Financial Performance - Revenue for the year ended December 31, 2023, was RMB 2,387.5 million, a decrease of approximately 10.2% compared to RMB 2,659.9 million in 2022[3]. - Total contract sales decreased by 42.7% to RMB 940.7 million, down from RMB 1,641.4 million in 2022[3]. - The net loss for the year was RMB 935.0 million, compared to a net loss of RMB 995.3 million in 2022[3]. - Operating loss for the year was RMB 482.6 million, an improvement from an operating loss of RMB 621.6 million in 2022[5]. - Basic loss per share for the year was RMB 0.575, compared to RMB 0.586 in 2022[6]. - Total comprehensive loss for the year was RMB 927.8 million, slightly improved from RMB 997.2 million in 2022[6]. - The group reported a pre-tax loss of RMB 859,939 thousand in 2023, slightly improved from a loss of RMB 918,282 thousand in 2022[29]. - The company reported a loss attributable to equity shareholders of RMB 935.0 million due to gross losses from property sales and revaluation losses on investment properties[121]. Assets and Liabilities - As of December 31, 2023, total investment properties amounted to RMB 4,181.9 million, slightly up from RMB 4,119.3 million in 2022[3]. - Total current liabilities amounted to RMB 3,160,064,000, which includes bank loans of RMB 699,265,000 and preferred notes of RMB 3,304,806,000[13]. - Non-current assets totaled RMB 5,584,905,000, compared to RMB 5,377,697,000 in the previous year, reflecting an increase of 3.86%[8]. - The company's total equity decreased to RMB 966,817,000 from RMB 1,926,453,000, a decline of 49.8% year-over-year[9]. - The company’s total assets less current liabilities were RMB 7,780,107,000, down from RMB 9,022,872,000[9]. - The company’s deferred tax liabilities decreased to RMB 826,816,000 from RMB 959,289,000, a reduction of 13.8%[9]. - The company has a total outstanding bank loan default amounting to RMB 585,942,000, which has triggered cross-defaults on loans totaling approximately RMB 2,319,412,000[15]. - The company failed to pay cumulative interest of USD 80,232,000 (approximately RMB 558,784,000) on its senior notes as of December 31, 2023, compared to USD 34,139,000 (approximately RMB 237,763,000) in the previous year[16]. Cash Flow and Financing - Cash and bank deposits totaled approximately RMB 586.3 million as of December 31, 2023, down from RMB 857.4 million in 2022[3]. - The outstanding bank and other borrowings as of December 31, 2023, were approximately RMB 4,330.5 million, down from RMB 5,158.0 million in 2022[123]. - The net asset liability ratio increased to approximately 387.3% as of December 31, 2023, compared to 233.2% in 2022[123]. - The debt-to-asset ratio rose to approximately 86.0% as of December 31, 2023, compared to 69.0% in the previous year[123]. - The average borrowing cost for the group decreased to approximately 8.87% in 2023 from 10.27% in 2022[124]. Property Development and Sales - Property development revenue decreased to RMB 2,134,213 thousand in 2023 from RMB 2,410,505 thousand in 2022, representing a decline of 11.5%[28]. - The group achieved property sales revenue of approximately RMB 2,134.2 million, with a total building area of 208,660 square meters sold and delivered[90]. - The average selling price of the sold properties reached approximately RMB 10,228.2 per square meter[90]. - The total unrecognized contract sales amount as of December 31, 2023, was RMB 521.7 million, expected to be recognized upon completion and delivery of related projects in 2024[90]. - The group completed and delivered three projects in 2023, with a total saleable gross floor area of approximately 328,000 square meters, of which 188,641 square meters were sold and delivered by December 31, 2023[82]. Market Conditions and Future Outlook - The real estate market faced significant challenges in 2023, with a notable decline in contract sales and cash recovery rates due to ongoing economic recovery issues and debt default risks[79]. - The central government implemented various policies to support the real estate sector, but the short-term effects on market recovery were limited[77]. - The group plans to restructure its issued senior notes to improve financial conditions and sustainability, aiming to restore normal operations[79]. - The group anticipates continued challenges in the real estate sector due to a sluggish housing market and tightening liquidity, despite government support measures[103]. Operational Measures and Management - The company is in communication with major senior noteholders to propose a restructuring plan for the senior notes[20]. - Management is negotiating with banks to continue existing bank financing and seeking additional funding sources[20]. - The company aims to recover from the volatility in the Chinese real estate market by accelerating the sales of properties and investment properties[20]. - The company has taken measures to mitigate cash flow pressure and improve its financial situation, including stricter cost control measures[20]. - The group is taking measures to improve liquidity and financial condition amid significant uncertainties regarding its ability to continue as a going concern[74]. Employee and Governance - The total number of employees increased to approximately 581 as of December 31, 2023, from 563 in 2022[129]. - The audit committee consists of three independent non-executive directors, ensuring effective oversight of the company's financial reporting and risk management[134]. - The company has established a remuneration committee to oversee the compensation policies and structures for directors and senior management[137].

