Financial Performance - The total revenue for the year ended December 31, 2021, was approximately HKD 78.4 million, a decrease of about HKD 27.4 million compared to HKD 105.8 million for the year ended December 31, 2020[8]. - The net loss attributable to shareholders for the year was approximately HKD 37.1 million, with a loss per share of HKD 0.0579[10]. - The company did not recommend a final dividend for the year ended December 31, 2021, and there was no interim dividend declared[11]. - The company's revenue for the year ended December 31, 2021, was approximately HKD 78.4 million, a decrease of about HKD 27.4 million compared to HKD 105.8 million in 2020[12]. - The loss attributable to the company's owners for the year was approximately HKD 37.1 million, a decrease of about HKD 344.0 million compared to a profit of HKD 306.9 million in 2020[12]. - The company reported no revenue from the property development segment for the year, compared to HKD 38.5 million in 2020[13]. - The investment property segment generated revenue of approximately HKD 41.8 million, an increase of about HKD 3.1 million from HKD 38.7 million in 2020[20]. - The total carrying value of the investment property portfolio was approximately HKD 1,054.1 million, compared to HKD 1,050.7 million in 2020[21]. - Revenue from the city storage and workspace segment was approximately HKD 37.8 million, an increase of about HKD 5.4 million from HKD 32.4 million in 2020[21]. - The financing segment reported revenue of approximately HKD 4.5 million for the year ended December 31, 2021, down from HKD 6.1 million in 2020, a decrease of about HKD 1.6 million[25]. - The construction and renovation services segment generated revenue of approximately HKD 3.9 million for the year ended December 31, 2021, up from HKD 3.1 million in 2020, indicating growth in this area[26]. - The wine business reported revenue of approximately HKD 19.0 million for the year ended December 31, 2021, an increase of about HKD 4.4 million from HKD 14.6 million in 2020[27]. - The total equity of the group as of December 31, 2021, was approximately HKD 1,382.3 million, a decrease from HKD 1,413.7 million as of December 31, 2020[31]. - The group maintained cash and bank balances of approximately HKD 94.0 million as of December 31, 2021, compared to HKD 55.5 million in 2020[31]. - The group's total current assets increased to approximately HKD 4,180.7 million as of December 31, 2021, from HKD 2,942.2 million in 2020, primarily due to increases in pre-sale deposits[31]. - The group's capital commitments were approximately HKD 369.9 million as of December 31, 2021, down from HKD 419.1 million in 2020[33]. Property Development - Significant milestones in property development included the completion of a property named C19 in South Korea and the approval of another property named C25 in January 2022[8]. - The company confirmed and settled the land price for a residential project in Yuen Long, Hong Kong[8]. - The company is in the final completion stage of a project named "Cloud Edge," with partnership papers awarded in the first quarter of 2022[8]. - The company plans to redevelop the Yuen Long site project into a luxury shared apartment complex, with construction expected to be completed in Q2 2023[17]. - The company is focusing on developing existing projects while monitoring the property market for new opportunities[18]. - The company has four completed projects and four major projects under construction as of December 31, 2021[13][16]. - The company is considering opportunities to purchase investment properties or develop properties with potential for appreciation to generate stable rental income[22]. Corporate Governance - The company has a strong board of directors with extensive experience in finance and management, including members with over 27 years in private equity and corporate finance[68]. - The company reported a significant focus on risk management, with independent directors actively participating in risk control committees[67]. - The board includes members with qualifications from prestigious institutions, ensuring high standards of governance and compliance[68]. - The company has established a comprehensive governance framework to address potential power concentration issues and ensure effective management of business processes[80]. - The board regularly reviews its corporate governance practices to meet the increasing expectations of stakeholders and comply with regulatory requirements[81]. - The company has a dedicated audit committee responsible for overseeing compliance with legal and regulatory policies, ensuring adherence to corporate governance standards[81]. - The board consists