應對挑戰 基礎穩固 （於開曼群島註冊成立之有限公司） 股份代號 : 1113 CK ASSET HOLDINGS LIMITED 長江實業集團有限公司 2024 年報 集團架構 發展物業 投資物業 基建及實用 資產業務 酒店及 服務套房 英式酒館 業務 匯賢產業信託 （於香港上市， 股份代號：87001） 置富產業信託 （於香港上市， 股份代號：778） 泓富產業信託 （於香港上市， 股份代號：808） 長江實業集團有限公司 （於香港註冊及上市之開曼群島有限公司） 股份代號：1113 17.67% 34.91% 25.78% CK William集團 75% 100% 100% 65% 24% 27% 40% 22% 100% 20% 100% 20% 66% 100% 100% | 目錄 | | --- | | 2 五年財務概要 | | 3 全年概覽 | | 10 主席報告 | | 16 管理層討論及分析 | | 28 董事個人資料 | | 32 集團要員資料 | | 41 董事會報告 | | 56 企業管治報告 | | 100 發展物業概覽 | | 110 投資物業概覽 | | 116 酒店及服務套房概覽 ...

金融界4月14日消息，上证指数高开高走，中证港股通地产指数 (港股通地产，931025)报1415.63点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入相应的行业主题指数中。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通地产指数十大权重分别为：新鸿基地产（13.54%）、华润置地 （12.87%）、长实集团（8.6%）、中国海外发展（8.19%）、信和置业（4.62%）、九龙仓置业 （4.34%）、恒基地产（4.09%）、龙湖集团（3.83%）、华润万象生活（3.39%）、九龙仓集团 （2.92%）。 从中证港股通地产指数持仓的市场板块来看 ...

金融界4月14日消息，上证指数高开高走，中证香港上市可交易香港地产指数 (HKT香港地产，H11142) 报408.98点。 数据统计显示，中证香港上市可交易香港地产指数近一个月下跌12.35%，近三个月下跌3.38%，年至今 下跌7.04%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证香港上市可交易主题指数系列包括HKT香港地产、HKT内地消费和HKT内地银行等3条指 数，以反映香港证券市场同时具备高流动性、易于借券卖空等特征的相关主题类证券的整体表现。该指 数以2007年12月31日为基日，以1000.0点为基点。 本文源自：金融界 从指数持仓来看，中证香港上市可交易香港地产指数十大权重分别为：新鸿基地产（25.79%）、领展 房产基金（22.71%）、长实集团（16.38%）、九龙仓 ...

智通财经4月10日电，据马来西亚独立检验机构AmSpec，马来西亚4月1-10日棕榈油出口量为301113 吨，较上月同期出口的197070吨增加52.79%。 ...

Core Viewpoint - The Chengdu Nancheng Duhui project, previously owned by Li Ka-shing's Cheung Kong Group, has faced significant delays and legal issues, with over 5,000 residential units still under construction and a recent announcement of 1,100 units set for sale without completed renovations [1][2][4]. Group 1: Project Background - The Nancheng Duhui project was acquired by Cheung Kong in 2004 for approximately 2.135 billion yuan, with initial development slow to start [2]. - By 2020, only six of the planned eight phases had been developed, with the average selling price of residential units reaching 24,000 yuan per square meter [2]. - Cheung Kong sold the project in 2020 for about 7.847 billion yuan, despite significant unsold inventory remaining [2][3]. Group 2: Financial and Legal Issues - The project has been embroiled in debt disputes, with Cheung Kong taking legal action against RZ Company and Shunhong Chengdu for unpaid debts totaling approximately 3.8 billion yuan [7]. - RZ Company, which is partially owned by Yuzhou Group, has faced multiple financial challenges, including loans from various entities that have not been repaid [7][8]. - The project has been subject to court-ordered asset seizures, with the Chengdu High-tech Zone's land use rights and buildings being frozen until June 2026 [8]. Group 3: Current Developments - Recent reports indicate that 1,100 units are set to be sold, but suppliers like Sichuan Yijia Construction have not received contracts for renovation work, raising concerns about project viability [1][5]. - A new agreement involving multiple parties aims to facilitate the project's debt restructuring and construction resumption, although the legitimacy of this agreement is questioned by some stakeholders [9][10]. - Legal representatives have warned suppliers to verify the authenticity of agreements before making financial commitments, highlighting ongoing uncertainties in the project's management [12].

Financial Performance - For the year ended December 31, 2024, the group's profit before property revaluation was HKD 11,688 million, a decrease of 15.1% from HKD 14,014 million in 2023[4]. - Shareholders' profit for the year was HKD 13,657 million, down 20.0% from HKD 17,340 million in 2023, with earnings per share of HKD 3.89 compared to HKD 4.86 in the previous year[5]. - The total revenue for the year was HKD 47.2 billion, compared to HKD 46.35 billion in 2023[39]. - Group revenue for the year ended December 31, 2024, was HKD 45,529 million, a decrease of 3.6% from HKD 47,243 million in 2023[76]. - Total comprehensive income for 2024 was HKD 10,430 million, a decrease of 36.1% compared to HKD 16,354 million in 2023[77]. - The company's operating costs for 2024 were HKD 37,479 million, an increase from HKD 36,900 million in 2023[76]. - The group's financial costs increased to HKD 4,392 million in 2024 from HKD 3,956 million in 2023[83]. - The group's profit attributable to shareholders for 2024 was HKD 13,657 million, down 21.5% from HKD 17,340 million in 2023[83]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 1.35 per share, resulting in a total annual dividend of HKD 1.74, a decrease of 15.1% from HKD 2.05 in 2023[6]. - Proposed final dividend for 2024 is HKD 1.35 per share, down from HKD 1.62 per share in 2023, reflecting a reduction of 16.7%[76]. - The group repurchased a total of 48,906,000 shares at a total cost of HKD 1,545,564,825.00 (excluding expenses) during the year[61]. - The group repurchased 48,906,000 shares at a total cost of HKD 1,546 million during the year[84]. Investments and Acquisitions - The group engaged in multiple investments and acquisitions in 2024, including expanding its social infrastructure portfolio and acquiring elderly care assets in Germany, as well as farmland in Australia for carbon sequestration[8]. - The group completed several acquisitions, including a 40% indirect interest in the Northern Ireland gas network operator and a 20% indirect interest in a UK renewable energy asset operator[16]. - The company completed the acquisition of Phoenix Energy Holdings Limited for approximately £312 million (around HKD 3.049 billion) in March 2024[30]. - The acquisition of Powerlink Renewable Assets Limited was finalized in May 2024 for about £88 million (approximately HKD 859 million)[30]. - In August 2024, the company acquired a portfolio of onshore wind assets in the UK for approximately £329 million (around HKD 3.44 billion)[30]. Revenue Streams - Property sales revenue for 2024 decreased compared to 2023, but the group successfully launched several residential projects in Hong Kong and other regions, adapting to market demand[9]. - The company reported property sales revenue of HKD 9.962 billion for the year, a decrease from HKD 13.153 billion in 2023[32]. - The company's rental income for the year was HKD 6.135 billion, an increase from HKD 5.909 billion in 2023[37]. - The group's hotel and serviced suite business revenue for the year was HKD 4.39 billion, slightly up from HKD 4.38 billion in 2023, with average occupancy rates of 82% and 91% respectively[42]. - Revenue from the English pub business increased to HKD 24,425 million in 2024, up 5.2% from HKD 23,217 million in 2023[81]. Economic Environment - The group achieved a 5% year-on-year growth in GDP for mainland China in 2024, maintaining stable economic performance[20]. - Hong Kong's economy recorded a moderate growth of 2.5% in real GDP for 2024, supported by government measures to enhance competitiveness[20]. Sustainability and Future Plans - The group received independent certification from the Science Based Targets initiative (SBTi) for its short-term and net-zero emissions targets, marking a significant milestone in sustainability efforts[17]. - The group is investing in carbon sequestration farmland as part of its commitment to innovative sustainable development measures[18]. - The group plans to establish a consultation group in 2024 to enhance stakeholder communication regarding sustainability strategies[17]. - The group continues to explore investment opportunities