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].

Financial Performance - Revenue for the year ended December 31, 2021, was HKD 648 million, an increase of 10% from HKD 589 million in 2020[6] - Shareholders' profit for the year ended December 31, 2021, was HKD 490 million, a 19% increase from HKD 414 million in 2020[10] - The company reported consolidated revenue of HKD 648.1 million for the year ended December 31, 2021, an increase of 10.1% from HKD 588.8 million in 2020[23] - Net profit for the year was HKD 490.1 million, a decrease of 16.7% compared to HKD 588.2 million in 2020, with basic earnings per share at HKD 0.1262[23] - Other income for the year was HKD 324.4 million, a significant decrease from HKD 781.8 million in 2020[37] - Rental income amounted to HKD 512.0 million, accounting for 79.0% of total revenue, down from 81.7% in 2020[36] - The group's share of profits from joint ventures was HKD 202.3 million, up from HKD 71.5 million in 2020, primarily due to increased investment in the Whiteleys project[37] Assets and Liabilities - Total assets as of December 31, 2021, were HKD 31,963 million, down from HKD 34,141 million in 2020, representing a decrease of 6%[8] - Shareholders' equity as of December 31, 2021, was HKD 18,440 million, a decrease of 10% from HKD 20,414 million in 2020[12] - The total debt increased to HKD 13 billion from HKD 12.4 billion in 2020, with a debt-to-total-assets ratio rising to 41% from 36%[70] - As of December 31, 2021, cash and cash equivalents amounted to HKD 5 billion, down from HKD 5.7 billion in 2020, with undrawn credit facilities totaling HKD 1 billion, bringing total liquidity to HKD 6 billion[67] - The net gearing ratio increased to 43.3% from 32.6% in 2020, attributed to funding needs for property development projects in the UK[70] Investment and Development - The company has committed a total investment of HKD 906 million in a joint venture project in East Kowloon, increasing its attributable area by 264,000 square feet[26] - In China, the company has committed a total investment of RMB 496 million for a property project in Yancheng and RMB 703 million for a joint venture in Jiangmen[27] - The Nine Elms Square project has 109 residential units pre-sold for over GBP 186 million, while the Whiteleys project generated over GBP 22 million in revenue for the year[48] - The Whiteleys redevelopment project, with a total investment of GBP 182 million, is expected to provide approximately 580,000 square feet of space, including 139 luxury residential apartments and a hotel, with completion anticipated around 2023[53] Corporate Governance - The board consists of a chairman and eight directors, ensuring a diverse skill set and experience[137] - The company adheres to the Corporate Governance Code, emphasizing the importance of good governance for sustainable growth[135] - The audit committee consists of three independent non-executive directors, with Mr. Lam Kin Fung serving as the chairman, overseeing the group's accounting policies and financial reporting matters[146] - The company has established various committees, including the audit committee, remuneration committee, and nomination committee, to enhance governance practices[145] Environmental and Social Responsibility - The group emphasizes the importance of balancing economic and environmental sustainability in its operations and governance strategies[90] - The company has committed to reducing its operational impact on the environment and will continue to report on this aspect[103] - The company collected a total of 1.32 tons of recyclable paper waste during the reporting year, up from 1.09 tons in 2020[97] - The company encourages resource efficiency by promoting the use of electronic copies and double-sided printing to reduce paper usage[100] Employee Engagement and Development - The group employed a total of 121 employees across its main operations in Hong Kong, China, and the UK, with a total salary cost of approximately HKD 139 million for the year[77] - Employee turnover rate in Hong Kong for the reporting year is 3.90%[110] - The company encourages employee development through training opportunities, covering associated costs[115] - The percentage of trained employees by gender is 52.17% for males and 47.83% for females[117] Risk Management - The board is responsible for the risk management and internal control systems, ensuring compliance with laws and regulations[167] - The internal audit function is maintained to assess the adequacy and effectiveness of the risk management and internal control systems[169] - The company has established risk management and internal control systems to ensure compliance with applicable laws and regulations[168] Community Engagement - The company made charitable donations totaling HKD 245,000 during the reporting year, focusing on social welfare, culture, and environmental concerns[125] - The company continues to support the Sculpture in the City initiative with an annual donation of GBP 40,000, particularly important during the pandemic[126] - The company is actively involved in community engagement and has implemented a whistleblowing policy for employees to report misconduct[123]

