Financial Performance - The group's net loss for the year ended December 31, 2023, was approximately HKD 47.1 million, compared to a net profit of approximately HKD 17.5 million in 2022[11]. - Rental income for the year ended December 31, 2023, was approximately HKD 27.8 million, a decrease of about 5.3% from 2022, primarily due to increased rental concessions given to tenants[8]. - The company's revenue for the year 2023 was HKD 27.8 million, a decrease of 5.1% compared to HKD 29.3 million in 2022[19]. - The total market value of the group's investment properties as of December 31, 2023, is approximately HKD 851.3 million, a decrease of about HKD 56.7 million compared to 2022[8]. - The net change in fair value of investment properties showed a significant decline of HKD 56.7 million in 2023, compared to an increase of HKD 5.1 million in 2022[19]. - The company reported a loss attributable to equity holders of HKD 47.1 million for 2023, contrasting with a profit of HKD 17.5 million in 2022[19]. - The total equity attributable to equity holders decreased to HKD 882.3 million as of December 31, 2023, down from HKD 934.5 million in the previous year[19]. - The basic loss per share for 2023 was HKD 0.1219, compared to earnings of HKD 0.0454 per share in 2022, indicating a shift from profit to loss[32]. - The company held cash and bank deposits of approximately HKD 42.6 million as of December 31, 2023, down from HKD 53.7 million in 2022[35]. - The company recorded other comprehensive expenses of approximately HKD 6.2 million in 2023, down from approximately HKD 22.2 million in 2022[9]. Investment Properties - The fair value of the group's investment properties decreased by approximately HKD 56.7 million in 2023, reflecting a worsening market for commercial retail and residential investment properties in Hong Kong[11]. - The company has no major plans for significant investments or acquisitions due to the uncertain market outlook[15]. - 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 Kowloon[8]. - The fair value of the investment in the fund was approximately HKD 89.5 million as of December 31, 2023, representing a slight increase from HKD 88.6 million in 2022[30]. - The company did not acquire any investment properties during the fiscal year[179]. - As of December 31, 2023, the company had investment properties with a book value of approximately HKD 225.1 million pledged for bank loans, down from HKD 257.4 million in 2022[43]. Corporate Governance - The board proposed no final dividend for the year ending December 31, 2023, consistent with 2022[52]. - The company has adopted a corporate governance code in compliance with the Stock Exchange Listing Rules, ensuring adherence to all applicable provisions for the year ending December 31, 2023[65]. - The board consists of seven members, including four executive directors and three independent non-executive directors[66]. - The independent non-executive directors have confirmed their independence in accordance with the guidelines set out in the Listing Rules[72]. - The company has established sufficient risk management procedures to identify and control various risks[47]. - The board is responsible for managing all significant matters, including policy formulation, overall strategy, and risk management systems[66]. - The company has implemented a diversity policy to attract and retain female employees[80]. - The board has established clear terms of reference for its committees, including the Audit, Remuneration, and Nomination Committees[92]. - The company has arranged appropriate liability insurance for directors against legal responsibilities arising from company affairs[90]. - The company confirmed compliance with internal policies and non-competition agreements regarding property transactions[166]. 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, 2023[133]. - The company is committed to minimizing its environmental footprint through effective resource utilization and promoting environmental awareness among employees and tenants[139]. - The company encourages energy-saving practices, such as using energy-efficient equipment and promoting employee awareness to reduce energy consumption[140]. - The total electricity consumption for the headquarters was approximately 16,995 kWh in the current year, compared to 16,117 kWh in 2022, resulting in CO2 equivalent emissions of about 6,628.05 kg[143]. - Water consumption for the headquarters was approximately 0.92 cubic meters, up from 0.83 cubic meters in 2022, with a water usage intensity of about 0.13 cubic meters per employee[144]. - The total paper usage during normal operations was approximately 491.01 kg, an increase from 435.94 kg in 2022, with CO2 equivalent emissions from paper usage totaling about 2,356.85 kg[145]. - The company has not generated any hazardous waste during its operations, and its environmental impact is considered minimal due to the nature of its business[139]. Employee and Social Responsibility - The employee turnover rate for 2023 was 0%, with a total of 7 full-time employees, maintaining the same number as in 2022[148]. - The gender ratio of employees in 2023 was 28.6% male and 71.4% female, consistent with the previous year[149]. - The company made a charitable donation of HKD 50,000 during the year, compared to none in the previous year[177]. - A donation of HKD 50,000 was made to the Wing Lee Entrance Scholarship at the University of Hong Kong to encourage youth to achieve their personal goals[160]. - The company has not recorded any industrial accidents or workdays lost due to occupational injuries during the reporting period[152].

