Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 31,963 million, representing a significant increase compared to previous years[6] - The company reported a net profit attributable to shareholders of HKD 648 million for the year ended December 31, 2023, up from HKD 589 million in 2022, marking a growth of approximately 10%[12] - The group recorded a consolidated revenue of HKD 508.3 million for the year ending December 31, 2024, representing an increase of approximately 7.5% compared to HKD 473.0 million in 2023[19][26] - The group's total revenue for the year was HKD 508.3 million, an increase of 7.5% compared to HKD 473.0 million in 2023, primarily due to increased contributions from the financial investment segment[30] Assets and Equity - Total assets as of December 31, 2023, amounted to HKD 34,141 million, indicating a strong asset base[7] - Shareholders' equity as of December 31, 2023, was HKD 18,440 million, reflecting a healthy financial position[10] - The group's investment in joint ventures decreased from HKD 102 billion to HKD 93 billion, primarily due to cash distributions and losses from property sales[40] - As of December 31, 2024, the total value of the investment portfolio was HKD 805.8 million, down from HKD 1,063.4 million in 2023, with unrealized fair value gains of HKD 4.1 million compared to losses of HKD 136.1 million in 2023[56] Market Strategy and Growth - The company plans to expand its market presence through strategic acquisitions and new product developments in the upcoming fiscal year[6] - The management has set a performance guidance for the next fiscal year, aiming for a revenue growth of 5% to 7%[6] - The group anticipates continued growth in its office leasing business in London, supported by strong market fundamentals and successful asset management capabilities[23] - The group plans to adopt a prudent investment strategy and assess the performance of its investment portfolio in light of the uncertain economic environment[22][23] Environmental, Social, and Governance (ESG) Initiatives - The board of directors emphasizes a commitment to environmental, social, and governance (ESG) initiatives as part of its long-term strategy[6] - The company aims to balance economic and environmental sustainability as a key challenge in its ESG strategy[74] - The company has not set any emission reduction targets as the emissions were deemed not significant, but it remains committed to reducing emissions where appropriate[71] - The company participated in the "Hong Kong Green Building Week 2024," which aims to promote carbon neutrality, scheduled from September 21 to September 29, 2024[76] Operational Efficiency and Technology - The company is investing in new technologies to enhance operational efficiency and improve customer experience[6] - The company has implemented energy-efficient appliances in the office to promote sustainability[80] - The company has adopted a policy for using environmentally friendly materials and practices in its operations[80] - The company has established designated recycling points in the office to collect recyclable paper waste and other office materials for proper recycling[77] Employee and Community Engagement - The total employee count as of December 31, 2024, was 68, down from 72 in 2023[86] - Employee turnover rate was 8.82% in Hong Kong, with a gender-specific turnover rate of 21.43% for female employees and 0% for male employees[87] - The company provided training opportunities for employees, with an average training hours of 4.68 for male employees and 3.93 for female employees[92] - The company made charitable donations totaling HKD 188,000 during the reporting year[99] Corporate Governance - The board of directors is composed of a chairman and five executive directors, with all members actively participating in meetings and decision-making processes throughout 2024[119] - The company is committed to maintaining high standards of corporate governance, ensuring the long-term success and sustainability of its operations[118] - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting policies and practices for the year ending December 31, 2024[126] - The company has established an insider information disclosure policy to ensure compliance with legal and regulatory obligations[151] Financial Management and Debt - The net debt slightly decreased to HKD 8.4 billion from HKD 8.6 billion in 2023, while the net debt to equity ratio increased to 65.9% from 63.7% in the previous year[58] - Total debt amounted to HKD 10.3 billion as of December 31, 2024, down from HKD 11.4 billion in 2023, with 30% due within one year[60] - The weighted average cost of debt for the year was 5.9%, slightly up from 5.8% in 2023[60] - The company has secured a loan agreement for a total of HKD 1,350,000,000 with a 42-month term, which can be increased to a maximum of HKD 3,000,000,000 under certain conditions[189] Audit and Compliance - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and reflect the group's financial position accurately as of December 31, 2024[194] - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[200] - The audit committee assists the board in fulfilling its responsibilities and overseeing the financial reporting process[199] - The company must implement necessary internal controls to prevent material misstatements in the financial statements[199]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 508,317,000, representing an increase of 7.1% compared to HKD 472,980,000 in 2023[3] - Gross profit for the same period was HKD 471,062,000, up from HKD 440,166,000 in 2023, indicating a growth of 7.0%[3] - The net loss attributable to equity holders of the parent for the year was HKD 617,924,000, a significant improvement from a loss of HKD 1,937,240,000 in the previous year, reflecting a reduction of 68.1%[3] - The total comprehensive loss for the year was HKD 742,169,000, compared to HKD 1,281,955,000 in 2023, marking a decrease of 42.0%[4] - The company reported a total pre-tax loss of HKD 595,580,000 for 2024, a reduction from HKD 1,916,167,000 in 2023, reflecting a 68.9% decrease[18] - The adjusted loss before tax for property development and investment was HKD 106,253,000 in 2024, compared to a loss of HKD 1,197,222,000 in 2023, indicating a significant improvement[16] - The company reported a net loss from financial assets of HKD 66,205,000 in 2024, compared to a loss of HKD 136,053,000 in 2023, showing an improvement in financial performance[23] - The loss attributable to shareholders for the year was HKD 617.9 million, significantly reduced from HKD 1,937.2 million in 2023, primarily due to a fair value gain of approximately HKD 308.8 million from investment