智通财经5月27日电，时代中国控股据悉获香港法院批准就离岸重组计划举行债权人投票。 ...

香港法院批准时代中国举行债权人投票。 ...

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Financial Performance - Contracted sales for the year ended December 31, 2024, amounted to RMB 9,416 million, a decrease of 34.4% from RMB 14,346 million in 2023[62]. - Recognized revenue for 2024 was RMB 13,110.5 million, down 37.6% from RMB 21,010.8 million in 2023[62]. - The company reported a gross loss of RMB 2,985.8 million in 2024, compared to a gross profit of RMB 2,587.7 million in 2023, representing a 215.4% decline[62]. - Core net loss for 2024 was RMB 16,230.0 million, an increase of 265.4% from RMB 4,441.3 million in 2023[62]. - Basic loss per share for 2024 was RMB -7.90, compared to RMB -2.14 in 2023[65]. - The Group's revenue for 2024 was RMB 13,110.5 million, a decrease of 37.6% compared to 2023[103]. - The loss for 2024 amounted to RMB 16,870.9 million, an increase of RMB 12,526.3 million from the loss in 2023[103]. - Loss attributable to the owners of the Company for 2024 was RMB 16,610.3 million, an increase of RMB 12,103.6 million from 2023[103]. - The Group's revenue from property sales decreased by RMB 7,239.1 million, or 36.8%, to RMB 12,415.8 million for 2024 from RMB 19,654.9 million for 2023, primarily due to a decrease in the average sales price of delivered properties[155][158]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 88,545.0 million, down from RMB 121,107.2 million in 2023[62]. - Total liabilities decreased to RMB 96,412.5 million in 2024 from RMB 110,449.5 million in 2023[62]. - The current ratio decreased to 0.9 in 2024 from 1.1 in 2023, indicating a decline in short-term financial health[65]. - Cash and bank deposits as of December 31, 2024, were approximately RMB 2,224.3 million, a decrease of 44.0% from RMB 3,972.1 million in 2023[197]. - The Group's interest-bearing payables were RMB 5,032.8 million as of December 31, 2024, slightly down from RMB 5,082.9 million in 2023[198]. - The Group's interest-bearing bank loans and other borrowings totaled approximately RMB 46,396.4 million, with current borrowings increasing from RMB 27,454.7 million in 2023 to RMB 32,292.4 million in 2024, representing a significant increase[199]. Market Conditions - The real estate industry in China is expected to stabilize under supportive government policies aimed at reversing the downward trend[52]. - The overall real estate market is expected to face challenges, with a differentiated recovery across different regions and cities[148]. - Policies to support first-time home buyers and upgraders are expected to continue, with potential further reductions in mortgage rates[145]. - The central government aims to stabilize the real estate market and promote a recovery in housing demand through various measures[143]. Strategic Initiatives - Times China aims to become a Global 500 company, focusing on better products and services for consumers and greater returns for shareholders[14]. - The company has transformed from a traditional property company to a service provider for urban development[18]. - The company introduced the "Times • Future Towns" strategy to facilitate the transformation and upgrade of national industry[19]. - Times China continues to adhere to its core values of "Love, Commitment and Creation" in its operations[14]. - The Group plans to maintain aggressive sales strategies and closely monitor receivables to ensure stable operating cash flow[150]. - The Group will actively manage its debt and optimize its debt structure to ensure timely and high-quality project delivery[150]. Project Development - The company has a total of 132 projects in different development stages, providing quality living apartments and services for approximately 600,000 homeowners[13]. - The Group had 132 major projects at various stages as of December 31, 2024, with 121 located in major cities of Guangdong province[108]. - The company is expanding its market presence with multiple residential and commercial projects across various regions, ensuring a diversified portfolio[124]. - The company is focusing on expanding its residential and commercial project portfolio in Jiangmen and Zhuhai regions[127]. Leadership and Management - Times Group has a strong leadership team with diverse expertise in real estate management, finance, and legal affairs[84]. - The company has appointed a new Chief Financial Officer, Ms. Zhou Ying, who has over 13 years of experience in auditing and financial management[97]. - The management team includes professionals with advanced degrees in finance and law, ensuring a strong foundation for strategic decision-making[92][94]. - The company has a diverse board with members experienced in law, finance, and corporate governance, which is crucial for navigating complex market conditions[89][95]. Financial Challenges - The Group recorded an impairment loss of RMB 2,081 million on investments in joint ventures as of December 31, 2024, compared to RMB 2,045 million in 2023[176]. - The Group's other expenses rose significantly from RMB 4,825.1 million in 2023 to RMB 9,362.2 million in 2024, an increase of RMB 4,537.1 million, primarily due to the write-down of property inventories[185]. - Finance costs increased by RMB 905.4 million, or 72.5%, reaching RMB 2,153.7 million in 2024, attributed to a decrease in capitalizable interest expenses[193]. - The significant decrease in cash position may impact the Group's operational flexibility and ability to fund new projects[200].