Sales Performance - For the six months ended June 30, 2023, the Group achieved total contracted sales of approximately RMB 562.7 million, a decrease of 33.4% compared to RMB 845.8 million for the same period in 2022[18]. - The Group has more than 10 projects currently on sale, with a total contracted sales area of approximately 49,866 sq.m., down from 77,261 sq.m. in the previous year[19]. - For the six months ended 30 June 2023, the Group's revenue from property sales amounted to approximately RMB501.0 million, with an average selling price of approximately RMB14,256 per sq.m. for a total gross floor area of 35,144 sq.m. sold and delivered[23][24]. - As at 30 June 2023, the Group had total unrecognised contracted sales of approximately RMB2,210.0 million, expected to be recognised in the second half of 2023 and in 2024[24]. - Revenue decreased by approximately 56.2% from approximately RMB1,457.1 million for the six months ended 30 June 2022 to approximately RMB638.5 million for the six months ended 30 June 2023, primarily due to a decrease in revenue from property development[48]. Property Leasing and Occupancy - The average occupancy rate for property leasing was approximately 80%, down from 84% in the same period last year, while the hotel operation's average occupancy rate increased to 83% from 62%[18]. - The Group's property leasing performance remained stable during the reporting period[18]. - The overall occupancy rate of the Group's investment properties was over 80% as of 30 June 2023, with completed investment properties totaling approximately 105,951 sq.m.[32]. - The Group had leasing and operational management contracts for 8 metro station shopping malls with a total leasable area of approximately 26,479 sq.m., achieving an occupancy rate of over 90%[33]. - Revenue from property leasing decreased by approximately 17.2% to approximately RMB83.5 million, primarily due to the disposal of Zhuzhou Golden Wheel Times Square completed in July 2022[54]. Hotel Operations - Hotel operation business increased by 81.5% compared to the corresponding period of last year[18]. - Revenue from hotel operation increased by approximately 81.5% to approximately RMB54.0 million, driven by the rebound in domestic travel following the easing of COVID-19 restrictions[55]. - Average room occupancy rate for the Group's four operational hotels was approximately 83% during the reporting period[35]. - The Group's hotel business recorded a gross profit margin of approximately 20.2%, an improvement from a gross loss margin of approximately 21.4% in the previous year[61]. - The Group's hotel operation achieved a gross profit margin of approximately 20.2% for the six months ended 30 June 2023, compared to a gross loss margin of approximately 21.4% in 2022[66]. Financial Performance - Gross profit decreased substantially by approximately 196.0% to a gross loss of approximately RMB84.6 million, attributed to reduced sales prices and increased inventory impairment losses[63]. - The gross loss margin for property development was approximately 33.6% for the six months ended 30 June 2023, compared to a gross profit margin of approximately 0.4% in the same period last year[64]. - The gross profit margin for property leasing slightly decreased from approximately 88.2% to approximately 87.2% due to the disposal of Zhuzhou Golden Wheel Times Square[65]. - The net loss for other income, expenses, gains, and losses was approximately RMB126.6 million for the six months ended 30 June 2023, an improvement from a net loss of RMB143.9 million in the same period of 2022[72]. - The Group incurred a net loss of approximately RMB518.9 million for the six months ended 30 June 2023, compared to a net loss of RMB360.0 million for the same period in 2022[83]. Debt and Financial Stability - The Group announced a debt restructuring of senior notes in March 2023 to improve financial stability and sustainability[17]. - The Group faced a default on bank loans totaling approximately RMB634.5 million as of 30 June 2023, which were originally due in October 2022[88]. - The total cost of borrowings for the six months ended June 30, 2023, was approximately RMB250.8 million, a decrease of approximately RMB61.5 million or 19.7% compared to RMB312.3 million in the same period of 2022[96]. - The net gearing ratio as of June 30, 2023, was approximately 327.7%, up from 223.2% as of December 31, 2022[101]. - The debt-to-asset ratio was approximately 73.7% as of June 30, 2023, compared to 69.0% as of December 31, 2022[102]. Corporate Governance and Compliance - The company has adhered to the corporate governance code provisions during the six months ended June 30, 2023, with minor deviations noted[154]. - The Company has established an Audit Committee consisting of three independent non-executive Directors with sufficient accounting and financial management expertise[160]. - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended 30 June 2023[162]. - The Company aims to ensure timely, fair, accurate, and complete information disclosure to enable informed decision-making by shareholders and investors[174]. - The Company has taken measures to ensure effective communication with shareholders, including regular updates through its website and direct contact options[173]. Shareholder Information - As of June 30, 2023, the total number of issued shares of the Company was 1,799,020,000[117]. - Wong Yam Yin and his family control 706,785,600 shares, representing approximately 39.29% of the issued share capital[114]. - The total long positions in shares and underlying shares held by directors amounted to 736,475,600, which is 40.94% of the issued share capital[114]. - The Company has a significant concentration of ownership among its directors, with the top four directors holding a combined total of 736,475,600 shares[114]. - The interests of the directors in the Company’s shares and debentures reflect a strong alignment with shareholder interests[125].