properties in the UK[36] - Basic loss per share for the year was HKD 0.1592, compared to HKD 0.4990 in 2023[36] Assets and Liabilities - The company's total assets decreased to HKD 20,103,275,000 from HKD 22,785,943,000, a decline of 11.8%[6] - Current liabilities exceeded current assets by HKD 482,310,000, primarily due to HKD 2,321,829,000 in notes payable maturing in September 2025[8] - Non-current assets totaled HKD 20,501,516,000 in 2024, down from HKD 21,299,093,000 in 2023, representing a decrease of 3.7%[21] - The company reported cash and cash equivalents of HKD 1,535,223,000, down from HKD 2,586,638,000 in 2023, a decrease of 40.6%[6] - The company's net debt slightly decreased to HKD 8.4 billion as of December 31, 2024, compared to HKD 8.6 billion in 2023, while the net debt to equity ratio increased from 63.7% to 65.9%[75] - Total debt as of December 31, 2024, is HKD 10.3 billion, down from HKD 11.4 billion in 2023, with a debt to total assets ratio of 44%[77] Investment Properties - The company’s investment properties increased slightly to HKD 11,061,312,000 from HKD 10,963,627,000, reflecting a growth of 0.9%[6] - Investment property fair value gains amounted to HKD 308,790,000 in 2024, contrasting with a loss of HKD 1,998,151,000 in 2023, showcasing a turnaround in performance[16] - The company recorded a fair value loss of HKD 308.8 million on investment properties in 2023, compared to a gain in 2024[36] - Fair value gains from investment properties in the UK amounted to HKD 308.8 million, compared to a fair value loss of HKD 2 billion in 2023[43] Revenue Sources - For the fiscal year ending December 31, 2024, total revenue from external customers was HKD 508,317,000, a decrease of 3.5% from HKD 472,980,000 in 2023[19] - The total revenue from the UK was HKD 455,722,000 in 2024, down from HKD 471,138,000 in 2023, indicating a decline of 3.3%[19] - Rental income from investment properties was HKD 455.7 million, a decrease of 3.3% from HKD 471.1 million in the previous year, mainly due to new lease agreements for One Kingdom Street not being completed until the second half of 2024[42][48] Financing and Costs - The company’s financing costs decreased to HKD 620,343,000 from HKD 640,772,000, a reduction of 3.4%[3] - The company incurred financing costs of HKD 620,343,000 in 2024, slightly lower than HKD 640,772,000 in 2023, indicating improved cost management[16] - The interest expense on bank and other borrowings was HKD 494.2 million in 2024, down from HKD 514.6 million in 2023[25] Operational Highlights - The company has a commitment for a revolving loan facility of HKD 3 billion from its chairman, which remains undrawn as of December 31, 2024[8] - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with 2023[29] - The company employs 105 staff across Hong Kong, mainland China, and the UK, with total salary costs (excluding directors' remuneration) amounting to approximately HKD 127 million for the year[82] Strategic Outlook - The company anticipates continued instability in the business environment, focusing on the stability and sustainability of its existing property portfolio while adjusting strategies accordingly[70] - The company plans to remain vigilant in selecting quality assets and business acquisitions amidst geopolitical tensions and ongoing interest rate hikes[70] - The company maintains a conservative strategy, focusing on acquiring long-term financing for individual properties and managing financial risks through interest rate swaps and currency hedging[75][80] Compliance and Governance - Ernst & Young, the independent auditor, confirmed that the financial figures in the announcement align with the draft consolidated financial statements for the year ending December 31, 2024[86] - The audit committee has reviewed the accounting policies and practices adopted by the group and discussed the consolidated performance for the year ending December 31, 2024[87] - The company has adopted the "Code of Conduct for Securities Transactions by Directors" as per the Listing Rules Appendix C3, confirming compliance by all directors throughout the year[84] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the year[85] Development Projects - The group holds development rights for approximately 8.1 million square feet across key locations in the UK, Hong Kong, and mainland China, which are expected to contribute significantly to profitability in the short to medium term[53] - The group has pre-sold a total of 495 residential units in Thames City valued at over £989 million and 99 residential properties in The Whiteley totaling approximately £651 million as of December 31, 2024[54] - Thames City project will include approximately 1,500 luxury residential units with a total saleable area of about 1.7 million square feet, and has already confirmed sales of 43 units contributing £137 million in revenue[55] - The second and third phases of Thames City are in preparation, with saleable areas of 531,000 square feet and 590,000 square feet respectively, with the second phase expected to commence construction in the first half of 2025[56] - The Whiteley redevelopment project will provide approximately 603,000 square feet of space, including 139 luxury residential apartments and a five-star hotel with 109 rooms, with a total investment commitment of £182 million[58] - As of December 31, 2024, The Whiteley has pre-sold 99 residential units for £651 million, with 65 units delivered generating total sales of £484 million[60] - The group holds a 25% interest in the Kai Tak project, which has a total saleable area of approximately 795,000 square feet and a current occupancy rate of 75%[62] - Four luxury houses at 15 Shouson Hill were sold, contributing approximately HK$2.4 billion in total sales revenue, with eight houses remaining for sale[63] - The group has a 15% interest in the Kowloon Bay International Trade and Exhibition Centre, which is currently awaiting redevelopment approval[65] - The Jiangsu Yancheng project has a planned total investment of RMB 496 million, with a saleable area of 1.56 million square feet upon completion[66] - The Guangdong Jiangmen project has a total investment cost of RMB 703 million, providing a total construction area of approximately 19.2 million square feet[67] Other Income and Gains - Total other income and gains amounted to HKD 383.1 million in 2024, a substantial increase from HKD 75.1 million in 2023[25] - The company generated realized net gains of HKD 12.2 million from the sale of listed equity securities and redemption of non-listed investment funds, compared to no realized gains in 2023[73] - The company reported an unrealized fair value gain of HKD 4.1 million for the year, a significant recovery from a fair value loss of HKD 136.1 million in 2023[73]