Financial Performance - Annual contract sales amounted to RMB 9.416 billion, representing a year-on-year decrease of 34.4%[4] - Annual revenue was RMB 13,110.5 million, reflecting a year-on-year decline of 37.6%[4] - Annual loss reached RMB 16,870.9 million, an increase of 288.3% compared to the previous year[4] - Core net loss attributable to shareholders was RMB 15,969.4 million, marking a year-on-year increase of 246.9%[4] - Basic and diluted loss per share was RMB (7.90), compared to RMB (2.14) in the previous year[5] - The group recorded a loss attributable to the company's owners of RMB 16,610,307,000 as of December 31, 2024[17] - The group reported a significant reduction in trade payables from RMB 8,201,955 thousand in 2023 to RMB 5,541,517 thousand in 2024, a decrease of about 32.4%[7] - The company reported a pre-tax loss of RMB 17,170.7 million, up from RMB 3,877.7 million in the previous year[5] - The group reported a net receivable trade amount of RMB 798,409,000 for 2024, down from RMB 847,016,000 in 2023, with a provision for impairment of RMB 8,545,000[46] - The group’s pre-tax loss for 2024 was RMB 4,506,669,000, compared to a loss of RMB 16,610,307,000 in 2023, indicating a significant improvement[44] Asset and Liability Management - Total non-current assets decreased from RMB 27,136,261 thousand in 2023 to RMB 19,305,728 thousand in 2024, a decline of approximately 29.0%[7] - Current assets decreased from RMB 93,970,919 thousand in 2023 to RMB 69,239,242 thousand in 2024, a decline of about 26.5%[8] - Total liabilities decreased from RMB 86,543,133 thousand in 2023 to RMB 77,241,333 thousand in 2024, a reduction of approximately 10.7%[8] - Non-current liabilities decreased from RMB 23,906,339 thousand in 2023 to RMB 19,171,128 thousand in 2024, a decrease of around 19.8%[8] - The company's net debt position improved from RMB 10,657,708 thousand in 2023 to RMB (7,867,491) thousand in 2024, indicating a shift to a net cash position[8] - Total assets less current liabilities decreased from RMB 34,564,047 thousand in 2023 to RMB 11,303,637 thousand in 2024, a decline of approximately 67.3%[8] - The company's equity attributable to owners decreased from RMB (16,587,057) thousand in 2023 to RMB 167,656 thousand in 2024, indicating a significant recovery[8] Cost Management and Operational Efficiency - The company effectively managed costs and controlled expenditure during the year[4] - Financing costs increased to RMB 2,153.7 million from RMB 1,248.3 million year-on-year[5] - The group anticipates continued support for housing demand through government policies, with potential for further reductions in public housing loan and mortgage rates[77] - The group plans to actively manage debt, optimize debt structure, and dispose of non-core assets to maintain stable operational cash flow[78] - Selling and marketing expenses decreased from RMB 268.5 million in 2023 to RMB 192.0 million in 2024, a reduction of RMB 76.5 million, or 28.5%[87] - Administrative expenses decreased from RMB 808.1 million in 2023 to RMB 603.2 million in 2024, a reduction of RMB 204.9 million, or 25.4%[88] Debt Restructuring and Financial Stability - The group has made significant progress on its offshore debt management plan, with over 85.33% of existing offshore debt holders participating in the restructuring support agreement (RSA) as of January 20, 2025[18] - The group is actively negotiating extensions or renewals of certain borrowings with financial institutions[18] - The total amount of bank and other borrowings and accrued interest was RMB 48,046,911,000, with RMB 33,336,362,000 due within the next twelve months[17] - The group has defaulted on borrowings totaling RMB 24,250,680,000 in principal and RMB 3,349,558,000 in interest[17] - The company has suspended the repayment of certain offshore debts to ensure fair treatment of creditors and maintain a sustainable capital structure[105] - The company is in constructive discussions with existing senior noteholders to reach a consensus on restructuring its offshore debts[106] - The company has scheduled a hearing on its restructuring plan for April 11, 2025, to seek court approval for the plan[107] Market and Project Development - The company has been focusing on property development and urban renewal projects in China, which are key areas for future growth[10] - The company is focusing