of 7 members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors as of December 31, 2021[83]. - The company has complied with the corporate governance code, ensuring that all independent non-executive directors are independent according to the listing rules[85]. - The company has received written confirmations of independence from all independent non-executive directors, ensuring compliance with independence guidelines[85]. - The board believes that its composition provides a balanced mix of skills and experience necessary for decision-making and business needs[85]. - The company has established a clear written terms of reference for the nomination committee, outlining its authority and responsibilities[103]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2021, and held three meetings during the reporting period[116]. - The company has implemented a standard code of conduct for securities trading, confirming that all directors complied with the regulations throughout the reporting period[138]. - The company has established a whistleblowing policy to promote openness and accountability, with no significant fraud reported during the review period[133]. Risk Management - The group has established a risk control committee to manage potential risks and uncertainties affecting its business and financial condition[48]. - The company has implemented a robust internal control system covering various operational processes, including financial reporting and cost management[124]. - The board of directors is responsible for maintaining an effective risk management and internal control system to protect shareholders' interests[124]. - The risk control committee held one meeting during the reporting period to review the internal control and risk management systems[122]. - The company has engaged an outsourced internal audit team to conduct an annual review of its major operating units[124]. Sustainability and Community Engagement - The group emphasizes sustainable development as a key long-term goal, integrating environmental, social, and governance factors into its business strategy[143]. - The group has implemented a green office program to encourage energy-saving habits among employees, including turning off idle electronic devices and utilizing natural light[152]. - The group has not identified any significant non-compliance issues regarding emissions and waste management regulations during the review year[156]. - The company adheres to all applicable environmental laws and regulations, ensuring minimal impact on the environment and natural resources[166]. - Community investment initiatives focus on environmental concerns, labor needs, health, and youth entrepreneurship, including a green office policy and community service leave for employees[198]. Employee Management and Training - The overall employee turnover rate for the company was approximately 32.7% as of December 31, 2021[171]. - The company employed 104 employees in Hong Kong and Korea as of December 31, 2021, an increase from 99 employees in the previous year[170]. - 39.5% of employees received training during the year, with 50.1% of male employees and 43.9% of female employees participating[176]. - Training completion rates by management level were 18.2% for top management, 22.7% for middle management, and 59.1% for general staff[176]. - The company provides competitive compensation and adheres to human resource practices that promote diversity and equal opportunity[169]. - The company has a zero-tolerance policy towards forced labor and child labor, ensuring compliance with all relevant laws and regulations[178]. Quality Control and Compliance - Quality control measures include regular inspections and reviews of contractors' qualifications and performance to ensure compliance with standards[184]. - The company emphasizes project supervision to ensure development projects meet quality standards and comply with relevant laws[184]. - All construction contractors are required to adhere to environmental, labor, and safety regulations to minimize risks and liabilities[179]. - The group ensures all building projects have BEAM Plus certification, focusing on material selection, waste management, air, noise, and water pollution during construction, CO2 emission reduction, energy efficiency, and water conservation[186]. - The group provides comprehensive after-sales service, including handling customer complaints and overseeing maintenance of developed properties, with a one-year defect liability period for contractors[188]. - The group has implemented a strict anti-corruption policy and has not reported any corruption cases for the fiscal year ending December 31, 2021[194].

