Financial Performance - For the six months ended June 30, 2022, LET Group Holdings Limited reported a loss attributable to equity holders of HKD 253.0 million, a significant decrease from a profit of HKD 384.3 million in the same period of 2021[34]. - The adjusted EBITDA from continuing operations for the first half of 2022 was approximately HKD 50.6 million, compared to a negative HKD 8.1 million for the same period in 2021[34]. - Total revenue from continuing operations for the first half of 2022 was approximately HKD 190.4 million, an increase of about HKD 45.8 million or 31.7% compared to HKD 144.6 million in the first half of 2021[40]. - The loss from discontinued operations for the first half of 2022 was approximately HKD 52.7 million, compared to a profit of HKD 114.4 million in the same period of 2021[35]. - The company recognized a net foreign exchange gain of approximately HKD 81.9 million in the first half of 2022, compared to a net gain of HKD 10.0 million in the same period of 2021[46]. - The company reported an impairment loss of approximately HKD 287.1 million related to the fair value reassessment of the Crystal Tiger Palace's property, plant, and equipment as of December 31, 2021[77]. - The company recorded a tax credit of approximately HKD 7.0 million in the first half of 2022 due to excess provisions for Philippine withholding tax from prior periods[100]. - The company recorded a net loss of approximately HKD 234,014,000 for the six months ended June 30, 2022[200]. - The operating cash outflow for the same period was approximately HKD 65,752,000[200]. Revenue and Gaming Operations - The total gaming revenue in Manila has recovered to approximately 79% of the levels reported in the same period of 2019[28]. - Revenue from gaming and hotel operations in Russia accounted for 93.4% of the group's total revenue for continuing operations in the first half of 2022, up from 89.5% in the same period of 2021[101]. - Net gaming revenue from the Crystal Tiger Palace reached approximately 168 million HKD in the first half of 2022, an increase of about 46 million HKD or 37.7% year-on-year[142]. - Net gaming revenue rose by 54.5% from approximately HK$55 million in the first half of 2021 to approximately HK$85 million in the first half of 2022[146]. - The total amount of gaming bets in the mid-market increased by 49.4% from HK$237 million in the first half of 2021 to HK$354 million in the first half of 2022[147]. - The total amount of slot machine bets increased by 39.5% from approximately HK$1,563 million in the first half of 2021 to approximately HK$2,181 million in the first half of 2022[147]. - The net gaming revenue from slot machines increased by 22.1% from approximately HK$68 million in the first half of 2021 to approximately HK$83 million in the first half of 2022[147]. Project Developments - The Westside City project is the first project built from scratch by the company, aimed at becoming a stylish integrated resort in the Philippines[28]. - The company is developing a five-star hotel and entertainment complex in Manila, Philippines, with operations expected to commence in 2024[41]. - The group has completed the foundation work for the Westside City project, with multiple cranes now operational for further construction[170]. - The Westside City project will feature approximately 300 gaming tables, over 1,300 slot machines, and more than 450 five-star hotel rooms upon completion[171]. - The first phase of the Hoi An South Integrated Resort, including a golf club and hotel, is now operational[172]. - The group is developing the second phase of the Hoi An South Integrated Resort, with land development currently underway[173]. - The group plans to open the second phase of the Crystal Tiger Palace no earlier than 2025 due to ongoing adverse effects from the pandemic and economic uncertainty[169]. Market Conditions and Strategic Focus - The company is closely monitoring market conditions, including geopolitical restructuring and supply chain disruptions, which may impact its financial situation and operations[29]. - The company aims to establish a strong presence in the Asian entertainment market, leveraging the potential of Manila as a key entertainment hub[28]. - The company is adapting to the "living with the virus" strategy in Vietnam, which has positively impacted business performance[30]. - The group remains cautiously optimistic about its long-term strategic positioning in the Asian entertainment sector despite ongoing challenges in the gaming industry[175]. - The group views the Philippines as the country with the lowest international business risk and the highest potential returns among its investments[183]. - The global economic recovery remains uncertain, with potential risks including ongoing pandemic waves, corporate bankruptcies, and financial pressures, which could hinder recovery efforts[78]. Employment and Costs - The group employed approximately 1,116 employees as of June 30, 2022, an increase from 1,103 employees as of December 31, 2021, with total employee costs for the six months amounting to approximately HKD 78.3 million, down from HKD 112.5 million for the same period in 2021[122]. - Financing costs for the first half of 2022 were approximately HKD 111.0 million, compared to HKD 123.2 million in the same period of 2021[39]. - The group's financing costs in the first half of 2022 slightly decreased due to interest capitalization related to the construction of a hotel and entertainment complex[99]. Impairments and Losses - The expected credit loss for loans and receivables to joint ventures increased significantly, shifting from a 12-month expected credit loss to a lifetime expected credit loss as of December 31, 2021, and June 30, 2022[72]. - As of December 31, 2021, the company recognized impairment losses of approximately HKD 119.7 million, HKD 194.2 million, and HKD 22.9 million for loans and receivables to joint ventures[73]. - For the six months ended June 30, 2022, the company recognized impairment losses of approximately HKD 18.2 million, HKD 9.8 million, and HKD 19.3 million for loans and receivables to joint ventures, compared to zero for the same period in 2021[74]. Asset Management and Sales - The group plans to continue selling assets to focus on the most profitable business segments, including potential land sales in Japan[182]. - The group completed the sale of its entire equity interest in certain subsidiaries in July 2022, which will no longer be consolidated in the group's financial statements[98]. - The group completed the sale of its wholly-owned subsidiary on July 22, 2022, for a total cash consideration of HKD 1, with conditions of the sale agreement being met[117]. Economic Indicators - In the Philippines, the GDP grew by 8.2% in Q1 2022, and the total gaming revenue of licensed casinos reached approximately 63.9 billion pesos (about 1.15 billion USD), recovering to nearly 79% of pre-pandemic levels[164]. - Vietnam's GDP grew by 6.4% in the first half of 2022, with only 602,000 foreign visitors entering the country, which is 7.1% of the total in 2019[165].

