Financial Performance - Total revenue for the six months ended June 30, 2022, was HKD 270.3 million, an increase from HKD 260.3 million in the same period of 2021[2] - The net profit attributable to shareholders for the six months ended June 30, 2022, was HKD 62.8 million, a significant recovery from a loss of HKD 357.3 million in the previous year[2] - Earnings per share for the six months ended June 30, 2022, was HKD 0.22, compared to a loss per share of HKD 1.26 in the same period of 2021[2] - The group's revenue for the six months ended June 30, 2022, was approximately HKD 270,251,000, an increase of about HKD 9,994,000 compared to HKD 260,257,000 for the same period last year, primarily due to increased property sales revenue[16] - The profit attributable to the owners of the company for the six months ended June 30, 2022, was approximately HKD 62,801,000, representing a 118% increase compared to a loss of HKD 357,274,000 for the same period last year[16] - The company's profit for the period was HKD 62,398,000, a significant recovery from a loss of HKD 357,270,000 in the previous year[36] - Basic earnings per share for the period was HKD 0.22, compared to a loss per share of HKD 1.26 in the prior year[38] Revenue Breakdown - Property leasing revenue for the six months ended June 30, 2022, was approximately HKD 195.9 million, accounting for 73% of the group's total revenue[7] - The property development segment generated revenue of approximately HKD 62,965,000, accounting for about 23% of the group's total revenue during the period[9] - The group’s revenue from property leasing, including advertising space and mini-storage, was HKD 11,410,000 for the six months ended June 30, 2022, compared to HKD 10,777,000 in the previous year, reflecting a growth of approximately 5.9%[53] - The group’s revenue from building management and related services was HKD 12,904,000 for the six months ended June 30, 2022, compared to HKD 13,479,000 in the previous year, indicating a decline of approximately 4.3%[53] Asset and Liability Management - The total asset value as of June 30, 2022, was HKD 22,367 million, slightly up from HKD 22,277 million at the end of 2021[2] - Total borrowings as of June 30, 2022, were HKD 1,937,311,000, an increase from HKD 1,871,501,000 as of December 31, 2021[10] - The company's total liabilities as of June 30, 2022, were HKD 2,840,730, an increase from HKD 2,734,904 as of June 30, 2021[57] - Total current liabilities decreased significantly to HKD 957,148 from HKD 2,128,556, resulting in net current assets of HKD 1,418,835 compared to HKD 142,669 in the previous period[40] - The group reported trade receivables of approximately HKD 68,141,000 as of June 30, 2022, an increase of 126.67% compared to HKD 30,039,000 as of December 31, 2021[75] Operational Strategies - The group introduced high-quality tenants and launched various promotional activities to enhance tenant sales and profitability[5] - The group continues to enhance its online marketing strategies and customer relationship management systems to improve marketing efficiency[5] - The group maintains a high occupancy rate and continues to optimize its tenant mix in response to market trends[7] - The group will continue to observe macroeconomic conditions and adjust development strategies to seize market opportunities and enhance operational efficiency[15] Investment and Financing Activities - The group completed the sale of its wholly-owned subsidiary King Huge Enterprises Limited for HKD 47,300,000 on April 6, 2022[19] - A significant transaction was announced post-reporting period, involving the sale of Linking Smart Limited and its subsidiaries for HKD 3,208,800,000[20] - The group has future minimum lease payments receivable from operating leases totaling HKD 573,321,000 as of June 30, 2022, compared to HKD 612,967,000 as of December 31, 2021, showing a decrease of 6.5%[85] Employee and Operational Costs - Employee compensation for the six months ended June 30, 2022, totaled approximately HKD 64,507,000, up from HKD 48,776,000 in the same period of 2021[21] - The company incurred income tax expenses of HKD 38,316 for the six months ended June 30, 2022, compared to HKD 28,834 in the same period of 2021[62] Market Conditions and Future Outlook - The group has not engaged in any major investments during the six months ended June 30, 2022[18] - The group has not disclosed any new product developments or market expansion strategies during the reporting period[36] - The group continues to focus on its core business lines while managing resources and performance based on internal financial data presented to the executive directors[49]

Financial Performance - The group's revenue for 2021 was HKD 734 million, an increase from HKD 690 million in 2020[4]. - The net profit attributable to owners was HKD 218 million in 2021, a significant recovery from a loss of HKD 808 million in 2020[7]. - The group's revenue for the year was approximately HKD 568.9 million, a decrease of about HKD 121.4 million compared to HKD 690.3 million in the previous year, primarily due to the impact of COVID-19 on tenants' businesses and real estate sales[48]. - The loss attributable to the company's owners was approximately HKD 808 million, an increase of 334.8% from HKD 185.8 million in the previous year, mainly due to a valuation loss of HKD 1.08 billion[49]. - Property development revenue for the year ended December 31, 2021, was approximately HKD 127,048,000, accounting for about 22% of the group's total revenue[36]. - The group's property management revenue for the year ended December 31, 2021, was approximately HKD 22,928,000, representing 4% of total revenue[40]. Assets and Liabilities - Total assets of the group reached HKD 23,617 million in 2021, up from HKD 23,137 million in 2020[5]. - The total assets as of December 31, 2021, were HKD 22.28 