5 million from RMB 46,225.3 million at the end of 2020[16]. - The company’s capital debt ratio increased from 347.9% at the end of 2020 to 453.8% as of June 30, 2021[16]. - The overdue borrowings principal decreased by 76.2% from RMB 3,735.6 million at the end of 2020 to RMB 887.5 million as of June 30, 2021, indicating significant success in debt restructuring efforts[89]. - The company is actively negotiating with banks to restructure and extend loans to improve liquidity and financial conditions[84]. Assets and Equity - Total assets as of June 30, 2021, were RMB 53,816.1 million, compared to RMB 51,813.8 million at the end of 2020[16]. - The company’s equity decreased to RMB 4,154.6 million from RMB 5,588.5 million at the end of 2020[16]. - Total current assets as of June 30, 2021, were approximately RMB 28,419.0 million, an increase of 10.2% from RMB 25,798.2 million as of December 31, 2020[74]. - The total asset value of the segments as of June 30, 2021, was RMB 44,292,033,000, with significant contributions from the Shanghai region (RMB 50,437,162,000) and the Yangtze River Delta (RMB 23,737,605,000)[200]. Operational Strategy - The group continued to promote the sale of inventory garages and remaining units, with garage sales priced lower than residential properties[25]. - The company is enhancing operational control, process adjustments, and cost management to support its business performance[20]. - The company plans to adopt a prudent financial policy to further reduce debt levels and improve the debt structure, aiming to mitigate financial risks and operational pressures[49]. - Management has implemented measures to alleviate liquidity pressure, including expediting the sale of properties and controlling administrative costs[179]. Corporate Governance - The company has maintained compliance with the corporate governance code, although it deviated from the guideline that the roles of Chairman and CEO should be separate[100]. - The Audit Committee has reviewed the unaudited consolidated results for the six months ended June 30, 2021, confirming compliance with applicable accounting standards and regulations[110]. - The company has established a remuneration committee to evaluate and recommend compensation for directors and senior management, ensuring transparency in remuneration policies[112]. - The corporate governance committee monitors compliance with legal and regulatory requirements[126]. Employee and Compensation - The total employee compensation and benefits for the six months ended June 30, 2021, amounted to RMB 957 million, reflecting the company's commitment to performance-based remuneration[98]. - The company employed a total of 667 employees as of June 30, 2021, indicating a stable workforce size[98]. Market Outlook - The company anticipates that the national sales area of commercial housing will maintain a high level year-on-year in the second half of 2021, with the annual transaction volume expected to reach a new high[48]. - The company expects a structural increase in housing prices driven by rising land and second-hand housing prices, particularly in first and second-tier cities[48].

Financial Performance - In 2020, the group recorded sales revenue of RMB 2,807.7 million, with a delivered floor area of 202,019 square meters[10]. - The real estate sales amount for 2020 was RMB 6,811.7 million, with a sales area of 272,116 square meters[15]. - The profit attributable to the company's owners for 2020 was RMB 81.0 million, compared to a loss of RMB 957.1 million in 2019[10]. - The company's total consolidated sales revenue for the year ended December 31, 2020, was RMB 2,807.7 million, a decrease of 51.6% compared to RMB 5,806.7 million in 2019[25]. - The total sales revenue for 2020 was RMB 6,811.7 million, with a slight increase from RMB 6,732.9 million in 2019[39]. - The average selling price for the company in 2020 was RMB 25,032 per square meter, a significant increase of 61.4% compared to RMB 15,512 per square meter in 2019[37]. - The gross profit for 2020 was RMB 1,148.9 million, approximately 9.4 times higher than RMB 121.9 million in 2019, resulting in a gross margin of 40.9%[91]. - The company recorded a profit before tax of RMB 620.3 million, compared to a loss of RMB 572.9 million in 2019[86]. - The net profit attributable to the owners of the company was RMB 81.0 million, a significant recovery from a loss of RMB 957.1 million in 2019[86]. Debt and Borrowings - As of December 31, 2020, total borrowings amounted to RMB 20,263.7 million, with a capital debt ratio of 347.9%[10]. - The current borrowings decreased from RMB 25,236.0 million in 2019 to RMB 20,263.7 million in 2020[17]. - The debt-to-equity ratio improved to 347.9% in 2020 from 399.7% in 2019, reflecting a decrease in net debt[114]. - The company faced defaults on borrowings totaling RMB 14,066.0 million due to overdue payments and violations of loan terms[117]. - The company has initiated measures to improve liquidity, including negotiating with banks for loan extensions and seeking alternative financing