Financial Performance - The company reported total revenue of HKD 343.5 million for the first half of 2021, an increase of 23.8% compared to HKD 277.4 million in the same period of 2020[10]. - The company achieved a profit after tax of HKD 230.6 million, recovering from a loss of HKD 1.9 million in the previous year[10]. - The company reported basic earnings per share of HKD 0.0594, recovering from a loss of HKD 0.0005 per share in the previous year[10]. - The total comprehensive income for the period was HKD 304,665,000, compared to a loss of HKD 493,474,000 in the same period of 2020[54]. - The company reported a pre-tax profit of HKD 240,827,000 for the six months ended June 30, 2021, significantly up from HKD 9,125,000 in the same period of 2020[50]. - The gross profit for the six months ended June 30, 2021, was HKD 333,066,000, compared to HKD 276,109,000 for the same period in 2020, indicating a gross margin improvement[50]. - The adjusted profit before tax for the group was HKD 240,827,000, significantly up from HKD 9,125,000 in the prior year, indicating a substantial improvement in financial performance[68]. Revenue Sources - The financial investment segment recorded revenue of HKD 218.9 million, up from HKD 99.9 million in the previous period, with dividend and interest income from investments totaling HKD 76.6 million[23]. - The property development and investment segment generated revenue of HKD 266,899,000, compared to HKD 236,141,000 in 2020, reflecting an increase of 13.0%[68]. - The financial investment segment reported revenue of HKD 76,585,000, up from HKD 41,299,000 in the previous year, marking an increase of 85.5%[68]. Investment Activities - The company has committed a total investment of RMB 496 million for a property project in Yancheng, Jiangsu Province, holding a 29.4% stake[9]. - The company also agreed to invest RMB 703 million for a 34% stake in a joint venture for a commercial and residential development project in Jiangmen, Guangdong Province[9]. - The total investment in joint venture projects increased from HKD 5,218 million as of December 31, 2020, to HKD 7,155 million as of June 30, 2021, marking a growth of approximately 37.2%[16]. - The Jiangsu Yancheng project covers an area of approximately 687,000 square feet, with a total planned investment of RMB 496 million and a projected completion date by the end of 2023[21]. - The Guangdong Jiangmen project has a total investment cost of RMB 703 million, covering approximately 15.5 million square feet, with the first phase expected to commence construction in the second half of 2021[22]. Property and Rental Income - The total rental income from investment properties in the UK for the six months ended June 30, 2021, was HKD 266.9 million, an increase from HKD 236.1 million for the same period in 2020, representing a growth of approximately 13.5%[12]. - The company maintained a stable rental income with a 5.2% annual rental yield from its fully leased properties[8]. - One Kingdom Street generated an annual rental income of approximately GBP 15.3 million, with a rental yield of 5.2%[14]. - The occupancy rate for the office space in the Leadenhall Building was 98% as of June 30, 2021, with a weighted average remaining lease term of approximately 9.5 years[13]. Financial Position - The group's net borrowings at the end of the period amounted to HKD 8.2 billion, an increase from HKD 6.7 billion as of December 31, 2020, with a net debt level (after cash) of 39.8% as of June 30, 2021, compared to 32.6% at the end of 2020[30]. - Total bank borrowings and notes payable reached HKD 14 billion, with HKD 10.8 billion due within one year and HKD 3.2 billion due after one year[30]. - As of June 30, 2021, total assets were HKD 35.7 billion, with approximately 22% being liquid assets[30]. - The group had contingent liabilities/financial guarantees amounting to HKD 2.15 billion related to joint ventures and loans as of June 30, 2021[31]. - The company's net asset value as of June 30, 2021, was HKD 20,641,291,000, up from HKD 20,414,273,000 at the end of 2020, representing a growth of 1.1%[55]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2021, was HKD 102,376,000, a decrease of 88.1% compared to HKD 859,155,000 for the same period in 2020[61]. - Net cash flow from investing activities was HKD (2,081,190,000), significantly lower than HKD (888,425,000) in the previous year, indicating a substantial increase in investment outflows[61]. - The group holds high liquidity investments valued at HKD 4,502,864,000, which can be liquidated to meet liabilities[63]. - The company has unutilized bank financing of HKD 720,000,000 as of June 30, 2021, providing additional liquidity support[63]. - As of June 30, 2021, the group had current liabilities exceeding current assets by HKD 3,916,937,000, indicating liquidity challenges[63]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as stipulated in the Listing Rules during the reporting period[42]. - The company adopted revised Hong Kong Financial Reporting Standards, which may impact financial reporting and risk management strategies[64]. - The company has adopted the revised Hong Kong Financial Reporting Standard No. 16, which allows for the deferral of lease modifications due to COVID-19, with no impact on the interim financial results[66]. Employee and Management Information - The group employed a total of 126 employees across Hong Kong, China, and the UK, with a total salary cost of approximately HKD 53 million for the half-year period[33]. - The total remuneration paid to key management personnel was HKD 19,468,000 for the six months ended June 30, 2021, compared to HKD 19,320,000 for the same period in 2020[93].