Financial Performance - Total revenue for 2021 was HKD 340,437,000, a significant increase of 87.2% compared to HKD 181,858,000 in 2020[46] - The group reported a loss before tax of HKD 623,063,000, compared to a profit of HKD 1,277,229,000 in the previous year[46] - The group incurred a loss attributable to shareholders of HKD 469,397,000, a decrease from a profit of HKD 871,566,000 in 2020[46] - The company reported a loss attributable to equity holders of HKD 258.3 million for the year ended December 31, 2021, a significant decline from a profit of HKD 884.8 million for the year ended December 31, 2020[62] - The group’s total comprehensive income for the year was not specified, but the net loss indicates a challenging financial year[46] - The company reported a total loss attributable to equity holders of approximately HKD 469.4 million for the year 2021, compared to a profit of HKD 871.6 million in 2020[74] Revenue Sources - Total revenue from continuing operations was HKD 340.4 million in 2021, compared to HKD 181.9 million in 2020, indicating a substantial increase[61] - The group contributed approximately HKD 265.5 million in revenue from its integrated resort operations in the Primorsky Krai region of Russia, up from HKD 47.7 million in 2020[78] - The total gaming revenue for the year was HKD 286 million, a significant increase from HKD 53 million in the previous year[67] - The group experienced a significant decline in travel-related revenue, recording approximately HKD 42.8 million, down from HKD 123.8 million in 2020 due to the impact of the COVID-19 pandemic[78] Costs and Expenses - The group recognized an impairment loss of HKD 119,717,000 on loans to a joint venture[46] - The group’s financing costs decreased to HKD 283,876,000 from HKD 329,053,000 in the previous year[46] - The total employee costs for the year ended December 31, 2021, amounted to approximately HKD 205.5 million, compared to HKD 97.5 million in 2020[142] - Sales and distribution expenses increased in 2021 due to the consolidation of the financial performance of the acquired company, Kaisa[82] - Administrative expenses rose in 2021 mainly due to increased employee costs following the acquisition of Kaisa in Q4 2020[83] Strategic Focus and Development - The group plans to focus on market expansion and new product development in the upcoming year[46] - The company is focusing on maintaining a stable cash reserve and has implemented unprecedented cost-cutting measures[53] - The company plans to concentrate resources in regions that provide the most stable returns and lowest risks[54] - The company is considering the sale of land in Japan for hotel development as part of its strategic realignment[53] - The group is developing a five-star hotel and entertainment complex in Manila, expected to commence operations in 2024[77] Asset Management - Non-current assets decreased to HKD 5,615.2 million in 2021 from HKD 7,056.4 million in 2020[49] - Current assets also declined to HKD 2,716.7 million in 2021 from HKD 3,674.4 million in 2020[49] - As of December 31, 2021, the total cash and bank balances amounted to approximately 1,573.0 million HKD, a decrease from 2,644.5 million HKD as of December 31, 2020[129] - The group's total borrowings were approximately 972.3 million HKD, with about 823.1 million HKD due within one year[129] Market Conditions and Impact - The global tourism industry continued to be severely impacted by the pandemic in 2021, with most regions still lacking bilateral quarantine-free travel arrangements[192] - The Russian tourism sector saw a 15% year-on-year decline in foreign visitors to approximately 115,000 in 2021, affected by the pandemic and geopolitical tensions[193] - The number of tourists from Japan, South Korea, and China dropped by 63% to 1.4 million in 2021 due to travel restrictions during the pandemic[199] - The Philippine GDP grew by 5.6% in 2021, recovering from a 9.6% decline in 2020[199] Gaming Operations - The gaming business at Crystal Tiger Palace was primarily derived from VIP, mass market, and slot machine operations[171] - Total betting amount in the gaming segment increased by 37% from approximately HKD 362 million in 2020 to approximately HKD 496 million in 2021[172] - Net gaming revenue for the gaming segment rose by 38% from approximately HKD 82 million in 2020 to approximately HKD 113 million in 2021[172] - Slot machine betting amount increased by 57% from approximately HKD 2,217 million in 2020 to approximately HKD 3,477 million in 2021[175] Corporate Governance and Employee Relations - The company regularly reviews its compensation policies based on employee performance and industry practices, providing year-end bonuses and stock options as rewards[146] - The company has implemented appropriate operational measures and health protocols to protect employees during the pandemic[147] - The company encourages employees to participate in training programs to obtain professional qualifications relevant to their job roles[145] - The company has established a transparent process for determining director remuneration, which is reviewed annually by the remuneration committee and the board[146]