Financial Performance - Total revenue increased by 1.8% to HKD 244.1 million, up from HKD 239.7 million for the same period last year[9] - Shareholders' profit was HKD 91.0 million, compared to a loss of HKD 1,349.8 million in the same period last year[10] - Basic earnings per share were HKD 0.0234, recovering from a loss of HKD 0.3477 per share in the previous year[10] - The total comprehensive income for the period was HKD 109,919,000, compared to a loss of HKD 526,231,000 in the previous year[55] - The company reported a profit of HKD 91,006,000 for the period, a significant recovery from a loss of HKD 1,349,829,000 in the same period last year[55] - The group reported a pre-tax profit of HKD 91,006,000 for the six months ended June 30, 2024, compared to a loss of HKD 1,349,829,000 for the same period in 2023[76] Investment Properties - Rental income from investment properties was HKD 222.5 million, a decrease of 6.9% compared to the same period last year[9] - The fair value gain from investment properties was HKD 122.9 million, compared to a fair value loss of HKD 1.4 billion in the same period last year[9] - The valuation of investment properties in the UK was GBP 1.1 billion, an increase of 1.4% from the end of last year[9] - The rental recovery rate during the period was stable at 96%, compared to 98% in the same period last year[11] - The rental yield for the Leadenhall Building is approximately 3.6%[12] - One Kingdom Street has approximately 265,000 square feet of prime office space with an annual rental income of £12.4 million, yielding a rental return of 4.3%[13] Financial Investments - The company recorded a fair value loss of HKD 21.2 million from financial investments, an improvement from a loss of HKD 43.6 million in the previous year[9] - The financial investment segment recorded a loss of HKD 21.2 million for the six months ended June 30, 2024, compared to a loss of HKD 62.7 million for the same period last year, with dividend income from these investments amounting to HKD 21.6 million[23] - The company’s adjusted profit before tax for the first half of 2024 was HKD 118,631,000, a recovery from a loss of HKD (1,320,457,000) in the same period of 2023[69] Debt and Cash Management - The total debt as of June 30, 2024, was HKD 103 billion, a decrease from HKD 114 billion as of December 31, 2023, with a debt-to-total assets ratio of 42%[27] - As of June 30, 2024, the group had cash on hand of HKD 1.5 billion, with approximately 10% in HKD, 34% in USD, 55% in GBP, and 1% in other currencies[26] - The average cost of debt for the group was 5.9% per annum as of June 30, 2024, compared to 5.6% for the same period last year[27] - The company’s total bank borrowings, including both current and non-current portions, decreased by approximately 11.7% from HKD 9,035,716,000 to HKD 7,981,723,000[86] Property Development - Thames City has pre-sold a total of 485 residential units valued at over £943 million, with 56,000 square feet sold during the period contributing £104 million in sales revenue[15][16] - The Whiteley project has pre-sold 94 residential units totaling £582 million, with 32 units delivered to buyers for a total sale price of £158 million[17] - The Kai Tak project maintains a rental rate of 69% as of June 30, 2024, following the move-in of a major new tenant, the Hospital Authority[18] - The Shouson Hill project has signed contracts for two luxury houses totaling HK$758 million during the period, with two additional houses contracted post-period for HK$1.038 billion[19] Corporate Governance and Compliance - The company has complied with the corporate governance principles outlined in the Listing Rules during the reporting period[44] - The audit committee reviewed the accounting policies and practices adopted by the group for the six months ending June 30, 2024[51] - The company confirmed compliance with the standards set out in the Model Code for Securities Transactions by Directors during the reporting period[45] Employee and Management Information - The group employed a total of 109 employees across its main operations in Hong Kong, mainland China, and the UK, with a total salary cost of approximately HKD 52 million during the period[31] - As of June 30, 2024, the total remuneration paid to key management personnel was HKD 19,240,000, a decrease from HKD 20,098,000 for the same period in 2023[94] Shareholder Information - No interim dividend was declared for the six months ending June 30, 2024, consistent with the previous period[32] - As of June 30, 2024, Windsor Dynasty holds 2,871,231,906 shares, representing approximately 73.96% of the company's issued share capital[41] Miscellaneous - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2024[46] - The company has not engaged in any vendor financing arrangements, thus the recent accounting standard revisions regarding supplier financing do not impact its financial statements[67] - The unaudited interim consolidated financial information was approved by the board on August 22, 2024[101] - 中渝置地控股有限公司's mid-year report for 2024 was published[101]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 244,093,000, a 1.7% increase from HKD 239,682,000 in the same period of 2023[2] - Gross profit for the period was HKD 228,736,000, slightly down from HKD 228,819,000 year-on-year[2] - The company reported a profit attributable to equity holders of HKD 91,006,000, a significant recovery from a loss of HKD 1,349,829,000 in the previous year[2] - The basic and diluted earnings per share for the period were HKD 2.34, compared to a loss per share of HKD 34.77 in the same period last year[2] - Adjusted profit before tax for the six months ended June 30, 2024, was HKD 118,631,000, compared to a loss of HKD 1,320,457,000 for the same period in 2023[11] - Total other income and gains for the six months ended June 30, 2024, amounted to HKD 166,413,000, significantly higher than HKD 31,870,000 for the same period in 2023[12] - The estimated tax expense for the six months ended June 30, 2024, was HKD 27,625,000, a decrease from HKD 29,372,000 for the same period in 2023[16] Assets and Liabilities - The total non-current assets as of June 30, 2024, amounted to HKD 21,561,481,000, an increase from HKD 21,367,992,000 at the end of 2023[6] - The company's cash and cash equivalents decreased to HKD 1,412,628,000 from HKD 2,586,638,000 at the end of 2023[6] - Total liabilities decreased significantly from HKD 11,830,916,000 at the end of 2023 to HKD 10,658,861,000 as of June 30, 2024[6] - The company's total liabilities classification remains unchanged following the adoption of the revised accounting