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 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 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） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 初 步 公 告 財務摘要 • 截至二零二三年六月三十日止六個月，收益減少約56.2%至約人民幣638.5 百萬元（二零二二年六月三十日：人民幣1,457.1百萬元）。 • 截至二零二三年六月三十日止六個月，總合約銷售額減少約33.5%至約 人民幣562.7百萬元（二零二二年六月三十日：人民幣845.8百萬元）。 • 期內虧損為約人民幣518.9百萬元（二零二二年六月三十日：期內虧損人 民幣360.0百萬元），主要由於(i)在房地產業嚴峻的商業環境下，本集團 房地產銷售出現毛損；及(ii)外匯虧損約人民幣147.3百萬元。 ...

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損失承擔任何責任。 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） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 初 步 公 告 財務摘要 1. 收益為人民幣2,659.9百萬元（二零二一年：人民幣1,782.5百萬元），較二零 二一年增加約49.2%。 2. 合約銷售總額減少66.0%至人民幣1,641.4百萬元（二零二一年：人民幣4,821.1 百萬元）。 3. 年內虧損為人民幣995.3百萬元（二零二一年：年內虧損人民幣1,987.1百萬 元）。截至二零二二年十二月三十一日止年度，錄得虧損主要是由於本集 團產生物業銷售毛損，以及投資物業重估虧損人民幣44.1百萬元及外匯 虧損淨額人民幣284.9百萬元及發生人民幣298.0百萬元的融資成本。 ...

Sales Performance - For the six months ended June 30, 2022, the Group achieved total contracted sales of RMB 845.8 million, a significant decrease from RMB 3,218.4 million for the same period in 2021[14]. - The total contracted sales area for the six months ended June 30, 2022, was approximately 77,261 sq.m., down from 228,290 sq.m. in the same period of 2021[19]. - As at 30 June 2022, the total unrecognised contracted sales were RMB3,862 million, expected to be recognised in the second half of 2022 and in 2023 upon project completion and delivery[24]. - The Group is pessimistic about the business outlook for the second half of 2022 due to the COVID-19 resurgence in mainland China, with expectations of flat prices and declining sales and investment[48]. Revenue and Profitability - Revenue for the six months ended June 30, 2022, was RMB 1,457,139,000, an increase of 16.9% compared to RMB 1,246,306,000 for the same period in 2021[179]. - Gross profit for the same period was RMB 88,153,000, significantly up from RMB 13,313,000, indicating a substantial improvement in profitability[179]. - The company reported a loss for the period of RMB 360,015,000, compared to a loss of RMB 77,233,000 in the previous year, reflecting ongoing challenges[179]. - The loss attributable to equity shareholders of the company was RMB 412,667,000, compared to RMB 76,299,000 in the prior year[179]. Property Development and Leasing - The Group completed and delivered two projects during the reporting period, contributing to an increase in revenue from the sale of completed properties[17]. - Revenue from property development rose by 19.4% from RMB1,110.6 million for the six months ended June 30, 2021, to RMB1,326.6 million for the six months ended June 30, 2022, driven by an increase in total GFA sold and delivered[63]. - Property leasing revenue decreased by 3.9% to RMB100.8 million for the six months ended June 30, 2022, compared to RMB104.9 million for the same period in 2021[64]. - The Group's property leasing business remained stable compared to the previous year, despite the pandemic's impact[18]. Operational Challenges - The Group's operations were adversely affected by the COVID-19 pandemic, leading to temporary closures of hotels and shopping malls in the PRC[17]. - The Group's construction and sales activities faced occasional suspensions due to strict COVID-19 control measures in China[17]. - The hotel operation recorded a negative profit margin of 21.4% for the six months ended June 30, 2022, compared to a profit margin of 10.2% in 2021, primarily due to temporary closures and additional Covid-19 related costs[78]. Financial Position - As of June 30, 2022, the Group's cash and bank balances were RMB951.7 million, down from RMB1,214.9 million as of December 31, 2021, primarily due to a substantial decrease in contracted sales[100]. - The Group's bank and other borrowings increased to RMB5,239.8 million as of June 30, 2022, up from RMB5,045.3 million as of December 31, 2021, representing an increase of RMB194.5 million[101]. - The net gearing ratio increased to 167.3% as of June 30, 2022, compared to 130.7% as of December 31, 2021[110]. - The debt-to-asset ratio was approximately 63.1% as of June 30, 2022, compared to approximately 61.7% as of December 31, 2021[111]. Cost Management - Selling and marketing expenses decreased significantly from RMB43.8 million for the six months ended June 30, 2021, to RMB16.3 million for the six months ended June 30, 2022, due to reduced activities from the Covid-19 pandemic[87]. - Administrative expenses decreased by approximately 15.1% to RMB69.5 million for the six months ended June 30, 2022, down from RMB81.9 million for the same period in 2021, due to strict cost control measures[89]. - Finance costs increased from RMB122.9 million for the six months ended June 30, 2021, to RMB153.7 million for the six months ended June 30, 2022, primarily due to debt restructuring fees of RMB33.1 million[94]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions and most recommended best practices during the six months ended June 30, 2022[152]. - The management actively communicates with shareholders and investors through various channels to ensure transparency[164]. - The Company aims to provide timely, fair, accurate, and complete information to enable informed decision-making by shareholders and investors[164]. Employee and Shareholder Information - The Group employed approximately 601 full-time employees as of June 30, 2022, down from 664 employees as of December 31, 2021[116]. - The total number of issued shares of the Company as of June 30, 2022, was 1,799,020,000 shares, used for calculating approximate percentages of shareholdings[128]. - Directors and chief executives collectively held a total of 736,469,600 shares, representing approximately 40.94% of the issued share capital[125]. - The Company has adopted the share option scheme to provide incentives and rewards to eligible participants contributing to the Group's success[144].