Revenue and Financial Performance - The company's revenue for the six months ended June 30, 2021, was approximately HKD 42.2 million, an increase of about HKD 10.5 million compared to the same period last year[11]. - Revenue from property investment and wine business was approximately HKD 20.7 million and HKD 11.7 million, respectively, for the six months ended June 30, 2021[11]. - The company reported a loss attributable to owners of approximately HKD 26.0 million for the six months ended June 30, 2021, compared to a profit of approximately HKD 287.8 million in the same period last year[11]. - The group reported a revenue of approximately HKD 20.7 million for the property investment segment for the six months ended June 30, 2021, an increase of about HKD 2.1 million compared to HKD 18.6 million for the same period in 2020[19]. - The city storage and workspace segment generated revenue of approximately HKD 18.0 million for the six months ended June 30, 2021, up by about HKD 2.8 million from HKD 15.2 million in the same period last year[20]. - The property management services segment reported revenue of approximately HKD 4.8 million for the six months ended June 30, 2021, significantly up from HKD 1.0 million in the same period last year[23]. - The financing segment generated revenue of approximately HKD 2.5 million for the six months ended June 30, 2021, a decrease of about HKD 0.7 million compared to HKD 3.2 million in the same period in 2020[24]. - The construction and renovation segment reported revenue of approximately HKD 2.1 million for the six months ended June 30, 2021, an increase from HKD 1.0 million in the same period last year[25]. - The wine business segment confirmed revenue of approximately HKD 11.7 million for the six months ended June 30, 2021, an increase of about HKD 4.9 million compared to HKD 6.8 million in the same period last year[26]. - The company reported a total comprehensive loss of HKD 28,363,000, compared to a total comprehensive income of HKD 294,190,000 for the same period in 2020[102]. - The company experienced a net cash outflow from operating activities of HKD 117,267,000 for the six months ended June 30, 2021, compared to a net cash inflow of HKD 7,963,000 for the same period in 2020[108]. - The company reported a significant increase in cash inflow from the sale of a subsidiary, amounting to HKD 980,000,000 during the investment activities for the six months ended June 30, 2021[108]. - The company’s total revenue for the six months ended June 30, 2021, was HKD 1,422,741,000, compared to HKD 826,830,000 for the same period in 2020, reflecting a growth of approximately 72%[102]. - The company’s net loss for the six months ended June 30, 2021, was HKD 26,041,000, compared to a profit of HKD 287,843,000 for the same period in 2020[102]. Assets and Liabilities - The group’s investment property portfolio had a total carrying value of approximately HKD 994.8 million as of June 30, 2021, down from HKD 1,050.7 million as of December 31, 2020[20]. - As of June 30, 2021, the total equity of the group was approximately HKD 1,395.3 million, a decrease from HKD 1,413.7 million as of December 31, 2020[30]. - The group's current assets increased to approximately HKD 3,184.4 million from HKD 2,942.2 million as of December 31, 2020, primarily due to an increase in properties classified as held for sale[30]. - Current liabilities rose to approximately HKD 2,718.0 million from HKD 2,557.1 million as of December 31, 2020, mainly due to increased pre-sale contract liabilities and bank borrowings[30]. - The total assets of the group as of June 30, 2021, were HKD 4,279,571,000, compared to HKD 4,133,608,000 as of December 31, 2020, reflecting a growth of 3.5%[157]. - The total liabilities increased to HKD 2,884,244,000 from HKD 2,719,928,000, marking a rise of 6.0%[157]. Shareholder Information - The total number of issued shares as of June 30, 2021, is 641,498,000 shares[71]. - Star Properties Holdings (BVI) Limited holds 432,140,800 shares, representing 67.36% of the total issued shares[68]. - Metropolitan Lifestyle (BVI) Limited has an interest in 836,000,000 shares, which is 130.32% of the total issued shares[68]. - The total equity held by Mr. Chen Wenhui in the company amounts to HKD 418,000,000[64]. - The company granted 10,000,000 stock options to Mr. Chen Wenhui, which was approved by independent shareholders and the Stock Exchange[77]. - A total of 27,250,000 stock options were granted to selected employees and directors at an exercise price of HKD 0.418 per share[77]. - As of June 30, 2021, Mr. Chen Wenhui held 440,640,800 shares, representing approximately 68.69% of the company's issued share capital[87]. Dividends and Share Options - The board did not recommend an interim dividend for the six months ended June 30, 2021, compared to 2.0 HKD cents per share for the same period in 2020[53]. - The