standards, indicating no impact on its financial position or performance[9] - The group has total debt of HKD 103 billion, with a debt-to-total-assets ratio of 42%, down from 45% at the end of 2023[43] Investment Properties - The investment properties increased to HKD 11,002,086,000 from HKD 10,963,627,000 at the end of 2023, indicating ongoing market expansion[6] - Rental income from investment properties was HKD 222.5 million, a decrease of 6.9% compared to HKD 239.0 million for the same period in 2023, mainly due to the expiration of several leases at One Kingdom Street[25] - The fair value gain from investment properties was HKD 122.9 million, compared to a fair value loss of HKD 1.4 billion for the six months ended June 30, 2023[26] - The company remains confident in the long-term prospects of its investment properties in London, which are expected to provide reliable and stable income[29] Joint Ventures and Projects - Thames City has pre-sold a total of 485 residential units valued at over £943 million, with 56,000 square feet sold contributing £104 million in sales revenue[32][33] - The Whiteley project has pre-sold 94 residential units totaling £582 million, with 32 units delivered to buyers for a total price of £158 million[34] - The company holds a 50% interest in Thames City, which is expected to contribute significantly to profitability in the near to medium term[33] - The Whiteley redevelopment project is expected to be completed in the second half of 2024, enhancing its position in the Bayswater area[34] - The company has a 29.4% interest in a joint venture for a development project in Jiangsu, with a planned total investment of RMB 496 million[36] - The group holds a 34% stake in a joint venture project in Jiangmen, Guangdong, with a total investment cost of RMB 703 million, covering an area of approximately 15.5 million square feet and providing a total construction area of about 19.2 million square feet[37] Financial Investment Segment - The company reported a net loss of HKD 21,193,000 in the financial investment segment for the six months ended June 30, 2024, compared to a loss of HKD 62,745,000 in the same period of 2023[11] - The financial investment segment recorded a loss of HKD 21.2 million, an improvement from a loss of HKD 62.7 million in the previous six months, with dividend income from these investments amounting to HKD 21.6 million[39] Corporate Governance and Compliance - The company has adopted the principles of good corporate governance as outlined in the Hong Kong Stock Exchange Listing Rules, ensuring compliance with the code provisions[49] - All directors confirmed compliance with the standards set forth in the Code of Conduct for Securities Transactions by Directors during the six months ended June 30, 2024[50] - The audit committee has discussed the accounting policies and practices adopted by the group and reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2024[52] Employee and Operational Insights - As of June 30, 2024, the group employed a total of 109 employees across Hong Kong, Mainland China, and the UK, with a total salary cost (excluding directors' remuneration) of approximately HKD 52 million[48] - The company has not engaged in supplier financing arrangements, thus the recent accounting standard revisions do not impact its financial statements[10] Market Outlook - The group remains optimistic about the Hong Kong property market following the government's removal of demand management measures, while also monitoring geopolitical tensions and interest rate hikes[40]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 472,980,000, a decrease from HKD 498,368,000 in 2022, representing a decline of approximately 5.5%[1] - The company reported a loss attributable to equity holders of the parent for the year 2023 of HKD 1,937,240,000, slightly improved from a loss of HKD 1,940,341,000 in 2022[3] - The total comprehensive loss for the year was HKD 1,281,955,000, compared to a loss of HKD 3,471,252,000 in the previous year, indicating a significant reduction in losses[3] - The company reported a significant foreign exchange gain of HKD 725,072,000 in 2023, compared to a loss of HKD 1,641,787,000 in 2022, indicating a positive turnaround in currency impacts[3] - The company incurred a loss of HKD (1,998,151,000) from the fair value of investment properties, which was a significant factor in the overall financial performance[10] - The company reported a fair value loss on investment properties of HKD 1,998.2 million for the year[17] - The net loss for the year was HKD 1,937.2 million, slightly down from HKD 1,940.3 million in 2022, primarily due to fair value losses on investment properties in the UK amounting to approximately HKD 2 billion and increased financing costs[26] Assets and Liabilities - Non-current assets decreased to HKD 21,367,992,000 in 2023 from HKD 22,814,453,000 in 2022, reflecting a decline of approximately 6.3%[4] - Current assets increased to HKD 3,993,846,000 in 2023, up from HKD 3,382,576,000 in 2022, marking an increase of about 18.1%[4] - Total liabilities increased to HKD 11,830,916,000 in 2023 from HKD 10,305,505,000 in 2022, representing an increase of about 14.8%[4] - The net asset value decreased to HKD 13,531,922,000 in 2023 from HKD 14,891,524,000 in 2022, a decline of approximately 9.1%[4] - The group had cash on hand of HKD 2.7 billion as of December 31, 2023, with 11% in HKD, 30% in USD, 58% in GBP, and 1% in other currencies[50] - Total debt amounted to HKD 11.4 billion as of December 31, 2023, up from HKD 10.7 billion in 2022, with a debt-to-total-assets ratio of 45%[52] - The net debt slightly decreased to HKD 8.6 billion from HKD 8.8 billion in 2022, while the net asset leverage ratio increased from 59.2% in 2022 to 63.7% in 2023[50] Revenue Sources - For the year ended December 31, 2023, total revenue from property development and investment was HKD 471,138,000, while financial investment revenue was HKD 1,842,000, leading to a total revenue of HKD 472,980,000[10] - The company reported a significant decrease in revenue from the previous year, with property development revenue dropping from HKD 494,601,000 in 2022 to HKD 471,138,000 in 2023, a decline of approximately 4.75%[11] - The total income from other sources, including rental income from investment properties, was HKD 472,980,000 in 2023, compared to HKD 496,308,000 in 2022, indicating a decline of approximately 4.7%[14] - Rental income from investment properties was HKD 471.1 million, a decrease of 4.8% compared to HKD 494.6 million in 2022[33] Financing Costs - The company’s financing costs increased to HKD 2,138,999,000 in 2023 from HKD 1,636,027,000 in 2022, reflecting a rise of approximately 