Financial Performance - For the year ended December 31, 2023, the company reported a revenue of HKD 27,787,000, a decrease of 5.3% from HKD 29,331,000 in 2022[12] - The company recorded a net loss of HKD 47,092,000 for the year, compared to a profit of HKD 17,527,000 in the previous year[12] - The total comprehensive expense for the year amounted to HKD 53,272,000, significantly higher than HKD 4,635,000 in 2022[12] - Revenue from external customers for the year ended December 31, 2023, was HKD 27,787,000, a decrease from HKD 29,331,000 in 2022, representing a decline of approximately 5.3%[34] - The company reported a net loss attributable to equity holders of approximately HKD 47.1 million for the year ended December 31, 2023, compared to a profit of HKD 17.5 million in 2022[41] - The group recorded a net profit of approximately HKD 10.7 million for the year ended December 31, 2023, compared to approximately HKD 15.0 million in 2022, primarily due to decreased rental income and increased financial costs[62] Assets and Liabilities - The company's non-current assets, primarily investment properties, decreased to HKD 851,340,000 from HKD 908,010,000 in the previous year[14] - The net current liabilities increased to HKD 66,765,000, compared to HKD 13,088,000 in 2022, indicating a deterioration in liquidity[18] - The fair value of investment properties decreased to approximately HKD 851.3 million in 2023 from HKD 908.0 million in 2022, reflecting a net change of HKD (56.7) million[55] - The fair value of the group's investment properties decreased by approximately HKD 56.7 million in 2023, reflecting the overall market conditions in Hong Kong's commercial retail and residential investment property sectors[62] - The total equity of the group as of December 31, 2023, was approximately HKD 882.3 million, down from approximately HKD 934.5 million in 2022, reflecting a decrease of approximately HKD 52.2 million[72] - As of December 31, 2023, the group's current liabilities net amount was approximately HKD 66.8 million, an increase from approximately HKD 13.1 million in 2022, with a current ratio of approximately 0.40[72] Income and Expenses - The basic and diluted loss per share for the year was HKD (12.19), compared to earnings of HKD 4.54 in 2022[12] - The group reported a diluted loss per share of HKD (121.0) cents for 2023, compared to a diluted earnings per share of HKD 45.4 cents in 2022[43] - The group has adopted new and revised Hong Kong Financial Reporting Standards, including HKFRS 17 on insurance contracts, which did not have a significant impact on the financial statements as the group has no contracts within its scope[21] - Financing costs increased to HKD 6,330,000 in 2023 from HKD 3,065,000 in 2022, reflecting a significant rise of approximately 106.3%[36] - The group reported a total employee cost of HKD 6,771,000 for 2023, down from HKD 8,164,000 in 2022, indicating a decrease of about 17.0%[36] - The current tax provision for Hong Kong profits tax for the year was HKD 1,494,000, compared to HKD 2,344,000 in the previous year, a reduction of approximately 36.3%[37] - Deferred tax for the year was HKD 1,459,000, down from HKD 2,155,000 in 2022, representing a decrease of about 32.3%[37] Dividends and Capital Management - The company did not declare any dividends for the year ended December 31, 2023, consistent with the previous year[5] - The group did not recommend any dividend distribution at the end of the reporting period[40] - The group did not declare a final dividend for the year ending December 31, 2023, consistent with 2022[89] - The company plans to actively review its capital structure and may pursue new debt financing or property sales to enhance liquidity[19] - The group maintained a cautious financial management policy, with cash typically held in short-term deposits primarily in HKD[80] Operational Insights - The group’s operational business is primarily focused on property investment, with no significant changes in business segments reported[28] - Rental income from a single customer accounted for over 10% of the total revenue for the year ended December 31, 2023[30] - Rental income for the year ended December 31, 2023, was approximately HKD 27.8 million, a decrease of about 5.3% compared to 2022, primarily due to increased rental concessions granted to tenants[60] - The company continued to hold a 10% investment in Epic Capital Development Fund I, L.P., which is involved in property redevelopment in Hong Kong[60] - The company injected additional capital of approximately HKD 7.1 million into the fund during 