on expanding its residential and commercial projects across multiple regions, including Guangzhou and Foshan[65] - The company has 132 major projects at different stages as of December 31, 2024, with 121 located in key cities of Guangdong Province[59] - The company is actively expanding its market presence with multiple residential and commercial projects across various regions[69][70] - The company achieved contract sales of approximately RMB 94.16 billion in 2024, with a total construction area of about 792,000 square meters[59] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[118] - The company has adopted corporate governance principles as per the listing rules, ensuring compliance with applicable guidelines[119] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's consolidated annual performance for the year ending December 31, 2024[122] - The company's annual general meeting is scheduled for May 26, 2025[125] - The preliminary performance figures for the year ending December 31, 2024, have been verified by the independent auditor, Ernst & Young[124]

INTERIM REPORT 2024 中期報告 TIMES CHINA HOLDINGS LIMITED 時代中國控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：1233 INTERIM REPORT 中期 2024 報告 8 720 personal program the states the start 444 e a n t 1 股票是需要需要 F 8 1 the first HE H 872 I t n 8 the g B 目錄 CONTENTS 公司資料 2 Corporate Information 財務摘要 6 Financial Highlights 業務回顧 8 Business Review 企業管治及其他資料 38 Corporate Governance and Other Information 中期簡明綜合損益表 47 Interim Condensed Consolidated Statement of Profit or L ...

Financial Performance - Contract sales for the period amounted to RMB 4.291 billion, a decrease of 54.5% compared to the same period in 2023[2] - Revenue for the period was RMB 609.1 million, representing a decline of 38.7% year-on-year[3] - The loss for the period was RMB 2.831 billion, an increase of 100.9% compared to the same period in 2023[3] - The loss attributable to equity holders of the company was RMB 3.018 billion, an increase of RMB 1.328 billion compared to the same period in 2023[3] - Gross profit for the period was RMB 537.3 million, down from RMB 759.9 million in the same period last year[3] - The group reported a total comprehensive loss of RMB 2.946 billion for the period, compared to RMB 2.184 billion in the same period last year[4] - The company reported a loss attributable to owners of RMB 3,017,883,000 for the six months ended June 30, 2024[9] - The company’s core net loss for the same period was RMB 2,827.9 million, which is an increase of RMB 1,417.6 million compared to the previous year[36] - The group reported a pre-tax loss of RMB 3,017,883 thousand for the six months ended June 30, 2024, compared to a loss of RMB 1,689,480 thousand for the same period in 2023, representing an increase in loss of approximately 78.7%[31] Assets and Liabilities - Total non-current assets as of June 30, 2024, were RMB 25.864 billion, down from RMB 27.136 billion as of December 31, 2023[5] - Current assets totaled RMB 89.203 billion, a decrease from RMB 93.971 billion at the end of 2023[5] - Total bank and other borrowings amounted to RMB 45,944,794,000, with RMB 31,121,495,000 due within the next 12 months[9] - The total current liabilities reached RMB 87,241,000,000, an increase from RMB 86,543,133,000 as of December 31, 2023[6] - Non-current liabilities totaled RMB 20,113,921,000, compared to RMB 23,906,339,000 in the previous period[6] - The net asset value was reported at RMB 1,961,579,000, a decrease from RMB 7,427,786,000[6] - The total assets less current liabilities were reported at RMB 27,825,605,000, down from RMB 34,564,047,000[6] - Cash and cash equivalents stood at RMB 1,541,204,000 as of June 30, 2024[9] - Trade receivables amounted to RMB 946,198 thousand as of June 30, 2024, an increase from RMB 869,658 thousand as of December 31, 2023[33] Debt and Financing - The company experienced a default on borrowings totaling RMB 22,343,901,000 in principal and RMB 2,529,338,000 in interest[9] - The group has triggered cross-defaults totaling RMB 228,800,000 due to the default events[9] - The group has suspended the repayment of certain offshore debts to ensure fair treatment of creditors and is actively negotiating with them for overall management of offshore debts[81] - The group has reached a consensus on key commercial terms with the creditor group regarding the restructuring of