Impact of COVID-19 - The Group's operations in the PRC were significantly impacted by the COVID-19 pandemic, leading to the suspension of construction and sales activities, as well as the complete closure of certain hotels[15]. - The ongoing impact of COVID-19 and regional outbreaks in China continues to create uncertainty for the Group's business operations[28]. - The challenges faced by the Group are reflective of broader issues within the Chinese real estate industry, particularly regarding financing and market confidence[17]. - The Group recorded a gross loss for the year ended 31 December 2021, mainly due to property development activities impacted by the COVID-19 pandemic[111]. Financial Performance - The Group achieved a record high in contracted sales for the year ended December 31, 2021, with total contracted sales amounting to RMB4,821.1 million and attributable contracted sales of RMB2,308.1 million[26]. - Revenue from property leasing and hotel operations increased by 10.4% compared to the same period in 2020, indicating a recovery to pre-pandemic levels[27]. - The Group's revenue increased by approximately 28.3% from approximately RMB1,389.1 million in 2020 to approximately RMB1,782.5 million in 2021, primarily due to increased revenue from property sales and hotel operations[93]. - Revenue from property development increased by 32.1% from approximately RMB1,144.5 million in 2020 to approximately RMB1,512.3 million in 2021, driven by an increase in the average selling price from approximately RMB9,521 per sq.m. in 2020 to RMB16,329 per sq.m. in 2021[99]. - The Group incurred a loss attributable to equity shareholders of approximately RMB1,987.1 million for the year, primarily due to gross losses from property sales and significant revaluation losses on investment properties caused by the COVID-19 pandemic[131]. Financing Challenges - Since mid-2021, the Group has faced difficulties in securing onshore and offshore financing, resulting in reduced access to capital for real estate development[17]. - The adverse reaction from offshore capital markets to onshore events has limited the Group's funding sources for addressing upcoming debt maturities[18]. - The Group's reliance on the offshore bond market for refinancing and growth capital has been severely restricted, as it is effectively unavailable for privately-owned Chinese property developers[18]. - The restructuring of existing senior notes has received support from over 85% of noteholders, which will extend the maturity by 3 years and reduce the interest rate to 10%[33]. Operational Strategies - The Group plans to accelerate pre-sale activities and offer significant discounts on projects to enhance sales and maintain liquidity[25]. - The Group aims to focus on developing projects connected to metro stations or transportation hubs as part of its core strategy for future growth[34]. - The Group's management remains focused on strategic growth and market expansion despite challenges posed by the pandemic[58]. Land and Property Development - The Group has significant land bank and operations in the PRC, which are crucial for its future growth prospects[15]. - As of December 31, 2021, the Group's total land bank was approximately 1,528,843 sq.m., including 102,658 sq.m. of completed but unsold properties[55]. - The Group's properties under development totaled approximately 673,734 sq.m. as of December 31, 2021[55]. - The Group's approach to land acquisition in 2021 was more prudent due to the impact of the COVID-19 pandemic[53]. Cost Management - Increased costs in raw materials and manpower are affecting the Group's profitability and operational efficiency[28]. - The Group is implementing stricter cost control measures to manage discretionary capital expenditures amid the current market conditions[32]. - The average land acquisition cost as a percentage of average selling price rose from 35.9% in 2020 to 45.3% in 2021[107]. Cash Flow and Liquidity - The Group's cash flows and liquidity have decreased due to a significant slowdown in residential property sales and a substantial reduction in property prices in the PRC[21]. - As of December 31, 2021, the Group had bank deposits and cash of approximately RMB1,214.9 million, a decrease from RMB1,413.3 million in 2020[132]. - The Group's net cash generated from operating activities was approximately RMB1,023.4 million for the year, compared to RMB536.6 million in 2020, driven by a decrease in properties under development for sale[142][145]. Debt and Gearing Ratios - The net gearing ratio increased to approximately 130.7% as of December 31, 2021, compared to 95.6% in 2020, indicating a higher level of debt relative to equity[134]. - The debt-to-asset ratio was approximately 61.7% as of December 31, 2021, compared to 60.4% in the previous year, reflecting an increase in total indebtedness[138]. Market Risks - The Group's exposure to market risks includes foreign exchange rate risk, interest rate risk, credit risk, liquidity risk, and equity price risk, all of which are monitored regularly[180]. - The Group does not currently have a foreign currency hedging policy but closely monitors foreign exchange exposure for potential hedging opportunities[186]. - The Directors believe that the possibility of default by property purchasers is remote, leading to no value being recognized for financial guarantee contracts at inception as of December 31, 2021[177].

