Sales Performance - For the six months ended June 30, 2019, the Group's contracted sales amounted to RMB1,867.4 million, representing a 46.7% increase compared to RMB1,273.1 million in the same period of 2018[17]. - The Group launched two new pre-sale projects in Nanjing during the period, contributing to a total contracted sales area of approximately 151,667 sq.m., up from 96,780 sq.m. in the previous year[18]. - The Group's performance reflects a strong recovery in the real estate market, with accelerated project launches contributing to record sales[20]. - For the six months ended June 30, 2019, the Group achieved total contracted sales value of approximately RMB1,867.4 million, a 46.6% increase from RMB1,273.1 million in the same period of 2018[22]. - As of June 30, 2019, the Group had total unrecognised contracted sales of RMB708.1 million, expected to be recognised in the second half of 2019 and in 2020[28]. Investment Properties - The Group's investment properties had a book value of RMB6,234.7 million as of June 30, 2019, with recurring income from property leasing and hotel operations growing steadily by 12.6% year-on-year[17]. - As of June 30, 2019, the Group's investment properties had a carrying value of RMB6,234.7 million, with a stable increase in recurring income from property leasing and hotel operations of 12.6% compared to the same period in 2018[21]. - The average occupancy rate of the Group's investment properties was close to 90% as of June 30, 2019[38]. - The new hotel, Golden Wheel Hampton by Hilton in Changsha, achieved an occupancy rate of 80% by June 2019, which is considered a strong performance for a new hotel[40]. - Revenue from property leasing increased by 9.4% to RMB109.0 million for the six months ended June 30, 2019, driven by the addition of a new metro station shopping mall and an increase in average rent[65]. Financial Performance - The Group's revenue decreased by 33.8% from RMB847.6 million for the six months ended June 30, 2018, to RMB561.2 million for the same period in 2019, primarily due to a reduction in revenue from the sale of developed properties[63]. - Revenue from property development dropped by 41.7% from RMB724.2 million in the first half of 2018 to RMB422.2 million in the first half of 2019, attributed to a decrease in the total GFA sold and delivered[64]. - Gross profit decreased by 35.6% from RMB425.0 million for the six months ended June 30, 2018, to RMB273.7 million for the six months ended June 30, 2019, mainly due to the decrease in gross profit from the sale of developed properties[77]. - Profit for the period attributable to equity shareholders was RMB 232,745,000, a decrease of 6.1% from RMB 247,850,000 in the same period last year[196]. - Basic earnings per share for the period was RMB 0.129, compared to RMB 0.138 in 2018, reflecting a decline of 6.5%[196]. Land Bank and Development - The Group's total land bank as of June 30, 2019, was 1,785,496 sq.m., including 120,421 sq.m. of completed but unsold properties and 1,004,838 sq.m. of properties under development[31]. - The average land cost for the 20 projects under development or on sale was approximately RMB3,600 per sq.m.[30]. - The Group's land bank as of June 30, 2019, was 1,785,496 sq.m., supporting stable growth for the next three years[51]. - The Group plans to presale two projects in the second half of 2019, with a total saleable value of approximately RMB1.6 billion[52]. - The Group's focus on developing projects near transportation hubs continues to be a key strategy for growth[14]. Debt and Financing - Total borrowings increased to RMB6,688.3 million as of June 30, 2019, from RMB5,856.0 million as of December 31, 2018, representing an increase of RMB832.3 million[108]. - The total cost of borrowings for the six months ended June 30, 2019, was RMB218.3 million, an increase of 26.7% compared to RMB172.4 million for the same period in 2018[111]. - The net gearing ratio as of June 30, 2019, was 107.0%, compared to 105.4% as of December 31, 2018[112]. - The Group's debt-to-asset ratio was approximately 69.5% as of June 30, 2019, compared to approximately 66.9% as of December 31, 2018[112]. - The average cost of borrowings was approximately 7.24% for the six months ended June 30, 2019, compared to 6.78% for the same period in 2018[111]. Corporate Governance and Shareholder Information - The Company has complied with the Corporate Governance Code and most of the recommended best practices during the six months ended June 30, 2019[160]. - The Audit Committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2019[163]. - The Company maintains frequent communication with shareholders through various channels, ensuring transparency and timely information disclosure[176]. - The Company has adopted the Model Code for securities transactions by Directors, confirming compliance during the review period[178]. - The Wong family holds a controlling interest of approximately 39.16% in the Company, represented by 705,811,600 shares[129].

