Core Viewpoint - The company, Jinlun Tiandi Holdings (01232.HK), has announced a board meeting scheduled for August 29, 2025, to consider and approve its interim results for the period ending June 30, 2025, as well as to discuss the potential declaration of an interim dividend, if applicable [1] Group 1 - The board meeting will take place at the 7th floor, Room 712, of the Seaview Building, 8 Kew Road, Fortress Hill, Hong Kong [1] - The meeting aims to review the company's and its subsidiaries' interim performance [1] - The company will also consider the distribution of an interim dividend during this meeting [1]

金 輪 天 地 控 股 有 限 公 司（「本公司」）之 董 事 會（「董事會」）謹 此 公 佈，本 公 司 謹 訂 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）假 座 香 港 炮 台 山 屈 臣 道8號海景大廈B座7 樓712室 舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 中 期 業 績 及 其 發 布，以 及 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 金輪天地控股有限公司 主 席 王欽賢 GOLDEN WHEEL TIANDI HOLDINGS COMPANY LIMITED 金輪天地控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1232） 董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 ...

Core Insights - The article highlights significant declines in the prices of certain Chinese offshore bonds, particularly those issued by Sunac China Holdings, which saw a daily drop of 36.52% for its USD bond [2][4] Group 1: Bond Performance - The largest decline in the day was observed in the bond SUNSHI 7.5% 4/15/24 issued by Sunac China Holdings, which fell to a price of 0.18 [2] - Other notable bonds include SUNSHI 10.25% 9/15/22, which decreased to 0.19, and JOYY 1.375% 6/15/26, which is priced at 69.63 [4] - The bond prices of several other companies, such as China Aoyuan Group and Shimao Group, also reflect varying levels of performance, with Shimao's bonds priced at 4.24 [4] Group 2: Market Context - The data is sourced from the China Economic Society's enterprise foreign debt risk monitoring system, indicating a broader trend in the offshore bond market [2][4] - The report is updated as of 2025, suggesting ongoing monitoring of these financial instruments [2][4]

致：香港交易及結算所有限公司 公司名稱: 金輪天地控股有限公司 呈交日期: 2025年8月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01232 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 300,000,000 | USD | | 0.1 | USD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 300,000,000 | USD | | 0.1 | USD | | 30,000,000 | 本月底法定/註冊股本總額 ...

Core Insights - The real estate market is stabilizing, leading to an improved financing environment for real estate companies [1] - In May 2025, the total bond financing for real estate companies reached 28.88 billion yuan, a year-on-year increase of 23.5% [1] - The financing structure shows that credit bond financing was 11.17 billion yuan, up 5.8%, while ABS financing was 17.71 billion yuan, up 38.1% [1] Financing Environment - The overall financing cost for real estate companies is decreasing, with the average bond financing interest rate in May at 2.35%, down 0.43 percentage points year-on-year [1][2] - The decline in financing costs is attributed to macro policies supporting the real estate market and the predominance of state-owned enterprises in bond issuance [2] Debt Restructuring - Several real estate companies are actively restructuring their debts, with notable progress from companies like CIFI Holdings, Jinlun Tiandi, and Sunac China [2] - CIFI Holdings' restructuring is expected to reduce its overseas debt by approximately 5.27 billion USD, significantly alleviating liquidity pressure [2] Future Outlook - The financing environment for real estate companies is expected to improve further, although a complete recovery requires market stabilization [3] - Recent data indicates that the decline in development funds for real estate companies has narrowed, suggesting potential for recovery [3] - Increased sales of new homes in key cities may boost industry investment confidence and financing demand [3]