options[117]. - Total borrowings decreased by 20.7% to RMB 20,263.7 million from RMB 25,550.5 million as of December 31, 2019[110]. Land and Property Development - The total land reserve as of December 31, 2020, was 6.6 million square meters, with an average land cost of RMB 1,543 per square meter[10]. - The company did not acquire any new land in 2020, adhering to a cautious land acquisition strategy based on cash flow and financial resources[58][57]. - The total construction area completed in 2020 was approximately 369,000 square meters, with new construction area of about 287,000 square meters, leading to a total in-progress area of 2.5 million square meters as of December 31, 2020[56]. - The company aims to maintain a sustainable growth trajectory by leveraging its low-cost land reserves and strategic project locations[62]. - The total amount of borrowings as of December 31, 2020, was RMB 20,263.7 million, with RMB 19,771.3 million being fixed-rate borrowings[126]. Sales and Marketing Strategy - The company focused on promoting inventory sales, particularly parking spaces, which had lower selling prices compared to residential properties[26]. - The company plans to launch 11 projects in 2021, with a total saleable floor area of approximately 1.3 million square meters[48]. - The company plans to continue promoting inventory sales, particularly for garages and remaining units, which have lower selling prices compared to residential properties[87]. - The company recorded property sales amounting to RMB 6,811.7 million in 2020, with a significant gross profit margin due to higher average gross margins on recognized sales[120]. Corporate Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange, except for the separation of the roles of Chairman and CEO, which are held by the same individual[150]. - The board believes that having the same person in both roles provides consistent leadership and effective strategic planning for the company[150]. - The company emphasizes the importance of high standards of corporate governance to protect shareholder interests[148]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience for effective leadership and independent decision-making[162]. - The company has a commitment to transparency and integrity as foundational principles of its corporate governance[149]. Employee and Compensation - The total number of employees as of December 31, 2020, was 672, down from 722 in 2019, reflecting a reduction of 6.9%[134]. - Total employee compensation and benefits for the year ended December 31, 2020, was RMB 170.4 million, a decrease of 13.4% from RMB 196.8 million in 2019[134]. - The company is implementing a performance-based compensation system for employees, which includes annual bonuses for outstanding performers[134]. Market Outlook - The company anticipates a gradual recovery in the global economy in 2021, driven by successful vaccine development and large-scale vaccination efforts[75]. - The company expects the real estate market to remain stable, with a focus on rational price movements and structural opportunities in quality land markets[76]. - The company will adjust its strategies based on market changes to mitigate impacts from the pandemic and economic uncertainties[77].

Financial Performance - For the first half of 2020, the company recorded sales revenue of RMB 397.0 million, a decrease of 55.2% year-on-year, with delivered floor area of 13,014 square meters [8]. - The company achieved a profit attributable to owners of RMB 59.9 million in the first half of 2020, compared to a loss of RMB 1,364.4 million in the same period of 2019 [8]. - The group recorded a total sales revenue of RMB 397.0 million for the first half of 2020, a decrease of 55.2% compared to the same period in 2019 [45]. - The company recorded a net profit for the period of RMB 52,899,000, compared to a net loss of RMB 1,364,304,000 in the previous year, marking a turnaround [151]. - The company reported a total comprehensive income for the six months of RMB 52,899,000, compared to a comprehensive loss of RMB 1,364,304,000 in 2019 [151]. - The company reported a basic and diluted earnings per share of RMB 0.01, recovering from a loss per share of RMB 0.18 in 2019 [151]. - The company recorded a gross profit of RMB 35.3 million in the first half of 2020, compared to a gross loss of RMB 164.3 million in the same period of 2019 [10]. - The gross profit for the same period was RMB 35,274,000, compared to a gross loss of RMB 164,302,000 in 2019, indicating a significant recovery [151]. Sales and Market Performance - Real estate contract sales amounted to RMB 3,895.6 million, with a sales area of 110,160 square meters during the first half of 2020 [8]. - The average confirmed selling price (excluding internal decoration income) increased by 4.8% to RMB 27,651 per square meter in the first half of 2020, compared to RMB 26,374 per square meter in the same period of 2019 [22]. - The majority of sales revenue in the first half of 2020 came from properties located in Shanghai, contributing RMB 349.9 million, which