Financial Performance - Revenue for the six months ended September 30, 2019, was HK$23,587,000, a decrease of 12.5% from HK$26,922,000 in the same period of 2018[8]. - Gross profit for the period was HK$5,576,000, slightly down from HK$5,635,000, resulting in a gross margin of approximately 23.6%[8]. - Loss before tax increased to HK$93,598,000 compared to a loss of HK$67,150,000 in the previous year, reflecting a 39.4% increase in losses[8]. - Loss attributable to equity holders of the Company was HK$93,164,000, up from HK$73,792,000, indicating a 26.3% increase in losses year-over-year[10]. - Total comprehensive loss for the period was HK$195,047,000, compared to HK$238,096,000 in the same period last year, showing a decrease of 18.1%[10]. - The company reported a basic and diluted loss per share of HK$4.89, compared to HK$3.87 in the previous year, representing a 26.3% increase in loss per share[8]. - The unaudited consolidated loss attributable to equity holders for the six months ended 30 September 2019 was HK$93,164,000, compared to HK$73,792,000 for the same period in 2018, representing an increase of approximately 26.3%[81]. - Basic loss per share for the current period was 4.89 HK cents, up from 3.87 HK cents in the previous year[81]. Expenses and Costs - Selling expenses rose significantly to HK$7,783,000 from HK$1,880,000, indicating a substantial increase in operational costs[8]. - Administrative expenses increased to HK$25,185,000 from HK$23,547,000, reflecting a 7% rise in overhead costs[8]. - Finance costs decreased to HK$46,463,000 from HK$49,940,000, a reduction of approximately 7.4%[8]. - The finance income decreased to HK$19,000 from HK$34,000 year-on-year, while finance costs increased significantly to HK$42,662,000 from HK$54,197,000, indicating a reduction in interest expenses[36]. - The depreciation of property, plant, and equipment increased to HK$617,000 from HK$386,000, marking a 60% increase year-on-year[38]. - The company capitalized HK$94,356,000 on qualifying assets, compared to HK$86,642,000 in the previous year, indicating a 8.5% increase[36]. Assets and Liabilities - As of September 30, 2019, non-current assets under construction amounted to HK$1,710,912, a decrease of 3.2% from HK$1,767,135 as of March 31, 2019[11]. - Current assets totaled HK$2,719,420, showing a slight increase from HK$2,702,629 as of March 31, 2019[11]. - Net current assets decreased to HK$181,037 from HK$340,793, reflecting a decline of 46.9%[11]. - Total equity as of September 30, 2019, was HK$579,695, down 25.2% from HK$774,742 as of March 31, 2019[12]. - The Group's total assets less current liabilities were HK$2,900,457, down from HK$3,043,422 as of March 31, 2019[11]. - The carrying amount of the investment properties under construction as of 30 September 2019 was approximately HK$1,710,912,000, down from HK$1,767,135,000 as of 31 March 2019, indicating a decrease of about 3.2%[51]. - Total assets less current liabilities amounted to HK$3,073,593,000, with an increase of HK$30,171,000 due to the adoption of HKFRS 16[24]. Cash Flow - The company reported a net cash generated from operating activities of HK$26,531, compared to a net cash used of HK$53,644 in the same period last year[15]. - Cash and cash equivalents at the end of the period were HK$38,092, down from HK$82,774 a year earlier, representing a decrease of 54%[15]. - The Group's cash and cash equivalents were HK$38,092,000, down from HK$163,248,000 as of March 31, 2019, with a current ratio of 1.4 compared to 1.9 previously[85]. Borrowings and Financing - As of September 30, 2019, the Group's borrowings amounted to HK$2,332,482,000, a slight decrease from HK$2,334,374,000 as of March 31, 2019[18]. - Approximately HK$44,190,000 of the borrowings will be due for repayment in the next twelve months, down from HK$73,030,000 as of March 31, 2019[18]. - The Group's unsecured borrowings amounted to approximately HK$510,960,000, an increase from HK$407,517,000 as of March 31, 2019, representing a growth of 25.3%[65]. - The effective interest rate for unsecured borrowings is 9% per annum for RMB borrowings and 8% per annum for HK$ borrowings[67]. - The Group has drawn down unsecured borrowings of RMB377,870,000 (approximately HK$415,657,000) as of September 30, 2019, compared to RMB294,150,000 (approximately HK$344,156,000) as of March 31, 2019, indicating a 28.5% increase[68]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the six months ended 30 September 2019[42]. - The audit committee, consisting of three independent non-executive Directors, has reviewed the unaudited interim results for the six months ended 30 September 2019[113]. - The Company has adopted a corporate governance statement of policy in line with the CG Code[42]. - The Company confirmed compliance with the Model Code for securities transactions by Directors throughout the reporting period[106]. Management and Personnel - Key management personnel compensation for the six months ended September 30, 2019, totaled HK$4,441,000 for short-term benefits, a decrease from HK$4,777,000 in the same period of 2018[70]. - The total workforce increased to approximately 170 employees as of September 30, 2019, from 61 employees as of March 31, 2019, with total staff costs of HK$17,929,000 for the current period[89]. Future Outlook - The redevelopment of the Chongqing Property is nearing completion, with residential apartments available for sale and serviced apartments under trial run[84]. - The Group expects to generate revenue from leasing serviced apartments in the current financial year and from the shopping mall in the next financial year, aiming for stable rental income thereafter[84]. - The Company is actively seeking investment opportunities to diversify revenue sources and create shareholder value[84]. - The Group plans to monitor the financial performance of the Chongqing Property operations and maximize returns to lower the gearing ratio and finance costs[84].