certain existing preferred shares and loans[81] - The group is actively negotiating with several existing financial institutions for the renewal of certain loans[10] Operational Strategy - The company effectively managed costs and controlled expenditure during the period[2] - The group plans to accelerate the sales of developed and completed properties and expedite the collection of outstanding receivables[10] - The group will continue to implement measures to control administrative costs and capital expenditures[10] - The company plans to continue actively selling properties, focusing on cash collection, cost reduction, and maintaining stable operating cash flow[51] - The company aims to optimize the structure of urban renewal projects and accelerate the transformation and investment recovery of these projects[51] Market and Development - The company operates in three segments: property development, urban renewal business, and property leasing, with all projects located in mainland China as of June 30, 2024[13] - The total land reserve as of June 30, 2024, was approximately 12.8 million square meters, deemed sufficient for the company's development needs over the next two to three years[40] - The company owns 136 major projects at different stages, with 124 located in key cities of Guangdong Province[37] - The company is expanding its market presence in Guangzhou, with new projects totaling 500,000 square meters planned for 2025[41] - The company is exploring potential acquisitions in the real estate sector to further expand its portfolio[41] Corporate Governance - The group aims to maintain a high level of corporate governance to protect shareholder interests and enhance corporate value[88] - The board believes that having the same person serve as both Chairman and CEO provides strong and stable leadership for the group[89] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim report and found the risk management and internal control systems to be effective and adequate[91] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[87] Employee and Operational Metrics - As of June 30, 2024, the group employed 1,578 staff, a reduction from 1,757 employees as of December 31, 2023[86] - Employee benefits expenses for the six months ended June 30, 2024, were approximately RMB 170 million, compared to RMB 253.3 million for the six months ended June 30, 2023[86]

| --- | |-----------------------------------------| | | | 二零二七年到期的 6.20% 人民幣公開發行 | | 境內公司債券 | | 於二零二零年二月二十一日，廣州時代於 | | 中國按票面年利率 6.20% 發行面值為人民 | | 幣 575,000,000 元的公開發行境內公司債 | | 券（「二零二七年到期的 6.20% 人民幣公開 | | 發行境內公司債券」），為期七年。廣州時 | | 代有權在第五年末調整票面利率，而投資 | | 者則有權回售。二零二七年到期的 6.20% | | 人民幣公開發行境內公司債券於上海證券 | | 交易所上市，並自二零二零年二月二十四 | | 日（包括該日）起以 6.20% 的年利率計息， | | 每年支付一次。於二零二三年二月二十二 | | 日至二月二十四日，廣州時代召開持有人 | | 會議調整債券到期日為二零二七年二月到 | | 期，設置小額兌付機制及按比例還本節 | | 點，並將截止至二零二三年二月二十四日 | | 的應付未付利息資本化，新增利息利隨本 | On 21 February 2020, Guang ...

Project Overview - As of December 31, 2023, the group has a total of 136 major projects at different stages, with 124 located in key cities of Guangdong Province[6]. - The group's contracted sales for 2023 amounted to approximately RMB 14.346 billion, with a total construction area of about 904,000 square meters[6]. - The sales amount from Guangzhou accounted for 28.8% of total sales, with a contracted sales area of 21,174,478 square meters[7]. - The sales amount from Foshan represented 25.2% of total sales, with a contracted sales area of 21,176,193 square meters[7]. - The group has a land reserve of 13,307,108 square meters, with Guangzhou holding 20.5% of this reserve[9]. - The company reported a total of 1,200,000 square meters of completed and future development area for sale in Foshan, with a 100% ownership interest[12]. - The total area for the "Times Global Maker Town" project is projected to be 223,952 square meters, with 75% ownership interest[12]. - The "Times Spring Tree" project in Heshan has a total area of 90,034 square meters, with 100% ownership interest[13]. - The "Times Wind and Cloud" project in Heshan is expected to cover 187,782 square meters, with 51% ownership interest[13]. - The "Times Spring Tree Phase II" project has a total area of 119,153 square meters, with 91% ownership interest[13]. - The "Poli Champagne Garden" project has a total area of 77,206 square meters, with 49% ownership interest[13]. - The company plans to complete the "Times Tianyun" project in 2022, covering 11,393 square meters, with 50% ownership interest[13]. - The "Times Tianyun Phase III" project is expected to cover 23,712 square meters, with 50% ownership interest[13]. - The "Times Tianyun Phase IV" project has a total area of 48,432 square meters, with 38% ownership interest[13]. - The company is expanding its market presence with multiple residential and commercial projects across various regions, indicating a strategic focus on growth[12][13]. Financial Performance - In the fiscal year ending December 31, 2023, the company's property sales revenue was RMB 19,654.9 million, a decrease of 16.1% from RMB 23,536.7 million in 2022[23]. - The gross profit for the company decreased from RMB 3,362.7 million in 2022 to RMB 2,587.7 million in 2023, representing a reduction of RMB 775.0 million, with a gross margin of 12.3%[26]. - The annual loss for 2023 was RMB 4,344.6 million, an improvement of RMB 5,201.4 million compared to the loss of RMB 9,546.0 million in 2022, with a basic loss per share of RMB 2.14[29]. - The total revenue for the company in 2023 was RMB 21,010.8 million, down from RMB 24,423.7 million in 2022[23]. - The company reported a rental income of RMB 687.7 million, slightly up from RMB 676.8 million in the previous year[23]. - The company reported a total comprehensive loss of RMB 4,703,748,000 for the year ended December 31, 2023, compared to a loss of RMB 11,374,024,000 in the previous year, indicating a significant improvement[101]. - The company experienced a core net loss attributable to shareholders of RMB 4,506,669,000 for the year ended December 31, 2023[103]. - The company reported a net loss of RMB 8,420.6 million for the year, compared to a net profit of RMB 139.5 million in the previous year, indicating a significant downturn in profitability[106]. - The company generated RMB 19,654,925,000 in revenue from property development, with a significant portion attributed to external customer sales[175]. Debt and Financial Management - The company aims to actively manage debt and optimize its debt structure while disposing of non-core assets[21]. - The company has suspended the repayment of certain offshore debts and is actively negotiating with creditors for overall management of its offshore debt[64]. - The company reported a default on borrowings totaling RMB 21,387,158,000 in principal and RMB 1,750,229,000 in interest as of December 31, 2023[101]. - The company is committed to optimizing its debt structure and actively reducing its debt levels in 2023[194]. - The company has established a small repayment mechanism and proportional repayment points for its bonds[59]. - The company is taking measures to accelerate the sales of properties under development and completed properties, aiming to recover outstanding sales proceeds[133]. - The group has appointed a financial advisor to assist in restructuring priority notes and corporate bonds to reach a resolution with stakeholders[133]. - Ongoing negotiations with financial institutions for loan restructuring are in progress to enhance liquidity[114]. Market Outlook and Strategy - The outlook for 2024 indicates a challenging international environment and a sluggish recovery in the Chinese economy, particularly in the real estate sector[3]. - The company plans to adapt to new circumstances and pursue new opportunities for growth and expansion[4]. - The company plans to continue optimizing urban renewal project structures and accelerate the transformation and investment recovery of these projects[21]. - The company aims to sell non-core assets to recover funds and improve cash flow[116]. - The group aims to accelerate the sales of property and urban renewal projects to improve cash flow and recover outstanding receivables[192]. - The company is actively pursuing market expansion strategies to enhance its operational capabilities and financial performance[114]. Regulatory and Accounting Changes - The company has adopted new and revised International Financial Reporting Standards for the current financial year[137]. - The impact of the new accounting standards has not affected the measurement, recognition, or presentation of any items in the financial statements[138]. - The implementation of the revised International Accounting Standard 12 has introduced mandatory temporary exceptions regarding deferred taxes[124].

