Core Viewpoint - Guangdong-Hong Kong-Macau Holdings has successfully completed a debt restructuring plan, potentially becoming the first domestic real estate company to clear its offshore US dollar bonds amid a challenging real estate market and a wave of defaults [1][2]. Group 1: Debt Restructuring Details - On May 7, 2025, the company announced the successful modification of terms for approximately $440 million in bonds due in 2029, with a high approval rate of 98.33% [1]. - The restructuring plan involves issuing mandatory convertible bonds at 55% of the principal to redeem the existing US dollar bonds, along with a 0.15% cash consent fee and an additional 10% in convertible bonds as incentives for supportive investors [1][2]. - The conversion price for the convertible bonds is set at HKD 5.5 per share [1]. Group 2: Financial Impact - Following the redemption of the US dollar bonds through the convertible bonds, the company's interest-bearing debt ratio is projected to decrease significantly from 45.3% to 19.5%, optimizing its capital structure and reducing financial burdens [2]. - This proactive approach to debt restructuring demonstrates the management's forward-looking risk awareness and commitment to transformation [2]. Group 3: Future Strategy and Industry Implications - The company aims to enhance operational efficiency of quality assets, introduce new productive business lines, and leverage technological innovation to diversify its portfolio and improve profitability [3]. - The successful restructuring serves as a potential model for other domestic real estate companies facing debt challenges, showcasing a new approach to self-rescue and reform in the industry [3]. - This move may signal a rebuilding of confidence in the real estate sector as policies gradually support structural adjustments [3].

资料显示，粤港湾控股有限公司(原毅德国际控股)是香港联交所主板上市企业(股份代号:01396.HK),是 全国地产百强之星,位列湾区地产50强TOP19、品牌价值TOP10。公司以"赋能城市未来,成就美好生 活"为企业愿景,以"智创品质生活"为品牌理念, 致力于构建和谐的客户、企业、政府、员工、自然环境 等关联方共赢的产业生态系统。重点聚焦粤港澳大湾区,以大湾区为总部基地和战略价值高地,同时在其 他区域,尤其是省会城市,寻找发展高周转商住项目的机会。 2020年,传承"以产促城、繁荣城市"的企业基因,公司战略升级和产业转型,全新定位为"新生态产城服务 商",同时更名为"粤港湾控股有限公司"。形成"城市更新、产业园区、特色小镇、品质社区、商业服 务"和基建、金融等多个业务模式。实行"毅德"和"粤港湾"双品牌运作,"毅德"品牌继续发展商贸物流产 业,全新的"粤港湾"品牌拓展精品住宅、城市更新等业务。 以"产业引领"为发展理念,坚持以产促城,以城 兴产,大力促进产城融合、城乡融合、乡村振兴。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 机构评级方面，目前暂无机构对该股做出投资 ...

年 報 ANNUAL 2024 REPORT ( ( CONTENTS 目錄 Guided by the development strategies of the Greater Bay Area, the Company carried out strategic restructuring in 2019 by bringing in strategic shareholders, coordinating the sharing of the strong financial resources of these new strategic shareholders, providing a diverse range of industrial resources as well as for their operating experience to assist the Company with its innovative development and industrial upgrade. In 2020, the Company strategically upgraded into a ...

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 就 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 之 任 何 損 失 承 擔 任 何 責 任。 截 至2024年12月31日止年度 （以 人 民 幣 列 示） GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截 至2024年12月31日止年度的全年業績公告 全年業績 粵 港 灣 控 股 有 限 公 司（「本公司」或「粵港灣控股」，連 同 其 附 屬 公 司（合 稱「本 集 團」））之 董 事 會（「董事會」）謹 此 宣 佈 本 集 團 截 至2024年12月31日 止 財 政 年 度（「2024 財政年度」或「本年度」）之 合 併 業 績，連 同 截 至2023年12月31日止上一財政年度 （「2023財政年度」）的 經 審 核 比 較 數 ...

GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 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 就 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 之 任 何 損 失 承 擔 任 何 責 任。 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截 至2024年12月31日止年度的全年業績公告 全年業績 粵 港 灣 控 股 有 限 公 司（「本公司」或「粵港灣控股」，連 同 其 附 屬 公 司（合 稱「本 集 團」））之 董 事 會（「董事會」）謹 此 宣 佈 本 集 團 截 至2024年12月31日 止 財 政 年 度（「2024 財政年度」或「本年度」）之 合 併 業 績，連 同 截 至2023年12月31日止上一財政年度 （「2023財政年度」）的 經 審 核 比 較 數 字。 – 1 – 合併損益表 截 至2024年12月31日止年 ...