2023, which was offset by a net decrease in the fund's fair value reserve of approximately HKD 6.2 million[61] - The group continues to maintain a high level of occupancy across its diversified tenant portfolio, closely monitoring economic trends and adjusting rental policies as necessary[64] Market Outlook - The management remains optimistic about the economic outlook for Hong Kong, anticipating a gradual recovery in retail property leasing activities despite ongoing inflationary pressures and geopolitical uncertainties[63] - The group has no major plans for significant investments or acquisitions due to an uncertain market outlook, maintaining a prudent financial policy when evaluating potential investment opportunities[66] Risk Management - The group has established sufficient risk management procedures to identify and control various risks in line with the best interests of the group and its shareholders[85] - As of December 31, 2023, the group had no significant contingent liabilities[82] Other Financial Information - The group recorded share-based payment expenses of approximately HKD 1.1 million for the year 2023, down from HKD 2.6 million in 2022[86] - The group had no capital commitments contracted but not provided for in the financial statements as of December 31, 2023, and 2022[81] - Capital expenditure for the year ending December 31, 2023, was approximately HKD 7.1 million, a decrease from HKD 14.9 million in 2022[77] - The group held approximately HKD 42.6 million in bank deposits and cash as of December 31, 2023, a decrease from approximately HKD 53.7 million in 2022[73]

Financial Performance - The group reported a diluted loss per share of (108) HK$'000 for the six months ended June 30, 2023, compared to (6,588) HK$'000 in the same period of 2022[3]. - The total comprehensive expense attributable to owners of the Company for the period was approximately HK$1.0 million, a decrease from approximately HK$11.1 million in 2022[52]. - Loss per share for the six months ended June 30, 2023, was HK cents 0.03, representing a reduction in loss of approximately HK cents 1.67 per share from the previous year[52]. - The Group reported a loss for the period of HK$108,000, a substantial recovery from a loss of HK$6,588,000 in the prior year[102]. - The Group's revenue for the six months ended June 30, 2023, was HK$13,807,000, a decrease of 2.1% compared to HK$14,107,000 for the same period in 2022[102]. - The Group's total rental income from investment properties was approximately HK$13.8 million for the period, reflecting a decrease of about 2.1% compared to approximately HK$14.1 million in the same period of 2022[65]. Dividends and Share Capital - No dividend was paid, declared, or proposed for the six months ended June 30, 2023, consistent with 2022[4]. - No interim dividend was recommended for the six months ended June 30, 2023, compared to no dividend in the same period of 2022[36]. - The company has a total issued and fully paid share capital of HK$3,862,000 as of June 30, 2023[20]. Investment Properties - The fair value of investment properties at the end of the period was 900,910 HK$'000, down from 908,010 HK$'000 at the beginning of the period, reflecting a net decrease in fair value of (7,100) HK$'000[4]. - The total market value of the Group's investment properties was approximately HK$900.9 million, down from approximately HK$908.0 million as of December 31, 2022, reflecting a net decrease in fair value of approximately HK$7.1 million[48]. - The fair value of the Group's investment properties as of June 30, 2023, is HK$900,910,000, compared to HK$908,010,000 as of December 31, 2022, reflecting a slight decrease[156]. - There were no new additions or disposals of investment properties during the six months ended June 30, 2023[49]. Bank Loans and Financial Liabilities - As of June 30, 2023, bank loans amounted to HK$102,167,000, a decrease from HK$113,614,000 as of December 31, 2022[16]. - The interest rates on bank loans ranged from 6.63% to 6.85% per annum as of June 30, 2023, compared to 6.05% to 6.55% as of December 31, 2022[16]. - The total amount due after one year shown under non-current liabilities was HK$8,464,000 as of June 30, 2023, down from HK$58,285,000 as of December 31, 2022[16]. - The amount due within one year from bank loans was HK$93,703,000 as of June 30, 2023[16]. - The Group's total debt to equity ratio was approximately 10.9% as of June 30, 2023, compared to approximately 12.2% as of December 31, 2022[54]. Cash and Liquidity - The Group's cash and cash equivalents were reported at HK$46,664,000, a