Sales Performance - For the six months ended June 30, 2021, the Group's contracted sales amounted to RMB 3,218.4 million, a significant increase from RMB 1,754.8 million for the same period in 2020[16]. - Revenue from property sales reached approximately RMB 1,110.6 million, with a total sold and delivered area of about 74,336 square meters[18]. - The total contracted sales area for the Group and its joint ventures and associates was approximately 228,290 square meters, compared to 130,487 square meters in the same period of 2020[17]. - For the six months ended 30 June 2021, the Group recorded total contracted sales value of approximately RMB3,218.4 million, a 83.5% increase from RMB1,754.8 million for the same period in 2020[22]. - The Group's revenue from property sales amounted to approximately RMB1,110.6 million, with an average selling price of approximately RMB14,940 per sq.m. for a total GFA of approximately 74,336 sq.m. sold and delivered[23]. Occupancy Rates - The average occupancy rate for property leasing increased to 87% (June 30, 2020: 80%), while the hotel operation occupancy rate rose to 79% (June 30, 2020: 56%)[21]. - The overall occupancy rate of the Group's investment properties was over 85% for the six months ended 30 June 2021[31]. - The Group had four operational hotels as of 30 June 2021, with a total of 674 rooms and an average occupancy rate of 79% during the reporting period[40]. - The Group signed leasing and operational management contracts for 23 metro station shopping malls with a total leasable GFA of around 128,200 sq.m., achieving an overall occupancy rate of over 85%[38]. - The Group's first commercial project in Hong Kong achieved over 75% occupancy despite challenges posed by the COVID-19 pandemic[44]. Financial Performance - Revenue for the six months ended June 30, 2021, increased by 184.3% to RMB1,246.3 million from RMB438.3 million for the same period in 2020[68]. - Property development revenue rose by 229.8% to RMB1,110.6 million, driven by increased sales and delivery of developed properties[72]. - Rental income from property leasing increased by 17.3% to RMB104.9 million, reflecting a return to normal leasing activities[73]. - Hotel operation revenue surged by 154.6% to RMB30.8 million, attributed to the addition of two new hotels in China[76]. - The Group incurred a net loss of RMB77.2 million for the six months ended 30 June 2021, compared to a net loss of RMB139.9 million for the same period in 2020, indicating an improvement in performance[106][109]. Cost and Profitability - Cost of sales increased by 297.0% to RMB1,233.0 million, primarily due to higher sales costs associated with property development[81]. - Gross profit decreased by 89.6% to RMB13.3 million, resulting in a gross margin drop from 29.1% to 1.1%[82]. - The gross margin for property leasing slightly decreased from 87.6% to 84.6% due to overall rental rate reductions during the pandemic[82]. - The gross profit margin for hotel operations increased from 0.7% for the six months ended June 30, 2020, to 10.2% for the six months ended June 30, 2021, primarily due to the absence of hotel closures during the reporting period[88]. - The Group recorded a fair value gain on investment properties of RMB58.3 million for the six months ended June 30, 2021, compared to a fair value loss of RMB59.4 million for the same period last year[93]. Debt and Financial Stability - The Group's total borrowings decreased to RMB5,938.7 million as of 30 June 2021 from RMB6,116.4 million as of 31 December 2020, reflecting a reduction of RMB177.7 million[111]. - The net gearing ratio improved to 81.8% as of 30 June 2021, down from 95.6% as of 31 December 2020, indicating a stronger equity position[119]. - The Group's debt-to-asset ratio was approximately 58.3% as of 30 June 2021, down from 60.4% as of 31 December 2020, suggesting improved financial stability[119]. - The average cost of borrowings increased to approximately 11.8% for the six months ended 30 June 2021, up from 10.4% for the same period in 2020, resulting in a total borrowing cost of RMB337.8 million[115][118]. - Mortgage loan guarantees provided by the Group amounted to RMB165.7 million as of 30 June 2021, a decrease from RMB268.6 million as of 31 December 2020, reflecting a low default rate[122][126]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code provisions and most recommended best practices during the six months ended 30 June 2021[163]. - The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements for the six months ended 30 June 2021[166]. - The Company maintains frequent contacts with shareholders and investors through various channels, ensuring effective communication and transparency[177]. - The primary focus of the Company is to ensure timely, fair, accurate, truthful, and complete information disclosure[178]. - The Company has established a Remuneration Committee to assess the performance of each executive Director and recommend remuneration packages[171]. Shareholder Information - As of June 30, 2021, the total number of issued shares of the Company was 1,799,020,000 shares[152]. - The aggregate number of shares held by Wong Yam Yin and his controlled corporation is 706,785,600, representing approximately 39.29% of the issued share capital[133]. - The total long positions in shares and underlying shares held by directors and chief executives amount to 736,469,600, which is approximately 40.94% of the issued share capital[133]. - The Company has not engaged in any purchase, sale, or redemption of listed securities during the six months ended June 30, 2021, apart from the disclosed transactions[188]. - No interim dividend was declared for the six months ended June 30, 2021[193].