Sales Performance - For the year ended December 31, 2024, the Group achieved total contracted sales of RMB 641.7 million, a decrease from RMB 940.7 million in 2023, reflecting a significant decline in sales performance [22]. - The Group achieved total contracted sales value of approximately RMB641.7 million for the year ended December 31, 2024, a decrease from RMB940.7 million in 2023, and the contracted sales area was approximately 43,574 sq.m., down from 79,417 sq.m. in 2023 [47][50]. - Contracted sales for the year ended 31 December 2024 were approximately RMB641.7 million, down from RMB940.7 million in 2023 [97]. Revenue and Financial Performance - The Group's revenue decreased by approximately 66.6% from approximately RMB2,387.5 million for the year ended 31 December 2023 to approximately RMB796.4 million for the year ended 31 December 2024, primarily due to a decrease in revenue from property sales [89]. - Revenue from property development decreased by 73.3% from approximately RMB2,134.2 million in 2023 to approximately RMB569.4 million in 2024, attributed to a reduction in total GFA sold [96]. - Revenue from property leasing decreased by approximately 13.9% to approximately RMB126.6 million in 2024, primarily due to the termination of leases for five metro station shopping malls [98]. - Revenue from hotel operations decreased by 5.5% to RMB100.4 million in 2024, mainly due to reduced travel demand [99]. - The Group's total revenue for 2024 was comprised of 71.5% from property development, 15.9% from property leasing, and 12.6% from hotel operations [88]. Occupancy Rates - The average occupancy rate for property leasing was 84.0%, up from 83.5% in 2023, while the hotel operation occupancy rate decreased to 78.7% from 83.4% in the previous year [22]. - The average occupancy rate for hotel operations decreased, indicating potential challenges in the hospitality sector [22]. - The Group's completed investment properties totaled approximately 121,350 sq.m. as of December 31, 2024, with an average occupancy rate exceeding 84.0% [66][71]. Debt and Financial Stability - The Group faced pressures from declining cash recovery rates, debt maturity, and a significant decrease in contracted sales, necessitating price-off promotions, asset sales, and debt restructuring to alleviate cash flow pressure [22]. - As of December 31, 2024, the Group faced cross-default on bank loans totaling approximately RMB 335.96 million, secured against assets worth approximately RMB 2.06 billion [77]. - The Group has not paid cumulative interest of USD 91.91 million (approximately RMB 660.66 million) on preferred notes, leading to default events [77]. - The Group's net debt-to-equity ratio was approximately 2,069.3%, up from 387.3% in 2023 [127]. - The debt-to-asset ratio rose to approximately 95.4% as of December 31, 2024, compared to 86.0% in 2023 [132]. Strategic Focus and Future Outlook - The Group's strategic focus includes navigating the complex economic environment and addressing real estate corporate debt risks [21]. - The Group anticipates continued challenges in the property industry in 2025 due to difficult economic conditions and financial instability [28]. - The Group plans to accelerate property sales and maintain stricter cost control measures to ensure timely delivery of properties [28]. - The Group is actively seeking suitable projects and opportunities for future development under the guidance of the PRC government's efforts to stabilize the property market [30]. Property Development and Land Bank - As of December 31, 2024, the Group's total land bank is approximately 708,311 sq.m., including 149,079 sq.m. of completed but unsold properties [54]. - The Group has approximately 185,720 sq.m. of properties under development and 219,843 sq.m. of properties developed by joint ventures and associates [54]. - The Group's strategic focus includes expanding its land bank and enhancing property development capabilities through joint ventures and partnerships [54]. Cost Management and Expenses - The Group's cost of sales decreased from RMB2,316.2 million for the year ended 31 December 2023 to RMB823.8 million for the year ended 31 December 2024, primarily due to a decrease in property development costs [103]. - Selling and marketing expenses decreased by approximately 66.2%, from RMB96.1 million in 2023 to RMB32.5 million in 2024 [121]. - Administrative expenses decreased by approximately 6.9%, from RMB160.6 million in 2023 to RMB149.5 million in 2024 [123]. Environmental, Social, and Governance (ESG) Initiatives - The Group will continue to collect and monitor environmental and social data to enhance operational transparency as part of its ESG initiatives [196]. - The Group emphasizes the importance of ESG matters and conducts materiality assessments through stakeholder engagement processes [197]. - The Group aims to enhance energy efficiency and operational efficiency as part of its long-term development strategy, with new emission reduction targets set since 2022 [199]. - The Group is committed to increasing transparency in ESG disclosures, maintaining environmental performance indicators across six real estate projects [199].