globally, with a focus on sustainable returns and high liquidity projects[21]. Financial Health and Ratios - The group's net debt to total capital ratio is approximately 4.0%, reflecting strong financial discipline[21]. - The group has received "A/stable" and "A2 stable" credit ratings from S&P and Moody's, respectively, indicating robust financial health[21]. - The total bank and other borrowings of the group amounted to HKD 52.7 billion, a decrease of HKD 2.2 billion compared to December 31, 2023[54]. - The net debt to total equity ratio of the group is approximately 4% as of the year-end[54]. - The group employed approximately 55,000 employees, with related employee costs (excluding directors' remuneration) amounting to HKD 13.44 billion[60]. Asset Management - Non-current assets as of December 31, 2024, totaled HKD 325,864 million, slightly down from HKD 326,419 million in 2023[79]. - The company reported a net asset value of HKD 400,200 million as of December 31, 2024, compared to HKD 399,436 million in 2023, indicating a marginal increase[79]. - The fair value of the investment property portfolio increased by HKD 1.349 billion, compared to an increase of HKD 3.238 billion in 2023[40]. - The fair value of the group's investments in the Prosperity Industrial Trust and Hung Fook Industrial Trust decreased by HKD 551 million (2023: decreased by HKD 890 million) as of December 31, 2024[53].

Financial Performance - Investment property revaluation profit before tax and non-controlling interests decreased by 9.5% to HKD 6,726 million in H1 2024 compared to HKD 7,576 million in H1 2023[6] - Profit attributable to shareholders decreased by 15.3% to HKD 8,603 million in H1 2024 from HKD 10,331 million in H1 2023[6] - Earnings per share decreased by 9.5% to HKD 1.91 in H1 2024 from HKD 2.11 in H1 2023[6] - Interim dividend per share decreased by 9.3% to HKD 0.39 in 2024 from HKD 0.43 in 2023[6] - Group revenue for the first half of 2024 was HKD 22,008 million, a decrease from HKD 24,605 million in the same period in 2023[110] - Profit attributable to shareholders for the first half of 2024 was HKD 8,603 million, down from HKD 10,331 million in 2023[110] - Earnings per share for the first half of 2024 were HKD 2.44, compared to HKD 2.88 in 2023[110] - Other comprehensive income for the first half of 2024 was a loss of HKD 231 million, compared to a gain of HKD 1,307 million in 2023[111] - Total comprehensive income for the period was 8,372 million HKD, compared to 11,803 million HKD in the same period last year[114] - Dividends paid to shareholders amounted to 5,688 million HKD for the 2023 final dividend[114] - Profit attributable to shareholders decreased to HKD 8,603 million in 2024 from HKD 10,331 million in 2023, a decline of 16.7%[122] - Interim dividend per share decreased to HKD 0.39 in 2024 from HKD 0.43 in 2023, a reduction of 9.3%[125] Property Development and Sales - Property sales revenue decreased compared to the same period in 2023, despite strong market response to the Blue Coast project in Wong Chuk Hang[10] - The Perfect Ten project in Singapore sold out, while sales progressed well for projects in Yau Tong and Tuen Mun[10] - The company maintains a prudent land bank policy and continues to seek quality land reserves for future development[10] - The Blue Coast residential project in Wong Chuk Hang has pre-sold HKD 10.8 billion worth of units since its launch in April 2024, with completion expected by the end of 2025[24] - Property sales revenue for the first half of 2024 was HKD 4.635 billion, a decrease from HKD 8.246 billion in the same period in 2023[22][23] - Property sales revenue decreased to HKD 4,635 million in 2024 from HKD 8,246 million in 2023, a decline of 43.8%[120] - Property development risks include rising construction costs, labor shortages, and potential delays in project completion, which could impact profitability and the ability to sell or lease properties[94] - The company may face penalties or sanctions if it fails to develop properties according to land use contracts, particularly in mainland China, where regulations on idle land are becoming more stringent[95] - Property investments are illiquid, which may limit the company's ability to sell properties quickly to raise cash[95] Property Leasing and Rental Income - Property leasing revenue increased compared to the same period in 2023, with stable rental income from the UK's Civitas social infrastructure portfolio due to inflation-linked rent adjustments[11] - Property rental income for the first half of 2024 was HKD 3.118 billion, an increase from HKD 2.862 billion in the same period in 2023[27] - Property rental revenue increased to HKD 3,118 million in 2024 from HKD 2,862 million in 2023, a growth of 8.9%[120] Hotel and Serviced Suite Business - Hotel and serviced suite business revenue and income increased in H1 2024 compared to the same period in 2023, driven by improved visitor traffic and stable occupancy rates[12] - Hotel and serviced suite business revenue increased by HKD 180 million to HKD 2.13 billion, with an average occupancy rate of 81% for hotels and 88% for serviced suites[30] - Hotel and serviced suite business revenue rose to HKD 2,130 million in 2024 from HKD 1,950 million in 2023, an increase of 9.2%[120] - Hotel industry recovery depends on global economic and tourism recovery, as well as consumer confidence, with potential impacts remaining unpredictable[97] Infrastructure and Utility Assets - Infrastructure and utility assets business recorded a revenue increase compared to the same period in 2023, supported by inflation-linked income and regulated asset bases[14] - Infrastructure and utility assets generated HKD 12.58 billion in revenue, with CK William JV contributing HKD 2.37 billion[37][39] - Infrastructure and utility assets revenue remained stable at HKD 12,576 million in 2024, compared to HKD 11,740 million in 2023[120] - Regulated infrastructure investments face challenges from lower permitted profits, energy price caps, and stricter regulatory attitudes, impacting returns[103] - Extreme weather, climate events, or geopolitical conflicts could disrupt utility networks, leading to significant repair costs and reputational risks[103] UK Pub Business - Greene King's sales revenue and income saw a slight increase compared to the same period in 2023, despite challenging market conditions in the UK[13] - UK pub business revenue rose by HKD 559 million to HKD 11.82 billion, driven by price adjustments to maintain profitability[34] - UK pub business profit increased to HKD 597 million, with the largest revenue contribution from the pub company segment at HKD 9.74 billion[35] - Revenue from the UK region increased to HKD 17,034 million in 2024 from HKD 15,737 million in 2023, a growth of 8.2%[121] - The UK pub industry faces challenges from inflation, rising costs (energy, labor, food), and geopolitical conflicts, negatively impacting consumer confidence and disposable income[98] - Supply chain disruptions due to sanctions, strikes, or pandemics could lead to revenue loss and increased costs for the company's pub business[99] - Rising operational costs, including energy, food prices, and wages, are pressuring the company's managed pubs, potentially reducing revenue and profitability[100] Share Repurchases and Acquisitions - The company repurchased 48,656,000 shares in H1 2024, with over