Sales Performance - Contracted sales in the first half of 2024 decreased by 57.6% to approximately RMB565.3 million compared to the same period in 2023 (RMB1,334.6 million)[9] - Residential property sales accounted for 91.6% of total sales, while commercial and other properties accounted for 8.4%[9] - Contracted sales for the first half of 2024 were approximately RMB565.3 million, a decrease of 57.6% compared to RMB1,334.6 million in the same period last year, with residential property sales accounting for 91.6% and commercial and other property sales accounting for 8.4%[13] - Revenue from property sales increased to RMB 845.819 million in the first half of 2024, up from RMB 370.044 million in the same period in 2023[94] - Revenue from residential property sales rose to RMB 407.689 million in H1 2024, compared to RMB 206.636 million in H1 2023[95] - Revenue from commercial property sales grew to RMB 438.130 million in H1 2024, up from RMB 163.408 million in H1 2023[95] Revenue and Costs - Revenue for the six months ended 30 June 2024 was approximately RMB861.7 million, a decrease of 46.9% compared to RMB1,624.2 million in the same period last year, primarily due to a significant drop in transaction volume and a change in the operating model of the trading business[10][14] - Revenue from property development and related services increased by 92.3% to approximately RMB861.7 million, driven by an increase in delivered area of properties[10][14] - Total cost of sales for the Period was approximately RMB1,226.0 million, with property development and related services cost of sales increasing by 84.6% to RMB1,225.1 million, in line with the increase in delivered area of property[11][15] - The Group recorded a gross loss of approximately RMB364.3 million, compared to a gross loss of RMB213.5 million in the same period last year, mainly due to a severe decline in the average selling price of properties and a write-down of inventories amounting to approximately RMB205.5 million[12][16] - Revenue for the six months ended 30 June 2024 was RMB 861.7 million, a significant decrease from RMB 1,624.2 million in the same period in 2023[70] - Gross loss for the six months ended 30 June 2024 was RMB 364.3 million, compared to a gross loss of RMB 213.5 million in the same period in 2023[70] - Loss from operations before fair value gain on investment properties was RMB 922.9 million for the six months ended 30 June 2024, compared to RMB 283.2 million in the same period in 2023[70] - Loss for the period attributable to equity shareholders of the company was RMB 1,028.3 million for the six months ended 30 June 2024, compared to RMB 659.1 million in the same period in 2023[70] - The company's total revenue from contracts with customers and other sources was RMB 861.703 million in H1 2024, down from RMB 1.624 billion in H1 2023[94] - Reportable segment revenue for property development and related services in 2024 was RMB 861,703 thousand, a decrease from RMB 1,624,180 thousand in 2023[101] - Reportable segment loss (adjusted LBITDA) for 2024 was RMB (444,547) thousand, compared to RMB (373,817) thousand in 2023[101] - Impairment loss, net for 2024 was RMB (477,461) thousand, significantly higher than RMB (109,240) thousand in 2023[101] - Fair value loss on investment properties for 2024 was RMB (41,785) thousand, a decrease from RMB (412,000) thousand in 2023[101] - Loss before taxation for 2024 was RMB (1,027,236) thousand, compared to RMB (889,857) thousand in 2023[102] - Net gain on disposal of subsidiaries in 2023 was RMB 203,126 thousand, while there was no such gain in 2024[103] - Loss attributable to equity shareholders increased to RMB 1,028,298 thousand in 2024 from RMB 659,088 thousand in 2023[116] - Basic loss per share increased to RMB 218.6 cents in 2024 from RMB 145.3 cents in 2023[116] - Weighted average number of ordinary shares increased to 470,360 thousand in 2024 from 453,735 thousand in 2023[116] Financial Position - The Group's total land bank with confirmed land use rights was approximately 7.1 million sq.m. as of 30 June 2024[9] - Total cash balances (including pledged and restricted cash) as of 30 June 2024 were RMB345.4 million, down from RMB594.4 million as of 31 December 2023[26] - Bank loans and other borrowings as of 30 June 2024 amounted to RMB2,788.9 million, a decrease from RMB2,995.5 million as of 31 December 2023[27] - Senior notes as of 30 June 2024 were RMB3,267.0 million, slightly up from RMB3,221.9 million as of 31 December 2023[27] - Contingent liabilities related to mortgage guarantees increased to RMB2,891.4 million as of 30 June 2024 from RMB2,449.6 million as of 31 December 2023[30] - Capital commitments for construction and development contracts as of 30 June 2024 were RMB2,558,983 thousand, down from RMB2,883,733 thousand as of 31 December 2023[33] - Current ratio decreased to 1.33 as of 30 June 2024 from 1.39 as of 31 December 2023[37] - Gearing ratio increased to 37.0% as of 30 June 2024 from 35.0% as of 31 December 2023[37] - The Group's total staff costs for the period were approximately RMB34.1 million, a decrease