Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HK$14,107,000, an increase of 2.5% compared to HK$13,766,000 for the same period in 2021[13]. - The loss for the period was HK$6,588,000, a significant improvement from a loss of HK$15,660,000 in the previous year, representing a reduction of approximately 58%[13]. - The total comprehensive expense for the period was HK$17,686,000, compared to HK$35,328,000 in the previous year, showing a reduction of 50%[13]. - The company reported a basic and diluted loss per share of HK$0.017, compared to HK$0.041 in the same period last year[13]. - Loss before taxation for the six months ended June 30, 2022, was HK$15,660,000, compared to a loss of HK$6,588,000 for the same period in 2021, indicating a significant increase in losses[54]. - Loss per share for the six months ended June 30, 2022, was HK$0.017, representing a reduction of approximately 41% from HK$0.041 in the same period last year[151]. Assets and Liabilities - Total assets less current liabilities amounted to HK$990,931,000, a slight decrease from HK$1,010,482,000 as of December 31, 2021[17]. - The company's net assets stood at HK$927,989,000, down from HK$936,514,000 at the end of 2021[17]. - The Group's total assets as of June 30, 2022, were HK$927,989,000, a decrease from HK$936,514,000 as of January 1, 2022[21]. - As of June 30, 2022, the Group's net current liabilities amounted to approximately HK$3.0 million, an increase from HK$1.2 million as of December 31, 2021[154]. - The current ratio as of June 30, 2022, was approximately 0.94, slightly down from approximately 0.98 as of December 31, 2021[154]. - Total equity of the Group decreased to approximately HK$928.0 million as of June 30, 2022, compared to approximately HK$936.5 million as of December 31, 2021[154]. Cash Flow and Financing - The company’s cash and cash equivalents increased to HK$51,866,000 from HK$46,323,000, marking an increase of 12%[17]. - For the six months ended June 30, 2022, the net cash from operating activities was HK$8,448,000, compared to HK$8,359,000 for the same period in 2021, reflecting a slight increase of 1.06%[27]. - The net increase in cash and cash equivalents for the period was HK$5,515,000, contrasting with a decrease of HK$7,035,000 in the previous year[27]. - The Group's financing activities resulted in cash used of HK$3,039,000 for the six months ended June 30, 2022, compared to HK$3,373,000 in the same period of 2021, showing a reduction of 9.9%[27]. - The Group had available unutilized bank loan facilities of approximately HK$20 million as of June 30, 2022, consistent with the amount as of December 31, 2021[157]. Investment Properties - The net changes in fair value of investment properties resulted in a loss of HK$12,910,000, compared to a loss of HK$24,423,000 in the prior year, indicating a 47% improvement[13]. - The fair value of the Group's investment properties decreased to HK$881,400,000 as of June 30, 2022, from HK$894,310,000 as of December 31, 2021, representing a decrease of approximately 1.3%[60]. - The Group's investment properties recorded a net decrease in fair value due to the impact of COVID-19 and related economic conditions[30]. - The Group's rental income for the first half of 2022 was supported by all retail properties being fully leased out as of June 30, 2022[136]. - The Group anticipates that rental income in the second half of 2022 may be affected by ongoing disruptions from COVID-19, despite a visible recovery in the Hong Kong economy in the first half of 2022[146]. Administrative and Operating Expenses - Administrative expenses increased to HK$5,037,000 from HK$2,541,000, reflecting a rise of 98.5% year-over-year[13]. - The Group recorded staff costs of approximately HK$3.6 million for the six months ended June 30, 2022, compared to approximately HK$1.1 million for the same period in 2021, indicating a significant increase[168]. - The company incurred equity-settled share-based payment expenses of HK$2,573,000 for the six months ended June 30, 2022, with no such expenses recorded in the previous year[45]. Share Capital and Dividends - The company did not declare or propose any interim dividend for the six months ended June 30, 2022, consistent with the previous year[57]. - The issued and fully paid share capital remained unchanged at HK$3,862,000 as of June 30, 2022[110]. - The percentage of interest in the Company's issued share capital is calculated based on 386,175,758 shares issued as of June 30, 2022[172]. Share Options and Management - The maximum number of shares available for issue under the share option scheme is 70,670,156, representing approximately 18.3% of the issued shares as of the date of the interim report[184]. - The share option scheme aims to reward eligible participants who contribute to the Group and enhance the Company's value[184]. - The total outstanding share options for executive directors include 386,175 options for Ms. Chau Choi Fa and 3,861,757 options for Ms. Wong Siu Wah[191]. - The management believes the Group is well positioned with sufficient operating funds to manage existing operations and investment plans[154]. Market Outlook and Strategy - The Group remains cautiously optimistic about the Hong Kong property market, citing the solid economic foundation despite the challenging environment[145]. - The Group will continue to explore investment opportunities beyond the Hong Kong region to maintain competitiveness[151]. - The Group has not applied any new standards or amendments that are not effective for the current accounting period, ensuring compliance with the latest financial reporting standards[35].