Financial Performance - The company recorded a profit attributable to equity holders of RMB 320.0 million for the first half of 2021, a significant turnaround from a loss of RMB 118.6 million in the same period of 2020[20]. - The total revenue from continuing operations was RMB 148.77 million, compared to RMB 74.62 million in the first half of 2020, representing an increase of approximately 99.4%[23]. - The company achieved a total of RMB 107.87 million in revenue from its integrated resort operations, including RMB 102.26 million from gaming and RMB 5.61 million from hotel operations[23]. - The company reported a profit from discontinued operations of approximately RMB 147.1 million, including a gain of RMB 167.9 million from the sale of a subsidiary[21]. - The company reported a net profit of RMB 285,799,000 for the six months ended June 30, 2021, compared to a loss of RMB 123,208,000 in the prior year[151]. - Basic earnings per share for the period was RMB 3.13, compared to a loss per share of RMB 1.78 in the same period last year[154]. - The company reported a loss of RMB 118,794,000 for the six months ended June 30, 2021, compared to a loss of RMB 392,324,000 for the same period in 2020, showing an improvement in financial performance[192]. Revenue Growth - The company reported a total of RMB 148,770,000 in revenue from gaming operations for the six months ending June 30, 2021, compared to RMB 74,621,000 for the same period in 2020, marking an increase of approximately 99%[188]. - The revenue from travel agency services for the six months ending June 30, 2021, was RMB 220,544,000, a significant increase from RMB 1,049,000 for the same period in 2020, showing a growth of over 20,900%[188]. - The revenue from property management services for the six months ending June 30, 2021, was RMB 12,639,000, compared to RMB 2,820,000 for the same period in 2020, reflecting a growth of over 348%[188]. - The revenue from tourism-related products and services for the six months ending June 30, 2021, amounted to RMB 26,950,000, a substantial increase from RMB 0 for the same period in 2020[188]. - The overall performance indicates a strong recovery trajectory post-pandemic, with significant growth across multiple revenue streams compared to the previous year[188]. Operational Developments - The group is focused on maximizing cash flow and liquidity while implementing cost control measures across all integrated resorts[13]. - The group has implemented prudent cost control measures at all integrated resorts without compromising customer experience[13]. - The group is committed to creating growth opportunities at its integrated resorts, with a focus on the Water Crystal Palace and the upcoming Westside City project as key growth drivers[13]. - The group is developing a five-star hotel and entertainment complex in Manila, Philippines, with construction ongoing and no revenue recognized in the first half of 2021[30]. - The group is focusing on cash flow management and implementing cost control measures across all integrated resort projects[125]. Market Expansion - The company plans to expand its market presence in Asia, particularly with the Westside City project in the Philippines, which is expected to become a popular venue[18]. - The company is focusing on expanding its market presence in Russia and the Philippines, with reported revenues of RMB 107,872,000 and RMB 0, respectively, for the six months ending June 30, 2021[188]. - The company is focusing on expanding its market presence in China, Macau, Cambodia, and Vietnam[191]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[152]. Strategic Initiatives - The group aims to enhance facilities and services at the Crystal Tiger Palace, including the launch of a new VIP club and dining options[15]. - The group is undergoing digital transformation, utilizing big data strategies and exploring integrated digital experiences for its resorts[130]. - The group is actively selling real estate divisions to generate cash and expedite future construction projects[131]. - The company plans to enhance its product offerings and services related to integrated resorts and hotels[191]. - Future outlook includes potential mergers and acquisitions to strengthen market position and expand service capabilities[191]. Financial Position - As of June 30, 2021, the group's cash and bank balances totaled approximately RMB 1,947.4 million, down from RMB 2,225.6 million at the end of 2020[50]. - The group's total borrowings amounted to approximately RMB 965.3 million as of June 30, 2021, a decrease from RMB 1,312.6 million at the end of 2020[50]. - The debt ratio was approximately 25.4% as of June 30, 2021, down from 31.1% at the end of 2020[54]. - The company reported a significant capital expenditure commitment of approximately RMB 3.44 billion for the six months ended June 30, 2021[173]. - The total liabilities as of June 30, 2021, were RMB 6,584,230,000, down from RMB 7,731,713,000 as of December 31, 2020[194]. Challenges and Risks - The company continues to face adverse impacts on its overall business due to ongoing COVID-19 restrictions affecting international travel, particularly in Macau and the Russian entertainment sector[176]. - The group expresses gratitude to various governments for their efforts in controlling the pandemic, which has impacted business operations[10]. - The company relies on financial support from its major shareholder and related companies to maintain sufficient working capital[173]. - The company has ceased its property development and leasing business in Shenzhen, China, following the completion of the sale of its subsidiary[175].