HKD 3.5 billion used for share repurchases since 2023[9] - The company repurchased 48,656,000 shares at a total cost of HKD 1,538,294,825 from March to June 2024, and an additional 250,000 shares at HKD 7,270,000 in July 2024[21] - The company repurchased a total of 48,656,000 shares on the Hong Kong Stock Exchange for a total consideration of HKD 1,538,294,825.00 (excluding fees) during the six months ended June 30, 2024[76] - The company, along with Cheung Kong Infrastructure Holdings and Power Assets Holdings, acquired Phoenix Energy Holdings Limited for approximately GBP 312 million (HKD 3.049 billion) in March 2024[21] - The company, along with Cheung Kong Infrastructure Holdings and Power Assets Holdings, acquired UU Solar for approximately GBP 88 million (HKD 859 million) in May 2024[21] - The company, along with Cheung Kong Infrastructure Holdings and Power Assets Holdings, agreed to acquire a UK onshore wind portfolio for approximately GBP 350 million (HKD 3.506 billion) in August 2024[21] - CK William JV acquired Phoenix Energy for approximately HKD 3.05 billion, and UK Power Networks JV acquired UU Solar for approximately HKD 859 million[40] Sustainability and ESG Initiatives - The company aims to achieve BEAM Plus Platinum certification for all new commercial property projects by 2030 and has already secured LEED Platinum certifications for its properties[16] - The company is committed to achieving net-zero emissions under the Science-Based Targets initiative (SBTi) and has submitted short-term and net-zero emission reduction targets[16] - The Sustainability Committee, chaired by the Vice Chairman, oversees the Group's sustainability initiatives and provides advice on ESG-related policies and practices[74] - Climate change poses risks to the company's assets, operations, and supply chains, potentially leading to disruptions, financial losses, and regulatory challenges[89] - The company faces increasing pressure to transition to a low-carbon economy, which may lead to unpredictable changes in government policies, regulations, and consumer behavior, potentially impacting its financial condition and operational performance[90] Corporate Governance and Shareholding Structure - The company's net debt to total capital ratio was approximately 5.5% as of the interim settlement date, with credit ratings of "A/Stable" from S&P and "A2/Stable" from Moody's[18] - The company's directors and senior executives hold a combined total of 1,697,789,393 shares, representing 48.35% of the company's equity[58] - Li Ka-shing holds approximately 48.35% of the company's shares through direct and indirect interests, including trusts and family holdings[58] - The Li Ka-shing Unity Trust (UT1) holds 1,171,881,779 shares, representing a significant portion of the company's equity[60] - The Li Ka-shing Castle Trust (UT3) holds 72,387,720 shares, further consolidating the family's control over the company[61] - Li Ka-shing Unity Holdings Limited (Unity Holdco) owns all issued shares of TUT1, TDT1, and TDT2, with Li Ka-shing and Victor Li holding one-third and two-thirds respectively[61] - The Li Ka-shing Foundation holds 366,195,098 shares, with Victor Li potentially controlling over one-third of the voting rights[60] - Victor Li is a potential beneficiary of DT1, DT2, DT3, and DT4, which hold significant stakes in the company through various trusts[60][61] - Precise Result Global Limited, Jabrin Limited, and Mightycity Company Limited, all associated with Victor Li, hold 15, 2,000, and 168,375 shares respectively[59] - The company's shareholding structure is heavily influenced by the Li family, with multiple trusts and holding companies ensuring control over a substantial portion of the equity[58][59][60][61] - Li Ka-Shing and his son Li Tzar Kuoi (Victor Li) hold one-third and two-thirds of the issued share capital of Castle Holdco, respectively, which owns all issued shares of TUT3, TDT3, and TDT4[62] - TUT3 holds 84,427,246 shares of the company as the trustee of DT3[62] - Li Ka-Shing Unity Trustee Company Limited, as the trustee of The Li Ka-Shing Unity Trust, holds 1,171,881,779 ordinary shares, representing 33.37% of the company's equity[65] - Li Ka-Shing holds a total of 1,694,891,843 shares, representing 48.27% of the company's equity, including 366,195,098 shares held by the Li Ka-Shing Foundation[65][66] - The Li Ka-Shing Foundation holds 366,195,098 shares, representing 10.43% of the company's equity[65] - As of June 30, 2024, the company's issued share capital was 3,510,828,333 shares[66] - The company's board of directors consists of 9 independent non-executive directors, providing diverse expertise and perspectives[67] - The company adheres to high corporate governance standards, including anti-fraud, anti-bribery, and anti-money laundering policies[67] - The Board of Directors consists of 16 members, including 7 executive directors and 9 independent non-executive directors, with over half being independent non-executive directors as of June 30, 2024[68] - The Chairman and Managing Director roles are held by the same individual, and all major decisions are made after careful deliberation by the Board and relevant committees[68] - The company has established an internal audit mechanism to independently assess risk management and internal control systems, including ESG-related risks[70] - The Audit Committee, composed of 7 independent non-executive directors, reviewed the Group's interim report for the six months ended June 30, 2024[71] - The Remuneration Committee, chaired by an independent non-executive director, is responsible for recommending compensation policies for directors and management[72] - The Nomination Committee, primarily composed of independent non-executive directors, reviews the Board's structure, size, and diversity, and makes recommendations for director appointments[73] Financial Position and Debt Management - The company's net debt was HK$23.3 billion, with a net debt to total capital ratio of approximately 5.5%[42] - Total bank and other borrowings stood at HK$56.1 billion as of the interim reporting date, an increase of HK$1.2 billion from December 31, 2023[42] - The company redeemed HK$3.79 billion in notes due April 2024 and US$250 million in notes due June 2024[42] - 38% of the company's borrowings are in HKD or USD, while 62% are in other currencies including AUD, GBP, and CNY[43] - The company redeemed USD 250 million of 0.75% guaranteed senior fixed-rate notes due 2024 under its EUR 5 billion medium-term note program on June 30, 2024[76] - Total assets increased to 400,316 million HKD as of June 30, 2024, compared to 399,436 million HKD at the end of 2023[113] - Net current assets stood at 131,524 million HKD, slightly up from 130,666 million HKD at the end of 2023[113] - Shareholders' equity reached 386,985 million HKD, up from 385,844 million HKD at the end of 2023[113] - Cash and cash equivalents decreased to 31,419 million HKD from 40,986 million HKD at the beginning of 2024[116] - Investment properties increased to 150,186 million HKD from 147,223 million HKD at the end of 2023[113] - Bank and other borrowings under current liabilities decreased to 14,877 million HKD from 17,799 million HKD at the end of 2023[113] - Net cash outflow from investing activities was 1,306 million HKD, primarily due to investments in joint ventures and property acquisitions[116] - Restricted