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 796.4 million, a decrease of approximately 66.6% compared to RMB 2,387.5 million in 2023[3] - The net loss for the year was RMB 775.6 million, compared to a net loss of RMB 935.0 million in 2023[3] - The company reported a significant decline in revenue from property development, with 2024 revenue at RMB 569,405,000 compared to RMB 2,134,213,000 in 2023, representing a decrease of approximately 73%[21] - Total revenue for 2024 was RMB 796,376,000, down from RMB 2,387,520,000 in 2023, indicating a decrease of approximately 67%[21] - The company reported a pre-tax loss of RMB 823,936,000 for 2024, compared to a loss of RMB 1,035,100,000 in 2023, indicating an improvement of about 20.4%[33] - The company recorded a net loss from foreign exchange of RMB 35,809,000 in 2024, an improvement from a loss of RMB 47,937,000 in 2023, showing a reduction of approximately 25.3%[25] - The group reported a loss attributable to equity shareholders of RMB 775.6 million for the year, primarily due to gross losses from property sales and revaluation losses on investment properties[99] Assets and Liabilities - Total liabilities increased to RMB 7,780.1 million in 2024 from RMB 6,888.6 million in 2023[7] - The company’s total equity amounted to RMB 966,817,000 as of December 31, 2024, compared to RMB 189,697,000 in the previous year[8] - As of December 31, 2024, the company had current liabilities totaling approximately RMB 3,630,824,000, including bank loans of about RMB 489,041,000[11] - The company has outstanding cumulative interest on preferred notes amounting to USD 91,907,000 (approximately RMB 660,660,000) as of December 31, 2024[13] - The group had outstanding bank and other borrowings of approximately RMB 4,061.0 million as of December 31, 2024, down from RMB 4,330.5 million in 2023, with a net asset liability ratio of approximately 2,069.3%[101] Cash Flow and Investments - Cash and bank deposits totaled approximately RMB 135.6 million as of December 31, 2024, a significant decrease from RMB 586.3 million in 2023[3] - The company’s cash and cash equivalents were approximately RMB 97,876,000 as of December 31, 2024[11] - The company has cross-default bank loans totaling approximately RMB 335,962,000, which are included in current liabilities[12] - The company has pledged investment properties valued at approximately RMB 2,371,000,000 as collateral for bank financing as of December 31, 2024[39] Operational Performance - Total contract sales decreased by 31.8% to RMB 641.7 million from RMB 940.7 million in 2023[3] - The company recognized a significant impairment loss of RMB 180,591,000 in the property development segment due to a sluggish real estate market in China[23] - The reported loss for the property development segment was RMB (219,345,000) in 2024, compared to RMB (204,786,000) in 2023, reflecting an increase in losses[23] - The company anticipates completing a property development project by December 31, 2025, which will help alleviate some contract liabilities and generate additional cash[15] - The average occupancy rates for property leasing and hotel operations were 84.0% and 78.7%, respectively, compared to 83.5% and 83.4% in the previous year[63] Cost Management - The company reported a decrease in gross profit margin, with a gross loss of RMB 27.4 million in 2024 compared to a gross profit of RMB 71.4 million in 2023[5] - Financing costs decreased to RMB (67,268,000) in 2024 from RMB (318,480,000) in 2023, showing a reduction in financial burden[24] - Employee costs decreased from RMB 86,785,000 in 2023 to RMB 78,660,000 in 2024, reflecting a decrease of about 9.3%[29] - Administrative expenses were approximately RMB 149.5 million for the year ending December 31, 2024, a decrease of about 6.9% from RMB 160.6 million in 2023, reflecting strict cost control measures[98] Future Outlook - The company anticipates continued challenges in the real estate sector in the coming years, with a focus on accelerating property sales and maintaining strict cost control measures[83] - The group is focusing on new project development as a critical and necessary matter for ensuring sustainable development and providing a stable employment environment for employees[64] - The group is engaging in constructive dialogue with creditor groups regarding proposed restructuring to alleviate offshore debt pressure and stabilize the group's situation[65] Corporate Governance - The audit committee consists of four independent non-executive directors and is responsible for reviewing the financial reporting process, risk management, and internal control systems[112] - The company confirmed that there were no purchases, sales, or redemptions of its listed securities by the company or any of its subsidiaries during the year ending December 31, 2024[118] - The board does not recommend the payment of any final dividend for the year ending December 31, 2024[120]