billion, down from HKD 23.14 billion in the previous year[47]. - The net asset value as of December 31, 2021, was approximately HKD 19.54 billion, compared to HKD 20.39 billion in the previous year[50]. - The group maintained a capital debt ratio of 10% as of December 31, 2021, up from 9% in the previous year[51]. - The group has cash and bank balances of approximately HKD 1.14 billion as of December 31, 2021, an increase from HKD 1.03 billion in the previous year[51]. Business Segments - The property leasing segment contributed 74% to the group's revenue, while property development accounted for 22%[10]. - The group's property leasing business generated revenue of approximately HKD 418.92 million for the year, a decrease from HKD 478.48 million in the previous year, accounting for 74% of total revenue compared to 69% in 2020[29]. - The overall rental income from major properties, including the Goldsun Center and Midtown, has been adjusted downward due to a weak leasing market atmosphere and rental support measures provided to tenants[24]. - The mini-storage business has shown rapid growth, with an ideal expansion rate in store numbers and operational efficiency[14]. - The mini-storage business has seen rapid growth, with plans to optimize operations and improve hardware and software configurations to increase efficiency and sales[26]. Market Conditions - The overall rental income has been under pressure due to the negative impact of the pandemic and geopolitical factors[13]. - Investment confidence continues to be low due to unclear prospects and cautious business sentiment, exacerbated by prolonged pandemic measures and low consumer spending[23]. - The ongoing geopolitical tensions and U.S.-China differences hinder global economic development, preventing breakthroughs in recovery efforts[23]. - The global economic recovery remains uneven due to strict cross-border controls and recurring COVID-19 outbreaks, impacting overall economic, social, and livelihood pressures[23]. - Local retail and dining sectors saw significant boosts following the distribution of electronic consumption vouchers in August, positively affecting related industries and overall market sentiment[23]. Corporate Governance - The board of directors consists of a chairman and several executive directors, with no separation of roles between the chairman and CEO[61]. - The company has complied with the corporate governance code, except for the separation of roles between the chairman and CEO[62]. - The independent non-executive directors constitute one-third of the board, meeting the requirements of the listing rules[65]. - The company has established various committees, including the audit committee, remuneration committee, and nomination committee, to oversee its operations[63]. - The Audit Committee held three meetings during the year, with full attendance from all members[70]. Social Responsibility - The group received recognition for its social contributions, including the "Caring Company" award for ten consecutive years from the Hong Kong Council of Social Service[15]. - The group is committed to social responsibility by providing resources to support vulnerable communities during the pandemic and implementing energy-saving measures to contribute to sustainable development[26]. - The company has established a zero-tolerance policy towards modern slavery, including child labor and human trafficking[114]. - The company collaborates with 17 charitable organizations to support underprivileged communities[99]. - The company engaged in community service activities, including delivering rice packages to the elderly, demonstrating commitment to social responsibility[160]. Environmental Initiatives - The company is committed to reducing energy consumption and has set short- and medium-term plans and targets for energy savings[93]. - The company has established an environmental policy to enhance business sustainability and reduce environmental impact[92]. - The company has implemented measures to ensure data protection and cybersecurity, including the installation of firewalls and monitoring systems[137]. - The company has adopted an ISO 14001 environmental management system to enhance its sustainability efforts[138]. - The group is actively working towards carbon neutrality by 2050, aligning with the Hong Kong government's goals[92]. Employee Engagement - The total employee compensation for the year was approximately HKD 128,540,000, an increase from HKD 124,858,000 in the previous year[59]. - The average number of employees in Hong Kong and mainland China was 263 and 40, respectively, compared to 269 and 47 in the previous year[59]. - The employee turnover rate for males increased to 15.7% in 2021 from 7.74% in 2020, while for females it rose to 23.4% from 13.98%[165]. - The total number of employees increased to 376 in 2021 from 274 in 2020, with male employees rising to 248 from 175 and female employees increasing to 128 from 99[167]. - The average training hours per employee increased to 1.20 hours in 2021 from 0.44 hours in 2020, with male employees receiving an average of 0.96 hours and female employees 1.66 hours[168]. Customer Satisfaction - The company achieved a public space cleanliness score of 91.2% and a customer service satisfaction rate of 86.2%[97]. - 91.2% of customers expressed satisfaction with the cleanliness of public spaces in the group's properties during the reporting period[131]. - 362 customers participated in the satisfaction survey, with 86.2% expressing satisfaction with the customer service at Soundwill Center and Midtown[134]. - The company has not received any significant complaints regarding customer service and property management during the reporting period[135]. - The company has established a comprehensive customer service code and operational guidelines to maintain high service quality[132].

