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]

昆明市城建投资开发有限责任公司（以下简称"昆明城投"）涉及南通三建与云南广毅建设工程有限公司 之间的分包合同纠纷案，截至12月20日，公司对南通三建应付工程款余额为750.83万元，因南通三建自 身原因，其工程款账户已被其多家合作单位申请冻结，本公司在未收到其他相关法院通知前，不得向其 支付工程款，故本案因无法执行进入失信状态。 12月17日，广汇汽车服务集团股份公司、新疆天汇汽车服务有限公司、新疆广汇实业投资（集团）有限 责任公司、上海汇涌汽车销售有限公司新增一则被执行人信息，执行标的10.4亿余元，执行法院为四川 省成都市中级人民法院。 陕西省西咸新区空港新城开发建设集团有限公司（以下简称"空港集团"）公告，截至2024年11月30日， 公司合并口径票据承兑逾期余额5.81亿元。逾期原因为公司与施工单位在保交楼工程项目进度款支付时 点、结算金额上存在分歧。 12月20日，广东房企时代中国控股有限公司（时代中国控股，01233.HK）发布有关建议重组境外债务 的最新资料。时代中国控股表示，根据目前可得资料，截至公告日期，持有范围内债务未偿还本金总额 约81.04%的债权人已加入重组支持协议。 【鹰潭市国有控 ...

[Corporate Information](index=3&type=section&id=公司資料%20Corporate%20Information) This section details the company's governance structure, including its board of directors, committees, and registration information [Board of Directors](index=3&type=section&id=董事會) The company's Board of Directors, comprising six executive directors including Mr. Cen Zhaoxiong (Chairman and CEO) and three independent non-executive directors, is responsible for corporate governance and strategic decision-making - The Board of Directors consists of **6 executive directors** and **3 independent non-executive directors**[3](index=3&type=chunk) [Committees and Representatives](index=4&type=section&id=委員會及代表) The company has an Audit Committee, Remuneration Committee, and Nomination Committee, along with a Company Secretary and authorized representatives, to ensure robust corporate governance - The Audit Committee is chaired by Mr. Wong Wai Man, the Remuneration Committee by Ms. Sun Hui, and the Nomination Committee by Mr. Cen Zhaoxiong[3](index=3&type=chunk)[4](index=4&type=chunk) [Offices and Registration Information](index=5&type=section&id=辦事處與登記信息) The company is registered in the Cayman Islands, with its principal place of business in Guangzhou, Guangdong Province, China, and a primary place of business in Hong Kong, stock code 1233, and engages multiple legal advisors and independent auditor Ernst & Young - The company's registered office is in the Cayman Islands, with its principal place of business in Guangzhou, Guangdong Province, China[5](index=5&type=chunk) - The Hong Kong share registrar is Computershare Hong Kong Investor Services Limited, and the independent auditor is Ernst & Young[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's stock code is **1233**, and its principal bankers include Industrial and Commercial Bank of China and Agricultural Bank of China[7](index=7&type=chunk) [Financial Highlights](index=8&type=section&id=財務摘要%20Financial%20Highlights) For the six months ended June 30, 2024, the company's revenue decreased by 38.7% year-on-year to RMB 6.091 billion, with loss for the period expanding to RMB 2.831 billion and core net loss at RMB 2.828 billion, while total assets and equity declined, and the gearing ratio significantly increased to 617.4% Key Financial Data for H1 2024 | Metric | H1 2024 (RMB million) | H1 2023 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue Recognized | 6,091.0 | 9,932.2 | -38.7% | | Gross Profit | 537.3 | 759.9 | -29.3% | | Loss for the Period | (2,831.4) | (1,409.7) | +100.9% | | Loss Attributable to Owners of the Company | (3,017.9) | (1,689.5) | +78.6% | | Core Net Loss | (2,827.9) | (1,410.3) | +100.5% | | Basic Loss Per Share (RMB cents) | (144) | (80) | +80.0% | Key Balance Sheet Data as of June 30, 2024 | Metric | June 30, 2024 (RMB million) | December 31, 2023 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 115,066.6 | 121,107.2 | -5.0% | | Total Liabilities | 107,354.9 | 110,449.5 | -2.8% | | Cash and Bank Balances | 3,370.1 | 3,972.1 | -15.2% | | Total Interest-bearing Bank and Other Borrowings | 45,944.8 | 46,143.7 | -0.4% | | Total Equity | 7,711.7 | 10,657.7 | -27.6% | | Equity Attributable to Owners of the Company | (2,499.2) | 633.4 | -494.7% | | Current Ratio | 1.0 | 1.1 | -9.1% | | Gearing Ratio | 617.4% | 443.4% | +39.2% | [Business Review](index=10&type=section&id=業務回顧%20Business%20Review) This section provides an overview of the company's operational performance, including property development, urban renewal, property leasing, market conditions, and future outlook [Overview](index=10&type=section&id=概覽) For the six months ended June 30, 2024, Times China Holdings Limited recorded revenue of **RMB 6.091 billion**, a **38.7% year-on-year decrease**, with significant increases in both loss for the period and loss attributable to owners of the company, primarily due to asset impairment - Revenue for H1 2024 was **RMB 6.091 billion**, a **38.7% year-on-year decrease**[13](index=13&type=chunk)[15](index=15&type=chunk) - Loss for the period was **RMB 2.831 billion**, a year-on-year increase of **RMB 1.422 billion**[13](index=13&type=chunk)[15](index=15&type=chunk) - Loss attributable to owners of the company was **RMB 3.018 billion**, a year-on-year increase of **RMB 1.328 billion**[13](index=13&type=chunk)[15](index=15&type=chunk) - Basic and diluted loss per share was **RMB 144 cents**, compared to **RMB 80 cents** in the same period last year[13](index=13&type=chunk)[15](index=15&type=chunk) [Property Development](index=10&type=section&id=物業發展) The Group's property development business primarily focuses on the Pearl River Delta region, with **136 projects** as of June 30, 2024, achieving contracted sales of approximately **RMB 4.291 billion** and a total GFA of **337,000 square meters** in H1, with a total land bank of approximately **12.8 million square meters** sufficient for 2-3 years of development - As of June 30, 2024, the Group owned **136 major property projects**, with **124** located in major cities in Guangdong Province[14](index=14&type=chunk)[16](index=16&type=chunk) - Contracted sales for H1 2024 were approximately **RMB 4.291 billion**, with a total GFA of approximately **337,000 square meters**[14](index=14&type=chunk)[16](index=16&type=chunk) - As of June 30, 2024, the total land bank was approximately **12.8 million square meters**, expected to support development for the next **2-3 years**[26](index=26&type=chunk) [Contracted Sales](index=11&type=section&id=合同銷售) In H1 2024, Guangzhou and Foshan were the top regions for contracted sales, contributing **RMB 1.05 billion** and **RMB 1.182 billion** respectively, with an average selling price of **RMB 12,733 per square meter** Contracted Sales by Region for H1 2024 | Region | Number of Projects Available for Sale | Sales Area (sqm) | Sales Value (RMB million) | Average Selling Price (RMB/sqm) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou | 21 | 54,000 | 1,050 | 19,444 | | Foshan | 19 | 77,800 | 1,182 | 15,193 | | Changsha | 7 | 30,500 | 335 | 10,984 | | Dongguan | 7 | 37,500 | 380 | 10,133 | | Qingyuan | 5 | 49,300 | 407 | 8,256 | | Zhuhai | 3 | 3,400 | 61 | 17,941 | | Zhongshan | 4 | 18,600 | 151 | 8,118 | | Huizhou | 6 | 21,000 | 197 | 9,381 | | Chengdu | 1 | 100 | 2 | 20,000 | | Zhaoqing | 1 | 3,100 | 23 | 7,419 | | Jiangmen | 5 | 27,400 | 263 | 9,599 | | Heyuan | 1 | 600 | 4 | 6,667 | | Shanwei | 1 | 700 | 5 | 7,143 | | Nanjing | 1 | 6,400 | 108 | 16,875 | | Hangzhou Region | 2 | 6,600 | 123 | 18,636 | | **Total** | **84** | **337,000** | **4,291** | **12,733** | [Land Bank](index=12&type=section&id=土地儲備) As of June 30, 2024, the Group's total land bank was approximately **12.8 million square meters**, primarily located in Guangdong cities such as Guangzhou (**21.0%**), Qingyuan (**19.9%**), and Foshan (**15.5%**), sufficient for 2-3 years of development - As of June 30, 2024, the Group's total land bank was approximately **12.8 million square meters**[26](index=26&type=chunk) - The land bank is primarily concentrated in Guangzhou (**21.0%**), Qingyuan (**19.9%**), and Foshan (**15.5%**)[26](index=26&type=chunk) - The company believes its existing land bank is sufficient to meet development needs for the next **two to three years**[26](index=26&type=chunk) [Property Development Project Portfolio](index=13&type=section&id=物業開發項目組合) The Group's property development project portfolio spans cities including Guangzhou, Foshan, Jiangmen, Zhuhai, Zhongshan, Qingyuan, Changsha, Dongguan, Huizhou, Chengdu, Zhaoqing, Shantou, Shanwei, Nanjing, Hangzhou region, and Heyuan, with project types primarily residential and commercial, some completed, others under development or planned for future development - The project portfolio is distributed across Guangzhou, Foshan, Jiangmen, Zhuhai, Zhongshan, Qingyuan, Changsha, Dongguan, Huizhou, Chengdu, Zhaoqing, Shantou, Shanwei, Nanjing, Hangzhou