COVID-19 Impact - The company faced significant challenges and incurred heavy losses due to the COVID-19 pandemic in 2020[18]. - The Group's hotel operations were temporarily closed for several months due to local government requirements, significantly affecting revenue[43]. - The Group's management discussion highlighted the impact of COVID-19 on project completions and land acquisition strategies[58]. - The Group's revenue decreased by approximately 13.5% from approximately RMB1,605.4 million in 2019 to approximately RMB1,389.1 million in 2020, primarily due to the COVID-19 pandemic[104]. - Hotel operation revenue decreased by 45.2% to RMB37.1 million in 2020 from RMB67.7 million in 2019, largely due to the sale of a hotel and temporary closures caused by COVID-19[115]. - Profit attributable to equity shareholders dropped approximately 80.1% to RMB50.2 million in 2020 from RMB252.5 million in 2019, largely due to the impact of COVID-19[146]. Sales and Revenue - For the year ended December 31, 2020, the Group achieved total contracted sales of approximately RMB4.08 billion, a 17.2% increase compared to RMB3.48 billion in 2019[46]. - The Group's contracted sales and attributable contracted sales for joint ventures reached RMB3.23 billion, a 25.7% increase from the previous year[46]. - As of December 31, 2020, the Group's revenue from property sales amounted to approximately RMB1,144.5 million, with a total gross floor area (GFA) of approximately 132,373 sq.m. sold and delivered, resulting in an average selling price of approximately RMB9,521 per sq.m.[69]. - The Group had total unrecognized contracted sales of RMB3.2 billion as of December 31, 2020, expected to be recognized in 2021 and 2022 upon project completion and delivery[70]. - Revenue from property leasing slightly decreased by 1.0% from approximately RMB209.6 million in 2019 to approximately RMB207.6 million in 2020, despite the opening of a new shopping mall[114]. Property Development and Projects - The Group completed and delivered two projects in 2020, with a total saleable area of approximately 124,219 sq.m., of which about 99,891 sq.m. was sold and delivered by December 31, 2020[50]. - The Group launched three new pre-sale projects during the year, including Wuxi Golden Wheel Starry Plaza, Yangzhou No. 1 Golden Bay, and Nanjing Golden Wheel Galaxy Center[48]. - The company has several ongoing projects, including Nanjing Golden Wheel Galaxy Center with a completion percentage of 10% and a total GFA of 195,353 square meters[60]. - The company’s project in Zhuzhou Golden Wheel Jinqiao Huafu (Phase I) has a total GFA of 19,166 square meters and is 100% completed[59]. - The company’s project in Wuxi Golden Wheel Starry Plaza has a completion percentage of 50% and a total GFA of 99,039 square meters[60]. - The company’s project in Yangzhou Powerlong Golden Wheel Plaza is fully completed with a total GFA of 44,404 square meters[60]. Financial Performance - Gross profit fell from RMB531.4 million in 2019 to RMB233.1 million in 2020, primarily due to decreased revenue across all business segments[124]. - Gross profit margin decreased from 33.1% in 2019 to 16.8% in 2020, mainly due to lower margins in developed property sales and hotel operations[125]. - The gross profit margin for developed properties dropped from 23.8% in 2019 to 3.8% in 2020, attributed to lower-margin projects completed during the year[126]. - Fair value gain on investment properties was recorded at RMB92.0 million in 2020, down from RMB172.0 million in 2019, primarily due to COVID-19 impacts[129]. - Finance costs increased from RMB186.3 million in 2019 to RMB233.5 million in 2020, with the average cost of borrowings rising from 7.8% to 11.0%[135]. Land Acquisition and Development - The Group did not acquire any new land parcels in 2020 but invested approximately RMB350 million in five joint ventures, with a total saleable area of 479,434 sq.m.[51]. - The Group's approach to land acquisition was more prudent in 2020 due to the pandemic[53]. - The Group's land bank as of December 31, 2020, totaled approximately 1,825,912 sq.m., sufficient to meet the needs of the new three-year development plan[96]. - The average land acquisition cost as a percentage of average selling price increased from 34.0% in 2019 to 36.3% in 2020[119]. Cash Flow and Financing - As of 31 December 2020, the Group had bank deposits and cash of approximately RMB1,413.3 million, down from RMB1,753.6 million in 2019, primarily due to decreased cash collected from property sales[152]. - The Group's net gearing ratio was approximately 95.6% as of 31 December 2020, a slight improvement from 96.8% in 2019[153]. - The debt-to-asset ratio improved to approximately 60.4% as of 31 December 2020, compared to 64.3% as of 31 December 2019[154]. - Net cash used in investing activities was approximately RMB408.5 million, primarily attributable to an increase of investment properties of approximately RMB317.2 million[164]. - The Group's financing activities included a net increase of senior notes of approximately RMB771.6 million[165]. Future Outlook and Strategy - The company aims to achieve its objectives in 2021 and 2022 through principles of "reform", "solid work", "breakthrough", and "expectation"[23]. - The Group's property development revenue accounted for 82.4% of total revenue in 2020, while property leasing and hotel operation contributed 14.9% and 2.7%, respectively[103]. - The GDP growth target for China in 2021 is set at 6%, with the Group optimistic about stable growth in the property market[95]. - The Group actively seeks to bid for more leasing and operational management contracts for metro station shopping malls in various cities, optimistic about future contract acquisitions[78].