Financial Performance - The total market value of the group's investment properties as of December 31, 2021, was approximately HKD 894.3 million, a decrease of about HKD 10.2 million compared to 2020[14]. - Rental income for the year ended December 31, 2021, was approximately HKD 28.9 million, a slight decrease of about 4.6% from 2020 due to rent reductions and certain rental concessions granted to tenants[14]. - The total comprehensive income for the group in 2021 was approximately HKD 61.0 million, compared to a total comprehensive expense of about HKD 109.5 million in 2020, primarily due to a net increase in the fair value of investment properties[15]. - The group recorded a net profit of approximately HKD 15.4 million for the year ended December 31, 2021, comparable to HKD 16.8 million in 2020, excluding the impact of fair value changes and share option expenses[15]. - The company's revenue for the year 2021 was HKD 28.9 million, a decrease of 4.6% from HKD 30.3 million in 2020[27]. - The profit attributable to equity holders for 2021 was HKD 17.4 million, a significant recovery from a loss of HKD 96.6 million in 2020[27]. - The total comprehensive income attributable to equity holders for 2021 was approximately HKD 61.0 million, compared to a total comprehensive loss of approximately HKD 109.5 million in 2020[36]. - The basic earnings per share for 2021 was approximately HKD 0.0451, a turnaround from a basic loss per share of HKD 0.2501 in 2020[36]. Investment Properties - The group continues to hold a 10% investment in Epic Capital Development Fund I, L.P., which is involved in a property redevelopment project in Kwun Tong, Kowloon[16]. - The fair value of the fund's property significantly increased after applying for a change of land use from industrial to commercial, resulting in a substantial increase in the fund's fair value[18]. - The net change in fair value of investment properties increased to HKD 2.0 million in 2021, compared to a decrease of HKD 111.1 million in 2020[27]. - Investment properties with a carrying value of approximately HKD 267.2 million were pledged for bank loans as of December 31, 2021, down from approximately HKD 294.6 million in 2020[46]. Rental Income and Tenant Management - The group anticipates that rental income in the first half of 2022 may be affected by ongoing disruptions from the COVID-19 pandemic, particularly due to the Omicron variant and tightened social distancing measures[20]. - The group maintains a diversified tenant portfolio, which has helped sustain a high occupancy rate despite the challenging retail environment[20]. - The group will continue to monitor economic developments and adjust rental policies as necessary to support tenants during difficult times[20]. - The largest tenant accounted for approximately 11.0% of total rental income, while the top five tenants collectively represented about 35.1%[192]. Financial Position and Equity - The company's total equity as of December 31, 2021, was approximately HKD 936.5 million, an increase of about HKD 61.0 million from HKD 875.5 million in 2020[39]. - The company's current liabilities net amount was approximately HKD 1.2 million as of December 31, 2021, down from approximately HKD 7.1 million in 2020[37]. - The debt-to-equity ratio as of December 31, 2021, was approximately 0.11, a decrease from 0.13 in 2020, primarily due to loan repayments[41]. - As of December 31, 2021, the distributable reserves were approximately HKD 778,000, a decrease from HKD 1,648,000 in 2020[190]. Corporate Governance - The company emphasizes the importance of effective corporate governance for sustainable development and believes that good governance practices are increasingly vital for maintaining and enhancing shareholder value and investor confidence[70]. - The board of directors consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balance of power and authority[71]. - The company has adopted the corporate governance code as set out in the Listing Rules, and it believes it has complied with all applicable code provisions for the year ended December 31, 2021[70]. - The chairman and CEO roles are held by different individuals to ensure a balance of power, with the chairman leading the board and the CEO managing the daily operations of the group[74]. - The company