region, and Heyuan[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) - Project types are primarily residential and commercial, including completed, under development, and future development stages[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) [Land Acquisitions](index=22&type=section&id=地塊收購) For the six months ended June 30, 2024, the Group did not acquire any land parcels - In H1 2024, the Group did not undertake any land acquisitions[41](index=41&type=chunk) [Urban Renewal Business](index=11&type=section&id=城市更新業務) During the period, the Group's urban renewal business did not generate any revenue - In H1 2024, the urban renewal business generated **no revenue**[22](index=22&type=chunk)[23](index=23&type=chunk) [Property Leasing and Sub-leasing](index=12&type=section&id=物業租賃及轉租) As of June 30, 2024, the Group held approximately **143,000 square meters** of properties for leasing and approximately **883,000 square meters** for sub-leasing, with H1 leasing revenue of **RMB 338.1 million**, accounting for **5.6%** of total revenue - As of June 30, 2024, the Group held approximately **143,000 square meters** of properties for leasing and approximately **883,000 square meters** for sub-leasing[24](index=24&type=chunk)[25](index=25&type=chunk) - H1 2024 leasing revenue was **RMB 338.1 million**, accounting for **5.6%** of total revenue[24](index=24&type=chunk)[25](index=25&type=chunk) [Market Review](index=23&type=section&id=市場回顧) In H1 2024, despite continuous optimization of real estate policies, the national property market remained generally sluggish, with new commercial housing sales area and transaction value decreasing by **19.0%** and **25.0%** year-on-year respectively, while the residential land market also remained depressed with significant declines in both transaction area and value - In H1 2024, national new commercial housing sales area decreased by **19.0%** year-on-year, and transaction value decreased by **25.0%** year-on-year[42](index=42&type=chunk) - National residential land transaction area decreased by **38.1%** year-on-year, and transaction value decreased by **44.3%** year-on-year[42](index=42&type=chunk) - Residential land transaction value in first-tier cities increased by **12.5%** year-on-year, while second-tier and third/fourth-tier cities saw decreases of **8.9%** and **15.2%** respectively[42](index=42&type=chunk) [Outlook](index=24&type=section&id=前景) Looking ahead to H2 2024, the company anticipates a complex international environment and weak global economic recovery, while China's macro policies will remain proactive, supporting the property market's return to supply-demand balance, with further removal of administrative restrictions in key cities and potential for lower mortgage rates, and the company will continue to actively sell, prioritize cash collection, reduce costs and enhance efficiency, optimize urban renewal project structures, proactively manage debt, and ensure project delivery - A complex international environment and weak global economic recovery are anticipated for H2 2024[43](index=43&type=chunk)[45](index=45&type=chunk) - China's macro policies will remain proactive, promoting the property market's return to supply-demand balance, with further removal of administrative restrictions in key cities and room for mortgage rate reductions[43](index=43&type=chunk)[45](index=45&type=chunk) - The company will continue to actively sell, prioritize cash collection, reduce costs, enhance efficiency, and maintain stable operating cash flow[43](index=43&type=chunk)[47](index=47&type=chunk) - The company will optimize its urban renewal project structure, accelerate conversion and investment recovery, proactively manage debt, and expedite the disposal of non-core assets[43](index=43&type=chunk)[47](index=47&type=chunk) [Financial Review](index=24&type=section&id=財務回顧) In H1 2024, the Group's revenue decreased by **38.7%** year-on-year to **RMB 6.091 billion**, primarily due to reduced property sales and delivery area, while gross profit decreased by **29.3%**, but gross profit margin slightly increased to **8.8%**, and both loss for the period and loss attributable to owners of the company significantly increased due to asset impairment - Revenue for H1 2024 was **RMB 6.091 billion**, a **38.7% year-on-year decrease**, primarily due to reduced property sales and delivery area[44](index=44&type=chunk)[48](index=48&type=chunk) - Gross profit was **RMB 537.3 million**, a **29.3% year-on-year decrease**; gross profit margin was **8.8%**, a slight increase from **7.7%** in the same period last year[53](index=53&type=chunk)[58](index=58&type=chunk) - Loss for the period was **RMB 2.8314 billion**, and loss attributable to owners of the company was **RMB 3.0179 billion**, primarily due to increased asset impairment[60](index=60&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) [Revenue](index=24&type=section&id=收入) The Group's H1 2024 revenue was **RMB 6.091 billion**, a **38.7% year-on-year decrease**, primarily from property development (**94.4%**) and property leasing and sub-leasing (**5.6%**) - H1 2024 revenue was **RMB 6.091 billion**, a **38.7% year-on-year decrease**[44](index=44&type=chunk)[48](index=48&type=chunk) - Property development contributed approximately **94.4%** of revenue, while property leasing and sub-leasing contributed approximately **5.6%**[44](index=44&type=chunk)[48](index=48&type=chunk) [Property Development Revenue](index=25&type=section&id=物業發展收入) Property sales revenue decreased by **36.2%** year-on-year to **RMB 5.7529 billion**, primarily due to reduced property sales and delivery area, with key contributing projects including Times Jianfa • Hezhu and Times Zhengrong • Runxifu - Property sales revenue decreased by **36.2%** year-on-year to **RMB 5.7529 billion**[49](index=49&type=chunk)[54](index=54&type=chunk) - The decrease in revenue was primarily due to reduced property sales and delivery area[49](index=49&type=chunk)[54](index=54&type=chunk) - Key revenue-contributing projects included Times Jianfa • Hezhu, Times Zhengrong • Runxifu, and Times Nianhua (Zhaoqing New Area)[49](index=49&type=chunk)[54](index=54&type=chunk) [Urban Renewal Business Revenue](index=25&type=section&id=城市更新業務收入) During the period, the urban renewal business did not generate any revenue - In H1 2024, the urban renewal business generated **no revenue**[50](index=50&type=chunk)[55](index=55&type=chunk) [Property Leasing and Sub-leasing Revenue](index=25&type=section&id=物業租賃和轉租收入) Total rental income increased by **13.5%** year-on-year to **RMB 338.1 million**, primarily due to increased leased area in certain projects - Total rental income increased by **13.5%** year-on-year to **RMB 338.1 million**[51](index=51&type=chunk)[56](index=56&type=chunk) - The increase in revenue was primarily due to increased leased area in certain projects during the period[51](index=51&type=chunk)[56](index=56&type=chunk) [Cost of Sales](index=25&type=section&id=銷售成本) Cost of sales decreased by **39.5%** year-on-year to **RMB 5.5537 billion**, primarily attributable to reduced property sales and delivery area - Cost of sales decreased by **39.5%** year-on-year to **RMB 5.5537 billion**[52](index=52&type=chunk)[57](index=57&type=chunk) - The decrease in cost of sales was primarily due to reduced property sales and delivery area[52](index=52&type=chunk)[57](index=57&type=chunk) [Gross Profit and Gross Profit Margin](index=25&type=section&id=毛利及毛利率) Gross profit decreased by **29.3%** year-on-year to **RMB 537.3 million**, with a gross profit margin of **8.8%**, largely stable compared to **7.7%** in the same period last year - Gross profit decreased by **29.3%** year-on-year to **RMB 537.3 million**[53](index=53&type=chunk)[58](index=58&type=chunk) - Gross profit margin was **8.8%**, largely stable compared to **7.7%** in the same period last year[53](index=53&type=chunk)[58](index=58&type=chunk) [Other Income and Gains](index=26&type=section&id=其他收入及收益) Other income and gains decreased year-on-year to **RMB 117.5 million**, primarily due to lower bank interest income - Other income and gains decreased year-on-year to **RMB 117.5 million**[59](index=59&type=chunk) - The decrease was primarily due to lower bank interest income[59](index=59&type=chunk) [Selling and Marketing Costs](index=26&type=section&id=銷售及市場推廣成本) Selling