Sales Performance - For the six months ended June 30, 2020, the Group's contracted sales amounted to RMB 1,754.8 million, compared to RMB 1,867.4 million for the same period in 2019, representing a decrease of approximately 6%[17] - The total contracted sales area for the Group during the reporting period was approximately 130,487 square meters, down from 151,667 square meters in the same period of 2019, indicating a decline of about 14%[17] - For the six months ended 30 June 2020, the Group achieved total contracted sales value of approximately RMB1,754.8 million, a decrease of 6% from RMB1,867.4 million in the same period of 2019[22] Impact of COVID-19 - The COVID-19 pandemic significantly impacted the Group's property leasing and hotel operations, leading to voluntary rental waivers granted to lessees and temporary hotel closures[21] - The Group believes that the impact of the COVID-19 pandemic on its overall business is subsiding and will not have any material adverse impact on its financial position, barring unforeseen circumstances[21] - The Group's revenue decreased by 21.9% from RMB561.2 million for the six months ended June 30, 2019, to RMB438.3 million for the same period in 2020, primarily due to the COVID-19 pandemic[60] Property Development and Projects - The Group launched two new pre-sale projects during the reporting period, namely Wuxi Golden Wheel Star Space and Yangzhou Golden Bay No. 1[17] - The Group plans to launch the pre-sale of the Nanjing Golden Wheel Galaxy Center, which has a total saleable GFA of 242,000 sq.m. and a total saleable value of approximately RMB4.0 billion[51] - The Group's total land bank as of 30 June 2020 was 1,563,490 sq.m., including 99,594 sq.m. of completed but unsold properties and 946,777 sq.m. of properties under development[29] Financial Performance - The Group's financial performance aligns with its budget despite the challenges posed by the pandemic, demonstrating resilience in its business model[20] - Revenue from property sales amounted to approximately RMB336.8 million, with a total gross floor area sold and delivered of approximately 24,491 sq.m., resulting in an average selling price of approximately RMB13,750 per sq.m.[27] - Gross profit decreased by 53.4% from RMB273.7 million for the six months ended 30 June 2019 to RMB127.7 million for the same period in 2020[76] Occupancy and Leasing - The overall occupancy rate of the Group's investment properties was approximately 80% for the six months ended 30 June 2020[30] - The average room occupancy rate for the Group's two operational hotels was 56%, which increased to 80% in June 2020 as the COVID-19 pandemic became more contained[38] - Revenue from property leasing decreased by 18.0% to RMB89.4 million for the six months ended 30 June 2020, compared to RMB109.0 million for the same period in 2019[66] Corporate Governance - The Company has complied with the Corporate Governance Code provisions and most recommended best practices during the six months ended 30 June 2020[159] - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended 30 June 2020[162] - The Company maintains frequent communication with shareholders and investors through various channels, ensuring transparency and timely information disclosure[173] Shareholder Information - As of June 30, 2020, the total number of issued shares of the Company was 1,802,456,000[133] - Wong Yam Yin and his family control 706,785,600 shares, representing approximately 39.21% of the issued share capital[131] - The Company has a share option scheme that allows for the grant of up to 171,300,000 shares, representing approximately 9.5% of the issued shares[154] Debt and Financing - In January 2020, the Group issued USD200 million senior notes with a coupon rate of 12.95% due in March 2022 to refinance existing debt[42] - The Group's bank and other borrowings increased to RMB6,730.7 million as of 30 June 2020, up from RMB6,428.3 million as of 31 December 2019, representing an increase of RMB302.4 million[103] - The average cost of borrowings increased to approximately 10.4% for the six months ended June 30, 2020, from 7.2% in the same period of 2019[110] Future Outlook - Following the successful containment of the pandemic in most Chinese cities, market sentiment improved, allowing the Group to accelerate the launch of pre-sale projects[20] - The Group's management remains optimistic about future market recovery and growth opportunities in the real estate sector[21] - The Group will exercise extra caution in seeking development opportunities, investing only in familiar areas with reasonable returns[48]