bank deposits related to real estate development in mainland China amounted to 383 million HKD[117] Risks and Challenges - The company faces intense competition in its operating markets, including increased price competition and new market entrants, which may adversely affect market share and returns[104] - The company is expanding into new business areas and investment opportunities globally to enhance profit quality and strengthen fixed income sources, though success is not guaranteed[105] - The company may continue to pursue acquisitions if suitable opportunities arise, but faces risks such as hidden liabilities, regulatory approvals, and integration challenges[106] - The company operates through joint ventures and strategic alliances, which may face risks such as inconsistent economic interests or financial difficulties among partners[107] - Transactions with CK Hutchison Holdings Limited are considered connected transactions under Hong Kong listing rules, requiring independent shareholder approval and potentially increasing business risks[108] - The company's financial statements include forward-looking statements that involve risks and uncertainties, and actual results may differ significantly from expectations[109] - The company's business, financial condition, operating performance, and development prospects may be affected by risks such as trade protectionism, currency fluctuations, supply chain disruptions, high interest rates, inflation, geopolitical tensions, and climate risks[80] - The company operates in multiple countries and regions, including Hong Kong, Mainland China, Singapore, Europe, Australia, Canada, and the UK, exposing it to potential currency volatility risks[82] - The company uses currency swaps and maintains appropriate levels of local currency-denominated borrowings to hedge against currency risks in its investments[82] - The company's regulated businesses are subject to regulatory regimes that consider local interest rates when calculating regulated capital costs, which may affect permitted returns[81] - The company's financial and treasury income is particularly dependent on capital markets, interest rates, currency environments, and global economic and market conditions[81] - The company faces risks from local, national, and international regulations that could impact its operations, financial performance, and development prospects[83] - Economic sanctions imposed by governments and international organizations could disrupt the company's business operations, partnerships, and supply chains, potentially leading to financial losses[84] - The company is subject to data protection laws in various jurisdictions, and non-compliance could result in regulatory actions, legal costs, and reputational damage[85] - Cybersecurity risks, including fraud, attacks, and breaches, could significantly impact the company's operations, financial performance, and reputation[86] - Adoption of new or revised International Financial Reporting Standards (IFRS) may require changes to the company's accounting policies, potentially affecting its financial position and performance[87] - Social unrest, terrorist threats, and geopolitical tensions in regions where the company operates could adversely affect its business, financial condition, and performance[88] - The company's assets and operations are located in areas prone to natural disasters such as earthquakes, floods, and extreme weather, which could disrupt business and negatively affect financial performance[91] - The ongoing effects of the COVID-19 pandemic, including potential future outbreaks, could continue to impact the company's operations and financial performance, depending on the duration and severity of the pandemic[92] - Brexit has introduced significant uncertainties for the UK economy, including trade intensity, labor supply, and currency fluctuations, which may affect the company's UK-based property, infrastructure, and pub businesses[93] - Non-compliance with food safety, health regulations, or data protection laws could result in significant financial losses and reputational damage[101][102] Investments and Joint Ventures - The company invested in UK assets including Phoenix Energy Holdings Limited, UU Solar, and onshore wind power portfolio through joint ventures[9] - The company acquired 40% and 20% stakes in Phoenix Energy and UU Solar in April and May 2024, respectively, and agreed to acquire a 40

Financial Performance - For the six months ended June 30, 2024, the unaudited profit before property revaluation was HKD 6,726 million, a decrease of 9.5% compared to HKD 7,576 million in the same period of 2023[3]. - Shareholders' profit for the same period was HKD 8,603 million, down 15.3% from HKD 10,331 million in 2023, with earnings per share of HKD 2.44 compared to HKD 2.88 in 2023[4]. - Total group revenue for the six months was HKD 22.01 billion, a decrease of 10.7% from HKD 24.61 billion in 2023[57][60]. - The group's total comprehensive income for the period was HKD 8.38 billion, down from HKD 11.81 billion in the previous year[58]. - The group reported a profit attributable to shareholders of HKD 8,603 million, down 16.7% from HKD 10,331 million in 2023[62]. Dividends and Share Repurchase - The interim dividend declared for 2024 is HKD 0.39 per share, a decrease of 9.3% from HKD 0.43 per share in 2023[5]. - The company declared an interim dividend of HKD 0.39 per share, compared to HKD 0.43 per share in 2023, with a total interim dividend payout of HKD 1.37 billion[57][60]. - The group repurchased 48,656,000 shares, utilizing over HKD 3.5 billion since 2023, reflecting confidence in future business growth[6]. - The company repurchased 48,656,000 shares at a total cost of HKD 1,538 million during the period[64]. - The board believes that the share repurchase will enhance the net asset value and/or earnings per share, benefiting the company and its shareholders[49]. Revenue Streams - The group recorded an increase in rental income from properties compared to the same period in 2023, despite weak demand in local office leasing[8]. - The hotel and serviced apartment business saw revenue and income growth compared to 2023, benefiting from improved visitor numbers[9]. - The infrastructure and utility assets business recorded revenue growth, maintaining a stable performance in a high-interest environment[11]. - Revenue from property sales decreased to HKD 4.63 billion from HKD 8.24 billion in 2023, while rental income increased to HKD 3.04 billion from HKD 2.79 billion[60]. - The hotel and serviced suite business revenue for the first half of 2024 is HKD 2.130 billion, up from HKD 1.950 billion in 2023, with an average occupancy rate of 81%[29]. Investments and Acquisitions - The group acquired 40% and 20% stakes in Phoenix Energy and UU Solar, respectively, and is set to complete a 40% investment in an onshore wind power asset portfolio by September[12]. - The acquisition of Phoenix Energy was completed in April 2024 for approximately GBP 31.2 million (around HKD 3.04 billion), enhancing the group's renewable energy portfolio[18]. - The group entered into an agreement to acquire UU Solar for approximately GBP 8.8 million (around HKD 859 million) in May 2024, further expanding its renewable energy assets[18]. - An agreement was made in August 2024 to acquire a UK onshore wind asset portfolio for approximately GBP 35 million (around HKD 3.56 billion), pending certain conditions[18]. Market Conditions and Economic Indicators - The group recorded a 5% year-on-year economic growth in mainland China during the first half of 2024, supporting the goal of high-quality development[14]. - Hong Kong's GDP grew by 3.3% year-on-year in Q2 2024, highlighting the city's role as a financial center and its importance in the Greater Bay Area[14]. - The confirmed property sales revenue for the first half of 2024 is HKD 4.635 billion, a decrease from HKD 8.246 billion in 2023, primarily due to a weak economic environment in Hong Kong and mainland China[20]. Financial Position and Debt - The group's net debt to total capital ratio is approximately 5.5%, indicating a strong financial position[14]. - The group's total bank and other borrowings amounted to HKD 56.1 billion, an increase of HKD 1.2 billion from December 31, 2023[41]. - The net debt as of June 30, 2024, was HKD 23.3 billion, with a net debt to total equity ratio of approximately 5.5%[42]. - The group's total borrowings decreased to HKD 5,821 million in 2024 from HKD 7,235 million in 2023, a reduction of 19.5%[62]. Sustainability and Corporate Governance - The group has achieved significant progress in mitigating climate change, with a commitment to reach net-zero emissions as per the Science Based Targets initiative (SBTi) and has submitted short-term and net-zero reduction targets[13]. - The group aims to achieve BEAM Plus Platinum certification for all wholly-owned new commercial property projects by 2030 or earlier, reflecting its commitment to sustainable development[13]. - The company has adhered to the corporate governance code and principles, ensuring high-quality board oversight and accountability to shareholders[50]. - The audit committee, composed entirely of independent non-executive directors, reviewed the mid-term results for the six months ending June 30, 2024[51]. Employee and Operational Costs - The group employs approximately 58,000 staff, with related employee costs (excluding director remuneration) amounting to HKD 6.54 billion[46]. - The group's operating costs included property and related costs of HKD 3.26 billion, English pub operations costs of HKD 6.45 billion, and salaries and related expenses of HKD 5.46 billion[57].

Financial Performance - Group revenue for 2023 was HKD 71,082 million, a decrease from HKD 79,551 million in 2022[3] - Profit attributable to shareholders in 2023 was HKD 17,340 million, down from HKD 21,683 million in 2022[3] - Earnings per share for 2023 were HKD 4.86, compared to HKD 5.98 in 2022[3] - The company's profit attributable to shareholders from continuing operations for 2023 was HK$17.34 billion, a decrease of 10.2% compared to HK$19.627 billion in 2022[11][12] - The company's total profit attributable to shareholders, including discontinued aircraft leasing business, was HK$17.34 billion in 2023, down 18.7% from HK$21.683 billion in 2022[11][12] - The company proposed a final dividend of HK$1.62 per share for 2023, bringing the total annual dividend to HK$2.05 per share, a decrease of 10.1% from HK$2.28 per share in 2022[11][13] - Property sales revenue for the year was HKD 13.153 billion, a significant decrease from HKD 25.756 billion in 2022, primarily due to weaker market conditions in Hong Kong and Mainland China[28] - The company's share of income from joint ventures in 2023 was HKD 23,520 million, up from HKD 22,889 million in 2022[44] - Profit from joint ventures in 2023 was HKD 7,773 million, compared to HKD 7,486 million in 2022[44] - The company's total bank and other borrowings at year-end were HKD 54.9 billion, an increase of HKD 6.3 billion from 2022[47] - The company's net debt at year-end was HKD 12.4 billion, with a net debt to total capital ratio of approximately 3%[47] - The company repurchased 45,557,000 shares for a total consideration of HKD 1,969,034,325 between March and December 2023[27] - The company repurchased a total of 45,557,000 shares at a total cost of HKD 1,969,034,325 (excluding fees) during the year[121] - The repurchased shares were subsequently canceled, reducing the total issued shares to 3,548,884,333 as of December 31, 2023[121] Investment Properties and Assets - Investment properties increased to HKD 147,223 million in 2023 from HKD 125,186 million in 2022[3] - Fixed assets decreased to HKD 73,027 million in 2023 from HKD 70,267 million in 2022[3] - Total equity increased to HKD 399,436 million in 2023 from HKD 393,707 million in 2022[3] - The company completed the acquisition of Civitas Social Housing PLC, expanding its investment property portfolio, with rental income from Civitas starting in the second half of 2023[14][16] - The company's investment property portfolio, including joint ventures, totaled 22 million square feet, with 13.1 million in Hong Kong, 4.6 million in Mainland China, and 4.3 million overseas[33] - The company completed the acquisition of Civitas, which owns 697 properties in the UK, enhancing its investment property portfolio and fixed rental income[32] - Property rental income increased to HKD 5.909 billion in 2023 from HKD 5.843 billion in 2022, driven by retail, office, and other property rentals[31] Property Development and Sales - The group's Blue Coast project is set to launch in March 2024[10] - The company's property sales revenue decreased in 2023 due to a cautious land reserve policy in recent years, but it plans to continue seeking quality land reserves for future development[15] - The company completed several property developments in 2023, including 21 BORRETT ROAD Phase 2 with a gross floor area of 149,123 sq. ft. and 100% ownership[24] - The company expects to complete several property developments in 2024, including Blue Coast with a gross floor area of 583,715 sq. ft. and a cooperative development model[25] - As of December 31, 2023, the company had contracted but unrecognized property sales totaling HKD 19.415 billion, with HKD 11.758 billion expected to be recognized in 2024[30] - The company's land bank for development stood at 74 million square feet, with 7 million in Hong Kong, 63 million in Mainland China, and 4 million overseas[30] - The company terminated the sale agreement for Bristow Investments Limited, resulting in the forfeiture of a HKD 2.077 billion deposit, which was recognized as income[29] Awards and Recognition - The group won six awards at the "2023-2024 Asia Pacific Property Awards," including the "Best Office Development in Hong Kong" for the Cheung Kong Center Phase II[6] - The group's Horizon Hotels & Suites Limited won the "Superior Hotel + Residence Brand Award" at the "2023 Corporate Brand Achievement Awards"[7] - The group was awarded the "Outstanding Listed Company Award 2023" by am730, Asia PR, and Phoenix Network[9] - The company achieved "Platinum" ratings for "Ma On Shan Plaza" and "Metropolis Tower" under the "BEAM Plus Existing Buildings (2.0) Comprehensive Assessment Scheme," and "Millennium City 5" received a "Platinum" WELL certification from the International WELL Building Institute[91] Sustainability and ESG - The company set a commitment in 2023 to achieve net-zero carbon emissions in line with the Science Based Targets initiative (SBTi) and submitted short-term and long-term targets for verification[20] - The company prioritizes sustainable development, integrating environmental, social, and governance (ESG) considerations into investment decisions and operational measures[91] - The company emphasizes innovation and sustainability, integrating environmental, social, and governance (ESG) principles into its investment decisions and business operations[132] - The company's Sustainability Committee held two meetings in 2023, with full attendance from all members, including the Chairman and independent non-executive directors[200] - The Sustainability Committee reviewed the company's 2022 sustainability goals, strategies, and progress, including targets for energy, water, waste, and greenhouse gas emissions[200] - The company is exploring the feasibility of setting science-based targets for carbon neutrality, as discussed by the Sustainability Committee[200] - The Sustainability Committee reviewed potential climate-related financial risks, including physical and transition risks, impacting the company[200] - The company revised its policies on information security, environment, human rights, and supplier code of conduct in 2023, as reviewed by the Sustainability Committee[200] Corporate Governance - The company adheres to the principles of high-quality corporate governance, emphasizing a high-quality board, robust internal controls, and transparency and accountability to all shareholders[128] - The company's core values include integrity, responsibility, prudence, diversity, and collaboration, which guide its business operations and decision-making[131] - The company's strategy focuses on maintaining rigorous financial discipline, effective risk management, and internal controls to achieve excellent operational and financial performance[132] - The company maintains a zero-tolerance policy towards bribery, corruption, and fraud, with regular internal and external risk assessments conducted to identify potential risks in business operations and partnerships[135] - The company has established various communication channels with stakeholders, including employees, shareholders, investors, customers, and suppliers, to maintain effective and meaningful dialogue[135] - The Board of Directors consists of 16 members, including 7 executive directors and 9 independent non-executive directors, with over half being independent non-executive directors as of December 31, 2023[138] - The Board of Directors is responsible for shaping and monitoring corporate culture, setting long-term strategic goals, and ensuring effective communication with shareholders and stakeholders[137] - The company has made changes to its Board composition, including the resignation of an executive director and the appointment of a new independent non-executive director in 2023[139] - The Chairman and Managing Director, Mr. Li Ka-shing, leads the Board in setting the company's strategic direction and ensuring effective governance practices[140] - The Board conducts annual performance evaluations, with the 2023 assessment showing satisfaction with Board performance and identifying areas for continuous improvement[136] - The company provides directors and officers with adequate and appropriate liability insurance since its listing on the Hong Kong Stock Exchange[138] - The company ensures that its Board composition reflects the necessary expertise, experience, and diversity to support the group's business needs[139] - The company held 4 board meetings in 2023, with all directors attending except for Mr. Chow Nin-mou due to medical reasons[143] - The board consists of 16 members, with 9 being independent non-executive directors, representing approximately 56% of the board[147] - The company's executive committee is chaired by the chairman and managing director, and includes all executive directors and 8 general managers/business unit heads[141] - Ms. Ng Ka Hing resigned as executive director and member of the executive committee effective April 28, 2023[142] - The board maintains a balanced composition of executive and non-executive directors, ensuring a high degree of independence[147] - The chairman and independent non-executive directors held 2 meetings in 2023 without the presence of other directors[145] - All directors have access to board documents and related information, and can seek independent professional advice if necessary[142] - The company's articles of association allow directors to attend board meetings in person, by telephone, or through electronic communication[145] - The audit committee is composed solely of independent non-executive directors, while the nomination and remuneration committees are mostly composed of independent non-executive directors[147] - The company's management provides monthly updates and other materials to the board to keep them informed of the group's latest business developments[145] - The company appointed 1 new independent non-executive director during the year ended December 31, 2023, in accordance with the company's articles of association, director nomination policy, and board diversity policy[148] - The company's independent non-executive directors received fixed fees for their roles, with additional fees for serving on board committees, and these fees are not performance-based[148] - The chairman holds two meetings annually with independent non-executive directors without the presence of other directors to discuss governance and board efficiency[149] - The company provides comprehensive onboarding materials and briefings to new directors, including governance policies, legal responsibilities, and group strategies[151] - Directors are encouraged to participate in continuous professional development, with tailored training provided by the company at its expense[151] - Directors primarily engage in professional development through reading company-prepared materials, attending seminars, and reviewing industry publications[151] - All directors confirmed compliance with the standard code regarding their trading of the company's securities for the year ended December 31, 2023[153] - The company has established written guidelines for employee trading of securities, aligned with the standard code and applicable to employees with confidential or insider information[154] - The Board has established five committees: Audit, Remuneration, Nomination, Sustainability, and Executive Committees, each with defined terms of reference[155] - Li Ka-shing serves as Chairman of the Executive Committee and is a member of the Audit and Remuneration Committees[156] - The company secretary provides compliance advice to the Board and management, ensuring alignment with regulatory requirements and corporate governance practices[157] - The company secretary facilitates communication between the Board, management, shareholders, and other stakeholders, ensuring timely responses to regulatory inquiries[157] - The company secretary ensures detailed records of Board and committee meetings, with draft and final minutes distributed to directors for review[157] - The company secretary confirmed compliance with the qualifications, experience, and training requirements under the listing rules as of December 31, 2023[159] - Directors received continuous professional development training during the year, with specific training codes assigned to each director[152] - The company has adopted policies for handling confidential information, disclosure, and securities trading, in compliance with the Securities and Futures Ordinance[154] Risk Management