has appointed three independent non-executive directors, one of whom has appropriate professional qualifications in accounting and financial management[76]. - The independent non-executive directors have confirmed their independence, and the company believes they meet the independence criteria set out in the Listing Rules[76]. - The company has established appropriate policies and implemented suitable corporate governance practices to support its business development and growth[70]. - The board is responsible for managing all significant matters of the company, including policy formulation, overall strategy, and risk management systems[71]. Risk Management - The group has established sufficient risk management procedures to identify and control various risks[49]. - The board is responsible for maintaining an effective internal control and risk management system, which is reviewed annually to ensure its adequacy[113]. - The company has adopted internal controls to manage potential conflicts of interest among directors[109]. Environmental, Social, and Governance (ESG) Initiatives - The company has complied with the "comply or explain" provisions of the Environmental, Social, and Governance (ESG) reporting guidelines for the year ending December 31, 2021[128]. - The company focuses on optimizing resource use to minimize environmental impact and encourages employees and tenants to be environmentally conscious[129]. - The group's office headquarters consumed approximately 17,686 kWh of electricity in the current year, resulting in CO2 equivalent emissions of about 9,019.86 kg, with energy consumption intensity at approximately 132.48 kWh per square meter[142]. - The total water consumption for the office headquarters was approximately 0.92 cubic meters, with a water intensity of about 0.13 cubic meters per employee[143]. - The group used approximately 443.30 kg of printing paper, with total CO2 equivalent emissions from paper usage around 2,127.84 kg[144]. - The group encourages employees to use public transportation and optimize resource use to minimize environmental impact[145]. Employee Management - The employee turnover rate for the year was 0%, with a total of 7 employees in Hong Kong[147]. - The gender ratio of employees remained stable, with 28.6% male and 71.4% female in both 2021 and 2020[148]. - The group reported no industrial accidents or workdays lost due to injuries during the reporting period[150]. - All new employees are required to undergo onboarding training to understand the company's values and objectives[151]. - The group has no significant non-compliance issues regarding labor standards, including child labor and forced labor[153]. Community Engagement - The company donated HKD 50,000 to the Wing Lee Entrance Scholarship at the University of Hong Kong to encourage youth[158]. - The company supports community initiatives, including a donation of HKD 1,000 to Orbis International for improving the lives of visually impaired individuals[158]. - The company made charitable donations amounting to HKD 51,000 during the year[181]. Business Development - The company continues to explore diversification opportunities beyond the leasing property market, focusing on potential investments in Hong Kong and beyond[23]. - No new business or services were launched or announced during the year ending December 31, 2021[35]. - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2021[48]. - The company acquired a residential property in Hong Kong and sold a commercial property in Hong Kong and another in Shenzhen during the year[184]. - There were no purchases of properties, plants, or equipment during the year[185]. Compliance and Legal Matters - The company has confirmed compliance with internal policies regarding property transactions and has adhered to a non-competition agreement[171]. - There were no significant non-compliance issues related to bribery, extortion, fraud, and money laundering that had a major impact on the company[157]. - The company has no significant non-compliance issues regarding health and safety, advertising, labeling, and privacy matters that have a major impact on its products and services[156]. - All directors confirmed compliance with the standard code for securities trading during the year ending December 31, 2021[88].