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].