Property Development and Leasing - The total site area for the completed project "Le Paysage" in Shenzhen is 42,233 m², with a residential area of 90,053 m² and a total saleable area of 96,953 m²[27]. - The property development business includes a project under development, "The Landale" in Chaohu, with a site area of 122,363 m² and a total saleable area of 82,974 m², fully attributable to the Group[27]. - The Group's property leasing business includes the "Gang Long City Shopping Centre" in Shenzhen, with a leasable area of 64,397 m²[28]. - The Group holds a 51% interest in parcels of land located at Miyako Island, Okinawa, Japan, intended for the development of 40 villas and a hotel tower of more than 100 rooms[29]. - The Group's total interest in completed projects stands at 100%, reflecting a strong ownership position in its property assets[34]. - Future outlook includes plans for new product developments and market expansions in both residential and commercial sectors[6]. - The Group delivered no residential units in 2020, resulting in no revenue recognized from property development, compared to 621 m² delivered in 2019[90]. - The Le Paysage project in Shenzhen has sold approximately 86% of its total saleable area of 96,953 m² as of December 31, 2020[160]. - The Landale project is currently suspended due to changes in scenic area policy, with the Chaohu Government intending to reclaim land use rights for approximately 183.54 Chinese Mu (about 122,360 m²)[164]. - The Group owns 51% of MSRD Corporation Limited, which holds a plot of land of 108,799 m² in Okinawa, Japan, with plans to build 40 villas and a hotel tower[166]. - The Group completed the acquisition of land parcels totaling 220,194 m² in Niseko, Hokkaido, Japan, with plans to develop over 50 villas, 20 townhouses, and a hotel[166]. Financial Performance - Total revenue for 2020 was RMB 199,291,000, a decrease of 67.5% from RMB 611,827,000 in 2019[40]. - Non-current assets increased to RMB 5,938,687,000 in 2020, up from RMB 3,169,708,000 in 2019, representing an increase of 87.5%[41]. - Current assets rose significantly to RMB 3,092,411,000 in 2020, compared to RMB 949,284,000 in 2019, marking a 226.5% increase[41]. - The company reported a profit before taxation of RMB 675,188,000 for 2020, compared to a loss of RMB 1,495,053,000 in 2019[40]. - Total comprehensive income for the year was RMB 508,409,000, a recovery from a comprehensive expense of RMB 1,463,730,000 in 2019[40]. - Equity attributable to equity holders of the company improved to RMB 3,210,345,000 in 2020, compared to a deficit of RMB 1,951,719,000 in 2019[41]. - The Group recorded total revenue of approximately RMB199.3 million, down 67.4% year-on-year[72]. - Consolidated Adjusted EBITDA was approximately RMB(105.2) million compared to approximately RMB(59.4) million in 2019[72]. - Net profit for the year attributable to equity holders of the Company was approximately RMB786.4 million, a significant turnaround from a net loss of approximately RMB1,484.3 million in 2019[72]. - The profit for the year was mainly due to a gain on change in fair value of derivative financial instruments of approximately RMB1,359.9 million[73]. Strategic Focus and Future Plans - The Chairman's statement highlights the strategic importance of expanding the property portfolio to enhance market presence and profitability[6]. - The company plans to develop 40 villas and a hotel with over 100 rooms on a land plot in Okinawa, Japan, currently in preliminary planning[36]. - The company is actively diversifying its integrated resorts across North, South, and East Asia, with projects including Hoiana in Vietnam and the Westside City Project in the Philippines[60]. - Suncity has announced the disposal of its property leasing and development businesses in February 2021, signaling a strategic focus on developing integrated resorts and hotels[60]. - The Group plans to leverage Macau as a strategic hub to establish a network of integrated resorts across North Asia, South Asia, and East Asia[64]. - The Group is committed to maintaining high service standards across all its integrated resorts to enhance customer loyalty[63]. - The Group plans to enrich travel-related products to cover more Asian countries in the near future[173]. Impact of COVID-19 - The impact of the COVID-19 pandemic has severely affected the business environment in the PRC, Macau, Russian Federation, and Vietnam, leading to operational challenges[156]. - The occupancy rate of Hong Long Plaza in Shenzhen was 58% for the year ended December 31, 2020, down from 60% in 2019[168]. - The number of visitor arrivals in Macau was approximately 5.9 million in 2020, representing an 85.0% year-on-year decrease[172]. - The average occupancy rate of hotels and guesthouses in Macau decreased by 62.2 percentage points year-on-year to 28.6% for the year ended December 31, 2020[172]. - Revenue from travel-related products and services decreased significantly by approximately RMB 415.5 million to approximately RMB 110.0 million in 2020, down from RMB 525.5 million in 2019[93]. - The Group's revenue from travel-related products and services saw a substantial decrease due to the COVID-19 pandemic[172]. Gaming Operations - The Group's gaming operations in the Russian Federation generated revenue of RMB 40.6 million, while hotel operations contributed RMB 1.8 million[82]. - The Group's total Gross Gaming Revenue (GGR) for the year was RMB 45 million[85]. - The net win rate for mass table gaming was 24.21% with a net win of RMB 20 million[82]. - Net gaming revenue of Tigre de Cristal was approximately HK$203 million in 2020, a decrease of 58% compared to HK$482 million in 2019[185]. - Total Gross Gaming Revenue (GGR) for FY2020 was HK$250 million, a significant decrease from HK$815 million in FY2019[1]. - The Group holds approximately 34% indirect equity interest in Hoiana, which commenced operations amid pandemic-related travel restrictions[1]. Employee and Administrative Costs - As of December 31, 2020, the Group had approximately 1,291 employees, a significant increase from 152 employees in 2019[152]. - Total staff costs for the year were approximately RMB 92.0 million, up from RMB 74.8 million in 2019, reflecting a year-over-year increase of about 23.0%[152]. - Administrative expenses increased due to higher share-based compensation benefits and staff costs following the acquisition of Summit Ascent Group in Q4 2020[105].