30.7%[2] - The weighted average cost of debt for the year was 5.8%, compared to 3.7% in 2022[52] - The company’s financing costs resulted in a pre-tax loss of HKD (640,772,000) for the year, contributing to the overall financial challenges faced[10] - The company’s financing costs increased due to interest rate hikes during the year[26] Investments and Projects - The group expects significant contributions from its development projects in the short to medium term, with a total development potential of approximately 8.1 million square feet[37] - The group has pre-sold a total of 463 residential units in Thames City Phase 1, valued at over £853 million, and 89 residential properties in The Whiteley, totaling approximately £557 million as of December 31, 2023[38][41] - The construction of Thames City Phase 1 was completed, with 280,300 square feet sold during the year, contributing £495 million to sales revenue[39] - The Whiteley redevelopment project is expected to provide approximately 603,000 square feet of space, including 139 luxury residential apartments and a five-star hotel with 109 rooms[40][41] - Future phases of Thames City are in preparation, with saleable areas of 526,000 square feet and 598,000 square feet, respectively, and Phase 2 is expected to commence construction in the second half of 2024[39] Market and Operational Insights - The group maintained a stable rent collection rate of 98% during the year[33] - The occupancy rate of the Kai Tak project in Hong Kong increased to 71% as of December 31, 2023, following the move-in of a major new tenant[42] - The group recorded a loss of HK$182.6 million in its financial investment segment, with a fair value loss of HK$136.1 million on its investment portfolio[47] - The group plans to adopt a conservative approach while closely monitoring the market for potential acquisition opportunities[48] Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2023, compared to a dividend of HKD 0.02 per share in 2022[27] - The basic loss per share for the year was HKD 0.4990, compared to HKD 0.4998 in 2022[26] Employee and Governance - The group employed a total of 112 employees across its main operations in Hong Kong, mainland China, and the UK, with a total salary cost of approximately HKD 130 million for the year[56] - The board of directors includes executive directors Zhang Songqiao, Lin Xiaowen, Huang Zhiqiang, and Liang Weihui, as well as independent non-executive directors Lin Jianfeng, Liang Yuming, and Lu Yujing[62]

Financial Performance - Total revenue for the period was HKD 239.7 million, down 9.4% from HKD 264.6 million in the same period last year[10]. - The rental income from the investment property portfolio was HKD 239.0 million, a decrease of 8.7% compared to the same period last year[10]. - The loss attributable to shareholders was HKD 1,349.8 million, compared to a profit of HKD 240.9 million in the same period last year[12]. - The adjusted loss before tax for the group was HKD 1,320,457,000, compared to a profit of HKD 256,024,000 in the same period last year, indicating a significant decline in performance[69]. - The group reported a total loss of HKD 982,754,000 for the first half of 2023, compared to a profit of HKD 477,965,000 in the same period of 2022[69]. - Total comprehensive loss for the period amounted to HKD 526,231,000, compared to a total comprehensive loss of HKD 1,158,032,000 in the same period last year[58]. - Basic and diluted loss per share for the period was HKD 34.77, compared to earnings of HKD 6.21 per share in the previous year[52]. Investment Properties - The value of investment properties in the UK was assessed at GBP 1.15 billion, a decrease of 10.7% from the end of last year[11]. - The group reported a significant fair value loss on investment properties amounting to HKD 1,381,483,000 for the first half of 2023[71]. - Investment properties valued at HKD 114 billion have been pledged as collateral for bank financing[32]. Joint Ventures and Projects - The group's share of profits from joint ventures was HKD 319.5 million, a decrease of HKD 78.3 million year-on-year[10]. - As of June 30, 2023, the total investment in joint ventures increased to HK$10.5 billion from HK$10.3 billion as of December 31, 2022[16]. - The company has pre-sold a total of 395 residential units at Thames City for over £713 million, with 194,500 square feet sold contributing £319 million in revenue[17][18]. - The Whiteley project has pre-sold 77 residential units for a total of £489 million, with the project expected to be completed in the first half of 2024[19]. - The company owns 25% of the Kai Tak project, which has a current occupancy rate of 62%, expected to rise to approximately 80% after new leases are signed[20]. Financial Position - As of June 30, 2023, the group's cash on hand was HKD 2.1 billion, with total available credit of HKD 300 million[29]. - The total debt amounted to HKD 111 billion, with a debt-to-total assets ratio of 43% as of June 30, 2023[30]. - The group's net gearing ratio increased from 59.2% on December 31, 2022, to 62.8% on June 30, 2023[29]. - Shareholders' equity was HKD 143 billion as of June 30, 2023, with a net asset value per share of HKD 3.68[30]. - The group’s total liabilities increased, reflecting ongoing financial challenges and the need for strategic adjustments in operations[69]. Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of HKD 221,406 for the six months ended June 30, 2023, compared to a net outflow of HKD 60,535 for the same period in 2022[61]. - The net cash inflow from investing activities was HKD 530,899 for the first half of 2023, a significant recovery from a net outflow of HKD 701,585 in the prior year[61]. - The company experienced a net cash inflow of HKD 242,374 in the first half of 2023, contrasting with a net cash outflow of HKD 1,614,880 in the same period of 2022[61]. Corporate Governance - The group has adopted good corporate governance principles in accordance with the Listing Rules during the six months ended June 30, 2023[44]. - The company confirmed compliance with the standards set out in the Corporate Governance Code during the reporting period[45]. - The board resolved not to declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[35]. Employee and Management - As of June 30, 2023, the group employed a total of 116 employees across its main operations in Hong Kong, China, and the UK, with a total salary cost (excluding directors' remuneration) of approximately HKD 52 million[34]. - Total remuneration paid to key management personnel was HKD 20,098,000 for the six months ended June 30, 2023, slightly up from HKD 20,022,000 for the same period in 2022, an increase of about 0.38%[96].