Financial Performance - Shareholders' profit for the year ended December 31, 2020, was HKD 588 million, up from HKD 414 million in 2019, indicating a year-over-year increase of about 42%[7] - The group recorded a consolidated revenue of HKD 588.8 million for the year ended December 31, 2020, an increase of 4.3% from HKD 564.6 million in 2019[15] - Net profit for the year was HKD 588.2 million, representing a significant increase of 42.1% compared to HKD 414.0 million in 2019[15] - Basic earnings per share for the year were HKD 0.1515, up from HKD 0.1066 in 2019[15] - The company reported a profit of HKD 588,168,000 for the year, compared to HKD 414,023,000 in the previous year, marking a growth of approximately 42.1%[161] - The total comprehensive income attributable to equity holders was HKD 2,985,532,000, compared to HKD 460,545,000 in the previous year[156] Assets and Liabilities - Total assets as of December 31, 2020, reached HKD 34,141 million, an increase from HKD 29,479 million in 2019, representing a growth of approximately 15%[7] - The company reported total equity as of December 31, 2020, amounting to HKD 20,414 million, compared to HKD 17,506 million in 2019, reflecting a growth of approximately 16%[7] - The net asset liability ratio at the end of 2020 was 32.6%, up from 21.8% in 2019, reflecting a prudent financial position[17] - The total liabilities decreased from HKD 12,972,547,000 in 2019 to HKD 13,726,254,000 in 2020, indicating a reduction of approximately 5.8%[158] - The company’s cash and cash equivalents totaled HKD 57 billion as of December 31, 2020, down from HKD 71 billion in 2019[42] Investment and Development - The company is focused on expanding its property development and investment business, leveraging its management's extensive industry experience[12] - The group plans to continue developing the Whiteleys project and expects the first phase of the Nine Elms Square project to be completed in 2023[16] - The group owns commercial properties totaling 1,182,000 square feet in the UK and Australia, with 74% of the portfolio located in the UK[17] - The group has adopted a cautious investment strategy, focusing on high-quality projects amid market uncertainties due to COVID-19 and geopolitical tensions[16] - The company plans to invest approximately RMB 800 million in a development project in Chongqing, which will include 7.0 million square feet of commercial, retail, and residential space[36] Governance and Management - The management team includes experienced executives with over 25 years of property investment experience in major cities, enhancing the company's strategic direction[11] - The company aims to enhance its operational efficiency and strategic decision-making through its experienced board and management team[11] - The board of directors consists of a chairman and five executive directors, ensuring a diverse skill set and experience for effective governance[79] - The company has established an executive committee responsible for overseeing daily operations and management, ensuring effective governance[88] - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting policies and financial reporting for the year ending December 31, 2020[89] Sustainability and Corporate Social Responsibility - The company aims to achieve its business objectives while promoting sustainable development without compromising environmental, social, and economic needs[53] - The company recognizes the risks associated with climate change, including increased costs for property insurance, maintenance, and repairs due to extreme weather events[61] - The company supports employee development and adheres to fair employment practices, promoting diversity and anti-discrimination[62] - The company made charitable donations totaling HKD 480,000 during the reporting year[70] - The company donated £15,000 to support frontline workers during the COVID-19 pandemic through the Noxy Coffee initiative, providing free specialty coffee to 3,000 NHS staff daily[73] Financial Management and Reporting - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and provide a true and fair view of the group's financial position as of December 31, 2020[141] - The company has implemented measures to ensure timely and accurate disclosure of information to investors[102] - The independent auditor's report confirms the responsibility for the financial statements and the absence of significant uncertainties regarding the company's ability to continue as a going concern[107] - The company has adopted a dividend policy that considers various factors including financial performance, liquidity, and operational needs[105] - The total remuneration paid to the independent auditor, Ernst & Young, in 2020 amounted to HKD 6,270,000, of which HKD 5,500,000 was for audit services and HKD 770,000 for non-audit services[95] Market Outlook and Future Plans - The management has outlined a positive outlook for the upcoming fiscal year, anticipating continued growth in both revenue and profitability[7] - The company is committed to exploring new market opportunities and potential acquisitions to drive future growth[12] - Demand for quality assets with fixed lease arrangements in Australia remains strong, with the group optimistic about the Spring Street project[16] - The group plans to maintain its property development activities while ensuring health and safety protocols are implemented[18] - The company is actively investing in new technologies and product development to stay competitive in the market[12]