company has not declared a final dividend for the year ended December 31, 2020, compared to 0.2 HKD cents per share for the previous year[53]. - The company reported a decrease in dividends paid, totaling HKD 1,283,000 for the six months ended June 30, 2021, consistent with the previous period[108]. - The company reported a total of 16,766,800 stock options remaining unexercised as of June 30, 2021[80]. Risk Management and Market Conditions - The group has identified potential risks including economic conditions affecting property markets and rising construction costs, which may impact project costs[46]. - The group has established a risk control committee to manage and respond to identified risks effectively[47]. - The group has implemented measures to ensure business continuity during the COVID-19 pandemic, including health monitoring and sanitation protocols[50]. - The retail store transaction volume increased by 273% year-on-year in the first five months of 2021, indicating strong demand in the market[51]. - The group anticipates that the fully vaccinated population in Hong Kong will soon exceed 70%, which is expected to positively impact the property market[51]. - The group is optimistic about the Hong Kong property market's recovery, especially with the reopening of borders with mainland China[51]. Corporate Governance - The company maintained compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO[91]. - The company has maintained a strong leadership structure with a focus on independent board oversight to address potential power concentration issues[92]. - The board believes that the current leadership arrangement is beneficial for the overall interests of the company and its shareholders[92]. Acquisitions and Financing - The company completed the acquisition of Metropolitan Group for a total consideration of HKD 460,000,000, which included cash payment of HKD 42,000,000 and convertible bonds worth HKD 418,000,000[112]. - The company entered into a financing agreement for a loan of up to HKD 255,048,000 with a bank, with a term of 21 months[85]. - The company established a loan agreement totaling HKD 1,241,677,000 for land and construction financing, with a term of 24 months[86]. - The company has foreign borrowings of approximately KRW 28 billion (approximately HKD 195.4 million) as of June 30, 2021, compared to KRW 22 billion (approximately HKD 155.8 million) as of December 31, 2020[36]. Taxation - The company’s effective tax rates in Hong Kong are 8.25% for the first HKD 2 million of profits and 16.5% for profits exceeding that amount[180]. - There were no estimated taxable profits for the periods, resulting in no provisions for Korean corporate income tax[180].

Financial Performance - The company recorded revenue of approximately HKD 105.8 million and a profit attributable to owners of approximately HKD 306.9 million for the year ended December 31, 2020[7]. - Basic and diluted earnings per share were approximately HKD 0.4785 and HKD 0.3773, respectively[7]. - Revenue for the fiscal year was approximately HKD 105.8 million, down from approximately HKD 174.4 million in 2019[11]. - Profit attributable to owners increased significantly from approximately HKD 23.7 million in 2019 to approximately HKD 306.9 million in 2020[11]. - The company's revenue for the year ended December 31, 2020, was approximately HKD 105.8 million, a decrease of about HKD 68.6 million compared to HKD 174.4 million in 2019[14]. - The profit attributable to owners for the same period was approximately HKD 306.9 million, an increase of about HKD 283.2 million from HKD 23.7 million in 2019[14]. - The property development segment reported revenue of approximately HKD 38.5 million, down from HKD 109.8 million in 2019[16]. - The company confirmed rental income from unsold commercial units at Rainbow Square, generating revenue of approximately HKD 34.3 million[17]. - The revenue from the shared workspace business was approximately HKD 32.4 million, a decrease of about HKD 0.7 million compared to the previous year[24]. - The total carrying value of the investment property portfolio was approximately HKD 1,050.7 million, down from HKD 1,105.4 million in the previous year[24]. - The total equity as of December 31, 2020, was approximately HKD 1,413.7 million, up from approximately HKD 951.9 million in the previous year[33]. - The total current assets as of December 31, 2020, were approximately HKD 2,942.2 million, down from approximately HKD 3,319.6 million in the previous year[33]. - The company reported a cash reserve available for distribution of approximately HKD 665.9 million as of December 31, 2020[187]. Acquisitions and Investments - The company completed a significant acquisition of the lifestyle brand "Metropolitan" group, which is expected to provide stable cash flow and enhance property value through synergy with existing