Sales Performance - For the six months ended June 30, 2024, the Group achieved total contracted sales of approximately RMB 276.1 million, a decrease of 51% compared to RMB 562.7 million for the same period in 2023[21]. - The Group currently has over 8 projects for sale, with a total contracted sales area of approximately 19,286 square meters, down from 49,866 square meters in the same period last year[19]. - For the six months ended June 30, 2024, the Group recorded total contracted sales value of approximately RMB276.1 million, a decrease of 50.9% compared to RMB562.7 million for the same period in 2023[23]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was approximately RMB429.7 million, a decrease of 32.7% from RMB638.5 million for the same period in 2023[40]. - Revenue from property sales amounted to approximately RMB293.5 million, with an average selling price of approximately RMB11,218 per sq.m. for a total gross floor area of approximately 26,161 sq.m. sold[24][26]. - Revenue from property development decreased by approximately 41.4% from approximately RMB501.0 million for the six months ended 30 June 2023 to approximately RMB293.5 million for the six months ended 30 June 2024[45]. - Revenue from property leasing increased by approximately 5.2% to approximately RMB87.8 million for the six months ended 30 June 2024, compared to RMB83.5 million for the same period in 2023[46]. - Revenue from hotel operation decreased by approximately 10.3% to approximately RMB48.4 million for the six months ended 30 June 2024, down from RMB54.0 million for the same period in 2023[47]. Financial Position - The Group's total land bank as of June 30, 2024, was 779,728 sq.m., with no new land acquisitions during the first half of 2024 due to a more cautious approach[25][27]. - As of June 30, 2024, the Group had total unrecognized contracted sales of approximately RMB381.7 million, expected to be recognized in the second half of 2024 and in 2025[24][26]. - The Group's cash and bank balances were approximately RMB339.7 million, a decrease from RMB586.3 million as of 31 December 2023, mainly due to reduced proceeds from property sales[63]. - The Group's net debt-to-equity ratio was approximately 840.8% as of June 30, 2024, compared to 387.3% as of 31 December 2023[69]. - The Group's total debt-to-asset ratio was approximately 91.2% as of June 30, 2024, compared to 86.0% as of 31 December 2023[69]. Loss and Profitability - The Group recorded a net loss of approximately RMB507.7 million for the six months ended 30 June 2024, compared to a net loss of approximately RMB518.9 million for the six months ended 30 June 2023[62]. - The Group recorded a gross profit of approximately RMB74.6 million for the six months ended 30 June 2024, compared to a gross loss of approximately RMB84.6 million for the same period in 2023[52]. - The gross profit margin for property leasing decreased slightly from approximately 87.2% for the six months ended 30 June 2023 to approximately 86.6% for the six months ended 30 June 2024[52]. - The gross profit margin for hotel operation decreased to approximately 12.6% for the six months ended 30 June 2024, down from approximately 20.2% in 2023[52]. Operational Efficiency - The Group's management is focused on improving operational efficiency and financial sustainability during this challenging period[22]. - The Group continues to maintain tight control over the property delivery process to mitigate delivery risks despite the challenging market conditions[22]. - The Group aims to actively engage with financial institutions for prudent asset disposal and debt restructuring to ensure effective cash flow management[36][38]. Debt and Default Issues - The Group failed to repay an accumulated interest of US$103,562,000 (approximately RMB724,547,000) on senior notes as of 30 June 2024, leading to an event of default[67]. - The Group has cross-defaulted on other bank loans with a total book value of approximately RMB 460,265,000 as of 30 June 2024, which