Financial Performance - Total revenue for the six months ended June 30, 2021, was HKD 260.3 million, a decrease of 29% compared to HKD 366.4 million in the same period of 2020[2]. - The net loss attributable to owners of the company was HKD 357.3 million, compared to a profit of HKD 72.8 million in the same period of 2020[2]. - The group recorded revenue of approximately HKD 260,257,000 for the six months ended June 30, 2021, a decrease of about HKD 106,161,000 compared to HKD 366,418,000 for the same period last year, primarily due to reduced property sales and rental income from investment properties[13]. - The loss attributable to shareholders for the six months ended June 30, 2021, was approximately HKD 357,274,000, a decrease of 591% compared to a profit of HKD 72,764,000 for the same period last year, mainly due to a valuation loss of HKD 490,128,000[13]. - Total comprehensive loss for the period was HKD 349,522,000, compared to a comprehensive income of HKD 62,947,000 in the same period of 2020[43]. - The company reported a basic loss per share of HKD (1.26) for the six months ended June 30, 2021, compared to a profit of HKD 0.26 in the same period of 2020[44]. - The net loss before tax for the period was HKD 328,436,000, compared to a profit of HKD 109,763,000 in the previous year[42]. - Gross profit for the period was HKD 233,606,000, down from HKD 295,484,000, indicating a decrease of about 20.9%[42]. Assets and Liabilities - The total assets as of June 30, 2021, were HKD 23,205 million, slightly up from HKD 23,137 million at the end of 2020[2]. - The total liabilities as of June 30, 2021, were HKD 3,224,223, up from HKD 2,749,789 as of June 30, 2020, indicating an increase of approximately 17.2%[61]. - The net asset value decreased to HKD 19,981 million from HKD 20,387 million at the end of 2020[2]. - The group’s net asset value was approximately HKD 19,980,797,000 as of June 30, 2021, compared to HKD 20,386,981,000 as of December 31, 2020[14]. - Current liabilities increased significantly to HKD 3,105,134,000 as of June 30, 2021, compared to HKD 964,450,000 at the end of 2020[46]. - The net current liabilities amounted to HKD (141,336,000) as of June 30, 2021, contrasting with net current assets of HKD 1,365,213,000 at the end of 2020[46]. - The total equity attributable to the owners of the company decreased to HKD 19,935,580,000 as of June 30, 2021, from HKD 20,341,923,000 at the end of 2020[46]. Revenue Sources - Property leasing business generated approximately HKD 213.2 million in revenue, accounting for 82% of total revenue during the period[6]. - Revenue from property development was approximately HKD 36.2 million, representing 14% of total revenue for the period[7]. - Rental income decreased to HKD 213,234,000 from HKD 249,299,000, representing a decline of approximately 14.5%[42]. - Other income for the period was HKD 11,757,000, down from HKD 26,341,000, reflecting a decrease of approximately 55.4%[42]. Cash Flow and Financing - The group’s cash and bank balances amounted to approximately HKD 1,523,652,000 as of June 30, 2021, an increase from HKD 1,027,474,000 as of December 31, 2020[14]. - The company generated a net cash inflow from operating activities of HKD 174,600,000 for the six months ended June 30, 2021, compared to HKD 86,962,000 in the same period of 2020[49]. - The company reported a significant cash outflow from investing activities of HKD (197,600,000) for the six months ended June 30, 2021[49]. - The total borrowings of the group as of June 30, 2021, were HKD 2,320,666,000, up from HKD 1,851,998,000 as of December 31, 2020[14]. - The capital debt ratio increased to 12% from 9% in the previous year, indicating a rise in total borrowings to HKD 2,321 million from HKD 1,852 million[2]. Business Operations and Strategy - The mini-storage business expanded to 27 locations as of June 30, 2021, up from 23 at the end of 2020, with plans for further expansion[7]. - The company is enhancing its digital business technology and has launched advanced electronic store and e-voucher programs to optimize online sales[5]. - The group plans to leverage digital technology and information systems to enhance operational efficiency and business performance, aiming for diversified corporate development[12]. - The group aims to integrate environmental, social, and governance principles into its business operations while seeking long-term benefits for shareholders[12]. - The group anticipates that the economic recovery will be supported by government stimulus measures and improved investment sentiment, despite ongoing financial risks from geopolitical tensions[11]. Corporate Governance - The group did not recommend the payment of an interim dividend for the six months ended June 30, 2021, compared to no dividend declared for the same period last year[12]. - The audit committee, composed of three independent non-executive directors, reviewed the interim financial statements for the six months ending June 30, 2021, with no disagreements noted[30]. - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO, which are held by the same individual[31]. - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance by all directors for the six months ending June 30, 2021[33]. Market Conditions - The ongoing COVID-19 pandemic has severely impacted the global economy and rental property market, leading to expectations of continued weakness in the local economy and rental market conditions[97]. - The group anticipates continued weakness in the local economy and rental property market due to the ongoing impact of the COVID-19 pandemic, making it difficult to estimate the overall impact on financial performance[19].