Financial Performance - The company reported a loss attributable to equity holders of the parent of HKD (1,349,829) thousand for the six months ended June 30, 2023, compared to a profit of HKD 240,935 thousand in the same period of 2022[3]. - Total revenue for the six months ended June 30, 2023, was HKD 239,682 thousand, a decrease from HKD 262,579 thousand in the same period of 2022, representing a decline of approximately 8.5%[2]. - The gross profit margin for the period was significantly impacted, with a gross loss reported[2]. - The adjusted loss before tax for the group was HKD 1,320,457 thousand, compared to a profit of HKD 256,024 thousand for the same period in 2022, reflecting a substantial decline in overall profitability[11]. - The property development and investment segment reported a loss of HKD 920,009 thousand, compared to a profit of HKD 615,538 thousand in the previous year, indicating a significant downturn in performance[11]. - The financial investment segment recorded a loss of HKD 62,745 thousand, a deterioration from a profit of HKD 137,573 thousand in the same period last year[11]. - Total tax expenses for the current period amounted to HKD 29,372 thousand, significantly higher than HKD 15,089 thousand in the previous period[16]. Assets and Liabilities - The company's non-current assets totaled HKD 22,406,584 thousand as of June 30, 2023, down from HKD 22,814,453 thousand as of December 31, 2022, indicating a decrease of about 1.8%[6]. - Current assets increased to HKD 3,523,191 thousand as of June 30, 2023, compared to HKD 3,382,576 thousand at the end of 2022, reflecting an increase of approximately 4.2%[6]. - The total liabilities increased to HKD 10,600,844 thousand as of June 30, 2023, from HKD 10,560,297 thousand at the end of 2022, representing a slight increase of approximately 0.4%[6]. - The net debt increased to HKD 9 billion as of June 30, 2023, up from HKD 8.8 billion on December 31, 2022, resulting in a net asset leverage ratio of 62.8%[48]. - Total debt amounted to HKD 11.1 billion as of June 30, 2023, compared to HKD 10.7 billion on December 31, 2022, with a debt-to-total-assets ratio of 43%[48]. - Shareholders' equity decreased to HKD 14.3 billion as of June 30, 2023, from HKD 14.9 billion on December 31, 2022, with a net asset value per share of HKD 3.68[49]. Cash Flow and Investments - The company reported a net cash position of HKD 2,007,962 thousand as of June 30, 2023, compared to HKD 1,745,403 thousand at the end of 2022, showing an increase of about 15%[6]. - The company invested HKD 152,000 thousand in property and equipment during the six months ended June 30, 2023, compared to HKD 44,965,000 thousand in the same period of 2022[20]. - The company maintains a diversified investment portfolio valued at HKD 1,155.8 million as of June 30, 2023, down from HKD 1,199.4 million at the end of 2022[46]. - The group recognized a fair value loss on investment properties amounting to HKD 1,381,483 thousand for the six months ended June 30, 2023, compared to a loss of HKD 2,144 thousand in the same period of 2022[13]. - Interest income from bank deposits was HKD 29,263 thousand for the six months ended June 30, 2023, a significant increase from HKD 2,240 thousand in the previous year[12]. Market and Strategic Outlook - The company continues to explore new strategies for market expansion and product development, although specific details were not disclosed in the financial report[7]. - The economic rebound in Hong Kong and mainland China remains slow, influenced by geopolitical tensions and rising global inflation[26]. - The group has adopted strategic hedging policies to manage foreign exchange, interest rate, and liquidity risks[52]. - The group continues to monitor its operational segments closely to make informed decisions regarding resource allocation and performance evaluation[10]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.02 per ordinary share, totaling HKD 77,647,000, for the year ended December 31, 2022, which was paid on June 7, 2023[17]. - The company did not declare any interim dividend for the six months ended June 30, 2023[24]. Employment and Operational Costs - The group employed a total of 116 staff across its main operations in Hong Kong, China, and the UK, with a salary cost of approximately HKD 52 million during the review period[53].

Financial Performance - The company reported a total revenue of $300 million for the fiscal year 2022, reflecting a year-over-year increase of 15%[12]. - The net profit for the year was $50 million, representing a profit margin of approximately 16.67%[12]. - The group recorded a consolidated revenue of HKD 498.4 million for the year ended December 31, 2022, down from HKD 648.1 million in 2021, representing a decrease of approximately 23.1%[16]. - The net loss for the year was HKD 1,940.3 million, compared to a profit of HKD 490.1 million in 2021, indicating a significant downturn in performance[16]. - The company has set a performance guidance of 10% revenue growth for 2023, driven by new product offerings and market expansion[12]. - The company reported a net loss attributable to equity holders of the parent for the year of HKD 1,940,341,000, compared to a profit of HKD 490,079,000 in 2021[180]. - Basic and diluted loss per share for the year was HKD (49.98), a significant decline from HKD 12.62 in the previous year[180]. - The gross profit for the year was HKD 474,324,000, down 24.4% from HKD 627,379,000 in 2021[180]. - The company incurred total administrative expenses of HKD 99,683,000, an increase from HKD 324,424,000 in the previous year[180]. - The company recognized a net impairment loss on financial assets of HKD 979,775,000 for the year, compared to HKD 35,629,000 in 2021[180]. Market Expansion and Strategy - User data indicated a growth in active users by 20%, reaching a total of 1.2 million users by the end of 2022[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[12]. - New product launches are expected to contribute an additional $100 million in revenue in 2023, with a focus on sustainable development[12]. - A strategic acquisition of a local competitor is anticipated to be completed by Q3 2023, which is expected to increase the company's asset base by 30%[12]. - The group remains optimistic about the ongoing development of its projects in China despite the current market challenges[19]. Financial Position and Debt - The company’s debt-to-equity ratio stands at 0.5, indicating a stable financial position[12]. - The net debt increased to HKD 88 billion as of December 31, 2022, compared to HKD 80 billion in 2021, resulting in a net debt-to-equity ratio of 59.2%[59]. - The total debt as of December 31, 2022, was HKD 107 billion, with a debt-to-total-assets ratio of 41%[59]. - The total liabilities of the company increased significantly, reflecting ongoing financial challenges[182]. - The company has secured bank borrowings amounting to HKD 6,949,003,000 as of December 31, 2022, compared to HKD 8,079,587,000 in 2021[193]. Investment and Development - The group successfully pre-sold residential units valued at GBP 543 million from the first phase of the Thames City project, attracting buyers from both local and global markets[17]. - The group acquired a 