and Internal Controls - The company has established a Risk Management Task Force to oversee the operation of the Enterprise Risk Management System[169] - The company's Enterprise Risk Management System is designed to prevent, detect, and handle significant misstatements or losses, and to manage operational risks[168] - The company's Board of Directors is ultimately responsible for determining and assessing the risks the company is willing to accept to achieve its goals[169] - The company has implemented a whistleblowing policy for employees and stakeholders to report potential misconduct related to financial reporting or internal controls[167] - The company's Audit Committee reviews and approves the Risk Management Policy and its subsequent amendments[173] - The company's Enterprise Risk Management System includes a three-line defense model involving management, the Risk Management Task Force, and the Internal Audit Department[171] - The company's Audit Committee conducts annual reviews of the Enterprise Risk Management System and internal controls to ensure their effectiveness[173] - The company's Risk Management Policy provides guidance on identifying, prioritizing, and addressing significant risks, including ESG risks[169] - The company's Board of Directors ensures the effectiveness of the Enterprise Risk Management System and internal controls through continuous monitoring[172] - The company has established a Risk Management Task Force led by an executive director to oversee the enterprise risk management system, ensuring it is integrated into daily operations and regularly reviewed[174] - Internal Audit Department conducts independent assessments of the enterprise risk management system, providing recommendations for improvement and reporting results to the Audit Committee[174] - Department/function heads and overseas subsidiaries are responsible for managing operational risks, including identifying and assessing risks related to new business and environmental, social, and governance (ESG) factors[175] - The company adopts the COSO Enterprise Risk Management Framework, integrating risk management into strategic planning, business operations, and decision-making processes[176] - Risk assessment involves four main stages: risk identification, risk evaluation, risk response, and risk monitoring and reporting[176][177][178][179][181] - Risk mitigation strategies include acceptance, reduction, sharing, and avoidance, with plans reviewed and approved by the Risk Management Task Force[180] - Risk owners are responsible for monitoring the implementation and effectiveness of risk mitigation plans, providing regular updates to the Risk Management Task Force[181] - The company has established procedures for communicating risk events internally and externally, ensuring timely and accurate information dissemination[182] - Crisis management protocols are in place, involving executive directors and key personnel to handle escalated crisis events[183] - The company's risk management and internal control systems were confirmed to be effective by the board as of December 31, 2023, with no significant issues identified that could affect stakeholders[184] - The company maintains a zero-tolerance policy towards bribery, corruption, and fraud, with regular training and policies in place to ensure compliance with anti-corruption laws and regulations[185] - The company's internal audit department independently evaluates risk management and internal control systems, reporting findings to the audit committee annually[184] - The company's corporate governance and sustainability policies provide a framework for ethical business practices and compliance across all operations[185] Board Composition and Diversity - The company's board currently has 5 female directors, accounting for approximately 31% of the board members[191] - The overall gender diversity of the company's employees (including senior management) is approximately 51% female and 49% male as of the end of 2023[191] - The company will continue to maintain employee gender diversity[191] - The company's board members are required to retire by rotation at least once every 3 years[192] - The nomination committee considers the contribution and diligence of retiring independent non-executive directors when recommending their re-election[192] - As of December 31, 2023, no independent non-executive director has served for more than 9 years[193] - The nomination committee reviewed the board's structure, size, diversity, and expertise in 2023, recommending the appointment of Ms. Li Huimin as an independent non-executive director[188] - The nomination committee ensures board diversity and succession planning, considering factors such as education, expertise, experience, and demographic diversity when selecting candidates[189] - The nomination committee met once in 2023, with all members, including Chairman Bai Shengwen, Li Zeju, and Luo Bishi, attending the meeting[187] - The nomination committee is authorized to seek independent professional advice if necessary, with costs covered by the company[188] - The nomination committee ensures that board candidates align with the company's strategic goals and contribute to enhancing shareholder value[189] Remuneration and Compensation - The remuneration committee is primarily composed of independent non-executive directors, with Ms. Hung Siu Lin serving as the chair[194] - The remuneration committee held 1 meeting in 2023 and 1 meeting in 2024, with all members attending[195] - The remuneration committee is responsible for recommending the company's overall director and management remuneration policies and structures[195] - The remuneration committee has access to sufficient resources and can seek independent professional advice if necessary[195] - The company's executive directors and senior management have a significant portion of their compensation tied to corporate and individual performance, with no stock option plans in place[197] - The company's independent non-executive directors receive fixed fees for their roles, with additional fees for committee duties, not linked to corporate performance[197] - The company's compensation policy for 2023-2024 was reviewed and approved by the Board in March 2024, ensuring alignment with corporate goals and market trends[196] - The company considered integrating climate-related factors into its compensation policy, as recommended by the Hong Kong Stock Exchange[196] Audit and Compliance - The company's external auditor, Deloitte, provided audit services, tax services, and consulting services for HKD 45 million, HKD 1 million, and HKD 41 million respectively in 2023[166] - The company publishes semi-annual financial results within two months after the end of the relevant period and annual financial results within three months after the end of the fiscal year[160] - The Audit Committee consists of 7 members, all of whom are independent non-executive directors, with more than one member possessing appropriate professional qualifications or expertise in accounting or financial management[161] - The Audit Committee held four meetings in 2023, with external auditors invited to attend three of them[161] - The Audit Committee reviewed the financial reports for the 2022 annual results, 2023 interim results, and unaudited financial results for Q1 and Q3 2023[163] - The Audit Committee reviewed the effectiveness of the risk management and internal control systems[163] - The Audit Committee reviewed the audit results and fees of the external auditors[163] - The Audit Committee reviewed internal policies, including anti-fraud, anti-bribery, anti-money laundering, and information security policies[