development projects[8]. - The acquisition of Metropolitan Group (BVI) Limited was completed for a total consideration of HKD 460 million, with a 3% annual coupon rate on the issued convertible bonds[38]. - The company has expanded its property development scope to South Korea, in addition to its primary operations in Hong Kong[130]. - The company has initiated construction and renovation business under the "Metropolitan" brand, diversifying its service offerings[130]. Market Outlook and Strategy - The company is optimistic about the property market in Hong Kong for 2021 and aims to provide exceptional value products and services to stand out among competitors[8]. - The company is actively seeking market opportunities and adjusting its business strategies to adapt to the market environment[8]. - The company anticipates a favorable environment for the property market due to low interest rates and a certain level of inflation, as indicated by the Federal Reserve's recent statements[54]. - The company believes that the economic recovery will accelerate as vaccination efforts progress, positively impacting property sales[54]. Corporate Governance - The company has maintained compliance with the corporate governance code as of December 31, 2020, except for the separation of the roles of chairman and CEO[74]. - The board believes that having both roles held by the same individual provides strong and consistent leadership for the company's business strategy[75]. - The company has a commitment to high standards of corporate governance to enhance investor confidence and shareholder returns[73]. - The board consists of 8 members, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors[78]. - The company has established five permanent committees with specific roles and responsibilities, regularly reviewing and updating their terms of reference to reflect good governance practices[97]. - The audit committee is composed of three independent non-executive directors, ensuring effective oversight of financial reporting and risk management[98]. - The company has adopted a board diversity policy to enhance performance quality, considering factors such as gender, age, cultural background, and professional experience[89]. Risk Management - The company has established a risk control committee to coordinate and address potential risks and uncertainties affecting its business[51]. - The company is facing potential risks including rising construction costs and legislative changes that may impact project completion timelines[50]. - The company has taken measures to monitor employee health and ensure safety protocols are followed on construction sites during the pandemic[53]. - The company has a structured approach to ensure sufficient independence and oversight within the board[75]. - The company has implemented measures to ensure compliance with listing rules regarding stock options, including seeking legal advice before granting options[113]. Employee and Social Responsibility - The company has provided competitive compensation and benefits to employees, adhering to labor laws and regulations[145]. - The company has taken measures to protect employees during the COVID-19 pandemic, including mandatory mask-wearing and providing hand sanitizers[150]. - The company has maintained a zero fatality rate due to work-related accidents over the past three years, with zero lost workdays due to injuries in the year ending December 31, 2020[151]. - The company encourages stakeholder engagement to gather feedback and improve its ESG performance[131]. - The company aims to enhance its social responsibility through community investment and support for local entrepreneurship[170]. Environmental Initiatives - The company has implemented a green office program to encourage energy-saving habits among employees, including turning off idle electronic devices and using natural light[134]. - The company has a commitment to environmental protection and compliance with applicable environmental laws and regulations[135]. - The company has introduced energy-efficient equipment in the office, such as motion sensors to prevent energy waste[140]. - The company has not reported any significant non-compliance issues regarding emissions and waste management laws during the review year[139]. Shareholder Information - The board of directors did not recommend a final dividend for the year ended December 31, 2020, while an interim dividend of HKD 0.02 per share was declared for the six months ended June 30, 2020[180]. - The company has adopted a dividend policy to enhance transparency for shareholders and investors, considering factors such as actual and expected financial performance, shareholder interests, and overall economic conditions[117]. - The board will assess the company's financial performance and liquidity status when determining future dividend declarations[117].