32% stake in a property project on Stubbs Road for HKD 839 million and later increased its stake by an additional 10% for HKD 325 million[18]. - The group plans to focus resources on monitoring the performance of existing joint ventures in China[26]. - The group expects international buyers to return to the property market, providing support due to a weaker GBP and reduced stamp duty[26]. - The group completed the sale of Melbourne's 85 Spring Street for AUD 130 million, generating a pre-tax profit of approximately AUD 9 million[36]. Environmental and Social Responsibility - The group achieved 100% certification in ISO 14001 for environmental management systems at its properties, including the Lido Building and One Kingdom Street[67]. - The company has implemented green initiatives, including designated recycling points for paper waste, collecting a total of 1.21 tons of recyclable paper waste in the reporting year[74]. - The company participated in the "Hong Kong Green Building Week 2022," promoting energy efficiency and sustainability[73]. - The company aims to identify and assess climate change risks and opportunities to adapt its business, focusing on reducing carbon emissions and promoting energy-efficient products[78]. - The company has not faced any significant environmental regulatory impacts related to waste management in its Hong Kong operations[74]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, ensuring long-term success and sustainability[104]. - The board consists of a chairman and eight directors, with ongoing reviews to ensure appropriate skills and independence[105]. - The company has successfully implemented principles of good corporate governance as outlined in the Corporate Governance Code[104]. - The Audit Committee consists of three independent non-executive directors and reviews the group's accounting policies and practices, focusing on compliance with applicable accounting standards and regulations[114]. - The company has adopted a whistleblowing policy on November 30, 2022, to replace the previous policy for reporting misconduct, enhancing internal controls and compliance[114]. Employee and Community Engagement - The group employed a total of 114 employees across Hong Kong, China, and the UK, with annual salary costs (excluding directors' remuneration) amounting to approximately HKD 127 million[63]. - The employee turnover rate for females was 19.35%, while for males it was 4.55%, with an overall turnover rate of 10.67% in Hong Kong[81]. - The company encourages employee development through external and internal training opportunities, covering costs for training programs[84]. - The company made charitable donations totaling HKD 11,000 during the reporting year[91]. - The company actively supports various artists and art groups to promote art in Hong Kong[91]. Risk Management - The company has maintained a risk management and internal control system to identify, assess, and manage risks, ensuring compliance with laws and regulations, and providing reasonable assurance to avoid significant misstatements or fraud[123]. - The company has mechanisms in place to ensure independent viewpoints are obtained for effective decision-making[123]. - The company has established a system for internal audit to independently assess the adequacy and effectiveness of the risk management and internal control systems[124]. - The company has adopted policies to use environmentally friendly materials for its reports since 2016, utilizing Forest Stewardship Council certified paper[76]. - The company has implemented various temporary measures in response to the COVID-19 pandemic, including flexible work arrangements and enhanced cleaning protocols[83].

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 496,308,000, a decrease of 11.5% from HKD 560,938,000 in 2021[2] - The company reported a net loss attributable to equity holders of HKD 1,940,341,000 for 2022, compared to a profit of HKD 490,079,000 in 2021[2] - The gross profit for 2022 was HKD 474,324,000, down from HKD 627,379,000 in the previous year, reflecting a decline of 24.4%[2] - The basic and diluted loss per share for 2022 was HKD (49.98) compared to earnings of HKD 12.62 per share in 2021[2] - The company recorded a significant increase in financing costs, totaling HKD 429,663,000 in 2022, compared to HKD 415,523,000 in 2021[2] - The company reported a consolidated revenue of HKD 498.4 million, a decrease of approximately 23.1% from HKD 648.1 million in 2021[28] - The net loss for the year was HKD 1,940.3 million, compared to a net profit of HKD 490.1 million in 2021[28] - Basic loss per share for the year was HKD 0.4998, down from a basic earnings per share of HKD 0.1262 in 2021[28] Assets and Liabilities - Non-current assets decreased to HKD 22,814,453,000 in 2022 from HKD 24,924,514,000 in 2021, a reduction of 8.5%[6] - Current assets dropped significantly to HKD 3,382,576,000 in 2022 from HKD 7,038,246,000 in 2021, a decline of 52.0%[6] - The company's total liabilities increased to HKD 10,560,297,000 in 2022 from HKD 3,800,805,000 in 2021, marking a rise of 178.5%[6] - The net asset value decreased to HKD 14,891,524,000 in 2022 from HKD 18,440,423,000 in 2021, a decline of 19.0%[6] - The cash and cash equivalents decreased to HKD 1,745,403,000 in 2022 from HKD 4,357,747,000 in 2021, a decrease of 60.0%[6] - Shareholders' equity decreased to HKD 14.9 billion as of December 31, 2022, from HKD 18.4 billion in 2021, with a net asset value per share of HKD 3.84[57] Revenue Sources - Total revenue from property development and investment reached HKD 494,601,000, while financial investment revenue was HKD 3,767,000, resulting in a total revenue of HKD 498,368,000 for the year ended December 31, 2022[11] - Total revenue from external customers was HKD 648,051,000, with property development and investment contributing HKD 512,044,000 and financial investments contributing HKD 136,007,000[12] - The total rental income from investment properties was HKD 494,601,000, down from HKD 512,044,000 in 2021[14] - Rental income decreased by 3.4% to HKD 494.6 million, attributed to a 10% depreciation of the GBP against the HKD[31] Impairments and Losses - The company recorded a net impairment loss of HKD (980,827,000) on financial assets, with a reversal of impairment loss amounting to HKD 1,052,000[11] - The company reported a loss of HKD (1,443,335,000) from fair value losses on investment properties, which were recognized in profit or loss[11] - The financial investment division recorded a fair value loss of HKD 140.5 million and a realized loss of HKD 3.6 million for the year, compared to losses of HKD 179.8 million and HKD 229.2 million in 2021[32] - The group made an expected credit loss provision of HKD 1 billion for receivables related to projects in Jiangsu and Guangdong, reflecting a 100% default probability due to the financial difficulties of a joint venture partner[32] Investments and Joint Ventures - The company's investment in joint ventures amounted to HKD 8,601,789,000, while the investment in associates was HKD 1,746,271,000[11] - The group's share of net profit from joint venture investments was HKD 908.7 million, an increase of HKD 709.2 million from the previous year, primarily driven by