Financial Performance - The group's total revenue for 2020 was HKD 690 million, a decrease from HKD 734 million in 2019, reflecting a decline of approximately 6%[6]. - The net profit attributable to owners for 2020 was a loss of HKD 218 million, compared to a profit of HKD 672 million in 2019[9]. - The total net asset value of the group was HKD 20,387 million in 2020, down from HKD 20,606 million in 2019[11]. - The group recorded revenue of approximately HKD 690,290,000 for the year, a decrease of about HKD 43,582,000 compared to HKD 733,872,000 in the previous year, primarily due to the adverse impact of COVID-19 on tenants' businesses[49]. - The group reported a loss attributable to shareholders of approximately HKD 185,807,000, a decrease of 185.3% compared to a profit of HKD 217,782,000 in the previous year, mainly due to a valuation loss of HKD 452,999,000[51]. Revenue Breakdown - The revenue breakdown for 2020 showed that property leasing accounted for 69%, property development for 27%, and property management and other services for 4%[9]. - For the year ended December 31, 2020, the property leasing business generated revenue of approximately HKD 478,484,000, a decrease from HKD 532,305,000 in 2019, accounting for 69% of total revenue compared to 73% in the previous year[35]. - The property development segment reported revenue of approximately HKD 189,678,000, an increase from HKD 180,230,000 in 2019, representing 27% of total revenue, up from 24% in the prior year[41]. - The group’s property management segment achieved revenue of approximately HKD 22,128,000, an increase from HKD 21,337,000 in 2019, accounting for 4% of total revenue, up from 3% in the previous year[44]. Asset Management - The group's total assets as of December 31, 2020, were HKD 23,137 million, slightly up from HKD 23,124 million in 2018[7]. - The group's net asset value as of December 31, 2020, was approximately HKD 20,386,981,000, down from HKD 20,605,536,000 in the previous year, with a net asset value per share of HKD 72.0[52]. - The total borrowings of the group as of December 31, 2020, were approximately HKD 1,851,998,000, compared to HKD 1,944,063,000 in the previous year, maintaining a capital debt ratio of 9%[53]. Operational Strategies - The group has enhanced its digital marketing efforts and upgraded the Soundwill Club mobile app and online store platform to improve operational efficiency[14]. - The group is focused on optimizing customer relationships and performance management through business technology to adapt to the pandemic's impact[13]. - The group plans to continue cautious acquisition of old buildings and urban redevelopment projects to secure stable land resources for future development[29]. - The mini-storage business is accelerating its development, with plans to open more stores in prime locations and leverage digital marketing to enhance competitiveness and sales[29]. Community and Environmental Initiatives - The group has received multiple accolades for its contributions to society, including the "Caring Company" award for nine consecutive years[14]. - The management plans to continue engaging in community service and environmental initiatives as part of its corporate social responsibility[14]. - The group established an energy-saving task force to implement long-term strategies and measures, successfully reducing energy consumption and achieving energy-saving targets[32]. - The company emphasized its commitment to sustainable development, launching a sustainable procurement policy and supplier assessment measures to enhance environmental protection efforts[100]. - The company received multiple awards for its environmental protection efforts, including the Bank of China Hong Kong Corporate Environmental Leadership Award and the HSBC Business New Power ESG Award[101]. Employee and Governance Practices - The total employee compensation for the year was approximately HKD 124,858,000, a slight decrease from HKD 126,844,000 in 2019, with an average of 269 employees in Hong Kong and 47 in mainland China[60]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[78]. - The company has a zero-tolerance policy for discrimination and harassment in the workplace, ensuring a fair and respectful environment for all employees[128]. - The company maintained compliance with local labor laws, with no reported violations related to child labor or forced labor during the year[178]. Risk Management and Compliance - The group maintained an effective risk management and internal control system to safeguard shareholder investments and assets[88]. - The company does not guarantee the payment of dividends for any specific period due to capital-intensive business needs[91]. - The company has not reported any incidents of child labor or forced labor during the reporting period, adhering to all relevant employment laws[128]. - The company emphasized customer satisfaction, with measures in place to handle product and service complaints effectively[178]. Sustainability and Resource Management - The group aims to reduce energy consumption by 2% compared to the previous year during the reporting period[138]. - Total electricity consumption decreased by 11% due to energy-saving measures and the impact of COVID-19[144]. - The group is committed to enhancing water resource management and reducing water consumption across its properties[148]. - The group promotes a green office culture through initiatives such as responsible procurement and recycling[138]. Stakeholder Engagement - The group actively engages with stakeholders through various communication channels, including annual reports and direct interactions[107]. - The company aims to enhance investor relations through regular and interactive communication, including meetings and presentations[89]. - The company conducted an ESG survey to gather stakeholder feedback on sustainability performance, aiming to improve its measures and operations[100].