Project Developments - The completed project "Le Paysage" in Shenzhen has a site area of 42,233 m², with a total saleable area of 138,123 m² and an attributable interest of 100%[8]. - The ongoing project "The Landale" in Chaohu has a site area of 122,363 m², with a total saleable area of 85,756 m² and an attributable interest of 100%[9]. - The Group is in preliminary planning stages for parcels of land located at Miyako Island, Okinawa, Japan, intended for 40 villas and a hotel with more than 100 rooms, with a 51% attributable interest[10]. - The Group's total saleable area for completed and ongoing projects is significant, contributing to its overall portfolio value[8][9]. - The Group's financial position is supported by its diverse property portfolio, which includes both completed and under-development projects[8][9]. - The Landale project is currently suspended due to changes in China's scenic area regulations[76]. Financial Performance - The Group recorded a loss attributable to owners of the Company of RMB118.6 million for the six months ended 30 June 2020, representing a significant reduction of loss by 90.5% compared to RMB1,254.2 million for the same period in 2019[28]. - Revenue for the period was approximately RMB93.7 million, a decrease of approximately RMB213.3 million or 69.5% compared to RMB307.0 million for the corresponding period in 2019[28]. - Revenue from property leasing decreased from RMB23.4 million for the six months ended 30 June 2019 to approximately RMB19.1 million due to a decline in occupancy rate from 66% to 59%[28]. - The Group's financial performance was impacted by a loss of approximately RMB333.2 million in fair value of investment properties and finance costs of approximately RMB192.6 million[28]. - The Group's total current liabilities were approximately RMB3,571.5 million as of June 30, 2020, down from RMB4,231.6 million as of December 31, 2019[53]. - Total revenue for the six months ended June 30, 2020, was RMB 93,748, a decrease of 69.5% compared to RMB 307,043 for the same period in 2019[115]. - The company reported a loss for the period of RMB 123,208, a decrease from RMB 1,254,366 in the prior year[117]. - Total liabilities exceeded total assets by approximately RMB 540,037,000[137]. Operational Impact of COVID-19 - The outbreak of COVID-19 significantly impacted the Group's operations, leading to a temporary closure of its associate's casino operations from late March 2020 to July 2020[138]. - The pandemic has significantly impacted the global economy and market demand, making it difficult to estimate the full recovery of the tourism market[108]. - The Group's flagship integrated resort Hoiana successfully welcomed its first customers during a preview on June 28, 2020, despite the challenges posed by the COVID-19 pandemic[19]. - Hoiana was never mandated to suspend operations, and the Westside City Project in Manila faced no operational impact[23]. - The Group implemented a stringent cost-control program to manage operations effectively during challenging times[25]. - The Group's approach to treasury and funding policies focuses on risk management and transactions directly related to its underlying business[68]. Strategic Initiatives - The Group remains committed to international integrated resort development projects, including Hoiana in Vietnam and Westside City Project in the Philippines[25]. - The Group has been exploring opportunities in other Asian countries such as Vietnam, Japan, and Myanmar[77]. - The Group aims to enrich travel-related products to cover more Asian countries in the near future[84]. - The Group plans to offer charter flight services and relevant travel products following the acquisition of an aircraft in January 2020[84]. - The Group is progressing on various projects, including the Phase 1 upgrade in Tigre de Cristal and architectural design work for the Westside City Project in the Philippines, positioning itself for growth in entertainment demand post-pandemic[110]. Stakeholder Engagement - The Group's investor relations are managed by Ms. Winnie Lei, Senior Director, indicating a structured approach to stakeholder communication[6]. - The Chairman expressed confidence in the long-term development of the Group and emphasized the importance of supporting employees and the community[25]. - The Group's strategy includes focusing on employee welfare and community support during difficult times, alongside maintaining customer experience[25]. Market Conditions - The number of visitor arrivals in Macau was approximately 3.3 million during the six months ended June 30, 2020, representing a decline of 83.9% compared to the same period in 2019[84]. - The average occupancy rate of hotels and guesthouses in Macau decreased by 63.9% year-on-year to 27.2% for the six months ended June 30, 2020[84]. - In Vietnam, international tourist arrivals decreased by 55.8% year-on-year to 3.74 million from January to June 2020[104]. - Macau's gross gaming revenue for the first half of 2020 was MOP33.7 billion, down by 77.4% year-on-year, with total tourism arrivals decreasing by 83.9% to 3.2 million[104]. Financial Management - The Group's cash and cash equivalents at 30 June 2020 amounted to RMB 1,659,774,000, compared to RMB 87,037,000 at the same date in 2019[133]. - Loans from a related company surged from RMB 729,589,000 to RMB 1,714,903,000, an increase of approximately 134.0%[123]. - The Group's total liabilities from convertible bonds and derivative financial instruments were approximately RMB621.2 million as of June 30, 2020, compared to RMB581.7 million as of December 31, 2019[53]. - The Group's total current liabilities were approximately RMB3,571.5 million as of June 30, 2020, down from RMB4,231.6 million as of December 31, 2019[53]. Regulatory Compliance - The Group's financial statements for the six months ended June 30, 2020, included disclosures regarding the impact of COVID-19 on lease agreements[150]. - The Group early adopted the amendment to HKFRS 16 "Covid-19-Related Rent Concessions" on January 1, 2020, resulting in a reduction of lease payments by RMB 354,000 during the six months ended June 30, 2020[151]. - The amendments to HKFRS 3 clarified the definition of a business, which may impact future acquisitions and business combinations[149].