Sales and Revenue Performance - For the year ended December 31, 2019, the Group achieved contracted sales of RMB 3,481.0 million, an increase of 11.2% compared to 2018[18] - The Group achieved total contracted sales value of approximately RMB3.48 billion for the year ended 31 December 2019, representing a 11.2% increase from RMB3.13 billion in 2018[48] - The total contracted sales area for the year was approximately 288,574 sq.m., up from 256,060 sq.m. in 2018, indicating a growth of 12.7%[48] - Revenue increased by approximately 11.0% from RMB1,446.4 million in 2018 to RMB1,605.4 million in 2019, primarily due to an increase in revenue from property development[88] - Revenue from property development rose by 11.8% to approximately RMB1,328.2 million in 2019, driven by the completion and delivery of three projects[97] - Hotel operation revenue surged by 25.2% to RMB67.6 million in 2019, mainly due to the opening of Changsha Golden Wheel Hampton by Hilton in April 2019[100] Property Development and Projects - The Group acquired two projects in 2019, with a total saleable gross floor area of 233,866 sq.m[19] - In 2019, the Group completed three projects with a total saleable gross floor area of approximately 112,866 sq.m., of which about 57,692 sq.m. were sold and delivered by December 31, 2019[46] - The Group launched the pre-sale of three new projects in Nanjing during the year, expanding its market presence[48] - The Group's ongoing projects include Nanjing Golden Wheel Romantic Tower (70% completion), Zhuzhou Golden Wheel Jinqiao Huafu (80% completion), and Wuxi Golden Wheel Starry Plaza (30% completion)[60] Investment Properties and Leasing - As of December 31, 2019, the Group had investment properties with a carrying value of RMB 6,258.9 million[20] - The recurring income from property leasing and hotel operations grew by 7.5% compared to the previous year[20] - The Group's completed investment properties totaled approximately 189,999 sq.m. as of December 31, 2019, with an average occupancy rate close to 90%[70] - The Group had leasing and operational management contracts for 15 metro station shopping malls across four cities, with a total leasable GFA of over 67,974 sq.m., and an overall occupancy rate exceeding 90%[71] - The Group's investment properties rental income showed stable growth during the year, reflecting a positive trend in property leasing[70] Financial Performance and Costs - The Group's cost of sales increased from RMB684.7 million for the year ended 31 December 2018 to RMB1,074.1 million for the year ended 31 December 2019, reflecting a significant rise in property development costs[106] - Gross profit decreased from RMB761.7 million in 2018 to RMB531.4 million in 2019, resulting in a gross profit margin decline from 52.7% to 33.1%[109] - The gross profit margin for sales of developed properties fell from 49.6% in 2018 to 23.8% in 2019, primarily due to lower margins on newly completed projects[110] - Finance costs rose from RMB178.9 million in 2018 to RMB186.3 million in 2019, attributed to increased borrowings and higher average borrowing costs, which increased from 6.4% to 7.8%[118] - Selling and marketing expenses increased by approximately 34.6%, from RMB49.1 million in 2018 to RMB66.1 million in 2019, due to more sales activities[119] Land Bank and Acquisitions - As of December 31, 2019, the Group's land bank had a gross floor area of 1,711,270 sq.m., sufficient to meet the needs of the new three-year development plan[24] - The Group's total land bank was approximately 1,711,270 sq.m., including 123,689 sq.m. of completed but unsold properties[54] - The Group acquired a land parcel in Nanjing, Jiangsu Province, in March 2019, with a site area of approximately 101,845 sq.m. for commercial development[47] - In September 2019, the Group also acquired land in Yangzhou with a total site area of approximately 19,890 sq.m. for residential purposes[51] Financial Position and Cash Flow - The Group's cash position improved significantly, with bank deposits and cash increasing to approximately RMB1,753.6 million as of 31 December 2019, compared to RMB997.9 million in 2018[134] - Outstanding bank and other borrowings increased to approximately RMB6,428.3 million as at 31 December 2019, up from RMB5,856.0 million in 2018[135] - Net cash generated from operating activities was approximately RMB198.1 million for the year, a significant improvement from a net cash outflow of approximately RMB954.9 million in 2018[142] - Net cash generated from investing activities was approximately RMB502.4 million, primarily due to the disposal of a subsidiary for approximately RMB461.6 million[145] Corporate Governance and ESG Initiatives - The Group is focusing on residential and commercial complex development to increase gross profit margins while enhancing its environmental, social, and governance (ESG) policies[196] - An ESG working team has been formed to engage various departments in identifying and assessing ESG-related issues impacting the Group's business operations and stakeholders[197] - The Group has implemented clear employment policies and safety training to address staff interests and ensure a safe working environment[199] - The Group's commitment to corporate responsibility includes balancing economic growth with social needs and obligations[196] Market Risks and Management - The Group faces various market risks, including foreign exchange rate risk, interest rate risk, credit risk, liquidity risk, and equity price risk[171] - The Group's credit risk is significantly reduced due to the ability to forfeit customer deposits and resell properties in case of mortgage defaults[186] - The Group currently does not have a specific policy to manage its interest rate risk but will monitor it closely in the future[184] - The Group has established a liquidity risk management framework to monitor forecasted and actual cash flows, ensuring adequate banking facilities are maintained[191]