are secured by assets valued at approximately RMB 2,287,787,000[139]. - The Group is negotiating with major holders for a senior notes restructuring proposal and is working to secure additional financing sources[145]. Corporate Governance - The Company has complied with most of the Corporate Governance Code provisions during the six months ended June 30, 2024, except for the absence of the chairman at the annual general meeting[109]. - The Audit Committee consists of three independent non-executive Directors with sufficient expertise to carry out their duties[110]. - The primary duties of the Audit Committee include reviewing the financial reporting process and internal control systems[111]. Shareholder Information - Directors and chief executives hold a total of approximately 736,475,600 shares, representing about 40.94% of the issued share capital of the Company as of June 30, 2024[82]. - The total number of issued shares of the company is 1,799,020,000[83]. - Wong Yam Yin and Hung So Ling, as a controlled corporation, own 706,785,600 shares, representing approximately 39.29% of the issued share capital[87]. Investment and Asset Management - The Group's investment properties recorded a fair value loss of approximately RMB325.9 million for the six months ended 30 June 2024, compared to a fair value loss of approximately RMB1.0 million for the same period in 2023[53]. - The Group's investment in Jiangsu Fangtou was reduced by RMB32,400,000 due to a decrease in paid-up share capital from RMB200,000,000 to RMB20,000,000[175]. - The Group's investment properties, completed properties for sale, and properties under development for sale were valued at approximately RMB3,883,846,000, RMB1,359,507,000, and RMB1,528,935,000, respectively, as of 30 June 2024[144].

Financial Performance - For the six months ended June 30, 2024, revenue decreased by approximately 32.7% to approximately RMB 429.7 million, compared to RMB 638.5 million for the same period in 2023[1]. - Total sales for the same period decreased by approximately 50.9% to approximately RMB 276.1 million, down from RMB 562.7 million in 2023[1]. - The loss for the period was approximately RMB 507.7 million, compared to a loss of RMB 518.9 million in the same period of 2023, primarily due to gross losses in property sales and foreign exchange losses of approximately RMB 32.4 million[1]. - Basic and diluted loss per share for the period was RMB 0.312, compared to RMB 0.285 in the same period of 2023[3]. - The company reported a pre-tax loss of RMB (531,230,000) for the six months ended June 30, 2024, compared to RMB (484,860,000) in the same period of 2023[22]. - The net loss for the six months ended June 30, 2024, was approximately RMB 507.7 million, slightly improved from a net loss of approximately RMB 518.9 million in the same period of 2023[54]. Assets and Liabilities - As of June 30, 2024, total equity amounted to approximately RMB 460.1 million, down from RMB 966.8 million as of December 31, 2023, with a net asset value per share of approximately RMB 0.26[1]. - The group held cash and bank deposits totaling approximately RMB 339.7 million as of June 30, 2024, compared to RMB 586.3 million as of December 31, 2023[1]. - Total investment properties were approximately RMB 3,883.8 million as of June 30, 2024, down from RMB 4,181.9 million as of December 31, 2023[1]. - The company's current liabilities amounted to approximately RMB 3,550,264,000, including bank loans of about RMB 594,769,000 and preferred notes of approximately RMB 3,325,383,000[9]. - The company's total liabilities as of June 30, 2024, were approximately RMB 1,147,579,000, down from RMB 1,250,816,000 as of December 31, 2023[6]. - The company has a significant amount of cross-defaulted bank loans totaling approximately RMB 2,287,787,000, which are secured by assets valued at about RMB 460,265,000[10]. Cash Flow and Financing - The net cash and cash equivalents decreased to RMB 137.4 million as of June 30, 2024, from RMB 209.3 million as of December 31, 2023[5]. - The group recorded a net loss of approximately RMB 49.9 million in other income, expenses, gains, and losses, an improvement from a net loss of RMB 126.6 million in the same period last year[49]. - Financing costs decreased from approximately RMB 162.1 million for the six months ended June 30, 2023, to approximately RMB 138.2 million for the same period in 2024, attributed to reduced interest expenses on bank loans[52]. - The average borrowing cost for the six months ended