and marketing costs decreased by **28.1%** year-on-year to **RMB 131.8 million**, primarily due to the company's stringent control over marketing expenses - Selling and marketing costs decreased by **28.1%** year-on-year to **RMB 131.8 million**[59](index=59&type=chunk) - The decrease was primarily due to the company's stringent control over marketing expenses[59](index=59&type=chunk) [Administrative Expenses](index=26&type=section&id=行政開支) Administrative expenses decreased by **28.6%** year-on-year to **RMB 220.8 million**, primarily due to the company's stringent control over administrative expenses - Administrative expenses decreased by **28.6%** year-on-year to **RMB 220.8 million**[59](index=59&type=chunk) - The decrease was primarily due to the company's stringent control over administrative expenses[59](index=59&type=chunk) [Other Expenses](index=26&type=section&id=其他開支) Other expenses significantly increased by **158.0%** year-on-year to **RMB 2.3223 billion**, primarily due to increased asset impairment during the period - Other expenses significantly increased by **158.0%** year-on-year to **RMB 2.3223 billion**[59](index=59&type=chunk) - The increase was primarily due to increased asset impairment during the period[59](index=59&type=chunk) [Finance Costs](index=26&type=section&id=融資成本) Finance costs were **RMB 581.2 million**, largely comparable to **RMB 552.5 million** in the same period last year - Finance costs were **RMB 581.2 million**, largely comparable to the same period last year[59](index=59&type=chunk) [Income Tax Expense](index=26&type=section&id=所得稅開支) Income tax expense decreased by **38.6%** year-on-year to **RMB 172.1 million**, primarily due to increased loss before tax - Income tax expense decreased by **38.6%** year-on-year to **RMB 172.1 million**[59](index=59&type=chunk) - The decrease was primarily due to increased loss before tax[59](index=59&type=chunk) [Loss for the Period](index=27&type=section&id=期間虧損) Loss for the period was **RMB 2.8314 billion**, an increase of **RMB 1.4217 billion** from the same period last year, primarily due to increased asset impairment - Loss for the period was **RMB 2.8314 billion**, a year-on-year increase of **RMB 1.4217 billion**[60](index=60&type=chunk)[63](index=63&type=chunk) - The increase in loss was primarily due to increased asset impairment during the period[60](index=60&type=chunk)[63](index=63&type=chunk) [Loss Attributable to Owners of the Company](index=27&type=section&id=本公司擁有人應佔虧損) Loss attributable to owners of the company was **RMB 3.0179 billion**, an increase of **RMB 1.3284 billion** from the same period last year, with core net loss at **RMB 3.0144 billion**, primarily due to increased asset impairment - Loss attributable to owners of the company was **RMB 3.0179 billion**, a year-on-year increase of **RMB 1.3284 billion**[61](index=61&type=chunk)[64](index=64&type=chunk) - Core net loss attributable to owners of the company was **RMB 3.0144 billion**, a year-on-year increase of **RMB 1.3243 billion**[61](index=61&type=chunk)[64](index=64&type=chunk) - The increase in loss was primarily due to increased asset impairment during the period[61](index=61&type=chunk)[64](index=64&type=chunk) [Liquidity, Financial and Capital Resources](index=27&type=section&id=流動資金%E3%80%81財務及資本資源) As of June 30, 2024, the Group's cash and bank deposits were approximately **RMB 3.3701 billion**, a **15.2% year-on-year decrease**, with total interest-bearing bank and other borrowings of approximately **RMB 45.9448 billion**, of which **RMB 31.1215 billion** is due within one year, and the company has suspended repayment of certain offshore debts and is actively negotiating restructuring plans with creditors - As of June 30, 2024, cash and bank deposits were approximately **RMB 3.3701 billion**, a **15.2% decrease** from the end of 2023[62](index=62&type=chunk)[65](index=65&type=chunk) - Restricted bank deposits amounted to **RMB 1.8289 billion**[62](index=62&type=chunk)[65](index=65&type=chunk) - Total interest-bearing bank and other borrowings were approximately **RMB 45.9448 billion**, of which **RMB 31.1215 billion** is due within one year[10](index=10&type=chunk)[28](index=28&type=chunk) - The company has suspended repayment of certain offshore debts and is actively negotiating restructuring plans with creditors, having reached an agreement in principle with the ad hoc group of offshore creditors on a restructuring proposal[89](index=89&type=chunk) [Cash Position](index=27&type=section&id=現金狀況) As of June 30, 2024, the Group's cash and bank deposit balance was approximately **RMB 3.3701 billion**, a **15.2% decrease** from the end of 2023, with restricted bank deposits of **RMB 1.8289 billion** primarily for property construction guarantees and bank-designated supervision accounts - As of June 30, 2024, cash and bank deposits were approximately **RMB 3.3701 billion**, a **15.2% decrease** from the end of 2023[62](index=62&type=chunk)[65](index=65&type=chunk) - Restricted bank deposits amounted to **RMB 1.8289 billion**, primarily for property construction guarantees and bank-designated supervision accounts[62](index=62&type=chunk)[65](index=65&type=chunk) [Borrowings and Pledged Assets](index=28&type=section&id=借款及抵押資產) As of June 30, 2024, the Group's interest-bearing payables were **RMB 5.0373 billion**, partly secured by property inventories, with total interest-bearing bank loans and other borrowings of approximately **RMB 45.9448 billion**, of which **RMB 31.1215 billion** is due within one year, and certain borrowings are secured by investment properties, trade receivables, property inventories, and property, plant and equipment, with equity interests in certain subsidiaries also pledged - As of June 30, 2024, interest-bearing payables were **RMB 5.0373 billion**, partly secured by property inventories with a carrying amount of **RMB 1.6888 billion**[66](index=66&type=chunk) - Total interest-bearing bank loans and other borrowings were approximately **RMB 45.9448 billion**[10](index=10&type=chunk)[28](index=28&type=chunk) - Borrowings due within one year amounted to **RMB 31.1215 billion**, and borrowings due in two to five years amounted to **RMB 14.7772 billion**[10](index=10&type=chunk)[28](index=28&type=chunk) - Outstanding borrowings are partly secured by investment properties, trade receivables, property inventories, and property, plant and equipment, with equity interests in certain subsidiaries also pledged[66](index=66&type=chunk) [Details of Equity or Debt Securities Issued](index=29&type=section&id=權益或債務證券發行詳情) The Group has issued various USD senior notes and RMB domestic corporate bonds, including 5.00% USD senior notes due 2028, multiple USD senior notes due 2024-2027, and several RMB domestic corporate bonds due 2026-2027, with some domestic corporate bonds having their maturity dates adjusted through bondholder meetings, implementing small-amount redemption mechanisms, pro-rata principal repayment milestones, and interest capitalization as part of restructuring measures - Issued **5.00% USD senior notes** due 2028, with a principal amount of **USD 99.5 million**[67](index=67&type=chunk)[68](index=68&type=chunk) - Issued multiple USD senior notes due 2024, 2025, 2026, and 2027, with coupon rates ranging from **5.55% to 6.75%**[69](index=69&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) - Guangzhou Times issued multiple RMB domestic corporate bonds due 2026 and 2027, with coupon rates ranging from **5.10% to 6.80%**[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - Some domestic corporate bonds have had their maturity dates adjusted through bondholder meetings, implementing small-amount redemption mechanisms, pro-rata principal repayment milestones, capitalizing accrued and unpaid interest, and adding credit enhancement measures[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Contingent Liabilities](index=38&type=section&id=或然負債) As of June 30, 2024, the Group provided mortgage loan guarantees of approximately **RMB 14.4675 billion** for property purchasers, a decrease from the end of 2023, and bank loan guarantees of approximately **RMB 1.5809 billion** for joint ventures and associates - As of June 30, 2024, mortgage loan guarantees provided for property purchasers were approximately **RMB 14.4675 billion**, a decrease from **RMB 18.9827 billion** at the end of 