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].

Financial Performance - In the first half of 2019, the group recorded sales revenue of RMB 886.9 million, a decrease of 62.3% year-on-year[8]. - The group reported a loss attributable to equity holders of RMB 1,364.4 million, an increase of 18.6% compared to the same period in 2018[8]. - The group's total sales revenue for the first half of 2019 was RMB 886.9 million, a decrease of 62.3% compared to RMB 2,349.9 million in the same period of 2018[14]. - The delivered area dropped by 79.4% from 123,814 square meters in the first half of 2018 to 25,535 square meters in the first half of 2019[14]. - The average confirmed selling price increased by 39.0% from RMB 18,980 per square meter in the first half of 2018 to RMB 26,374 per square meter in the first half of 2019[16]. - The group recorded a consolidated gross loss of RMB 164.3 million for the six months ended June 30, 2019, compared to a gross profit of RMB 594.3 million for the same period in 2018, resulting in a gross margin of -18.5%[48]. - The company reported a net loss attributable to shareholders of RMB 1,364,422,000 for the period, compared to a net loss of RMB 1,676,911,000 in the same period last year[125]. - The basic and diluted loss per share for the period was RMB 0.18, compared to RMB 0.22 for the same period in 2018[125]. - The company reported a significant increase in operating losses, amounting to RMB (796,518,000) for the first half of 2019 compared to RMB (250,239,000) in the same period of 2018[167]. Sales and Revenue - Real estate contract sales amounted to RMB 1,585.0 million, with a sales area of 119,895 square meters[8]. - The majority of sales revenue came from properties in Shanghai, contributing RMB 758.2 million, which accounted for 85.5% of the total confirmed sales revenue[15]. - The real estate contract sales amount for the first half of 2019 was RMB 1,585.0 million, a year-on-year decrease of 62.5%[21]. - The total sales revenue from the three regions outside Shanghai was only RMB 128.7 million, accounting for 14.5% of the total sales revenue[15]. - The Northeast region accounted for 47.5% of the total sales amount, with RMB 753.0 million in real estate sales[21]. - The total sales revenue for the Yangtze River Delta region (excluding Shanghai) was RMB 90,652,000[161]. Assets and Liabilities - As of June 30, 2019, total borrowings were RMB 24,761.2 million, with a capital debt ratio of 425.0%[8]. - Total current assets increased by 1.5% to approximately RMB 33,590.0 million as of June 30, 2019, compared to RMB 33,105.3 million as of December 31, 2018[59]. - Total current liabilities rose by 5.0% to RMB 42,448.6 million as of June 30, 2019, compared to RMB 40,412.3 million as of December 31, 2018, primarily due to an increase in current borrowings[61]. - The company's cash and cash equivalents were RMB 192.0 million as of June 30, 2019, down from RMB 342.6 million as of December 31, 2018[63]. - The total liabilities increased to RMB 47,215,652,000 from RMB 45,225,116,000, reflecting a rise of 4.4%[123]. - The company's total liabilities exceeded its total assets by RMB 8,858,563,000 as of June 30, 2019[136]. Debt and Financing - The group has failed to repay several principal and interest amounts totaling RMB 3,065,796,000, including RMB 2,834,000,000 in principal and RMB 134,796,000 in interest, as well as RMB 800,000,000 in principal related to cross-default loans[139]. - The group has successfully secured a total loan amount of RMB 500,000,000 to alleviate liquidity pressure and improve financial conditions[140]. - The company is actively negotiating with multiple commercial banks for loan renewals and extensions to manage its financial obligations[140]. - The company raised RMB 1,073,487,000 through borrowings during the six months ended June 30, 2019, down from RMB 4,489,182,000 in the same period of 2018[131]. - The company incurred interest payments of RMB 522,092,000 during the six months ended June 30, 2019, compared to RMB 929,334,000 in the same period of 2018[131]. Operational Strategies - The group plans to enhance construction progress and increase the number of properties launched for sale in the second half of the year[12]. - The group aims to improve asset management capabilities to enhance operational cash flow[12]. - The company is focusing on cash flow management to address the tight funding situation[12]. - The company plans to adopt flexible sales and marketing strategies to accelerate project liquidation and improve product competitiveness[35]. - The company aims to improve cash inflow by implementing measures to expedite the collection of outstanding sales proceeds[69]. Market Conditions - The real estate market showed signs of stabilization, with overall prices remaining steady and a slight decrease in transaction volume[10]. - The expected GDP growth target for China is 6.3%, indicating a stable economic outlook despite challenges[34]. - The real estate market is expected to maintain stability with ongoing regulatory policies focused on "housing for living, not speculation" and "one city, one policy"[34]. Corporate Governance - The Audit Committee has reviewed the unaudited consolidated results for the six months ended June 30, 2019, and confirmed compliance with applicable accounting standards and regulations[87]. - The Remuneration Committee evaluates and reviews the remuneration of directors and senior management annually, ensuring alignment with company policies and market standards[88]. - The Nomination Committee is responsible for reviewing the board's structure and diversity, ensuring a balanced composition of executive and non-executive directors[90]. - The company has adopted a board diversity policy to enhance effectiveness by considering various factors such as skills, knowledge, and experience[93]. Stock Options and Dividends - The company issued 632,388,000 share options under the share option scheme, with an exercise price of HKD 0.45 per share[187]. - The company did not declare an interim dividend for the six months ended June 30, 2019, consistent with the previous year[118]. - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, which was approved on December 31, 2018, and effective from January 1, 2019[96].