Financial Performance - For the six months ended June 30, 2020, the total revenue was HKD 366.4 million, a slight increase from HKD 360.6 million in the same period of 2019[2]. - The profit attributable to owners of the company was HKD 72.8 million, a significant decrease from HKD 1,004.9 million in the previous year[2]. - The group's revenue for the six months ended June 30, 2020, was HKD 366,418,000, an increase of HKD 5,784,000 compared to HKD 360,634,000 for the same period in 2019[15]. - The profit attributable to the owners of the company for the six months ended June 30, 2020, was HKD 72,764,000, a decrease of 93% from HKD 1,004,937,000 in the same period of 2019, primarily due to a valuation loss of HKD 122,150,000[15]. - The net profit for the period was HKD 72,750,000, a significant decrease of 92.8% compared to HKD 1,004,847,000 in the same period last year[36]. - The total comprehensive income for the period was HKD 62,947,000, a decrease of 93.7% from HKD 999,142,000 in the prior year[37]. - Basic earnings per share for the period was HKD 0.26, down from HKD 3.55 in the previous year[38]. Revenue Breakdown - Rental income for the property leasing business was approximately HKD 249.3 million, accounting for 68% of total revenue during the period[6]. - Revenue from property development was approximately HKD 105.0 million, representing 29% of total revenue[8]. - Revenue from goods and services was HKD 117,119,000, up 45.5% from HKD 80,454,000 in the previous year[36]. - Rental income decreased to HKD 249,299,000 from HKD 280,180,000, representing a decline of 11.0%[36]. - Total revenue for the property leasing segment was HKD 105,026,000 for the first half of 2020, compared to HKD 70,956,000 in the same period of 2019[52]. - The revenue from property management and other services was HKD 12,093,000 for the first half of 2020, up from HKD 9,498,000 in the same period of 2019[52]. Assets and Liabilities - The total assets as of June 30, 2020, were HKD 23,417 million, down from HKD 23,617 million at the end of 2019[2]. - The net asset value increased slightly to HKD 20,612 million from HKD 20,606 million in 2019[2]. - The group's cash and bank balances as of June 30, 2020, amounted to HKD 779,892,000, an increase from HKD 557,211,000 as of December 31, 2019[16]. - The total borrowings of the group as of June 30, 2020, were HKD 1,884,830,000, a decrease from HKD 1,944,063,000 as of December 31, 2019[16]. - Total liabilities decreased to HKD 1,830,152,000 from HKD 1,858,715,000, indicating a reduction in financial obligations[40]. - The company's net assets stood at HKD 20,611,821,000, showing a marginal increase from HKD 20,605,536,000 at the end of 2019[40]. Operational Insights - The company plans to continue acquiring old buildings and urban redevelopment projects to create favorable conditions for future development[5]. - The mini-storage business will expand its store network in prime locations to increase revenue[7]. - The group has maintained a capital debt ratio of 9% as of June 30, 2020, consistent with the ratio as of December 31, 2019[16]. - The group has not made any significant investments during the six months ended June 30, 2020[17]. - The group completed the sale of the entire issued share capital of Fook Shing Group Investment Limited for a total consideration of HKD 467,635,000 on February 5, 2020[18]. - The company has identified key operational segments including property leasing and building management, which are managed separately due to differing resource needs[50]. Economic Outlook - The group anticipates challenges in the Hong Kong economy and rental property market due to the ongoing impact of the COVID-19 pandemic and geopolitical tensions, leading to increased market uncertainty[13]. - The group expects the overall economy and rental property market in Hong Kong to remain weak, with a full recovery unlikely in the short term due to the impact of COVID-19[19]. - The outbreak of COVID-19 has led to travel restrictions and lockdowns, severely impacting manufacturing capabilities in multiple countries[84]. - Global supply chain and international trade disruptions pose a significant threat to the global economy[84]. - Due to the evolving nature of the situation, the company cannot reasonably estimate the impact on its consolidated operating performance, cash flow, and financial position for 2020[84]. Employee and Operational Costs - As of June 30, 2020, the total salary and wages for employees amounted to approximately HKD 49,495,000, a decrease from HKD 57,068,000 as of June 30, 2019, representing a reduction of about 27.6%[20]. - Employee benefit expenses for the six months ended June 30, 2020, amounted to HKD 49,495,000, a decrease of 13.2% from HKD 57,068,000 in the same period of 2019[57]. - Financing costs for the six months ended June 30, 2020, were HKD 24,269,000, a decrease of 16.4% from HKD 29,103,000 in the same period of 2019[57]. Shareholder Information - Major shareholders hold significant stakes, with Century Pine (PTC) Limited and Ko Bee Limited each owning approximately 73.71% of the company's shares[27]. - The group did not declare an interim dividend for the six months ended June 30, 2020, compared to no dividend declared for the same period in 2019[14]. - The company has not repurchased any shares during the six months ended June 30, 2020, maintaining the number of ordinary shares at 283,308,635[59].

Financial Performance - The group's total revenue for 2019 was HKD 2,225 million, a decrease from HKD 2,225 million in 2018[3]. - The net profit attributable to owners of the company for 2019 was HKD 672 million, compared to HKD 218 million in 2018, representing a significant increase[6]. - The group's revenue for 2019 was approximately HKD 734 million, a decrease of HKD 246 million or 25.1% compared to HKD 980 million in 2018[46]. - Profit attributable to the company's owners for 2019 was approximately HKD 218 million, representing a 68% decrease from HKD 672 million in 2018[48]. - The group's total assets reached HKD 23,617 million in 2019, up from HKD 23,124 million in 2018[4]. - The net asset value of the group increased to HKD 20,606 million in 2019 from HKD 20,456 million in 2018[10]. - The total borrowings as of December 31, 2019, amounted to HKD 1,944 million, an increase from HKD 1,563 million in 2018[50]. - The capital debt ratio was 9% as of December 31, 2019, compared to 8% in 2018[50]. Revenue Composition - The revenue composition for 2019 was 73% from property leasing, 24% from property development, and 3% from building management and other services[8]. - Property leasing revenue for the year ended December 31, 2019, was approximately HKD 532,305,000, accounting for 73% of the group's total revenue, down from 55% in 2018[28]. - Property development revenue for the year was approximately HKD 180,230,000, representing 24% of total revenue, a decrease from 43% in 2018[34]. - Revenue from the group's real estate business in China was approximately HKD 173,092,000, accounting for 24% of total revenue, down from 26% in 2018[39]. Business Strategy and Development - The group plans to enhance its asset portfolio and leverage digital technology for marketing to adapt to market changes[14]. - The group aims to continue seeking development opportunities while maintaining a focus on core values and operational efficiency[14]. - The group plans to enhance its mini-storage business by increasing the number of branches in prime locations, driven by the shortage of land resources in core areas[22]. - The group will continue to acquire old buildings and strengthen its investment property portfolio to secure stable land resources for future development, thereby enhancing profitability[23]. - The group actively pursued the acquisition of old properties in various districts of Hong Kong, focusing on projects with appreciation potential to revitalize old areas and improve building