from RMB48.6 million in the same period last year[39] - As of 30 June 2024, the Group had 236 employees, down from 241 employees as of 31 December 2023[39] - The Group has no material foreign exchange exposure, with most operations conducted in Renminbi and only minor exposure from overseas deposits and foreign currency borrowings[39][41] - The Group did not make any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[39][42] - The domestic real estate market continues to decline, with contract sales and sales area experiencing double-digit declines in the first half of 2024[43] - The nationwide destocking cycle for commercial housing exceeds two years[43] - The Group plans to strengthen sales collections and accelerate inventory turnover through optimized sales strategies[45][46] - The Group will focus on controlling costs and expenses to improve efficiency and ensure coordinated development[45][46] - The Group aims to expand financing channels, optimize debt structure, and reduce financing costs[45][46] - The Group will actively explore investment opportunities in the Greater Bay Area, leveraging regional economic and industrial development potential[45][46] - The total issued share capital of the company as of 30 June 2024 is 542,735,400 shares[49][53][54] - The total number of outstanding shares under the Share Option Scheme as of 30 June 2024 was 2,100,000 shares, representing approximately 0.39% of the company's issued shares[56] - No options or awards were granted by the company during the six months ended 30 June 2024[56] - The options granted on 26 June 2022 vest and are exercisable in three tranches: 30% on 1 April 2023, 30% on 1 April 2024, and 40% on 1 April 2025[57] - The company has complied with the Corporate Governance Code (CG Code) as set out in Appendix C1 to the Listing Rules during the period[60] - The Audit Committee consists of three independent non-executive directors: Mr. Han Qinchun (Chairman), Mr. Guan Huanfei, and Mr. Chen Yangsheng[63] - The company's unaudited condensed consolidated interim results for the period were reviewed by the Audit Committee, confirming compliance with applicable accounting principles and standards[63] - The company did not declare any interim dividend for the six months ended 30 June 2023[67] - The company issued 89,000,000 new shares at a subscription price of HK$0.1 per share, raising gross proceeds of HK$8,900,000[67] - Net proceeds from the share subscription were approximately HK$8,400,000 after deducting related costs and expenses[67] - All net proceeds were used for the group's general working capital as of 30 June 2024[67] - The share subscription involved eight subscribers, including seven PRC residents and one BVI company[67] - The company's audit committee reviewed the unaudited interim financial statements and confirmed compliance with accounting principles[66] - The audit committee consists of three independent non-executive directors[66] - The company complied with the Corporate Governance Code during the reporting period[64] - All directors confirmed compliance with the Model Code for securities transactions[65] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[67] - The company issued 89,000,000 new shares on 28 May 2024, bringing the total issued shares to 542,735,400 as of 30 June 2024[68] - The company issued new senior notes with a principal amount of US$413.6 million on 28 April 2023, and the outstanding principal amount of the new notes was US$439.1 million as of 25 October 2023[68] - The interest rate on the new senior notes was reduced from 7.0% per annum to 4.5% per annum, and the maturity date was extended from 28 April 2026 to 28 April 2029[68] - The company did not hold any significant investments (representing 5% or more of total assets) as of 30 June 2024, but is exploring investment opportunities[69] - Loss for the period increased to RMB 1,027,825 thousand in 2024 from RMB 740,865 thousand in 2023, representing a 38.7% increase in losses[71] - Total comprehensive loss for the period rose to RMB 1,038,892 thousand in 2024 compared to RMB 800,373 thousand in 2023, a 29.8% increase[71] - Investment properties decreased to RMB 1,618,315 thousand in 2024 from RMB 1,660,100 thousand in 2023, a 2.5% decline[72] - Inventories and other contract costs reduced to RMB 10,852,682 thousand in 2024 from RMB 11,694,419 thousand in 2023, a 7.2% decrease[72] - Trade and other receivables dropped to RMB 2,675,787 thousand in 2024 from RMB 3,468,927 thousand in 2023, a 22.9% reduction[72] - Net current assets decreased to RMB 3,509,237 thousand in 2024 from RMB 4,581,847 thousand in 2023, a 23.4% decline[72] - Total assets less current liabilities fell to RMB 5,624,317 thousand in 2024 from RMB 6,616,920 thousand in 2023, a 15.0% decrease[72] - Senior notes increased to RMB 3,154,398 thousand in 2024 from RMB 3,109,999 thousand in 2023, a 1.4% rise[73] - Net assets declined to RMB 1,213,296 thousand in 2024 from RMB 2,244,433 thousand in 2023, a 45.9% decrease[73] - Total equity attributable to equity shareholders dropped to RMB 1,208,365 thousand in 2024 from RMB 