2023[90](index=90&type=chunk)[93](index=93&type=chunk) - Bank loan guarantees provided for joint ventures and associates were approximately **RMB 1.5809 billion**[90](index=90&type=chunk)[94](index=94&type=chunk) [Foreign Exchange Risk](index=38&type=section&id=外匯風險) The Group primarily operates in China, with most business denominated in RMB, and will closely monitor RMB exchange rate fluctuations, cautiously considering currency swap arrangements to hedge risks, with no foreign exchange hedging activities undertaken as of June 30, 2024 - The Group primarily operates in China, with most business denominated in RMB[91](index=91&type=chunk)[95](index=95&type=chunk) - The company will closely monitor RMB exchange rate fluctuations and consider currency swap arrangements[91](index=91&type=chunk)[95](index=95&type=chunk) - As of June 30, 2024, no foreign exchange hedging activities were undertaken[91](index=91&type=chunk)[95](index=95&type=chunk) [Major Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments or Capital Assets](index=38&type=section&id=主要投資%E3%80%81收購及出售) During the period, the Group held no major investments, undertook no material acquisitions or disposals of subsidiaries, associates, and joint ventures, and had no future plans for other significant investments or capital asset additions - In H1 2024, there were **no material investments, acquisitions, or disposals** of subsidiaries, associates, and joint ventures[92](index=92&type=chunk)[96](index=96&type=chunk) - As of the reporting date, there were **no plans for other significant investments** or capital asset additions[92](index=92&type=chunk)[96](index=96&type=chunk) [Events After the Reporting Period](index=39&type=section&id=期間後事項) The winding-up petition hearing against the company by the High Court of Hong Kong has been further adjourned to October 21, 2024, with no other material events occurring after June 30, 2024 - The winding-up petition hearing against the company has been adjourned to **October 21, 2024**[97](index=97&type=chunk)[100](index=100&type=chunk) - Other than the winding-up petition, there were **no other material events** after June 30, 2024[97](index=97&type=chunk)[100](index=100&type=chunk) [Employees and Remuneration Policy](index=39&type=section&id=僱員及薪酬政策) As of June 30, 2024, the Group had **1,578 employees**, a decrease from the end of 2023, with remuneration based on performance, skills, experience, and market trends, offering various benefits and training programs, and H1 employee benefit expenses were approximately **RMB 170 million** - As of June 30, 2024, the Group had **1,578 employees**, a decrease from **1,757** at the end of 2023[98](index=98&type=chunk)[101](index=101&type=chunk) - Employee remuneration is based on performance, skills, knowledge, experience, and market trends, with benefits such as provident funds and medical insurance provided[98](index=98&type=chunk)[101](index=101&type=chunk) - H1 2024 employee benefit expenses were approximately **RMB 170 million**, a decrease from **RMB 253.3 million** in the same period last year[98](index=98&type=chunk)[101](index=101&type=chunk) [Interim Dividend](index=39&type=section&id=中期股息) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2024 - The Board of Directors does not recommend the payment of an interim dividend for H1 2024[99](index=99&type=chunk)[102](index=102&type=chunk) [Corporate Governance and Other Information](index=40&type=section&id=企業管治及其他資料%20Corporate%20Governance%20and%20Other%20Information) This section outlines the company's adherence to corporate governance practices, including board and committee structures, directors' securities dealings, and major shareholder interests [Corporate Governance Practices](index=40&type=section&id=企業管治常規) The company is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and despite the Chairman and CEO being the same person, the Board believes this structure benefits the Group's business prospects and maintains a balance of power through effective risk management and internal control systems - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[103](index=103&type=chunk) - Mr. Cen Zhaoxiong serves as both Chairman and CEO, a structure the Board believes provides strong and consistent leadership while maintaining a balance of power through risk management and internal control systems[103](index=103&type=chunk) [Compliance with the Code of Conduct for Directors' Securities Transactions](index=40&type=section&id=董事證券交易行為守則) The company has adopted a strict code of conduct for directors' securities transactions, with all directors confirming compliance in H1 2024, and similar codes of conduct have been established for relevant employees who may possess inside information - The company has adopted a code of conduct for directors' securities transactions no less exacting than the Model Code set out in Appendix C3 of the Listing Rules[103](index=103&type=chunk) - All directors confirmed compliance with the Model Code in H1 2024[103](index=103&type=chunk) - The company has also established similar codes of conduct for relevant employees who may possess inside information[104](index=104&type=chunk)[105](index=105&type=chunk) [Board and Board Committees](index=41&type=section&id=董事會及董事委員會) For the six months ended June 30, 2024, the composition of the Board and its Audit, Nomination, and Remuneration Committees remained unchanged, and the Audit Committee reviewed the interim report and financial results, deeming the risk management and internal control systems effective and adequate - In H1 2024, the composition of the Board, Audit Committee, Nomination Committee, and Remuneration Committee remained unchanged[106](index=106&type=chunk) - The Audit Committee reviewed the interim report and unaudited condensed consolidated interim results, concluding that the risk management and internal control systems were effective and adequate[106](index=106&type=chunk) [Changes in Directors' Information](index=41&type=section&id=董事資料變動) Independent Non-executive Director Mr. Jin Qingjun was appointed as an independent director of Zhongtai Securities on April 29, 2024, and resigned as an independent non-executive director of Sino-Ocean Group Holding Limited on August 29, 2024 - Independent Non-executive Director Mr. Jin Qingjun was appointed as an independent director of Zhongtai Securities (effective April 29, 2024)[106](index=106&type=chunk) - Mr. Jin Qingjun resigned as an independent non-executive director of Sino-Ocean Group Holding Limited (effective August 29, 2024)[106](index=106&type=chunk) [Controlling Shareholder's Specific Performance Obligations under Listing Rule 13.18](index=42&type=section&id=控股股東特定履約責任) Under the 2019 agreement, a default event occurs if Mr. Cen Zhaoxiong and his family cease to be the largest beneficial owner or hold less than **50.1%** of the share capital, or if Mr. Cen no longer serves as Chairman and Nomination Committee Chairman, potentially leading to immediate loan repayment, and as of June 30, 2024, the company had not yet repaid this financing - Under the 2019 agreement, a default event occurs if Mr. Cen Zhaoxiong and his family cease to be the largest beneficial owner or hold less than **50.1%** of the share capital, or if Mr. Cen no longer serves as Chairman and Nomination Committee Chairman[107](index=107&type=chunk) - A default event could lead to the finance agent revoking commitments and demanding immediate repayment of the loan together with accrued interest[107](index=107&type=chunk) - As of June 30, 2024, the company had not yet repaid this financing[107](index=107&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=42&type=section&id=上市證券交易) For the six months ended June 30, 2024, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - In H1 2024, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[107](index=107&type=chunk) - As of June 30, 2024, the company held **no treasury shares**[107](index=107&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=43&type=section&id=董事及最高行政人員權益) As of June 30, 2024, Mr. Cen Zhaoxiong was deemed to have an interest in approximately **59.23%** of the company's issued share capital, while the spouses of Mr. Guan Jianhui and Mr. Bai Xihong also held company shares, and several directors held interests in associated corporations (e.g., Times Neighborhood Holdings Limited), with Mr. Cen Zhaoxiong's spouse, Ms. Li Yiping, also holding company debentures - Mr. Cen