Revenue and Income - The total revenue for the first half of 2020 was HKD 277.4 million, a slight decrease of 1% compared to HKD 279.0 million in the same period of 2019[9] - Rental income from the investment properties in London was HKD 236.1 million, down from HKD 239.9 million in the previous year, reflecting a stable performance despite COVID-19 impacts[9] - The total revenue for the property development and investment segment was HKD 236,141,000, a slight decrease from HKD 239,864,000 in 2019[64] - Financial investment segment revenue increased to HKD 41,299,000 from HKD 39,150,000 in 2019[64] - The company reported a gross profit of HKD 276,109,000, up from HKD 273,197,000 in the previous year, indicating a growth of 1.1%[45] Loss and Profitability - The company recorded a loss attributable to shareholders of HKD 1.9 million, compared to a profit of HKD 84.5 million in the same period of 2019, with a basic loss per share of HKD 0.05[9] - The net loss attributable to equity holders of the parent company for the period was HKD 1,867,000, compared to a profit of HKD 84,541,000 in the same period last year[45] - Basic and diluted loss per share was HKD 0.05, a significant decline from earnings of HKD 2.18 per share in the prior year[45] - The group’s total adjusted profit before tax for the first half of 2020 was HKD 9,125,000, significantly lower than HKD 103,374,000 in the same period of 2019[64] - The company reported a total comprehensive loss of HKD 493,474 thousand for the period, compared to a total comprehensive loss of HKD 142,441 thousand in the previous period, representing a deterioration of approximately 246.5%[55] Financing and Costs - Financing costs increased by HKD 66.8 million due to interest from the three-year guaranteed notes issued in June 2019 and a new bank loan drawn in April 2020[9] - The weighted average cost of borrowing was 3.3%, slightly higher than the previous year due to the issuance of 6.35% guaranteed notes[24] - The group maintained a net borrowing of HKD 4.4 billion as of June 30, 2020, up from HKD 3.8 billion at the end of 2019, with a debt-to-asset ratio of 25.7%[24] Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 28,334,866,000, an increase from HKD 27,344,659,000 at the end of 2019[51] - The company's net asset value was HKD 16,935,267,000, down from HKD 17,506,388,000 as of December 31, 2019[51] - Current liabilities decreased to HKD 1,316,099,000 from HKD 2,134,276,000, reflecting a reduction of 38.3%[51] - Non-current liabilities increased to HKD 11,399,599,000 from HKD 9,838,271,000, representing a rise of 15.9%[51] Investment Properties and Projects - The Nine Elms Square project launched a soft pre-sale with a total saleable area of approximately 680,000 square feet, expected to be completed in 2023[8] - The Nine Elms Square project includes 1,500 residential units with a total saleable area of approximately 1.7 million square feet, with 47% of 100 pre-sale units sold as of June 30, 2020[15] - The redevelopment of Whiteleys shopping center involves an investment of £182 million, with completion expected in 2023[16] - The total area of the proposed development at 85 Spring Street in Melbourne is approximately 307,000 square feet, with a purchase cost of AUD 112 million[14] Cash Flow and Liquidity - Cash and bank balances totaled HKD 7.3 billion as of June 30, 2020, compared to HKD 7.1 billion at the end of 2019[24] - The net cash flow from operating activities for the six months ended June 30, 2020, was HKD 859,348 thousand, significantly higher than HKD 89,590 thousand for the same period in 2019, indicating an increase of approximately 861.5%[57] - The net cash used in investing activities was HKD 888,425 thousand for the six months ended June 30, 2020, compared to a net cash inflow of HKD 845,306 thousand in the same period of 2019, reflecting a change of approximately 105.1%[57] Employee and Management - The group employed 123 staff across Hong Kong, China, and the UK, with a total salary cost of approximately HKD 47 million for the half-year[28] - The group’s employee benefits expenses, including salaries and retirement contributions, increased to HKD 68,683,000 from HKD 66,523,000 year-on-year[67] - The company reported a total remuneration of HKD 19,320,000 for key management personnel for the six months ended June 30, 2020, compared to HKD 18,485,000 for the same period in 2019[99] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as set out in the Listing Rules during the six months ended June 30, 2020[39] - The company has confirmed that all directors complied with the standards set out in the Corporate Governance Code during the reporting period[39] Dividends and Share Capital - The board decided not to declare an interim dividend for the six months ended June 30, 2020, compared to no dividend for the same period in 2019[29] - The company declared a final dividend of HKD 0.02 per share for the year ended December 31, 2019, amounting to HKD 77,647,000, but did not declare an interim dividend for the six months ended June 30, 2020[70] Fair Value and Financial Instruments - The total fair value of financial assets measured at fair value was HKD 2,864,797,000, with HKD 1,122,311,000 classified under Level 1 and HKD 1,669,275,000 under Level 2[104] - The fair value of financial assets and liabilities was assessed to be similar to their carrying amounts due to their short-term nature[100] - The company believes that the estimated fair values are reasonable and represent the most appropriate valuations at the reporting date[101]