2,238,655 thousand in 2023, a 46.0% reduction[73] - Total comprehensive loss for the six months ended 30 June 2024 was RMB 1,038,045 thousand, with a net loss of RMB 1,028,298 thousand and other comprehensive loss of RMB 9,747 thousand[79] - The company issued new shares amounting to RMB 8,106 thousand, with transaction costs of RMB 456 thousand[79] - Retained profits decreased significantly to RMB (1,985,276) thousand as of 30 June 2024, compared to RMB (956,978) thousand at the end of 2023[79] - Non-controlling interests decreased to RMB 4,931 thousand as of 30 June 2024, down from RMB 5,778 thousand at the end of 2023[79] - Total equity as of 30 June 2024 was RMB 1,213,296 thousand, a decrease from RMB 2,244,433 thousand at the end of 2023[79] - Operating cash flow decreased to RMB 606.7 million in H1 2024 from RMB 674.9 million in H1 2023, reflecting a decline in cash generated from operations[82] - Net cash outflow from acquisitions and disposals of subsidiaries was RMB 0 in H1 2024, compared to RMB 14.0 million in H1 2023[82] - Proceeds from new shares issuance amounted to RMB 7.7 million in H1 2024, with no comparable activity in H1 2023[83] - Net cash used in financing activities was RMB 611.6 million in H1 2024, slightly higher than RMB 592.3 million in H1 2023[83] - Cash and cash equivalents decreased by RMB 1.4 million in H1 2024, compared to an increase of RMB 68.7 million in H1 2023[83] - The company's cash and cash equivalents stood at RMB 25.7 million as of 30 June 2024, down from RMB 145.2 million as of 30 June 2023[83] - The interim financial report was authorized for issue on 28 August 2024, prepared in accordance with IAS 34 and IFRS standards effective from 1 January 2024[84] - The financial statements include comparative information derived from the 2023 annual financial statements, which were audited with an unqualified opinion[85] - The Group incurred a loss of RMB1,027,825,000 for the six months ended 30 June 2024[86] - As of 30 June 2024, the Group had net current assets of RMB3,509,237,000[86] - The Group's current portion of bank loans and other borrowings amounted to RMB1,575,201,000 as of 30 June 2024[86] - The Group's cash and cash equivalents and bank balance of advanced proceeds received from property purchasers amounted to RMB25,714,000 and RMB217,818,000, respectively, as of 30 June 2024[86] - The Group's current portion of bank loans and other borrowings reduced to RMB1,124,841,000 as of the report date due to timely repayments and extensions[86] - The Group was unable to repay the principal and interest on October 2023 Senior Notes amounting to approximately US$15,801,000 and US$4,377,000 (equivalent to RMB112,611,000 and RMB31,194,000), respectively[86] - The Group's inability to repay the October 2023 Senior Notes may lead to an event of default and immediate repayment demands[86] - The directors believe the Group will have sufficient working capital to meet financial obligations within the next 15 months from 30 June 2024[90] - Material uncertainty exists regarding the Group's ability to arrange sufficient financing through refinancing or renewal of bank borrowings and operating cash flows from property sales[90] - The Group's financial statements for the six months ended 30 June 2024 were prepared on a going concern basis[90] - The company operates two main business segments: Property development and related services, and Trading business (non-ferrous metal)[96] - Segment performance is measured using "adjusted LBITDA" (adjusted losses before interest, taxes, depreciation, and amortisation)[98] - Reportable segment assets as of 30 June 2024 were RMB 15,717,551 thousand, down from RMB 17,561,172 thousand in 2023[101] - Reportable segment liabilities as of 30 June 2024 were RMB 14,438,875 thousand, compared to RMB 15,278,790 thousand in 2023[101] - Finance costs for 2024 were RMB 65,985 thousand, a decrease from RMB 211,398 thousand in 2023[101] - Depreciation and amortisation for 2024 was RMB 2,671 thousand, down from RMB 8,981 thousand in 2023[101] - Depreciation and amortization for plant and equipment decreased to RMB 1,203 thousand in 2024 from RMB 6,711 thousand in 2023[105] - Net impairment losses on trade and other receivables increased significantly to RMB 477,461 thousand in 2024 from RMB 98,695 thousand in 2023[105] - Cost of inventories sold for properties increased to RMB 1,018,139 thousand in 2024 from RMB 498,257 thousand in 2023[105] - Current tax expense for PRC Corporate Income Tax decreased to RMB 330 thousand in 2024 from RMB 4,131 thousand in 2023[106] - Provision for PRC Land Appreciation Tax increased to RMB 87,127 thousand in 2024 from a negative provision of RMB 19,686 thousand in 2023[106] - Deferred tax reversal of temporary differences decreased to RMB 86,868 thousand in 2024 from RMB 133,437 thousand in 2023[106] - PRC Land Appreciation Tax is calculated based on 6% to 8% of revenue for certain subsidiaries[113] - The Group acquired property, plant and equipment with a cost of RMB264,000 during the six months ended 30 June 2024, compared to nil in the same period in 2023