Financial Performance - Recognized revenue for the six months ended June 30, 2023, was RMB 9,932.2 million, an increase of 53.5% compared to RMB 6,498.1 million in the same period of 2022[14] - Gross profit for the same period was RMB 759.9 million, down 11.7% from RMB 860.0 million in 2022[14] - The company reported a loss attributable to owners of the Company of RMB 1,689.5 million for the period, compared to a profit of RMB 23.8 million in 2022[14] - Core net loss for the period was RMB 1,410.3 million, a significant decline from a profit of RMB 58.9 million in the previous year[14] - The loss for the period amounted to RMB 1,409.7 million, a decrease of RMB 1,440.8 million from the profit recorded in the same period of 2022[21] - Core net loss for the six months ended 30 June 2023 was RMB 1,410.3 million, down RMB 1,469.2 million from the core net profit for the same period in 2022[21] - Basic and diluted loss per share for the six months ended 30 June 2023 was RMB 80 cents, compared to earnings of RMB 1 cent per share in the same period of 2022[21] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 138,390.5 million, down from RMB 149,927.3 million at the end of 2022[14] - Total liabilities decreased to RMB 123,573.3 million from RMB 130,020.9 million at the end of 2022[14] - Cash and bank balances stood at RMB 5,341.6 million, a decrease from RMB 6,749.4 million at the end of 2022[14] - Total equity attributable to owners of the Company was RMB 2,851.7 million, down from RMB 5,748.7 million at the end of 2022[14] - Interest-bearing bank and other borrowings totaled RMB 46,928.2 million, slightly down from RMB 47,001.2 million at the end of 2022[14] Operational Strategy - The company continues to focus on operational efficiency and strategic adjustments to improve profitability in the future[16] - The Group's strategy includes expanding its presence in major cities, focusing on residential and commercial developments to meet market demand[34] - The Group is actively pursuing new technology and product development to enhance project offerings and improve operational efficiency[34] - Future guidance indicates a focus on maintaining a strong pipeline of projects to ensure sustained growth and profitability over the next few years[36] - The Group's land reserves and project portfolio position it well to capitalize on market opportunities and drive long-term value creation[32] Project Development - Contracted sales for the six months ended 30 June 2023 totaled approximately RMB 9.443 billion, with a total gross floor area of approximately 572,000 sq.m.[22] - As of 30 June 2023, the Group's total land reserve was approximately 14.5 million sq.m., deemed sufficient for future development needs over the next two to three years[31] - The Group had 136 major projects in various stages, with 124 located in major cities of Guangdong Province[22] - The largest land reserves are in Guangzhou with 3,096,169 sq.m. (21.3%), followed by Qingyuan with 2,643,239 sq.m. (18.2%) and Foshan with 2,248,697 sq.m. (15.5%)[33] Financial Management - The Group plans to optimize urban redevelopment project structures and accelerate investment returns while actively managing debt and disposing of non-core assets[60] - The real estate market is expected to gradually stabilize with anticipated adjustments in regulatory policies and further decreases in mortgage interest rates and down payment ratios[59] - The Group's financing costs increased to RMB 552.5 million for the six months ended 30 June 2023 from RMB 199.8 million for the same period in 2022, primarily due to a decrease in capitalizable interest expenses[78] - Income tax expenses surged by RMB 237.7 million, or 560.6%, to RMB 280.1 million for the six months ended 30 June 2023, mainly due to the reversal of deferred tax assets[79] Corporate Governance - The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code as its own code[158] - The roles of chairman and chief executive officer are held by the same individual, Mr. Shum, which the Board believes provides strong leadership and effective business planning[160] - All Directors confirmed compliance with the Model Code for Securities Transactions for the six months ended June 30, 2023[161] - The Group has effective risk management and internal control systems in place to maintain checks and balances within its operations[160] Employee Management - As of June 30, 2023, the Group had 2,442 employees, a decrease from 2,656 employees as of December 31, 2022, representing a reduction of approximately 8.1%[147] - For the six months ended June 30, 2023, the Group's employee benefit expense (excluding Directors' remuneration) was approximately RMB 253.3 million, a significant decrease of 56.5% compared to RMB 583.4 million for the same period in 2022[147] - The Group's employee remuneration policies are regularly reviewed to align with industry pay levels, ensuring competitive compensation for performance and skills[147] Debt Management - The company issued USD 400,000,000 of 5.55% senior notes due 2024, equivalent to approximately RMB 2,890,320,000, and USD 100,000,000 of 5.55% senior notes due 2024, equivalent to approximately RMB 722,580,000[99] - The company issued USD 350,000,000 of 5.75% senior notes due 2027, equivalent to approximately RMB 2,529,030,000[100] - The company issued USD 350,000,000 of 6.20% senior notes due 2026, equivalent to approximately RMB 2,529,030,000, and USD 100,000,000 of 6.20% senior notes due 2026, equivalent to approximately RMB 722,580,000[102] - The company established new credit enhancement and protection measures for the RMB 5.68% non-public domestic corporate bonds due 2026[107] Shareholder Information - As of June 30, 2023, Mr. Shum Chiu Hung holds 1,244,877,716 shares, representing approximately 59.23% of the total issued shares[183] - The ownership structure indicates a significant concentration of control, with Mr. Shum Chiu Hung holding substantial interests in both the Company and its associated corporations[191]