Property Development and Leasing - The Group's completed project "Le Paysage" in Shenzhen has a total saleable area of 96,953 m² and an attributable interest of 100%[10] - The ongoing project "The Landale" in Chaohu has a site area of 122,363 m² with a total saleable area of 82,974 m², also with 100% interest attributable to the Group[10] - The Group's property leasing business includes the "Gang Long City Shopping Centre" in Shenzhen, which has a leasable area of 64,397 m²[11] - The Group's portfolio includes a mix of residential, commercial, and other properties, reflecting a diversified investment strategy[10] - The property development segment delivered residential units with a Gross Floor Area (GFA) of approximately 621 m² in 2019, down from 2,981 m² in 2018, resulting in revenue decreasing by approximately RMB158.5 million to RMB18.9 million[33] - Revenue from property leasing decreased from RMB52.6 million in 2018 to approximately RMB44.8 million in 2019, attributed to a drop in occupancy rate from 67% to 60%[33] - The property leasing business reported a leasable area of 64,397 square meters with an occupancy rate of 60% for the year ended December 31, 2019, down from 67% in 2018[82] Financial Performance - Total revenue for 2019 was RMB 611,827,000, a decrease of 22.8% from RMB 792,643,000 in 2018[18] - The Group recorded a loss attributable to owners of the Company of RMB1,484.3 million in 2019, slightly increasing from RMB1,458.5 million in 2018[33] - Total comprehensive income for the year was a loss of RMB (1,463,730,000), slightly worsening from a loss of RMB (1,453,250,000) in 2018[18] - The company reported a loss before taxation of RMB (1,495,053,000) in 2019, compared to a loss of RMB (1,378,012,000) in 2018[18] - Gross profit decreased by 57.8% to RMB99.9 million, primarily due to a decrease in revenue from the sale of properties[89] - The Group's financial position remains strong, with a focus on sustainable growth and profitability in the property sector[17] Strategic Outlook and Growth - The Group's Chairman's statement emphasizes the commitment to expanding the property portfolio and enhancing shareholder value[2] - Future outlook includes potential market expansion and new project developments in key regions[2] - The Group's management discussion highlights the importance of strategic partnerships and acquisitions to drive growth[4] - The Group is exploring opportunities in other Asian countries, including Vietnam, Korea, Japan, the Philippines, and Myanmar[81] - The Group aims to build an integrated tourism and entertainment platform with equity investments in integrated resorts and provide tourism-related services in Asia[94] Investments and Acquisitions - The Group acquired approximately 24.68% of Summit Ascent's issued share capital for HK$717,812,540, increasing its interest from approximately 3.29% to 27.97%[39] - The Group disposed of its equity interest in Sun Metro Real Estate Company Limited for RMB20,000,000 (approximately HK$23,000,000)[39] - The Group recognized a loss on deemed disposal of subsidiaries of approximately RMB152.0 million due to the SunTrust Acquisition, which resulted in the derecognition of assets and liabilities of approximately RMB115.4 million[41] - The Group acquired 51% equity interests in MSRD Corporation Limited for a consideration of US$9,588,000, with an additional advance of US$12,990,566 to repay a shareholder's loan, completing the transaction on September 2, 2019[70] - The Group's investment strategy includes significant acquisitions and disposals to enhance its portfolio and market position[70] Market Conditions and Challenges - The company emphasized the importance of health and safety measures during the coronavirus pandemic, which significantly impacted global markets and consumer confidence[23] - The grand opening of HOIANA was delayed due to uncertainties brought by the coronavirus pandemic[27] - The Landale project is currently suspended due to changes in scenic area policies, with the Chaohu Government intending to reclaim land use rights for approximately 183.54 Chinese Mu (equivalent to approximately 122,360 m²) with compensation yet to be determined[78] - Improved infrastructure in the Greater Bay Area is expected to drive demand for travel and hotels despite short-term uncertainties[89] Shareholder Information and Corporate Governance - The Directors do not recommend the payment of a final dividend for the year ended December 31, 2019 (2018: nil)[119] - The Company had no reserves available for distribution to shareholders as of December 31, 2019 (December 31, 2018: nil)[123] - The Company acts as an investment holding company, with principal activities detailed in note 48 to the consolidated financial statements[118] - The Company has no service contracts with executive Directors, while independent non-executive Directors have contracts subject to re-election[139] - The total number of shares issued as of December 31, 2019, is 6,666,972,746 shares[146]

Revenue Performance - Revenue for the period was approximately RMB 307.0 million, a decrease of approximately RMB 149.0 million compared to RMB 456.0 million for the same period in 2018, primarily due to a decline in the property development segment[23]. - Total revenue declined from RMB 456.0 million to RMB 307.0 million, representing a 32.7% decrease compared to the first half of 2018[70]. - Revenue from property leasing decreased from RMB27.1 million for the six months ended 30 June 2018 to approximately RMB23.4 million due to a continual decrease in occupancy rate[25]. - Revenue from hotel and integrated resort consultancy services generated approximately RMB7.1 million for the period under review, down from RMB8.5 million in the same period of 2018[25]. - Revenue from travel-related products and services increased to RMB257.7 million in the current period, compared to RMB250.8 million for the six months ended 30 June 2018[25]. - Revenue from property development was RMB 18,901,000, while