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[4]. - The net profit for the year was HKD 150 million, which is a 10% increase year-over-year[4]. - Future guidance indicates a projected revenue growth of 18% for the upcoming fiscal year[4]. - Revenue from continuing operations increased to HK$156.7 million, a rise of 575.87% from HK$23.2 million in FY18[8]. - Gross profit surged to HK$60.2 million, reflecting a 736.8% increase from HK$7.2 million in FY18[8]. - The Group's revenue for FY19 was HK$156.7 million, a significant increase of HK$133.5 million or 575% compared to FY18's revenue of HK$23.2 million, primarily due to increased sales of residential apartments in the Chongqing Property[20]. - Gross profit rose to HK$60.2 million in FY19, up HK$53.0 million or 736% from HK$7.2 million in FY18, driven by higher sales of residential apartments[20]. - The gross profit margin improved from 31% in FY18 to 38% in FY19, attributed to growth in the Chongqing residential property market and increased demand for residential units[20]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[4]. - New product launches are expected to contribute an additional HKD 300 million in revenue next year[4]. - The company is exploring potential acquisitions to enhance its product offerings and market reach[4]. - A new marketing strategy is being implemented, focusing on digital channels to increase customer engagement by 30%[4]. - The company has established partnerships with local firms to facilitate its expansion efforts in new markets[4]. Financial Health and Ratios - Current ratio increased to 1.9 times, compared to 1.6 times in FY18[10]. - Cash and cash equivalents rose to HK$163.2 million, an increase of HK$107.8 million from HK$55.4 million in FY18[8]. - The gearing ratio rose to 3.0 in 2019 from 1.9 in 2018, indicating increased leverage[23]. - The Group's net current assets increased to HK$340.8 million in 2019 from HK$232.3 million in 2018, and cash and cash equivalents rose to HK$163.2 million from HK$55.4 million[23]. Corporate Governance - The Group has adopted a corporate governance statement of policy to guide the application of corporate governance principles, referencing the CG Code as per the Listing Rules[37]. - The Directors believe that the Company has complied with all code provisions set out in the CG Code throughout the year ended March 31, 2019[38]. - The Company has a framework in place to ensure Directors' dealings in securities are conducted in accordance with the Model Code[39]. - The Board of Directors consists of four Executive Directors and three Independent Non-Executive Directors, ensuring a balance of skills and experience[43]. - The Company has implemented adequate systems of internal controls and risk management procedures[43]. Risk Management and Internal Controls - The Board is responsible for the overall risk management and internal control systems, which are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[76]. - An internal control team was established to review the risk management and internal control systems of the Group's subsidiaries in the People's Republic of China, with findings presented to the Board and Audit Committee[77]. - The risk management process includes identifying, evaluating, and managing significant risks, with ongoing monitoring and reporting to management and the Board[74]. - The internal control system covers all material controls, including financial, operational, compliance, and risk management functions, and is deemed reasonably effective and adequate[81]. Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social, and Governance (ESG) report covers the Group's overall performance from April 1, 2018, to March 31, 2019[95]. - The Group identified five material aspects for ESG management: anti-corruption, intellectual property, customer service, supplier chain management, and product quality[104]. - The Group engages in community activities and charity work to enhance its corporate image and social responsibility[103]. - The Group implements effective energy conservation measures to minimize environmental impact across all operating regions[106]. - The Group has adopted a paperless office initiative, developing management software to support this goal[129]. Employee and Labor Practices - The Group strictly complies with national and local laws regarding employment and labor practices, with no significant non-compliance reported during the period[134]. - The Group provides competitive compensation and benefits, including social insurance and various types of leave[139]. - The Group has maintained a safe working environment with no work-related fatalities or lost days due to work injury recorded during the reporting period[144]. - The Group provides comprehensive training and development opportunities for all employees, including orientation and job-related training[145]. Stakeholder Engagement - The Company recognizes employees, customers, suppliers, and business associates as key stakeholders for its success[87]. - The annual general meeting provides shareholders an opportunity to exchange views with the Board[85]. - The Group emphasizes stakeholder engagement, utilizing various channels such as meetings and feedback to understand their concerns and expectations[100]. - The management provides prompt responses to shareholder inquiries through various channels[86].