quality[24]. - The group aims to maintain a consistent development direction while strategically adjusting its property consolidation pace in response to market uncertainties[24]. Corporate Governance - The board of directors consists of three executive directors and three independent non-executive directors, with independent directors making up one-third of the board[61]. - The company has not appointed a CEO, with daily operations managed by other executive directors and department heads[64]. - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO[57]. - Independent non-executive directors are not appointed for a specific term but must retire and seek re-election at least every three years[58]. - The audit committee is responsible for reviewing the company's accounting principles and financial reporting matters[65]. - The board of directors is responsible for overseeing the company's business and operational performance[59]. - The company has adopted a board diversity policy, considering factors such as gender, age, and professional experience[72]. - The company has established a remuneration policy based on market practices and performance-related incentives for directors and senior management[68]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes its commitment to sustainable development with the theme "Heartfelt Management, Together Towards Sustainable Development" for the 2019 report[98]. - The group conducted an "Environmental, Social, and Governance" survey among employees, tenants, and customers to understand stakeholder expectations[98]. - The group received multiple awards for its commitment to employee care and responsibility, including recognition from the Hong Kong Productivity Council[101]. - The group established an energy-saving team to enhance energy efficiency and reduce carbon footprint during the reporting period[104]. - The group has maintained full compliance with all relevant laws and regulations, with no violations reported during the reporting period[102]. - The group has been awarded the "Caring Company" honor for eight consecutive years, recognizing its contributions to community investment[102]. - The group actively promotes environmental awareness and encourages participation in related courses and activities among employees and business partners[103]. - The group has implemented a whistleblowing mechanism for employees to report misconduct, ensuring all cases are handled with discretion[107]. Employee Welfare and Community Engagement - The company emphasizes employee welfare and has implemented a five-day work week to promote a healthy work-life balance[131]. - The company has conducted safety training and emergency drills to enhance workplace safety awareness among employees, with no work-related fatalities reported during the reporting period[131]. - The company has established fair recruitment policies to ensure equal employment opportunities regardless of gender, age, race, or religion[129]. - The company has engaged in community initiatives, including the "Story Family Fun" neighborhood development program, to foster collaboration between businesses and communities[126]. - The company has made charitable donations to various organizations, including community service groups and environmental organizations, as part of its corporate social responsibility efforts[123]. - The company has partnered with the "Love Christmas Action" charity fund to launch the "Love Wish Mailbox" initiative, where members can exchange any amount spent for a Christmas card, with the company donating HKD 1 for each card sent[122]. Risk Management - The company faced various risks, including market risk, compliance risk, and construction risk, which could significantly impact financial performance[188][189][190]. - The risk management working group coordinated risk management activities and reported to the board, identifying strategic, operational, financial, and compliance risks[81]. - The independent internal audit team regularly reviews anti-bribery policies and has not faced any prosecution for violations of bribery laws during the reporting period[107]. Future Outlook - The group anticipates significant challenges in 2020 due to global economic instability and the impact of COVID-19 on the local economy[45]. - The group expects the local economy and rental property market to remain weak in the short term, with no immediate recovery in sight[54]. - Future plans include enhancing sustainable development performance and integrating it into daily operations, with a focus on climate action and stakeholder engagement[160].

Financial Performance - For the six months ended June 30, 2019, total revenue was HKD 360.6 million, a decrease of 9.5% from HKD 398.8 million in the same period of 2018[2] - Profit attributable to owners of the company reached HKD 1,004.9 million, an increase of 104.1% compared to HKD 491.0 million in 2018[2] - The group recorded revenue of HKD 360,634,000 for the six months ended June 30, 2019, a decrease of HKD 38,133,000 compared to HKD 398,767,000 for the same period in 2018[13] - Profit attributable to owners of the company increased by 105% to HKD 1,004,937,000 for the six months ended June 30, 2019, compared to HKD 491,034,000 for the same period in 2018[13] - Profit for the period was HKD 1,004,847,000, significantly up from HKD 490,938,000 in the same period last year, representing a growth of 104.1%[34] - The company reported total comprehensive income of HKD 999,142,000 for the period, compared to HKD 482,041,000 in 2018, marking a significant increase[34] Asset and Liability Management - The total asset value increased to HKD 25,041 million from HKD 23,124 million, reflecting a growth of 8.3%[2] - The net asset value rose to HKD 21,399 million, up from HKD 20,456 million, representing a 4.6% increase[2] - The total borrowings increased to HKD 2,507 million, compared to HKD 1,563 million in the previous year, resulting in a capital debt ratio of 12%[2] - The group's total borrowings as of June 30, 2019, were HKD 2,507,295,000, compared to HKD 1,562,788,000 as of December 31, 2018[14] - The group's debt-to-equity ratio was 12% as of June 30, 2019, up from 8% as of December 31, 2018[14] - Current liabilities rose to HKD 2,233,811,000, up from HKD 2,055,590,000 in the previous year, indicating a 8.7% increase[37] Revenue Sources - Rental income from property leasing was approximately HKD 280.2 million, accounting for 77% of total revenue during the period[5] - Revenue from property development was approximately HKD 70.96 million, making up 20% of total revenue[7] Investment and Growth Strategy - The company plans to continue expanding its mini-storage business, currently operating 14 locations across Hong Kong, to increase market share[6] - The domestic real estate projects are performing well, with several units sold and delivered, indicating a positive outlook for future sales[8] - The company is focused