decrease from HK$53,749,000 in the same period last year[104]. - The cash and cash equivalents at the end of the period decreased to HK$46,664,000 from HK$50,781,000, representing a decline of 8.8% year-over-year[125]. - The Group had available unutilized bank loan facilities of approximately HK$20 million as of June 30, 2023, unchanged from December 31, 2022[54]. - The decrease in bank deposits and cash was mainly due to the full repayment of one bank loan of approximately HK$8.86 million[191]. Operational Costs and Expenses - The Group recorded staff costs of approximately HK$1.1 million for the six months ended June 30, 2023, compared to approximately HK$3.6 million for the same period in 2022, representing a decrease of about 69.4%[35]. - Administrative expenses decreased to HK$2,799,000 from HK$5,037,000, reflecting a reduction in operational costs[102]. - Interest paid on bank loans increased significantly to HK$2,881,000 for the six months ended June 30, 2023, compared to HK$993,000 in the same period of 2022, reflecting a rise of 189.5%[132]. Market Conditions and Future Outlook - The Hong Kong government has continued to relax COVID-19 control measures since January 2023, positively impacting the economy and the recovery of the tourism sector[70]. - Management remains optimistic about the Hong Kong economy's outlook, expecting retail property leasing activities to gradually return to normal at a slow but steady pace[70]. - The Group will continue to monitor economic developments and property market changes to adjust rental policies accordingly[70]. - The Group is optimistic about the potential redevelopment and appreciation in value of the relevant property following the redevelopment[52]. - The Group does not have plans for any material investments or acquisitions of capital assets due to market uncertainties[52]. Tenant and Lease Information - The Group internally assesses the credit quality of potential tenants before accepting new tenants, ensuring no credit period is granted[13]. - The properties held have committed tenants with lease terms ranging from 1 year to 5 years[26]. - As of June 30, 2023, 96.6% of the Group's investment properties were leased[65]. - The Group's portfolio maintains high occupancy rates due to a diverse tenant mix across different industries[70].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 WING LEE PROPERTY INVESTMENTS LIMITED 永 利 地 產 發 展 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份代號：864） 中期業績公佈 截至二零二三年六月三十日止六個月 中期業績 永利地產發展有限公司（「本公司」）之董事局（「董事局」）欣然呈列本公司及其附屬 公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合業 績及截至二零二二年六月三十日止同期之比較數字。 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 千港元 千港元 附註 （未經審核） （未經審核） 收益 3 13,807 14,107 直接經營開支 (965) (617) 12,842 13,490 其他收入 1,036 499 投資物業公平值變動淨額 9 (7,100) (12,910) 行政支出 (2,799 ...

Financial Performance - Rental income for the year ended December 31, 2022, was approximately HKD 29.3 million, a slight increase of about 1.4% from the previous year[13]. - The group recorded a net profit of approximately HKD 17.5 million for the year ended December 31, 2022, which was comparable to the net profit of approximately HKD 17.4 million in 2021[15]. - Revenue for 2022 was HKD 29,331,000, an increase of 1.38% from HKD 28,934,000 in 2021[92]. - Profit before tax increased to HKD 20,016,000, representing a growth of 5.4% compared to HKD 18,991,000 in 2021[92]. - Net profit for the year was HKD 17,527,000, slightly up from HKD 17,406,000, reflecting a growth of 0.7%[92]. - Total comprehensive income for the year showed a loss of HKD 4,635,000, compared to a gain of HKD 61,064,000 in 2021[92]. - Basic earnings per share increased to HKD 4.54 from HKD 4.51, a rise of 0.66%[92]. Investment Properties - The total market value of the group's investment properties as of December 31, 2022, was approximately HKD 908.0 million, an increase of about HKD 13.7 million compared to 2021[12]. - The fair value of the group's investment properties as of December 31, 2022, is approximately HKD 908 million, representing about 85.3% of the total assets[58]. - The group experienced a net change in the fair value of investment properties of approximately HKD 5.1 million in 2022, compared to HKD 2.0 million in 2021, indicating an overall increase in retail property prices in Hong Kong[15]. - The net increase in the fair value of investment properties recorded in the consolidated income statement for the year ended December 31, 2022, is approximately HKD 5.1 million[58]. - The group’s investment properties include office buildings, retail shops, industrial