property leasing generated RMB 23,386,000, and travel-related products and services contributed RMB 257,676,000 for the six months ended June 30, 2019[144]. Property Development - The completed project "Le Paysage" in Shenzhen has a total saleable area of 96,953 m² and is fully owned by the Group[11]. - The property under development "The Landale" in Chaohu has a site area of 122,363 m² and a saleable area of 82,974 m², with 100% interest attributable to the Group[12]. - The Group's property development project, Le Paysage, has sold approximately 86% of its total saleable area of approximately 96,953 m² as of June 30, 2019[59]. - The Landale project is currently suspended due to policy changes, with the Chaohu Government intending to reclaim land use rights for approximately 183.54 Chinese Mu (equivalent to approximately 122,360 m²)[59]. - The Group delivered residential units with a Gross Floor Area (GFA) of approximately 621 m² for the six months ended 30 June 2019, a decrease from 2,749 m² in the same period of 2018, resulting in a revenue decline of approximately RMB150.7 million[25]. Financial Performance - The Group recorded a loss attributable to owners of the Company of RMB1,254.2 million for the six months ended 30 June 2019, a reduction of 23.9% compared to RMB1,648.1 million for the same period in 2018[70]. - Gross profit decreased by 70.8% to RMB51.6 million, primarily due to a decrease in revenue from property sales[70]. - The company reported a basic and diluted loss per share of RMB 18.81 for the six months ended June 30, 2019, compared to RMB 27.12 for the same period in 2018, indicating an improvement in loss per share[85]. - The company incurred a net loss of RMB1,254,366,000 during the six months ended 30 June 2019[79]. - The total comprehensive expense for the period was RMB 1,236,321,000, compared to RMB 1,647,942,000 in the same period of 2018, showing a reduction in comprehensive losses of about 25%[85]. Financial Position - As of June 30, 2019, the Group's current liabilities exceeded current assets by RMB3,029,405,000 and total liabilities exceeded total assets by RMB1,947,176,000[79]. - The Group's total bank and other borrowings increased to approximately RMB811.3 million as of June 30, 2019, compared to RMB685.3 million as of December 31, 2018[47]. - The Group's borrowings represented 39.2% of total assets as of June 30, 2019, up from 31.4% as of December 31, 2018[47]. - The Group's current liabilities increased to approximately RMB 3,781.8 million from RMB 2,799.0 million as of December 31, 2018[50]. - The Group's total liabilities amounted to RMB 2,202,618, an increase from RMB 1,714,889 as of December 31, 2018[89]. Investments and Acquisitions - The Group acquired approximately 24.68% of the issued share capital of Summit Ascent for HK$717.8 million, increasing its interest from approximately 3.29% to approximately 27.97%[35]. - The Group disposed of its equity interest in Sun Metro Real Estate Company Limited for RMB20 million, which held a 90% attributable interest in a property development project[32]. - Following the acquisition, the Group further acquired an additional 1.80% equity interest in Summit Ascent for approximately HK$45,021,600, resulting in a total holding of approximately 29.68% as of June 30, 2019[53]. - The Group's total investment in the joint venture, including loans, was RMB767,592,000 as of June 30, 2019[178]. - The financial asset representing a 3.29% equity interest in Summit Ascent was derecognized on 23 April 2019, resulting in a gain of approximately RMB20,681,000 recognized during the six months ended 30 June 2019[174]. Operational Challenges - The decrease in revenue was mainly attributed to the property development segment, indicating potential challenges in this area[24]. - The Group's property leasing business includes the Gang Long City Shopping Centre in Shenzhen, which has a leasable area of 64,397 m²[19]. - The property leasing business has a leasable area of 64,397 m², with an occupancy rate of 66.0% for the six months ended June 30, 2019, down from 87.0% for the same period in 2018[59]. - The Group experienced a significant loss in the property leasing segment, amounting to RMB 58,224,000, highlighting operational difficulties in this area[144]. - The share of loss from a joint venture, Star Admiral, is attributed to its principal asset, a 34% equity interest in the Hoiana Project in Vietnam, which is still under construction and thus in a loss-making position[44]. Future Outlook - Future outlook includes potential expansion in property leasing and continued development of existing projects to improve financial performance[23]. - The Group's management discussion highlights a focus on diversifying revenue streams beyond property development[23]. - The Group aims to enhance its market presence through strategic expansions and new product developments in the travel-related services sector[140]. - The Group has been providing hotel and integrated resort consultancy services since 2017, with expectations of improved performance as several integrated resorts in Vietnam and Cambodia are set to complete construction between Q4 2019 and Q1 2020[59]. - The opening of the Hong Kong-Zhuhai-Macao Bridge in October 2018 is expected to boost regional tourism, benefiting the Group's travel-related products and services segment[64]. Accounting and Compliance - The Group applied new accounting standards including HKFRS 16 Leases for the first time during the reporting period[100]. - The application of new and amendments to HKFRSs has had no material impact on the Group's financial performance and positions for the current and prior periods[100]. - The Group's financial statements are prepared on a going concern basis[98]. - The Group's financial statements are in accordance with HKAS 34 Interim Financial Reporting[98]. - The Group recognizes right-of-use assets at the commencement date of the lease, measured at cost, less accumulated depreciation and impairment losses[105].