June 30, 2024, was approximately 9.3%, compared to 9.7% for the same period in 2023[57]. - The net debt-to-equity ratio as of June 30, 2024, was approximately 840.8%, up from 387.3% as of December 31, 2023[58]. - The debt-to-asset ratio was approximately 91.2% as of June 30, 2024, compared to 86.0% as of December 31, 2023[58]. Revenue Breakdown - Revenue from property development was RMB 293,467,000, down from RMB 501,002,000 year-on-year[17]. - Revenue from hotel operations decreased to RMB 48,449,000 from RMB 54,002,000 in the previous year[17]. - Revenue from property leasing increased by approximately 5.2% to RMB 87.8 million for the six months ended June 30, 2024, compared to RMB 83.5 million for the same period in 2023[43]. - The group's sales cost decreased by approximately 50.9% to RMB 355.1 million for the six months ended June 30, 2024, due to a reduction in sales costs associated with property development[45]. Operational Challenges - The group is facing increasing difficulties due to volatility in the real estate industry, which may weaken its ability to generate sufficient cash flow to meet financing obligations[11]. - The group did not acquire any new land or invest in new joint ventures during the first half of 2024, maintaining a cautious approach due to economic downturn[35]. - The group plans to expand small-scale operations, increase agency projects, and seek suitable light asset management projects and hotel business expansions in response to economic challenges[40]. - The group aims to maintain competitiveness through careful financial management and timely delivery of properties amid ongoing market challenges[40]. Corporate Governance - The audit committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024, and discussed risk management and internal controls with management[65]. - The company has established a Compensation Committee consisting of two independent non-executive directors and one executive director to oversee compensation policies and performance evaluations[66]. - The Nomination Committee is composed of two independent non-executive directors and one executive director, responsible for reviewing the board's structure and recommending candidates for directorship[67]. - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance by all directors during the review period[68].

Real Estate Market Conditions - The real estate industry experienced sluggish sales after a brief boom in Q1 2023, continuing to decline throughout the year[19]. - Economic growth slowdown and insufficient market confidence have weakened residents' willingness to purchase homes and take out loans[19]. - The overall market environment remains challenging, with limited short-term effects from government policy support[19]. - The outlook for housing sales remains weak, with expectations of continued sluggishness in the coming months due to economic conditions and consumer confidence issues[23][26]. - The Group continues to face challenges in 2024 due to tightening liquidity and aggressive pricing strategies among major real estate developers in China[23][26]. Government Policies and Support - The central government implemented policies to support the real estate market, including recognizing households with mortgage records as first-time homebuyers and issuing Circular 14 to enhance housing supply[19]. - The "Three Not Less Than" policy was introduced to meet the reasonable financing needs of real estate enterprises[19]. - The company aims to promote the healthy development of the real estate industry despite ongoing challenges[19]. Company Operations and Strategy - The company has successfully expanded its operations to eight cities across two provinces in China, including Jiangsu and Hunan[16]. - The company adheres to a corporate culture focused on creating a harmonious and healthy living environment[16]. - The company emphasizes a people-oriented principle and a prudent yet enterprising spirit in its operations[16]. - The Group plans to restructure its senior notes to improve financial sustainability and resume daily operations, indicating proactive financial management amidst challenges[22][25][28]. - The Group will adopt a cautious land acquisition strategy and seek to increase contracted construction projects to mitigate investment risks and ensure effective cash flow management[27][28]. - The Group aims to accelerate property sales and recover sales proceeds while maintaining stricter cost control measures to reduce capital