properties, residential properties, and parking lots located in Hong Kong[58]. Financial Position - As of December 31, 2022, total equity amounted to HKD 934,452,000, a slight decrease from HKD 936,514,000 in the previous year[74]. - Bank loans due after one year were reported at HKD 58,285,000, compared to HKD 70,814,000 in the previous year, indicating a reduction in long-term debt[72]. - Current liabilities increased to HKD 68,631,000 from HKD 47,507,000, indicating a rise of 44.4%[93]. - As of December 31, 2022, the group recorded a net current liability of approximately HKD 13,088,000, compared to HKD 1,184,000 in 2021[129]. - The net asset value as of December 31, 2022, was HKD 934,452 million, slightly down from HKD 936,514 million in 2021[175]. Economic Outlook - The group anticipates witnessing a general recovery in Hong Kong's economy in 2023, despite ongoing challenges such as interest rate hikes and inflation[17]. - The group expects the property market to face external challenges, including geopolitical tensions and anticipated global economic recession[17]. - The group anticipates that the retail property rental rate will continue to rise steadily, supported by the consumption voucher scheme, which will distribute HKD 3,000 in April 2023 and an additional HKD 2,000 mid-year[19]. Credit Risk Management - The expected credit loss is measured based on 12-month and lifetime expected credit losses, reflecting potential default events that may occur after the reporting date[23]. - The group assesses credit risk based on individual or collective criteria, with expected credit losses recalibrated at each reporting date to reflect changes in credit risk since initial recognition[27]. - The group evaluates the expected credit loss based on reasonable and supportable information without undue cost or effort, considering past events, current conditions, and forecasts of future economic conditions[142]. - The company considers both quantitative and qualitative data in assessing credit risk, including historical experience and forward-looking information[50]. Accounting Policies - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring transparency and accuracy in financial disclosures[85]. - The group recognizes rental income from investment properties according to specified accounting policies, with changes in fair value or gains/losses from disposal recognized in profit or loss[136]. - The group’s accounting policies include the classification of leases as finance or operating leases based on the transfer of risks and rewards associated with asset ownership[117]. - The group’s investment properties are recorded at fair value unless under construction, with any changes in fair value recognized in profit or loss[136]. Cash Flow - Operating cash generated for 2022 was HKD 19,528 million, an increase of 2.2% from HKD 19,109 million in 2021[150]. - Net cash generated from operating activities for 2022 was HKD 16,705 million, up from HKD 15,657 million in 2021[150]. - Cash used in investing activities for 2022 was HKD 14,333 million, a decrease from HKD 21,244 million in 2021[150]. - New bank loan proceeds in 2022 amounted to HKD 12,800 million, with net cash from financing activities totaling HKD 6,111 million[150]. - Cash and cash equivalents increased by HKD 8,483 million in 2022, compared to a decrease of HKD 20,999 million in 2021[150]. Audit and Compliance - The audit report confirmed compliance with relevant independence requirements, ensuring the integrity of the financial reporting process[68]. - The audit identified key audit matters, particularly regarding the valuation of long-term investments, which were assessed through external valuation reports[83]. - The independent auditor's report emphasized the importance of professional judgment and skepticism throughout the audit process[88]. - The audit committee played a crucial role in overseeing the financial reporting process, ensuring that the financial statements reflect the true financial position of the company[63].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 WING LEE PROPERTY INVESTMENTS LIMITED 永 利 地 產 發 展 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份代號：864） 全年業績公佈 截至二零二二年十二月三十一日止年度 業績 永利地產發展有限公司（「本公司」）董事（「董事」）局（「董事局」）欣然公佈本公司 及其附屬公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度之經審核 綜合業績如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收入 3 29,331 28,934 直接經營開支 (1,307) (1,573) 28,024 27,361 其他收入 4 1,076 624 投資物業公平值淨變動 9 5,103 2,026 行政支出 (11,122) (8,917) 融資成本 5 (3,065) (2,103) 除稅前溢利 5 2 ...

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].