Financial Performance - The Group reported a total revenue of HKD 1.2 billion for the year, representing a year-on-year increase of 15%[23] - The Group's net profit for the year was HKD 300 million, which is a 20% increase compared to the previous year[23] - The Group's total assets increased to HKD 5 billion, reflecting a growth of 10% from the previous year[23] - Total revenue increased from RMB544.7 million in 2017 to RMB792.6 million in 2018, representing a growth of 45.5%[31] - Gross profit rose by RMB54.6 million, reflecting a 30.0% increase compared to the previous year[31] - Revenue for the year was approximately RMB792.6 million, an increase of approximately RMB247.9 million from RMB544.7 million in the previous year[50] - The increase in revenue was mainly due to higher sales of properties and continued growth in sales of travel-related products and services[50] - Revenue from travel-related products and services increased primarily due to higher sales of hotel accommodation products compared to the previous year[54] Property Development and Projects - The Group has completed the Le Paysage project in Shenzhen, with a total gross floor area of 138,123 m²[14] - The Landale project in Chaohu has a site area of 122,363 m² and is expected to have a saleable area of 82,974 m²[15] - The Group is currently developing the Fushun project in Shenyang, which has a potential saleable area of 195,345 m²[15] - The Group's interest in the Fushun project is 90%, indicating significant investment in the region[15] - The Group had three property development projects in the PRC, with Le Paysage having sold approximately 85% of its total saleable area as of December 31, 2018[70] - Property development delivered residential units with a total Gross Floor Area of approximately 2,981 square meters in 2018, up from 1,202 square meters in 2017[50] Financial Position and Liabilities - Non-current assets amounted to RMB2,626.7 million in 2018, up from RMB1,834.6 million in 2017[28] - Current liabilities increased to RMB(2,798.9) million in 2018 from RMB(2,403.6) million in 2017[28] - Total bank and other borrowings amounted to approximately RMB685.3 million as of December 31, 2018, an increase from RMB617.5 million in 2017[64] - Current assets were approximately RMB828.2 million as of December 31, 2018, down from RMB1,084.1 million in 2017[64] - The Group's total bank and other borrowings divided by total assets was approximately 19.83% as of December 31, 2018, down from 21.16% in 2017[64] Losses and Financial Challenges - The Group recorded a loss attributable to owners of RMB1,458.9 million for the year, primarily due to changes in the fair value of derivative financial instruments and exchange losses from convertible bonds[31] - The deficit attributable to owners of the Company was RMB(1,047.9) million in 2018, compared to RMB(237.0) million in 2017[28] - The Group recorded a loss attributable to owners of the Company of RMB1,458.5 million in 2018, compared to a profit of RMB197.0 million in 2017[50] - The loss in 2018 was primarily due to an increase in loss from derivative financial instruments and an exchange loss of RMB181.0 million[50] Market Expansion and Strategic Initiatives - The Group plans to expand its market presence in Southeast Asia, particularly in Vietnam and Cambodia[2] - The Group successfully acquired a joint venture holding approximately 34% equity interest in the Hoi An South Project in Vietnam, which is currently under development[36] - The Group aims to explore new business opportunities in tourism-related sectors across Asian countries[42] - The Group aims to diversify its business into tourism-related real estate in Asian countries and provide hotel and integrated resort consultancy services[82] - The Group plans to build an integrated tourism-related platform with equity investments in integrated resorts and provide tourism-related services within the Asian region[82] Corporate Governance and Shareholder Matters - The Group aims to enhance its corporate governance practices as outlined in the Corporate Governance Report[5] - The Board decided not to propose any dividend payment for the year ended December 31, 2018, to retain adequate working capital for investments[44] - The Board did not recommend the payment of a final dividend for the year ended December 31, 2018, consistent with the previous year[70] - The Company has no reserves available for distribution to shareholders as of December 31, 2018[103] Connected Transactions and Agreements - The Group completed the acquisition of the entire equity interest in Star Admiral, which indirectly owns approximately 34% equity interest in an integrated resort in Hoi An, Vietnam[67] - The Group signed a non-binding memorandum of understanding with Paradise Co., Ltd. for potential cooperation on a casino in Busan, Korea[43] - The Technical Services Agreement with Hoi An South Development Ltd has an annual cap of US$2,799,998 for the year ending 31 December 2018[197] - The total amount for the Technical Services Agreement for the year ended 31 December 2018 was US$1,682,307[197] - The transactions under the Technical Services Agreement were regarded as continuing connected transactions under Chapter 14A of the Listing Rules[194] Employee and Operational Insights - Total staff costs, including directors, for the year 2018 amounted to approximately RMB53.6 million, an increase from RMB50.3 million in 2017[70] - The Group's employee count decreased to approximately 141 as of December 31, 2018, from 168 in the previous year[70] - The company is focused on strategic renewals of agreements to support business development and operational efficiency[191] Future Outlook and Projections - Future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by new market expansions and product offerings[88] - The company aims to improve operational efficiency by 12% through the implementation of advanced analytics in its gaming operations[94] - A new marketing strategy targeting younger demographics is projected to increase customer acquisition by 25%[86]