Financial Performance - For the six months ended June 30, 2020, the company's revenue was approximately HKD 6.3 million, a decrease of about HKD 20.1 million compared to HKD 26.4 million for the same period in 2019[9]. - The profit attributable to owners of the company for the same period was approximately HKD 350.3 million, compared to a loss of HKD 3.2 million in the previous year[9]. - Earnings per share for the period was approximately HKD 0.5461, while the previous year recorded a loss per share of HKD 0.0051[9]. - Total revenue for the six months ended June 30, 2020, was HKD 6,270,000, a decrease of 76.2% compared to HKD 26,380,000 for the same period in 2019[88]. - Gross profit for the same period was HKD 5,688,000, down 72.7% from HKD 19,646,000 year-on-year[88]. - The company reported a profit before tax of HKD 352,003,000, compared to a loss of HKD 2,053,000 in the previous year[88]. - Net profit for the period was HKD 349,871,000, a significant recovery from a loss of HKD 3,464,000 in the prior year[88]. - The company recorded other income of HKD 4,969,000, an increase of 59% from HKD 3,128,000 in the previous period[88]. - The company reported a total profit before tax of HKD 352,003,000, recovering from a loss of HKD 2,053,000 in the prior period[122]. Property Development and Sales - The company did not recognize any revenue from property development for the six months ended June 30, 2020, compared to HKD 20.9 million for the same period in 2019[10]. - Temporary rental income of HKD 4.3 million was recognized from properties held for sale, compared to HKD 16.9 million in the previous year[14]. - The company has entered into preliminary sale agreements for two units in the Hong Kong property "Rainbow Square," expected to complete in the second half of 2020[14]. - The sale of the Chai Wan project subsidiary generated approximately HKD 383.2 million in revenue for the six months ending June 30, 2020[22]. - The Cloud project is expected to start pre-sales in Q3 2020, with completion and revenue recognition anticipated by the end of 2021 or 2022[17]. - The company reported a slight delay in the sale of remaining inventory due to COVID-19, but positive feedback was received starting mid-August 2020[49]. - The company is closely monitoring market conditions to time the presale of its next project optimally[49]. Financial Position - The company reported total equity of approximately HKD 1,055.4 million as of June 30, 2020, up from HKD 709.1 million as of December 31, 2019[31]. - The company's current liabilities decreased to approximately HKD 1,892.3 million as of June 30, 2020, from HKD 2,780.5 million as of December 31, 2019, primarily due to loan repayments[31]. - The capital debt ratio decreased from approximately 369.4% to 172.5% between December 31, 2019, and June 30, 2020, due to the sale of subsidiaries and loan repayments[32]. - As of June 30, 2020, total assets decreased to HKD 2,739,756,000 from HKD 3,264,727,000, representing a decline of approximately 16.1% year-over-year[91]. - The company's non-current assets totaled HKD 204,457,000, down from HKD 225,036,000, indicating a decrease of about 9.1%[91]. - The company's total liabilities decreased to HKD 1,892,329,000 from HKD 2,780,467,000, a reduction of approximately 32%[91]. - The group’s total assets pledged for bank borrowings were valued at HKD 2,680,967, down from HKD 3,213,137 as of December 31, 2019[196]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2020, was HKD 133,231,000, compared to HKD 93,538,000 for the same period in 2019, reflecting a significant increase in cash outflow[97]. - The net cash used in investing activities was HKD 588,377,000, compared to a net cash used of HKD 11,316,000 in the previous period[100]. - The company received HKD 589,831,000 from the sale of a subsidiary, contributing significantly to cash inflow[100]. - The company raised borrowings of HKD 75,684,000, while repaying borrowings of HKD 440,611,000 during the period[100]. - The company incurred interest expenses of HKD 31,511,000, down from HKD 43,132,000 in the previous period[100]. - The group’s bank borrowings amounted to HKD 1,820,414, down 29.5% from HKD 2,580,184 as of December 31, 2019[188]. Dividends and Share Capital - The company declared an interim dividend of HKD 12,829,960, which is HKD 0.02 per share, compared to no dividend for the same period last year[52]. - The interim dividend is expected to be distributed on October 27, 2020, with a suspension of share transfer registration from October 14 to October 16, 2020[53]. - The company reported a total of HKD 1,283,000 in final dividends for the previous year, compared to HKD 99,432,000 for the same period last year[52]. - As of June 30, 2020, the company had a total of 641,498,000 shares issued, with major shareholder Chen Wenhui holding approximately 67.36% of the shares[62]. - The group’s issued share capital increased to 641,498,000 shares as of June 30, 2020, from 627,200,000 shares at the beginning of 2019[200]. Risk Management and Compliance - The group has established a risk control committee to monitor and review potential risks and uncertainties affecting its business[46]. - The group has complied with relevant laws and regulations without any significant violations as of June 30, 2020[37]. - The company has no significant foreign exchange risk and has not entered into any agreements to hedge against currency risks during the reporting period[35]. - The company has maintained compliance with the standard code of conduct for securities trading throughout the reporting period[74]. Future Outlook and Strategy - The company plans to expand its business scope to include construction and renovation services, enhancing synergy and cost savings[27]. - The company plans to continue expanding its property management and construction services to enhance revenue streams in the future[120]. - The company remains optimistic about both residential and non-residential property markets, citing advancements in COVID-19 vaccine development and the influx of capital from quantitative easing policies[50].