Financial Performance - The group's profit attributable to shareholders from continuing operations for the year ended December 31, 2023, was HKD 17.34 billion, a decrease of 10.2% compared to HKD 19.63 billion in 2022[3]. - The earnings per share from continuing operations for 2023 was HKD 4.86, down from HKD 5.41 in 2022, reflecting a decline of 10.2%[2]. - The total annual dividend for 2023 is proposed at HKD 2.05 per share, a decrease of 10.1% from HKD 2.28 per share in 2022[4]. - Group revenue from continuing operations for 2023 was HKD 47,243 million, a decrease of 16.2% from HKD 56,341 million in 2022[56]. - The profit attributable to shareholders from continuing operations was HKD 17,340 million, down 11.7% from HKD 19,627 million in 2022[56]. - The company reported a total comprehensive income of HKD 16,455 million for 2023, compared to HKD 18,805 million in 2022, reflecting a decrease of 12.5%[57]. - The group's property sales revenue decreased significantly to HKD 13,146 million in 2023 from HKD 25,706 million in 2022, representing a decline of 48.7%[59]. - The operating costs related to properties and associated costs were reduced to HKD 9,736 million in 2023 from HKD 15,905 million in 2022, a decrease of 38.5%[56]. - The company declared an interim dividend of HKD 1,527 million for 2023, slightly down from HKD 1,559 million in 2022[56]. - The group's profit attributable to shareholders for 2023 was HKD 17,340 million, a decrease of 20.5% from HKD 21,683 million in 2022[61]. Property and Investment - The group completed the acquisition of Civitas Social Housing PLC, expanding its investment property portfolio[5]. - The overall residential property transaction volume decreased due to high interest rates and a weak economy, impacting sales revenue compared to 2022[6]. - Rental income from properties remained stable compared to 2022, despite improvements in the retail leasing market[7]. - The company has approximately 74 million square feet of developable land reserves, with 7 million square feet in Hong Kong, 63 million square feet in mainland China, and 4 million square feet overseas[22]. - The company has signed contracts for property sales totaling HKD 19,415 million, with expected recognition in 2024 and beyond[22]. - The company’s investment property portfolio includes approximately 22 million square feet, which will contribute to rental income[26]. - The company’s residential project pre-sales have largely been completed, including several developments in Hong Kong and mainland China[21]. - The fair value of investment properties increased by HKD 32.38 billion in 2023, compared to HKD 9.67 billion in 2022, including a HKD 22.05 billion increase from the ongoing redevelopment of the Cheung Kong Center Phase II[27]. - The company terminated the sale agreement for Bristow Investments Limited, resulting in the forfeiture of a deposit of HKD 2,076,186,600, which has been recognized as income[21]. Revenue and Growth - The hotel and serviced apartment business saw significant revenue growth in 2023, benefiting from an increase in tourist arrivals and higher average room rates[8]. - Greene King's total sales revenue and earnings increased in 2023, despite a challenging operating environment[9]. - Infrastructure and utility assets generated increased revenue in 2023, with contributions from CK William Group, Reliance Home Comfort, and ista totaling HKD 14 billion, HKD 14.56 billion, and HKD 12.91 billion respectively[10]. - The hotel and serviced suite business generated revenue of HKD 4.83 billion in 2023, up from HKD 3.28 billion in 2022, representing an increase of HKD 1.155 billion[28]. - The English pub business reported revenue of HKD 23.22 billion in 2023, an increase of HKD 2.78 billion from HKD 20.94 billion in 2022[32]. - The group's share of joint venture income was HKD 23.52 billion in 2023, compared to HKD 22.89 billion in 2022[38]. - Total revenue for 2023 reached HKD 7,773 million, an increase of 3.8% compared to HKD 7,486 million in 2022[39]. Financial Stability and Debt - The group achieved a net debt to total capital ratio of approximately 3% as of the year-end closing date[13]. - The group received credit ratings of "A/stable" from S&P and "A2 stable" from Moody's, reflecting its financial stability[13]. - Total bank and other borrowings amounted to HKD 54.9 billion, an increase of HKD 6.3 billion from the previous year[41]. - The net debt to total equity ratio is approximately 3% as of the year-end[41]. - The group has cash and undrawn bank loan facilities, ensuring strong liquidity to meet contractual and working capital needs[42]. - The group has pledged properties worth HKD 94.2 billion and HKD 259.78 billion as collateral for bank borrowings[43]. Corporate Governance and Sustainability - The company has adopted and regularly reviews comprehensive corporate governance policies, including anti-fraud and anti-bribery policies, to maintain high standards of corporate governance and ethical conduct[49]. - The Audit Committee consists of 7 members, all of whom are independent non-executive directors, and has reviewed the annual performance for the year ending December 31, 2023[50]. - The company emphasizes transparency and accountability to all shareholders as part of its corporate governance principles[49]. - The company has a dedicated Remuneration Committee primarily composed of independent non-executive directors to oversee compensation matters[51]. - The Nomination Committee is chaired by an independent non-executive director, ensuring a focus on governance and board composition[52]. - The Sustainability Committee includes independent non-executive directors and focuses on sustainable development initiatives[53]. - The group is committed to achieving net-zero carbon emissions by setting science-based targets and submitting short-term goals for verification[11]. - The group is actively seeking investment opportunities aligned with the United Nations Sustainable Development Goals to enhance its contributions to economic, social, and environmental development[11]. - The group is evaluating regenerative soil management projects to contribute to carbon neutrality[11]. Future Outlook - The group plans to complete several major property projects in 2024, including a total floor area of 2,814,114 square feet in Beijing and 1,648,685 square feet in Shanghai[16]. - The group will continue to maintain a low capital debt ratio and ample liquidity, positioning itself advantageously in a high-interest-rate environment[12]. - The group aims to leverage its resilient financial position to capitalize on global market opportunities and continue enhancing shareholder value[12]. - The company will hold its 2024 Annual General Meeting on May 23, 2024, with details to be published in accordance with listing rules[54]. - The company will suspend share transfer registration from May 20, 2024, to May 23, 2024, to determine the rights of shareholders attending the Annual General Meeting[55]. - The final dividend will be distributed to shareholders registered by the end of business on May 29, 2024[55].