profits from The Whiteley project (HKD 264.7 million) and Thames City project (HKD 270.1 million)[32] - As of December 31, 2022, the total investment in joint ventures increased from HKD 8.7 billion to HKD 10.3 billion, primarily due to the acquisition of 15 Shoushan Mountain[39] - The group holds a 15% stake in the Kowloon Bay International Trade and Exhibition Centre, with an investment amount of approximately HKD 906 million[45] Financial Strategy and Governance - The group expects a volatile and uncertain business environment in 2023, focusing on the stability of its existing property portfolio and balance sheet[49] - The group plans to maintain a prudent investment strategy and regularly assess its investment portfolio performance[56] - The group has adopted a strategic hedging policy to optimize risk-adjusted returns, including interest rate swaps and natural hedging through matching currencies[60] - The group has complied with the corporate governance code as per the Hong Kong Stock Exchange Listing Rules throughout the year[62] Employee and Operational Costs - The group employs a total of 114 employees across Hong Kong, China, and the UK, with annual salary costs (excluding directors' remuneration) of approximately HKD 127 million[61] Taxation - The effective tax rate in Hong Kong remains at 16.5%, with a reduced rate of 8.25% applicable to the first HKD 2,000,000 of taxable profits for one subsidiary[19] - The total tax expense for the year was HKD 34.612 million, compared to a tax credit of HKD 583.132 million in the previous year[22] Audit and Reporting - The independent auditor confirmed that the financial statements for the year ended December 31, 2022, are consistent with the draft financial statements[64] - The annual report for 2022 will be published on the company's website and sent to shareholders later[66]

Property Investments and Developments - The group completed a rental review for the Lido House, resulting in a rental increase of 3.1% over 234,000 square feet[8]. - The group invested HKD 839 million to acquire a 32% stake in a property project at 15 Shoushan Mountain Road, consisting of 15 luxury houses with a total area of approximately 88,000 square feet[8]. - Two independent houses from the Shoushan Mountain project were sold for approximately HKD 870 million and HKD 435 million, translating to HKD 108,000 and HKD 92,000 per square foot respectively[8]. - The group continues to advance major development projects in central London, which are expected to generate significant revenue in the second half of 2022 and beyond[8]. - The Thames City project is expected to include 1,500 luxury residential units with a total saleable area of approximately 1.7 million square feet upon completion[17]. - The Thames City project is expected to provide approximately 680,000 square feet of area, with two main buildings anticipated to be completed by the end of 2022 and another by mid-2023[18]. - The Whiteley shopping center redevelopment project will offer around 603,000 square feet, including 139 luxury residential apartments and a hotel with 110 rooms, with completion expected by the end of 2023[19]. - The Whiteley project has pre-sold 39 residential units for a total of £226.7 million, with the project having a 46% equity stake held by the company[19]. - The Kai Tak project in Hong Kong has a total saleable area of approximately 795,000 square feet, with 66% of the building leased as of June 30, 2022[20]. - The Chongqing Bishan project will include 7.0 million square feet of commercial, retail, and residential space, with completion expected in Q4 2022[23]. - The Jiangsu Yancheng project has a planned total investment of RMB 496 million, with a saleable area of approximately 1.56 million square feet, expected to be completed by the end of 2023[24]. Financial Performance - Total revenue for the period was HKD 264.6 million, down 23% from HKD 343.5 million in the same period last year[10]. - The investment property portfolio generated revenue of HKD 261.8 million, a decrease of 2% year-on-year due to a 7% depreciation of GBP against HKD[10]. - The financial investment segment recorded a fair value loss of HKD 115.1 million, compared to a fair value gain of HKD 129.6 million in the previous year[10]. - Net profit attributable to shareholders increased by 4.5% to HKD 240.9 million, with basic earnings per share rising to HKD 6.21 from HKD 5.94[10]. - The group’s total income, including other income and gains, was HKD 264,639,000 for the first half of 2022, down from HKD 343,484,000 in the same period of 2021[77]. - The company’s profit before tax for the six months ended June 30, 2022, was HKD 19,884,000, slightly up from HKD 19,872,000 in the same period of 2021, representing a growth of 0.06%[79]. - Basic earnings attributable to equity holders of the parent for the six months ended June 30, 2022, were HKD 240,935,000, up from HKD 230,576,000 in 2021, reflecting a growth of 4.9%[84]. Market Conditions - The London office market showed signs of recovery, with increased demand for premium office spaces due to tenant relocations and expansions[8]. - The residential market in London is recovering, with rising average house prices driven by strong demand and a shortage of available homes[8]. - Economic activities in Hong Kong are expected to rebound, positively impacting the real estate sector[9]. Joint Ventures and Investments - The group will focus on managing the performance of existing joint venture projects in China[9]. - The total investment in joint venture projects increased from HKD 8.7 billion to HKD 9.3 billion, mainly due to the acquisition of the Shoushan Mountain project[15]. - The group's share of profits from joint ventures increased by HKD 312 million to HKD 398 million, primarily due to contributions from the Whiteley project and a bargain purchase gain from the acquisition of the 32% stake in the Shoushan Mountain project[10]. - The group has provided guarantees totaling HKD 3,014 million for loans granted to joint ventures, an increase from HKD 2,509 million as of December 31, 2021[37]. Cash Flow and Liquidity - As of June 30, 2022, the group's cash on hand was HKD 3.1 billion, with an additional HKD 1 billion available under credit facilities[35]. - The net cash flow from operating activities for the six months ended June 30, 2022, was negative HKD 60,535 thousand, compared to positive HKD 102,376 thousand for the same period in 2021[70]. - The cash and cash equivalents at the end of the period were HKD 2,729,534 thousand, down from HKD 4,856,972 thousand at the end of June 30, 2021[70]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as per the Listing Rules during the six months ending June 30, 2022[50]. - The company’s directors confirmed compliance with the standards set out in the Corporate Governance Code during the reporting period[50]. Shareholder Information - As of June 30, 2022, the company’s major shareholder, Windsor Dynasty, holds 2,724,239,906 shares, representing approximately 70.17% of the total issued share capital[43]. - The company declared a final dividend of HKD 0.02 per share for the year ended December 31, 2021, totaling HKD 77,647,000, with no interim dividend declared for the six months ended June 30, 2022[82].