Sales Performance - The Group's contracted sales increased by 23.4% compared to the previous year[18] - The Group achieved contracted sales value of approximately RMB 3.13 billion in 2018, a 23.2% increase from RMB 2.54 billion in 2017[50] - The total contracted sales area amounted to approximately 256,060 sq.m., up from 186,000 sq.m. in 2017, representing a 37.5% increase[50] - The Group's contract sales amounted to approximately RMB 3.13 billion in the year, up from RMB 2.54 billion in 2017, with a total sales area of about 256,060 sq.m[47] Land Bank and Acquisitions - The total land bank has a gross floor area of 1,682,319 sq.m across 19 projects under development or on sale[19] - By the end of 2018, the Group successfully acquired 12 new projects with a total GFA of over 1,000,000 sq.m, bringing the total land bank to over 1,682,000 sq.m[29] - The Group acquired three residential and commercial projects in mainland China during the year[19] - In 2018, the Group acquired a land parcel in Nanjing with a site area of approximately 59,722 sq.m. for mixed residential and commercial development[53] - Another land acquisition in April 2018 was made in Nanjing with a site area of approximately 10,188 sq.m., also for mixed-use development[59] - In July 2018, the Group acquired the entire equity interest in Wuxi City Yi Zhong Property Development Company, which owns a land parcel of approximately 27,470 sq.m. for commercial development[60] - The Group completed the acquisition of a company owning land in Hong Kong, marking its first real estate development project in the overseas market, with plans to redevelop the site into a commercial building with a total GFA of approximately 51,975 sq.ft.[82] Financial Performance - The Group's revenue decreased by approximately 37.2% from approximately RMB2,303.6 million in 2017 to approximately RMB1,446.4 million in 2018, primarily due to a decrease in revenue from property development[92] - Revenue from property development fell from approximately RMB2,110.0 million in 2017 to approximately RMB1,188.4 million in 2018, with only one project completed and delivered during the year[104] - Profit attributable to owners of the Company decreased by approximately 29.5% from RMB485.5 million in 2017 to RMB342.3 million in the Year, mainly due to reduced revenue from property sales[142] - Gross profit decreased from RMB898.3 million in 2017 to RMB761.7 million in the Year, primarily due to a decrease in property sales[120] - The Group's total cost of sales decreased from RMB1,405.2 million in 2017 to RMB684.7 million in 2018, mainly due to reduced property development costs[114] Income and Expenses - Regular income from property leasing and hotel operations grew significantly by 33.2% year-on-year[22] - Revenue from property leasing increased from RMB166.3 million in 2017 to RMB203.9 million in 2018, attributed to higher rental rates and the opening of new shopping malls[106] - Hotel operation revenue surged by 98.5% to RMB54.0 million in 2018, driven by the full-year operations of two hotels that began generating income in 2017[107] - The Group's income tax expenses increased by approximately 20.8% to RMB451.7 million for the Year, primarily due to higher land appreciation tax and enterprise income tax[134] Operational Strategy - The Group is focusing on developing residential and commercial complex projects to achieve higher profit margins[20] - The core strategy focuses on developing projects near metro stations or transportation hubs, leveraging the rapid development of high-speed rail and subways in China[35] - The Group will continue to retain completed properties in prime locations for long-term leasing to maintain stable returns for shareholders[30] - The Group's strategy includes a prudent approach to investment, focusing only on familiar areas and projects that can generate reasonable returns[29] Investment Properties - The Group's completed investment properties totaled approximately 151,491 sq.m. as of December 31, 2018, with an average occupancy rate close to 90%[74] - The Group's investment properties generated stable rental income growth during the year[70] - The Group's total unsold GFA held for investment properties amounted to 210,256 sq.m. as of the reporting date[73] Borrowings and Cash Flow - Total borrowings increased to RMB5,856.0 million as of 31 December 2018, up from RMB3,614.8 million in 2017[144] - The Group's cash position decreased to approximately RMB997.9 million as of 31 December 2018, down from RMB1,159.2 million in 2017, mainly due to land acquisitions[143] - The average cost of borrowings decreased to approximately 6.4% in 2018 from 7.6% in 2017[151] - Net cash used in operating activities was approximately RMB954.9 million, primarily due to an increase in properties under development for sale of approximately RMB2,020.9 million[153] Market Outlook - The Group anticipates that China's real estate control policies will remain effective for a certain period, supporting stable growth in the property market[25] - The Group aims to actively bid for more metro shopping center leasing and operational management contracts in various cities, anticipating further contract acquisitions in the future[79] Foreign Currency and Interest Rate Risk - The Group currently does not have a foreign currency hedging policy but closely monitors foreign exchange exposure and may consider hedging significant risks if necessary[198] - The Group faces cash flow interest rate risk primarily related to floating-rate bank borrowings and structured bank deposits[200] - The Group has no specific policy to manage interest rate risk but will monitor it closely in the future[200]