on enhancing its market presence and exploring new strategies for growth, including potential mergers and acquisitions[41] Governance and Compliance - The company has complied with the Corporate Governance Code, except for the roles of Chairman and CEO being held by the same individual, which is not in accordance with the code[29] - The company has adopted the Standard Code for securities trading by directors, confirming compliance by all directors during the six months ended June 30, 2019[31] - The company has appointed new directors and made changes to the board, effective from January 2019, enhancing governance and oversight[32] Cash Flow and Financial Position - As of June 30, 2019, the group's cash and bank balances amounted to HKD 1,164,042,000, an increase from HKD 761,238,000 as of December 31, 2018[14] - The net cash inflow from operating activities for the six months ended June 30, 2019, was HKD 354,455,000, compared to HKD 465,661,000 for the same period in 2018[42] - The net cash outflow from investing activities for the six months ended June 30, 2019, was HKD 291,237,000, while it was HKD 1,351,720,000 in 2018, indicating a significant reduction[42] - The total cash and cash equivalents as of June 30, 2019, increased to HKD 914,042,000 from HKD 425,495,000 in 2018[42] Changes in Accounting Standards - The application of HKFRS 16 "Leases" has been adopted, which may impact the financial statements but is not expected to have a significant effect on the group's financial performance[44] - The company has maintained its accounting policies consistent with those used in the previous financial year, except for the adoption of new and revised Hong Kong Financial Reporting Standards[43] Shareholder Information - Major shareholder Century Pine (PTC) Limited holds 207,954,028 shares, representing 73.40% of the company's shares[24] - The company did not grant, exercise, cancel, or allow any stock options under the 2011 Share Option Scheme during the six months ended June 30, 2019[22] Future Outlook - The company's future outlook includes continued focus on property development and leasing, including advertising space and mini-storage business[74]

Financial Performance - The group's revenue for 2018 was HKD 1,628 million, showing a steady performance despite market adjustments [4]. - The profit attributable to owners of the company was HKD 1,112 million in 2018, a significant increase from HKD 672 million in 2017, representing a growth of approximately 65.5% [12]. - The group reported a stable rental income despite a cautious retail environment, with high occupancy rates maintained in key properties such as the Goldsun Center and Goldsun Center Phase II [26]. - The group recorded revenue of approximately HKD 980 million in 2018, a decrease of 56% compared to HKD 2,225 million in 2017 [57]. - Profit attributable to the company's owners was approximately HKD 672 million, representing a 44% decrease from HKD 1,201 million in 2017, primarily due to no property development projects being completed and delivered during the year [58]. - Total revenue from continuing and discontinued operations reached HKD 2,937,245,000, showing a significant increase compared to previous periods [196]. - Net profit attributable to the company's owners was HKD 1,625,160,000, indicating a robust growth trajectory [196]. - The company's equity attributable to owners stood at HKD 20,441,164,000, highlighting strong shareholder value [197]. - The net profit margin was approximately 55.3%, showcasing effective cost management strategies [196]. Asset Management - Total assets increased to HKD 23,124 million in 2018, up from HKD 22,552 million in 2017, reflecting a growth of approximately 2.5% [6]. - The net asset value of the group reached HKD 19,894 million in 2018, compared to HKD 20,456 million in 2017, indicating a slight decrease of about 2.8% [11]. - The group’s total assets as of December 31, 2018, amounted to HKD 23,124 million, an increase from HKD 22,552 million in 2017 [56]. - The net asset value of the group was HKD 20,456 million as of December 31, 2018, compared to HKD 19,894 million in 2017, with a net asset value per share of HKD 72.2 [59]. - Non-current assets amounted to HKD 20,680,068,000, demonstrating a solid asset base [197]. Revenue Composition - The revenue composition for 2018 was 55% from property leasing, 43% from property development, and 2% from property management and other services [10]. - Property leasing revenue for the year ended December 31, 2018, was approximately HKD 540,040,000, representing a 6.3% increase from HKD 508,000,000 in 2017, and accounted for 55% of the group's total revenue [35]. - Property development revenue for the year ended December 31, 2018, was approximately HKD 417,247,000, a significant decrease from HKD 1,696,130,000 in 2017, and accounted for 43% of the group's total revenue [42]. - Revenue from the Chinese real estate business for the year ended December 31, 2018, was approximately HKD 250,966,000, up from HKD 237,603,000 in 2017, and accounted for 26% of the group's total revenue [49]. Strategic Initiatives - The company plans to expand its investment property portfolio and enhance urban redevelopment projects to increase recurring rental income [16]. - The group is optimistic about the mini-storage business, leveraging existing properties to meet the growing demand for storage space [17]. - The company aims to adapt to market changes and prepare for challenges in 2019, focusing on maintaining a stable business environment [18]. - The group plans to continue expanding its mini-storage network to increase market share, with existing stores offering various functional features [41]. - The group has partnered with Hang Lung Properties to develop the residential project "Junju," providing 119 units with sizes ranging from 328 to 558 square feet [43]. - The group introduced "The Concierge" French hotel management service to enhance the living experience in luxury residential projects [51]. - The company is exploring potential mergers and acquisitions to enhance market presence and operational capabilities [196]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with applicable provisions [64]. - The board of directors consists of 4 executive directors and 3 independent non-executive directors, with a meeting attendance rate of 100% for all directors [67]. - The audit committee held 5 meetings during the year, with all members present at each meeting, ensuring thorough review of financial reporting and internal controls [69]. - The company has not appointed a CEO, with operational responsibilities delegated to other executive directors and department heads [72]. - Independent non-executive directors constitute one-third of the board, meeting the listing rules' requirements for independence and professional qualifications [68]. - The company has maintained compliance with corporate governance standards throughout the