Zhaoxiong was deemed to have an interest in **1,244,877,716 shares**, representing approximately **59.23%** of the issued share capital[109](index=109&type=chunk)[110](index=110&type=chunk)[112](index=112&type=chunk) - The spouses of Mr. Guan Jianhui and Mr. Bai Xihong held **46,350,000 shares** and **2,017,000 shares** respectively[110](index=110&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - Mr. Cen Zhaoxiong was deemed to have an interest in approximately **48.03%** of Times Neighborhood Holdings Limited[117](index=117&type=chunk)[118](index=118&type=chunk) - Ms. Li Yiping, spouse of Mr. Cen Zhaoxiong, held company debentures totaling **USD 5.5 million**[123](index=123&type=chunk)[124](index=124&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=47&type=section&id=董事購買股份或債權證的權利) For the six months ended June 30, 2024, neither the company nor its subsidiaries, holding companies, or fellow subsidiaries participated in any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate - In H1 2024, the company and its associated parties did not participate in any arrangements enabling directors to acquire benefits by purchasing shares or debentures[126](index=126&type=chunk)[128](index=128&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=47&type=section&id=主要股東權益) As of June 30, 2024, Ms. Li Yiping (spouse of Mr. Cen Zhaoxiong) was deemed to have an interest in approximately **59.23%** of the company's issued share capital, held through controlled corporations such as Fengya, Chaoda, Jiaming Investment, and Dongli, which are consequently considered substantial shareholders - Ms. Li Yiping (spouse of Mr. Cen Zhaoxiong) was deemed to have an interest in **1,244,877,716 shares**, representing approximately **59.23%** of the issued share capital[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - Fengya, Chaoda, Jiaming Investment, and Dongli are all listed as substantial shareholders due to their holdings or control over company shares[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=49&type=section&id=中期簡明綜合損益表%20Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the Group recorded revenue of **RMB 6.091 billion** and gross profit of **RMB 537 million**, with a loss for the period of **RMB 2.831 billion**, loss attributable to owners of the company of **RMB 3.018 billion**, and basic loss per share of **RMB 144 cents** H1 2024 Statement of Profit or Loss Summary | Metric | H1 2024 (RMB thousand) | H1 2023 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 6,091,008 | 9,932,209 | | Cost of sales | (5,553,721) | (9,172,267) | | Gross profit | 537,287 | 759,942 | | Other income and gains | 117,527 | 127,793 | | Selling and marketing costs | (131,754) | (183,243) | | Administrative expenses | (220,771) | (309,315) | | Other expenses | (2,322,334) | (899,967) | | Finance costs | (581,160) | (552,505) | | Share of losses of associates and joint ventures | (58,093) | (72,277) | | Loss before tax | (2,659,298) | (1,129,572) | | Income tax expense | (172,064) | (280,103) | | **Loss for the period** | **(2,831,362)** | **(1,409,675)** | | Loss attributable to owners of the Company | (3,017,883) | (1,689,480) | | Non-controlling interests | 186,521 | 279,805 | | Basic and diluted loss per share (RMB cents) | (144) | (80) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=50&type=section&id=中期簡明綜合全面收入表%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2024, the Group's loss for the period was **RMB 2.831 billion**, with a net other comprehensive loss of **RMB 114.7 million**, primarily comprising exchange differences on translation of foreign operations (**RMB 152.8 million loss**) and property revaluation gains (**RMB 31.3 million**), resulting in a total comprehensive loss for the period of **RMB 2.946 billion** H1 2024 Statement of Comprehensive Income Summary | Metric | H1 2024 (RMB thousand) | H1 2023 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (2,831,362) | (1,409,675) | | Other comprehensive (loss)/income | | | | Share of other comprehensive loss of a joint venture | 10,058 | (32,038) | | Exchange differences on translation of foreign operations | (152,827) | (717,541) | | Property revaluation gains | 31,339 | – | | Net loss on equity investments designated at fair value through other comprehensive income | (3,232) | (25,240) | | **Other comprehensive loss for the period, net of tax** | **(114,662)** | **(774,819)** | | **Total comprehensive loss for the period** | **(2,946,024)** | **(2,184,494)** | | Attributable to owners of the Company | (3,132,545) | (2,464,299) | | Non-controlling interests | 186,521 | 279,805 | [Interim Condensed Consolidated Statement of Financial Position](index=51&type=section&id=中期簡明綜合財務狀況表%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were **RMB 115.067 billion**, total liabilities **RMB 107.355 billion**, and total equity **RMB 7.712 billion**, with equity attributable to owners of the company deteriorating significantly to **negative RMB 2.499 billion** from **RMB 633 million** at the end of 2023 June 30, 2024 Statement of Financial Position Summary | Metric | June 30, 2024 (RMB thousand) | December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Investment properties | 8,511,961 | 8,420,554 | | Interests in joint ventures | 9,409,336 | 10,461,674 | | Total non-current assets | 25,864,026 | 27,136,261 | | **Current assets** | | | | Property inventories | 60,531,980 | 62,905,315 | | Cash and cash equivalents | 1,541,204 | 1,732,847 | | Total current assets | 89,202,579 | 93,970,919 | | **Current liabilities** | | | | Trade and bills payables | 7,781,937 | 8,201,955 | | Contract liabilities | 10,440,921 | 13,945,900 | | Interest-bearing bank and other borrowings and interest payables | 31,733,869 | 27,775,290 | | Total current liabilities | 87,241,000 | 86,543,133 | | **Non-current liabilities** | | | | Interest-bearing bank and other borrowings and interest payables | 15,449,013 | 19,211,043 | | Total non-current liabilities | 20,113,921 | 23,906,339 | | **Equity** | | | | Equity attributable to owners of the Company | (2,499,162) | 633,383 | | Non-controlling interests | 10,210,846 | 10,024,325 | | **Total equity** | **7,711,684** | **10,657,708** | [Interim Condensed Consolidated Statement of Changes in Equity](index=53&type=section&id=中期簡明綜合權益變動表%20Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2024, equity attributable to owners of the company shifted from **RMB 633 million** as of January 1, 2024, to **negative RMB 2.499 billion**, primarily impacted by a loss for the period of **RMB 3.018 billion** and other comprehensive loss of **RMB 114.7 million**, with total equity decreasing from **RMB 10.658 billion** to **RMB 7.712 billion** - Equity attributable to owners of the company decreased from **RMB 633 million** as of January 1, 2024, to **negative RMB 2.499 billion** as of June 30, 2024[151](index=151&type=chunk) - Loss for the period of **RMB 3.018 billion** and other comprehensive loss for the period of **RMB 114.7 million** were the primary reasons for the decrease in equity[151](index=151&type=chunk) - Total equity decreased from **RMB 10.658 billion** as of December 31, 2023, to **RMB 7.712 billion** as of June 30, 2024[139](index=139&type=chunk)[151](index=151&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=55&type=section&id=中期簡明綜合現金流量表%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2024, the Group's net cash flow from operating activities was **RMB 633 million**, a significant decrease from the same period last year, with net cash outflow from investing activities of **RMB 54 million** and net cash outflow from financing activities of **RMB 770.7 million**, resulting in cash and cash equivalents of **RMB 1.5412 billion** at period-end, a net decrease of **RMB 191.7 million** H1 2024 Statement of Cash Flows Summary | Metric | H1 2024 (RMB thousand) | H1 2023 (RMB thousand) | | :--- | :--- | :--- | | Net cash flows from operating activities | 632,963 | 2,579,306 | | Net cash flows (used in)/from investing activities | (54,006) | 71,823 | | Net cash flows used in financing activities | (770,651) | (3,220,119) | | Net decrease in cash and cash equivalents | (191,694) | (568,990) | | Cash and cash equivalents at end of period | 1,541,204 | 2,169,667 | [Notes to Interim Condensed Consolidated Financial Information](index=58&type=section&id=中期簡明綜合財務資料附註%20Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the