accounted for 88.1% of the total confirmed sales revenue [23]. - The sales revenue from the Shanghai project "Shang Hai Wan" contributed RMB 337.2 million during the first half of 2020 [23]. - The group achieved real estate contract sales of RMB 3,895.6 million in the first half of 2020, representing a year-on-year increase of 145.8% [28]. - Sales in the Shanghai region accounted for 84.7% of total sales, with a total sales amount of RMB 3,301.1 million, a 497.7% increase year-on-year [28]. - The total area sold was 110,160 square meters, which is an 8.1% decrease compared to the previous year [28]. - The sales amount in the Yangtze River Delta region decreased by 36.3% year-on-year to RMB 178.1 million [28]. - The Northeast region saw a significant decline in sales, down 74.7% year-on-year to RMB 190.4 million [28]. Assets and Liabilities - As of June 30, 2020, total borrowings were RMB 23,190.0 million, with a capital debt ratio of 376.3% [9]. - Total assets as of June 30, 2020, were RMB 54,670.9 million, compared to RMB 52,438.0 million as of December 31, 2019 [15]. - Total liabilities increased to RMB 49,096.6 million as of June 30, 2020, from RMB 46,916.6 million as of December 31, 2019 [15]. - The total land reserve across various projects amounted to 6,950,139 square meters [39]. - The company has a total land reserve of 6.95 million square meters with an average land cost of RMB 1,579 per square meter as of June 30, 2020 [32]. - The debt-to-equity ratio as of June 30, 2020, was 376.3%, down from 399.7% as of December 31, 2019, due to the repayment of bank loans using property sale proceeds [74]. - The group recorded a total of 2.7 million square meters of ongoing construction projects as of June 30, 2020 [31]. - The balance of properties under development as of June 30, 2020, was RMB 15,404.6 million, an increase of 0.9% from RMB 15,267.9 million as of December 31, 2019 [67]. Financial Management and Strategy - The group faced a tight cash flow situation despite efforts to enhance operational control and budget management [19]. - The group plans to accelerate the sales of new properties and improve cash flow management in the second half of 2020 [19]. - The group aims to improve its debt structure and reduce liabilities to enhance cash flow health [19]. - The group is actively negotiating with multiple banks to renew and extend bank loans and credit financing options to improve liquidity and financial conditions [76]. - The group is exploring various financing options to support its operations and alleviate liquidity pressure [173]. - The group plans to expedite the pre-sale and sale of its properties, expecting to launch three major projects in the second half of 2020 after obtaining pre-sale permits [78]. - The group is closely monitoring the impact of COVID-19 and adjusting marketing strategies for property sales to generate sufficient cash flow [78]. - The group has taken measures to accelerate the collection of receivables from property sales [78]. Corporate Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange, although it deviated from the guideline that the roles of Chairman and CEO should be separate [92]. - The Audit Committee has reviewed the unaudited consolidated results for the six months ended June 30, 2020, confirming compliance with applicable accounting standards and regulations [104]. - The company aims to provide stable and sustainable returns to shareholders through a consistent dividend policy [116]. - The board will consider actual and expected financial performance when deciding on dividend declarations [116]. - The company’s dividend payments are subject to restrictions under Cayman Islands law and its own articles of association [119]. - The remuneration committee is responsible for evaluating and reviewing the remuneration of directors annually [106]. - The nomination committee reviews the board's structure and diversity at least once a year [108]. - The company adopted a board diversity policy to enhance effectiveness by considering various factors such as skills, knowledge, and experience [112]. Employee and Compensation - The total employee compensation and benefits expenses for the six months ended June 30, 2020, amounted to RMB 71.5 million, with a workforce of 692 employees [90]. - The company has implemented a performance-based compensation system for employees, including annual bonuses for outstanding performers [90]. - The remuneration committee also considers compensation practices of similar companies when making recommendations [106]. Market Outlook - The company noted that the COVID-19 pandemic significantly impacted the real estate market, but local governments have implemented flexible policies to support the industry's long-term outlook [17]. - The group anticipates that the overall housing prices will stabilize in the second half of 2020, with first-tier cities seeing steady improvement in demand [42]. - The company plans to continue focusing on real estate development projects in China, aiming for market expansion and potential new product launches [160].