reporting period, except for specific deviations noted [65]. - The remuneration committee consists of three independent non-executive directors and one executive director, responsible for recommending the remuneration policy for all directors [75]. - The nomination committee has reviewed the board's structure and composition, ensuring diversity in terms of gender, age, and professional experience [77]. - The company secretary provided over 15 hours of relevant professional training during the year, ensuring compliance with corporate governance standards [81]. - The audit fees for the group were approximately HKD 3,260,000 for audit services and HKD 750,000 for non-audit services, compared to HKD 3,059,000 and HKD 600,000 in the previous year [83]. - The board has retained an independent risk management firm to evaluate the effectiveness of the group's risk management and internal control systems [85]. - The company has adopted a board diversity policy, considering various factors such as skills, experience, and knowledge in the selection of board members [77]. - The nomination committee held one meeting during the year with full attendance from its members [78]. - All directors confirmed compliance with the standard code for securities transactions during the year [82]. - The board is responsible for preparing the consolidated financial statements and ensuring a fair assessment of the group's performance and outlook [84]. - The remuneration committee has established a transparent process for developing remuneration policies, considering market trends and individual performance [75]. Social Responsibility and Community Engagement - The group has received multiple awards for its corporate social responsibility efforts, highlighting its commitment to sustainable development [18]. - The group has committed to social and environmental responsibilities, receiving multiple accolades for its contributions to the community, including the "Caring Company" recognition for seven consecutive years [54]. - The group actively participates in community activities through its "Corporate Social Responsibility Team" and "Volunteer Team" [100]. - The group has received the "Caring Company" award from the Hong Kong Council of Social Service for seven consecutive years, recognizing its commitment to social responsibility [97]. - The group emphasizes employee development and has implemented various training programs to enhance professional knowledge and skills, ensuring a sustainable growth of the business [114]. - The group maintains a zero-tolerance policy towards any form of harassment, discrimination, or violence, with a reporting mechanism in place for employees to report misconduct [110]. - The group has received multiple awards and recognitions for its employee care initiatives, including the "Good Employer Charter" and "Happy Workplace Promotion Program" [115]. - The group actively participates in community service and volunteer activities, demonstrating its commitment to corporate social responsibility [116]. Environmental Initiatives - The total electricity consumption for the group in 2018 was 6,012.11 thousand kWh, an increase from 5,586.37 thousand kWh in 2017, representing an increase of approximately 7.6% [128]. - The total greenhouse gas emissions for the group in 2018 were 4,646.89 tons of CO2 equivalent, up from 4,395.31 tons in 2017, indicating an increase of about 5.7% [128]. - The energy density for the group in 2018 was 0.111 thousand kWh per square meter, compared to 0.103 thousand kWh per square meter in 2017, reflecting a rise of approximately 7.8% [128]. - The group has implemented energy-efficient equipment, including LED lighting systems, to reduce electricity consumption in its properties [126]. - The group has established a green office culture to minimize electricity usage, encouraging employees to turn off unused electronic devices [127]. - The group actively participates in various recycling programs and has implemented waste management measures to improve recycling systems and reduce waste [134]. - The group has adopted the 4R principles (responsible procurement, reducing, reusing, and recycling) to optimize resource usage and manage waste effectively [131]. - The group has installed electric vehicle chargers in its properties to support residents with electric vehicles [126]. - The group aims to achieve higher efficiency in waste reduction in the coming years through regular monitoring and evaluation of its recycling programs [134]. - Total waste generated by the group was 356.81 tons, with 13.53 tons recovered [135]. - Water consumption increased to 44,430.75 cubic meters in 2018, up from 39,806.35 cubic meters in 2017, representing a 4.1% increase [136]. - The overall water density rose to 0.82 cubic meters per square meter in 2018 from 0.74 in 2017 [136]. - The group installed automatic sensing devices and automatic shut-off faucets to improve water efficiency [136]. - The group donated over 70 computers to reduce electronic waste and promote recycling [142]. - The group participated in various environmental initiatives, including the "No Air Conditioning Night 2018" and "Earth Hour" global event [143]. - The group received environmental awards, including the Hong Kong Green Organization Certification for Waste Reduction and Energy Saving [144]. - The group aims to enhance its performance in environmental, social, and governance aspects in the future [144]. - The group has no harmful waste generated from its building management and leasing operations [146]. - The group actively encourages employees to conserve water and has no issues in sourcing water [146]. Risk Management - The company faces market risks primarily due to its revenue being largely dependent on the Hong Kong economy and real estate market conditions [175]. - Compliance risks are present as the company must adhere to local and overseas laws and regulations, including property sales and management [176]. - The company has implemented reasonable measures to monitor significant risks affecting its business performance [175]. - The group has conducted a risk assessment to identify strategic, operational, financial, and compliance risks, leading to the development of an internal audit plan prioritizing identified risks [86]. - As of December 31, 2018, the group did not identify any significant internal control deficiencies [86]. Shareholder Relations - The group emphasizes effective communication with shareholders to enhance investor relations and transparency [87]. - The company has adopted a dividend policy aimed at sharing profits with shareholders while retaining sufficient reserves for business needs and growth [88]. - The board will consider various factors, including actual and expected financial performance and capital expenditure needs, before declaring dividends [88]. - The group has confirmed sufficient public float of its shares as of the report date [184].