company's financial information, including company details, basis of preparation, accounting policy changes, segment information, and specific financial line items [Company Information](index=58&type=section&id=公司資料) The company was incorporated in the Cayman Islands on November 14, 2007, with its name changed to Times China Holdings Limited, operating as an investment holding company whose subsidiaries primarily engage in property development, urban renewal, and property leasing in China, with the ultimate holding company being Jiaming Investment Limited, wholly owned by founder Mr. Cen Zhaoxiong - The company was incorporated in the Cayman Islands on **November 14, 2007**, and is now named Times China Holdings Limited[157](index=157&type=chunk) - The company primarily engages in property development, urban renewal business, and property leasing in China[157](index=157&type=chunk) - The ultimate holding company is Jiaming Investment Limited, wholly owned by founder Mr. Cen Zhaoxiong[157](index=157&type=chunk) [Basis of Preparation](index=58&type=section&id=編製基準) The interim condensed consolidated financial information is prepared in accordance with Appendix D2 of the Listing Rules and IAS 34, and should be read in conjunction with the 2023 annual consolidated financial statements, noting significant uncertainties regarding the company's ability to continue as a going concern due to recorded losses and substantial borrowing defaults, though management has formulated various plans and measures to improve liquidity - The interim condensed consolidated financial information is prepared in accordance with Appendix D2 of the Listing Rules and IAS 34[157](index=157&type=chunk) - As of June 30, 2024, loss attributable to owners of the company was **RMB 3.0179 billion**, with total borrowings of **RMB 45.9448 billion**, of which **RMB 31.1215 billion** is due within 12 months[158](index=158&type=chunk) - The company defaulted on borrowings principal totaling **RMB 22.3439 billion** and interest totaling **RMB 2.5293 billion** due to non-repayment, triggering cross-defaults of **RMB 228.8 million**[158](index=158&type=chunk) - The directors have formulated various plans and measures, including restructuring borrowings, negotiating with financial institutions, accelerating property sales and cash collection, controlling costs, and disposing of assets, to improve liquidity and financial position[158](index=158&type=chunk) [Going Concern Basis](index=59&type=section&id=持續經營基礎) Significant uncertainties exist regarding the Group's ability to continue as a going concern, primarily due to substantial losses, numerous borrowing defaults, and cross-defaults recorded in H1 2024, though management has formulated various countermeasures, including debt restructuring, loan renewal negotiations, accelerated property sales, and asset disposals, to ensure sufficient working capital for the next 12 months - The Group recorded a loss attributable to owners of the company of **RMB 3.0179 billion**, with total bank and other borrowings of **RMB 45.9448 billion**, of which **RMB 31.1215 billion** is due within the next 12 months[158](index=158&type=chunk) - The Group defaulted on borrowings principal totaling **RMB 22.3439 billion** and interest totaling **RMB 2.5293 billion** due to non-repayment, triggering cross-defaults of **RMB 228.8 million**[158](index=158&type=chunk) - The directors have adopted various plans and measures, including appointing financial advisors to assist with restructuring, negotiating with financial institutions for loan renewals, accelerating property sales and cash collection, controlling administrative costs and capital expenditures, and identifying opportunities to dispose of assets or urban renewal projects[158](index=158&type=chunk) - Despite the measures formulated, significant uncertainties remain regarding the Group's ability to implement these plans and continue as a going concern[159](index=159&type=chunk) [Changes in Accounting Policies and Disclosures](index=61&type=section&id=會計政策變動及披露) Several revised International Financial Reporting Standards, including amendments to IFRS 16, IAS 1, and IAS 7, were adopted for the first time during this period, but these changes had no material financial impact on the interim condensed consolidated financial information - Amendments to IFRS 16, IAS 1, and IAS 7 were adopted for the first time during this period[160](index=160&type=chunk)[161](index=161&type=chunk)[163](index=163&type=chunk) - These changes in accounting policies had **no material financial impact** on the interim condensed consolidated financial information[161](index=161&type=chunk)[164](index=164&type=chunk) [Operating Segment Information](index=61&type=section&id=運營分部資料) The Group's operating segments include property development, urban renewal business, and property leasing, with property development contributing **RMB 5.7529 billion** in external revenue in H1 2024, urban renewal business generating no external revenue, and property leasing contributing **RMB 338.1 million** in external revenue, and the property development segment holding the largest proportion of assets - The Group's operating segments include property development, urban renewal business, and property leasing[162](index=162&type=chunk)[165](index=165&type=chunk) - In H1 2024, external revenue from property development was **RMB 5.7529 billion**, urban renewal business generated **no external revenue**, and property leasing generated **RMB 338.1 million** in external revenue[166](index=166&type=chunk) - As of June 30, 2024, property development segment assets were **RMB 74.9968 billion**, accounting for **81.8%** of total segment assets[171](index=171&type=chunk) [Revenue, Other Income and Gains](index=64&type=section&id=收入%E3%80%81其他收入及收益) Total revenue for H1 2024 was **RMB 6.091 billion**, comprising property sales revenue of **RMB 5.7529 billion** and total rental income of **RMB 338.1 million**, with other income and gains at **RMB 117.5 million**, primarily including gains from disposal of land held for development and net exchange gains - Total revenue for H1 2024 was **RMB 6.091 billion**, comprising property sales revenue of **RMB 5.7529 billion** and total rental income of **RMB 338.1 million**[175](index=175&type=chunk) - Other income and gains amounted to **RMB 117.5 million**, primarily including gains from disposal of land held for development of **RMB 40.794 million** and net exchange gains of **RMB 24.4 million**[179](index=179&type=chunk) [Loss Before Tax](index=66&type=section&id=除稅前虧損) Loss before tax for H1 2024 was **RMB 2.6593 billion**, a significant increase from the same period last year, primarily due to increased asset impairment (impairment loss on interests in joint ventures of **RMB 1.0025 billion**, impairment loss on amounts due from joint ventures of **RMB 363.9 million**, and write-down of property inventories of **RMB 154.5 million**) and loss on change from joint ventures to subsidiaries of **RMB 782.7 million** - Loss before tax for H1 2024 was **RMB 2.6593 billion**, compared to **RMB 1.1296 billion** in the same period last year[134](index=134&type=chunk) - Key loss items included impairment loss on interests in joint ventures of **RMB 1.0025 billion**, impairment loss on amounts due from joint ventures of **RMB 363.9 million**, loss on change from joint ventures to subsidiaries of **RMB 782.7 million**, and write-down of property inventories to net realisable value of **RMB 154.5 million**[166](index=166&type=chunk)[180](index=180&type=chunk) [Finance Costs](index=67&type=section&id=融資成本) Finance costs for H1 2024 were **RMB 581.2 million**, largely comparable to **RMB 552.5 million** in the same period last year, with total interest expenses of **RMB 1.8899 billion** and capitalized interest of **RMB 1.3088 billion** - Finance costs for H1 2024 were **RMB 581.2 million**, largely comparable to **RMB 552.5 million** in the same period last year[181](index=181&type=chunk)[183](index=183&type=chunk) - Total interest expenses were **RMB 1.8899 billion**, of which **RMB 1.3088 billion** was capitalized interest[181](index=181&type=chunk) [Income Tax Expense](index=67&type=section&id=所得稅開支) Income tax expense for H1 2024 was **RMB 172.1 million**, a **38.6% decrease** from the same period last year, primarily due to increased loss before tax, with taxes including China Enterprise Income Tax (CIT) and Land Appreciation Tax (LAT), and some Chinese subsidiaries enjoying a preferential CIT rate of **15%** - Income tax expense for H1 2024 was **RMB 172.1 million**, a **38.6% year-on-year decrease**[187](index=187&type=chunk)[192](index=192&type=chunk) - The decrease was primarily due to increased loss before tax[59](index=59&type=chunk) - Taxes include China Enterprise Income Tax (CIT) and Land Appreciation Tax (LAT), with some Chinese subsidiaries enjoying a preferential CIT rate of **15%**[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Dividends](index=68&type=section&id=股息) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2024 - The Board of Directors does not recommend the payment of an interim dividend for H1 2024[192](index=192&type=chunk)[193](index=193&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Company](index=69&type=section&id=每股虧損) Basic and diluted loss per share for H1 2024 was **RMB 144 cents**, compared to **RMB 80 cents** in the same period last year, calculated based on the loss attributable to owners of the company and the weighted average of **2.1018 billion** issued ordinary shares, with no potential dilutive ordinary shares during the period - Basic and diluted loss per share for H1 2024 was **RMB 144 cents**, compared to **RMB 80 cents** in the same period last year[194](index=194&type=chunk)[197](index=197&type=chunk) - The calculation is based on the loss attributable to owners of the company and the weighted average of **2.1018 billion** issued ordinary shares[195](index=195&type=chunk)[196](index=196&type=chunk) - There were **no potential dilutive ordinary shares** during the period[195](index=195&type=chunk)[196](index=196&type=chunk) [Property, Plant and Equipment](index=69&type=section&id=物業%E3%80%81廠房及設備) In H1 2024, the Group acquired property, plant and equipment with a total carrying amount of **RMB 1.584 million**, recorded depreciation of **RMB 50.866 million**, transferred **RMB 95.605 million** of property, plant and equipment to investment properties, and disposed of property, plant and equipment with a total carrying amount of **RMB 750,000** - In H1 2024, property, plant and equipment with a total carrying amount of **RMB 1.584 million** were acquired[198](index=198&type=chunk)[199](index=199&type=chunk) - Total depreciation amounted to **RMB 50.866 million**[198](index=198&type=chunk)[199](index=199&type=chunk) - Property, plant and equipment with a carrying amount of **RMB 95.605 million** were transferred to investment properties[198](index=198&type=chunk)[199](index=199&type=chunk) - Property, plant and equipment with a total carrying amount of **RMB 750,000** were disposed of[198](index=198&type=chunk)[199](index=199&type=chunk) [Investment Properties](index=70&type=section&id=投資物業) As of June 30, 2024, the Group's investment properties had a carrying amount of **RMB 8.512 billion**, comprising **15 commercial properties** in mainland China, categorized as self-owned and sub-leased, with **RMB 105.5 million** of investment properties under development transferred to completed properties and **RMB 61.7 million** in additions during the period - As of June 30, 2024, investment properties had a carrying amount of **RMB 8.512 billion**[201](index=201&type=chunk) - Investment properties include **15 commercial properties** located in mainland China, categorized as self-owned and sub-leased[203](index=203&type=chunk)[205](index=205&type=chunk) - During the period, **RMB 105.5 million** of investment properties under development were transferred to completed properties, and **RMB 61.7 million** in additions were made[201](index=201&type=chunk) [Trade Receivables](index=71&type=section&id=應收貿易款項) As of June 30, 2024, net trade receivables were **RMB 933.1 million**, primarily from property sales, urban renewal business, and property leasing, with **RMB 544.6 million** due within six months, **RMB 224.0 million** due in seven to twelve months, and **RMB 164.6 million** due after one year - As of June 30, 2024, net trade receivables amounted to **RMB 933.1 million**[207](index=207&type=chunk) - Trade receivables primarily arose from sales of completed properties, urban renewal business, and property leasing[204](index=204&type=chunk)[206](index=206&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2024 (RMB thousand) | December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Within 6 months | 544,601 | 535,308 | | 7 to 12 months | 223,967 | 26,582 | | After 1 year | 164,569 | 285,126 | | **Total** | **933,137** | **847,016** | [Cash and Cash Equivalents and Restricted Bank Deposits](index=72&type=section&id=現金及現金等價物及受限制銀行存款) As of June 30, 2024, the Group's cash and bank balances were **RMB 3.3701 billion**, including restricted bank deposits of **RMB 1.8289 billion** primarily for pre-sale proceeds guarantees, bank-designated monitoring accounts, and other performance guarantees, with cash and cash equivalents at **RMB 1.5412 billion**, mostly denominated in RMB - As of June 30, 2024, cash and bank balances amounted to **RMB 3.3701 billion**[209](index=209&type=chunk) - Restricted bank deposits amounted to **RMB 1.8289 billion**, primarily for pre-sale proceeds guarantees, bank-designated monitoring accounts, and other performance guarantees[209](index=209&type=chunk)[210](index=210&type=chunk) - Cash and cash equivalents amounted to **RMB 1.5412 billion**, of which **RMB 1.536 billion** was denominated in RMB[209](index=209&type=chunk) [Trade and Bills Payables](index=74&type=section&id=應付貿易款項及票據) As of June 30, 2024, total trade and bills payables were **RMB 7.7819 billion**, with **RMB 3.5347 billion** due within one year and **RMB 4.2472 billion** due after one year, all unsecured, non-interest-bearing, and repayable within normal operating cycles or on demand - As of June 30, 2024, total trade and bills payables amounted to **RMB 7.7819 billion**[211](index=211&type=chunk) Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2024 (RMB thousand) | December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 3,534,741 | 5,420,785 | | After 1 year | 4,247,196 | 2,781,170 | | **Total** | **7,781,937** | **8,201,955** | - Trade and bills payables are unsecured, non-interest-bearing, and repayable within normal operating cycles or on demand[212](index=212&type=chunk) [Other Payables and Accruals](index=74&type=section&id=其他應付款項及應計款項) As of June 30, 2024, total other payables and accruals were **RMB 17.4774 billion**, including interest-bearing payables of **RMB 5.0373 billion**, partly secured by property inventories, with principal and interest already in default, while the remaining balances are unsecured and repayable on demand - As of June 30, 2024, total other payables and accruals amounted to **RMB 17.4774 billion**[213](index=213&type=chunk) - Interest-bearing payables amounted to **RMB 5.0373 billion**, partly secured by property inventories with a carrying amount of **RMB 1.6888 billion**[214](index=214&type=chunk)[215](index=215&type=chunk) - Interest-bearing balances with principal totaling **RMB 4.9983 billion** and interest totaling **RMB 508.1 million** were in default[214](index=214&type=chunk)[215](index=215&type=chunk) [Interest-bearing Bank and Other Borrowings and Interest Payables](index=75&type=section&id=計息銀行及其他借款及應付利息) As of June 30, 2024, total interest-bearing bank and other borrowings and interest payables were **RMB 47.1829 billion**, with **RMB 22.3439 billion** in borrowing principal and **RMB 2.5293 billion** in interest already in default, triggering cross-defaults of **RMB 228.8 million**, and all defaulted and cross-defaulted borrowings are classified as current liabilities - As of June 30, 2024, total interest-bearing bank and other borrowings and interest payables amounted to **RMB 47.1829 billion**[217](index=217&type=chunk) - Borrowings with principal totaling **RMB 22.3439 billion** and interest totaling **RMB 2.5293 billion** were in default, triggering cross-defaults of **RMB 228.8 million**[218](index=218&type=chunk) - All defaulted and cross-defaulted borrowings are presented under current liabilities in the interim condensed consolidated statement of financial position[218](index=218&type=chunk) - The company has completed the restructuring of its corporate bonds, extending maturity periods, with the effective average interest rate for corporate bonds in H1 2024 ranging from **5.50% to 