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]