Financial Performance - In 2018, the company recorded sales revenue of RMB 10,091.0 million, a significant increase from RMB 3,465.6 million in 2017[13] - The net profit attributable to the company's owners was RMB 525.3 million, a turnaround from a loss of RMB 468.3 million in 2017[13] - The company's total consolidated sales revenue for the year ended December 31, 2018, was RMB 10,091.0 million, an increase of 191.2% compared to RMB 3,465.6 million in 2017[29] - The profit attributable to the company's owners for the year ended December 31, 2018, was RMB 525.3 million, compared to a loss of RMB 2,608.6 million in 2017[94] - The gross profit for 2018 was RMB 5,329.3 million, compared to a gross loss of RMB 468.3 million in 2017, resulting in a gross margin of 52.8%[85] - The group recorded a profit before tax of RMB 3,988.1 million for the year ended December 31, 2018, compared to a loss of RMB 2,012.5 million in 2017[93] Sales and Market Performance - Real estate sales amounted to RMB 7,456.5 million in 2018, down from RMB 8,570.0 million in 2017, indicating a decline of approximately 13%[20] - The total area delivered was 297,968 square meters, compared to 227,858 square meters in the previous year, reflecting a growth of approximately 30.7%[13] - The average confirmed selling price rose by 122.7% from RMB 15,209 per square meter in 2017 to RMB 33,866 per square meter in 2018[29] - 93.6% of the sales revenue came from projects located in first-tier cities (Shanghai and Beijing), while only 6.4% came from projects in second and third-tier cities[29] - The company achieved real estate sales revenue of RMB 7,456.5 million, a decrease of 13.0% year-on-year, while the sales area increased by 8.9% to 305,785 square meters[37] Debt and Financial Management - As of December 31, 2018, total borrowings amounted to RMB 23,432.1 million, with a capital debt ratio of 317.8%[13] - The company aims to optimize its debt structure while maintaining a lower total debt level through improved cash flow management[28] - The total financial costs for the year ended December 31, 2018, were RMB 2,326.8 million, a decrease of 33.4% from RMB 3,494.5 million in 2017[89] - The capital-to-debt ratio improved from 393.4% in 2017 to 317.8% in 2018 due to the decrease in net borrowings[104] - The overdue borrowings decreased significantly from RMB 3,272.9 million in 2017 to RMB 861.0 million in 2018[104] Land Reserves and Development - The company had total land reserves of 7.5 million square meters, with an average land cost of RMB 1,822 per square meter[13] - The land reserve is distributed with 15.1% in first-tier cities and 84.9% in second and third-tier cities[60] - The company has not purchased any land in 2018, adhering to a cautious land acquisition strategy[57] - The total completed construction area in 2018 was approximately 410,000 square meters, with new construction area of about 542,000 square meters[55] - The total area of land reserves in the Yangtze River Delta region is 402,621 square meters[54] Corporate Governance - The board of directors highlighted the commitment to corporate governance and transparency in financial reporting[138] - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange, except for the deviation where the roles of Chairman and CEO are held by the same individual[143] - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2018, and confirmed compliance with applicable accounting standards and regulations[163] - The company’s board consists of members with diverse skills in real estate development, corporate operations, and financial strategy, enhancing governance[179] - The company secretary ensures that the board is fully briefed on all legal, regulatory, and corporate governance developments[199] Future Outlook and Strategy - The company plans to continue expanding its market presence and enhance its product offerings in the coming years[4] - The company plans to launch 19 projects in 2019, with a total saleable floor area of approximately 1.1 million square meters[49] - The company anticipates a continued differentiation in real estate market regulation policies, leading to a segmented market development pattern[70] - The company is considering strategic acquisitions to enhance its portfolio, with a budget of $300 million earmarked for potential deals[138] - The management emphasized the importance of cost management, aiming to reduce operational costs by 8% in the upcoming year[138]