7.50%**[225](index=225&type=chunk)[226](index=226&type=chunk) [Contingent Liabilities](index=78&type=section&id=或然負債) As of June 30, 2024, the Group provided mortgage loan guarantees of approximately **RMB 14.4675 billion** for property purchasers and bank loan guarantees of approximately **RMB 1.5809 billion** for joint ventures and associates, with directors believing the net realizable value of the related properties is sufficient to cover the mortgage loans, thus no provision has been made for these guarantees - As of June 30, 2024, mortgage loan guarantees provided for property purchasers amounted to approximately **RMB 14.4675 billion**[227](index=227&type=chunk) - Bank loan guarantees provided for joint ventures and associates amounted to approximately **RMB 1.5809 billion**[227](index=227&type=chunk) - The directors believe that the net realizable value of the related properties is sufficient to cover the mortgage loans, and thus no provision has been made for these guarantees[228](index=228&type=chunk)[229](index=229&type=chunk) [Pledge of Assets and Shares](index=79&type=section&id=資產及股份的抵押) As of June 30, 2024, the Group had pledged assets with a total carrying amount of approximately **RMB 16.014 billion** (including property, plant and equipment, investment properties, property inventories, and trade receivables) to secure interest-bearing bank and other borrowings, and equity interests in certain subsidiaries were also pledged, totaling approximately **RMB 21.5469 billion** - As of June 30, 2024, assets with a total carrying amount of approximately **RMB 16.014 billion** were pledged, including property, plant and equipment, investment properties, property inventories, and trade receivables[220](index=220&type=chunk) - Equity interests in certain subsidiaries were also pledged, totaling approximately **RMB 21.5469 billion**[221](index=221&type=chunk) [Commitments](index=79&type=section&id=承擔) As of June 30, 2024, the Group's total capital commitments were **RMB 4.9839 billion**, primarily comprising property inventory commitments of **RMB 4.4383 billion** and equity investment commitments of **RMB 545.6 million**, in addition to capital contribution commitments to joint ventures of **RMB 1.2427 billion** - As of June 30, 2024, total capital commitments amounted to **RMB 4.9839 billion**[232](index=232&type=chunk) - Primarily included property inventory commitments of **RMB 4.4383 billion** and equity investment commitments of **RMB 545.6 million**[232](index=232&type=chunk) - Capital contribution commitments to joint ventures amounted to **RMB 1.2427 billion**[233](index=233&type=chunk) [Significant Related Party Transactions](index=80&type=section&id=重大關聯方交易) The Group engaged in multiple related party transactions, including purchasing property management services from Times Neighborhood, selling construction materials, providing construction decoration and consulting services to joint ventures and associates, and selling properties to key management personnel, with total amounts due from related parties of **RMB 3.7655 billion** and total amounts due to related parties of **RMB 8.2739 billion** as of June 30, 2024, and total key management personnel remuneration of **RMB 27.057 million** - In H1 2024, property management services purchased from Times Neighborhood amounted to **RMB 35.255 million**[234](index=234&type=chunk) - Sales of construction materials and pr

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]

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之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 TIMES CHINA HOLDINGS LIMITED 時 代 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1233 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中期業績摘要 － 期間合同銷售為人民幣94.43億元，相比二零二二年同期減幅為65.6%； － 期間營業額為人民幣9,932.2百萬元，相比二零二二年同期增幅為52.8%； － 期間毛利為人民幣759.9百萬元，相比二零二二年同期減幅為11.6%； － 期間毛利率為7.7%，相比二零二二年同期下跌5.5個百分點； － 期間內，本集團有效進行成本管理，管控費用支出； － 期間虧損為人民幣1,409.7百萬元，相比二零二二年同期的期間利潤減少 ...

Financial Performance - In 2022, contracted sales surpassed RMB 100.3 billion[22]. - Contracted sales for 2022 amounted to RMB 39,791 million, a decrease of 58.4% compared to RMB 95,590 million in 2021[71]. - Recognized revenue for 2022 was RMB 24,423.7 million, down 44.0% from RMB 43,635.2 million in 2021[71]. - Gross profit for 2022 decreased by 72.1% to RMB 3,362.7 million from RMB 12,053.1 million in 2021[71]. - The company reported a loss attributable to owners of the Company of RMB 9,936.3 million in 2022, compared to a profit of RMB 3,260.2 million in 2021, marking a decline of 404.8%[71]. - Core net loss for 2022 was RMB 9,564.7 million, a significant drop from a profit of RMB 4,802.4 million in 2021, representing a change of 299.2%[71]. - The Group's revenue for 2022 was RMB 24,423.7 million, a decrease of 44.0% compared to 2021[116]. - The loss for 2022 amounted to RMB 9,619.5 million, a decrease of RMB 14,373.4 million from the profit in 2021[120]. - The core net loss for 2022 was RMB 9,564.7 million, down RMB 14,367.1 million from the core profit in 2021[120]. - Loss attributable to the owners of the Company for 2022 was RMB 9,936.3 million, a decrease of RMB 13,196.5 million from the profit attributable to owners in 2021[120]. - Basic loss per share for 2022 was RMB 4.76, compared to basic earnings per share of RMB 1.66 in 2021[120]. Assets and Liabilities - As of December 2022, the Group's total assets exceeded RMB 149.9 billion[16]. - Total assets as of December 31, 2022, were RMB 149,927.3 million, down from RMB 198,393.0 million in 2021[71]. - Total liabilities decreased to RMB 130,020.9 million in 2022 from RMB 155,738.2 million in 2021[71]. - Cash and bank balances at the end of 2022 were RMB 6,749.4 million, a decline from RMB 20,657.2 million in 2021[71]. - The total land bank at the end of 2022 was 15,629,940 sq.m., a decrease from 19,944,103 sq.m. in 2021[74]. Market Presence and Strategy - The company has 138 projects at different development stages, providing quality living apartments and services for approximately 600,000 homeowners[17]. - Times China has been focusing on the Guangdong-Hong Kong-Macau Greater Bay Area while entering other high-growth potential regions in China[17]. - The company has successfully entered the Chengdu market, marking a new strategic breakthrough[24]. - The company aims to become a Global 500 company, focusing on better products and services for consumers[18]. - The company continues to adhere to its corporate strategy of "Regional Focus, Cities Penetration, and Product Diversification"[27]. - The company has set a target to expand its market presence by entering three new cities in 2023, aiming for a 20% increase in market share in these regions[86]. - Times China is exploring potential mergers and acquisitions to diversify its portfolio, with a focus on acquiring smaller real estate firms in emerging markets[86]. - The company is actively expanding its portfolio with multiple projects across various regions, indicating a strong growth strategy in the residential and commercial sectors[136]. Operational Efficiency and Management - The company conducted proactive debt management in 2022, aiming to lower the gearing level to maintain healthy operations[61]. - The company emphasizes the importance of organic growth and long-term strategies, aiming to adjust and optimize its business model for high-quality development in 2023[66]. - The management emphasized a commitment to sustainability, aiming to implement green building practices in 100% of new projects by 2025[86]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through new management strategies[104]. - The management structure includes a mix of executive directors and non-executive directors, enhancing governance and oversight[92][93]. Charitable Activities - The company focused on four major areas for charitable activities: education, arts, medical care, and poverty relief, benefiting over 600,000 children in rural areas[62]. Future Outlook - Looking forward to 2023, the company expects a general recovery in the Chinese economy and acknowledges that the real estate industry will continue to undergo structural reforms[65][66]. - The overall economy in China is expected to improve in 2023, driven by macro policies focused on stable economic growth[163][164]. - The real estate market is expected to gradually stabilize with the introduction of supportive government policies aimed at boosting market confidence[165][167].