expenditures[27][28]. Financial Performance - For the year ended December 31, 2023, the Group achieved total contracted sales of RMB 940.7 million, a significant decrease from RMB 1,641.4 million in 2022, reflecting a decline of approximately 42.7%[21][24][45]. - The total contracted sales area for the Group was approximately 79,417 square meters in 2023, down from 143,757 square meters in 2022, reflecting a decrease of about 44.7%[45]. - Revenue from property development decreased by 11.5% to approximately RMB2,134.2 million in 2023, with contracted sales of approximately RMB940.7 million, down from RMB1,641.4 million in 2022[92][96]. - The company's revenue decreased by approximately 10.2% from approximately RMB2,659.9 million in 2022 to approximately RMB2,387.5 million in 2023, primarily due to a decline in revenue from property sales and leasing[88]. - The Group recorded a net loss of RMB164.0 million for other income, expenses, gains, and losses in 2023, an improvement from a net loss of RMB217.2 million in 2022[113]. Property Management and Occupancy - The average occupancy rates for property leasing and hotel operations were 83.5% and 83.4% respectively, compared to 83.0% and 64.1% in 2022, indicating a slight improvement in hotel operations[21][24]. - The average room occupancy rate of the four hotels operated by the Group in 2023 was 83.4%[69]. - The average occupancy rate of the Group's completed investment properties as at 31 December 2023 was over 84.0%[66]. - The Group had leasing and operational management contracts for 8 metro station shopping malls in three cities, with a total GFA of over 34,285 sq.m and an overall occupancy rate of approximately 79.6%[67]. Investment and Land Bank - As of December 31, 2023, the Group's total land bank was approximately 856,447 sq.m., including 216,630 sq.m. of completed but unsold properties and 186,831 sq.m. of properties under development[53]. - The Group did not acquire any new land or invest in new joint ventures or associates during 2023 due to a prudent approach influenced by the economic downturn[50]. - The Group's approach to land acquisition in 2023 was notably cautious, resulting in no new land purchases[50]. - The total unsold GFA as of December 31, 2023, included approximately 216,630 sq.m. of completed properties[53]. Financial Risks and Management - The Group's net gearing ratio increased to approximately 387.3% in 2023 from 233.2% in 2022, indicating a significant rise in financial leverage[132]. - The Group's debt-to-asset ratio rose to approximately 86.0% in 2023 from 69.0% in 2022, highlighting increased indebtedness relative to total assets[133]. - The Group faces various market risks, including foreign exchange rate risk, interest rate risk, credit risk, liquidity risk, and equity price risk, which are regularly managed and monitored[179]. - The Group has established a liquidity risk management framework to monitor forecasted and actual cash flows, ensuring adequate short-term funding[197]. - The Group's liquidity risk management includes maintaining banking facilities to support short-term funding needs[197]. Cost Management and Expenses - The company's cost of sales decreased from RMB2,792.0 million in 2022 to RMB2,316.2 million in 2023, primarily due to reduced costs in property development[103]. - Selling and marketing expenses rose by approximately 49.8% to RMB96.1 million in 2023, up from RMB64.2 million in 2022, mainly due to contract costs recognized as part of these expenses[122]. - Administrative expenses decreased by approximately 2.1% to RMB160.6 million in 2023, compared to RMB164.1 million in 2022, reflecting strict cost control measures[124]. Cash Flow and Liquidity - Cash and bank balances decreased to approximately RMB586.3 million in 2023 from RMB857.4 million in 2022, primarily due to a substantial decrease in contracted sales[131]. - For the year, net cash generated from operating activities was approximately RMB382.9 million, mainly due to an increase in trade and other payables of approximately RMB1,010.6 million and a decrease in properties under development for sale of approximately RMB2,411.4 million[143]. - The Group had net cash used in financing activities of approximately RMB373.5 million for the year, primarily due to a net repayment of bank borrowings raised of approximately RMB238.3 million[152]. - As of December 31, 2023, the Group's net current liabilities were approximately RMB3,160.1 million, compared to RMB2,297.2 million as of December 31, 2022[158].