Financial Performance - In 2019, the company recorded sales revenue of RMB 5,806.7 million, with a delivered floor area of 213,445 square meters[10]. - The real estate sales amount for 2019 was RMB 6,732.9 million, with a sales area of 434,032 square meters[15]. - The company reported a loss attributable to shareholders of RMB 957.1 million for 2019[10]. - The company’s total sales revenue for the year ended December 31, 2019, was RMB 5,806.7 million, a decrease of 42.5% compared to RMB 10,091.0 million in 2018[25]. - The total area of sold and delivered properties decreased by 28.4% from 297,968 square meters in 2018 to 213,445 square meters in 2019[25]. - The average confirmed selling price dropped by 33.0% from RMB 33,866 per square meter in 2018 to RMB 22,707 per square meter in 2019[25]. - The company reported a total of 4,846,633 square meters sold across various projects in 2019, with a total revenue of RMB 5,806.7 million from property interior decoration[31]. - The company recorded a total sales revenue of RMB 5,806.7 million for the year ended December 31, 2019, a decrease of 42.5% compared to RMB 10,091.0 million in 2018[69]. - The group recorded a pre-tax loss of RMB 572.9 million for the year ended December 31, 2019, a significant decline from a pre-tax profit of RMB 3,988.1 million in 2018, attributed to a substantial drop in sales revenue and gross profit[83]. - The group reported a loss attributable to equity holders of RMB 957.1 million for the year ended December 31, 2019, compared to a profit of RMB 525.3 million in 2018, driven by significant declines in sales revenue and gross profit[85]. Debt and Financial Position - As of December 31, 2019, total borrowings amounted to RMB 25,247.0 million, resulting in a capital debt ratio of 399.7%[19]. - The company’s total assets for 2019 were RMB 52,437.99 million, while total liabilities were RMB 46,916.59 million[19]. - The total equity attributable to shareholders decreased from RMB 6,264.06 million in 2018 to RMB 5,521.40 million in 2019[19]. - The debt-to-equity ratio for 2019 was 399.7%, up from 317.8% in 2018, due to an increase in net debt and a decrease in equity attributable to owners[91]. - The group recorded a net loss attributable to owners of RMB 957.1 million for the year ended December 31, 2019, with a net cash outflow from operations of RMB 140.3 million[92]. - The total borrowings amounted to RMB 25,247 million, with current borrowings at RMB 25,236 million and cash and cash equivalents of only RMB 334.2 million[92]. - The group has been in default on certain loans totaling RMB 5,212.2 million and has faced cross-defaults on additional borrowings amounting to RMB 10,250.8 million[92]. - The group obtained new bank loans of RMB 7,579.7 million during the year, while repaying RMB 8,133.6 million, resulting in a total borrowings amount of RMB 25,247.0 million as of December 31, 2019, up 7.7% from RMB 23,432.1 million in 2018[89]. - The balance of properties under development was RMB 15,267.9 million as of December 31, 2019, a decrease of 9.3% from RMB 16,828.9 million as of December 31, 2018, due to the transfer of completed properties to cost of sales[87]. Market and Sales Strategy - The company aims to enhance asset management capabilities and improve operational cash flow management in response to financial pressures[23]. - The company is focusing on "reducing debt and adjusting structure" as a primary goal for its operations[23]. - The company plans to focus on accelerating the sale of remaining inventory and garages in the Yangtze River Delta region to enhance revenue in 2020[31]. - The company expects to launch 11 projects in 2020, with a total saleable area of approximately 1.5 million square meters, distributed across various regions[42]. - The company anticipates a slow recovery in the real estate market in the first half of 2020 due to the impact of COVID-19, with potential local support policies expected[66]. - The company expects a "front low, back high" trend in market transaction volume post-COVID-19, with a focus on improving housing demand in first-tier cities[66]. - The company plans to expedite the pre-sale and sale of its properties, expecting to launch four major projects in the second quarter of 2020[93]. Corporate Governance - The company emphasizes high standards of corporate governance, which is deemed crucial for its development and shareholder protection[117]. - The board includes independent non-executive directors with expertise in financial accounting, corporate governance, and project management, enhancing the company's strategic oversight[110][113]. - The company has a strong commitment to maintaining a high level of corporate governance, which is essential for safeguarding shareholder interests[116]. - The independent non-executive director, Mr. Wo, will retire at the upcoming annual general meeting, indicating a transition in board composition[112]. - The board's independent directors have extensive experience in various sectors, contributing to informed decision-making and strategic planning[111][113]. - The company has deviated from the corporate governance code by having the roles of Chairman and CEO held by the same individual, Mr. Ding Xiangyang, since June 5, 2018[118]. - The board believes that Mr. Ding's dual role provides in-depth knowledge and consistent leadership, which is beneficial for the overall strategic planning of the group[119]. - The audit committee, consisting of three independent non-executive directors, has been established to oversee financial reporting and risk management[130]. - The audit committee reviewed the annual performance and audited financial statements for the year ending December 31, 2019[132]. Operational Performance - The total construction area completed in 2019 is about 478,000 square meters, with new construction area of approximately 223,000 square meters[48]. - The company has approximately 2.6 million square meters planned for commercial property development, with 539,000 square meters completed and 1,246,000 square meters under construction[60]. - The company is currently in the construction phase of major commercial projects totaling 1,022,533 square meters[63]. - The company has been actively involved in multiple construction projects, showcasing its operational capabilities and market presence[113]. Environmental and Social Responsibility - The company emphasizes environmental protection and compliance with regulations, integrating eco-friendly elements into its residential projects[182]. - The company has established an investor relations department to enhance communication with shareholders and investors[174]. - The company has complied with applicable laws and regulations, with no significant violations reported during the year[183].