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的內容概不 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之任何損失承擔任何責 任。 GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截 至2024年6月30日止六個月的 未經審核中期業績公告 粵 港 灣 控 股 有 限 公 司（「本公司」）之 董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 公 司 連 同 其 附 屬 公 司（合 稱「本集團」）截 至2024年6月30日 止 六 個 月（「本期間」）未 經 審 核 簡 明 合 併 中 期 業 績。 本公告載有本公司2024年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）證 券 上 市 規 則（「上市規則」）中 有 關 中 期 業 績 初 步 公 告 附 載 之 資 料 之 相 關 要 ...

The Company continues to develop the trade centre business under the brand of "HYDOO", while expanding various business sectors under the brand of "YOUNGO", such as high-end housing, urban renewal, etc. 粵港灣控股有限公司（於2020年7月14日前，原名 為毅德國際控股有限公司，「本公司」或「粵港灣控 股」）於2013年10月31日登陸香港聯交所主板上市 （股份代號：01396.HK）。公司以「賦能城市未來， 成就美好生活」為企業願景，企業定位為「新生態 產城服務商」，構建和諧的客戶、企業、政府、 員工、自然環境等關聯方共贏的產業生態系統， 服務於城市。公司重點聚焦粵港澳大灣區（「大灣 區」）並將總部設置在大灣區內，以大灣區為戰略 價值高地，發展住宅及城市更新項目。 在大灣區發展戰略指引下，2019年，公司進行戰 略重組，引入戰略股東，協同共用戰略新股東雄 厚的資本、豐富成熟的產業資源及運營經驗，助 力公司創新 ...

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 就 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 之 任 何 損 失 承 擔 任 何 責 任。 GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截 至2023年12月31日止年度的全年業績公告 全年業績 粵 港 灣 控 股 有 限 公 司（「本公司」或「粵港灣控股」，連 同 其 附 屬 公 司（合 稱「本 集 團」））之 董 事 會（「董事會」）謹 此 宣 佈 本 集 團 截 至2023年12月31日 止 財 政 年 度（「2023 財政年度」或「本年度」）之 合 併 業 績，連 同 截 至2022年12月31日止上一財政年度 （「2022財政年度」）的 經 審 核 比 較 數 字 如 下： – 1 – 合併損益表 截 至2023年12月3 ...

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 就 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 之 任 何 損 失 承 擔 任 何 責 任。 | | | | | | | 附 | 註 | 2023 | 2022 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 人民幣千元 | 人民幣千元 | | 入 | 收 | | | | | | 2 | 3,530,521 | 3,168,080 | | 銷售成本 | | | | | | | | (3,509,365) | (3,214,054) | | 利╱（損） | 毛 | | | | | | | 21,156 | (45,974) | | 他 入╱（淨 支 出） | 其 | 淨 | 收 | | | | | 208,923 | (56,202) | | 銷售和分銷成本 | | ...