Financial Performance - Total revenue for the year ended December 31, 2019, was HKD 120.0 million, a decrease of 82.13% compared to HKD 671.7 million for the year ended December 31, 2018[13]. - Net profit attributable to shareholders for the year was HKD 5.7 million, down from HKD 191.8 million in 2018[17]. - The board proposed a final dividend of HKD 0.002 per share, significantly lower than HKD 0.155 per share in 2018[18]. - The company's revenue for the year ended December 31, 2019, was approximately HKD 120.0 million, a decrease of about HKD 551.7 million compared to HKD 671.7 million in 2018[19]. - The profit attributable to the owners for the same period was approximately HKD 5.7 million, down from HKD 191.8 million in 2018, representing a decrease of about HKD 186.1 million[19]. - Earnings per share for the year were approximately HKD 0.009, compared to HKD 0.306 in the previous year, indicating a significant decline[19]. - Revenue from the property development segment was approximately HKD 109.8 million, down from HKD 667.2 million in 2018, reflecting a decrease due to fewer units sold[20]. - The property development segment's profit was approximately HKD 27.1 million, a decrease from HKD 267.2 million in 2018, primarily due to reduced sales volume[20]. Property Development and Sales - The company completed and delivered 7 units in the Hong Kong project "虹方," generating revenue of approximately HKD 85.5 million, down from 108 units and HKD 653.1 million in 2018[23]. - The company plans to redevelop the "柴灣角" project into a commercial building and has initiated foundation works, while also deciding to sell the project to mitigate risks due to economic uncertainties[23]. - The company will monitor market conditions and government policies to determine the timing of future sales[15]. - The focus will remain on delivering high-quality products that exceed customer expectations to strengthen brand image[15]. Strategic Initiatives - The company expanded its geographical presence into South Korea, one of the fastest-growing countries in the world[13]. - The board is considering acquiring multiple operating entities under the "Metropolitan" brand to enhance asset value and create stable income[14]. - The integration of lifestyle elements into property developments is expected to increase the value of existing projects[14]. - The company aims to create synergies between its existing property development business and the new lifestyle business[14]. Financial Position and Equity - As of December 31, 2019, total equity was approximately HKD 709.1 million, down from HKD 792.6 million in 2018, while cash and bank balances decreased to approximately HKD 62.3 million from HKD 121.4 million[34]. - The group's current assets increased to approximately HKD 3,264.7 million from HKD 3,103.7 million in 2018, primarily due to an increase in properties under development[34]. - The debt-to-equity ratio rose from approximately 298.3% in 2018 to about 369.4% in 2019, attributed to increased bank borrowings and a decrease in equity attributable to owners[37]. - The group’s total borrowings as of December 31, 2019, were approximately HKD 2,580.2 million, up from HKD 2,364.4 million in 2018[35]. Risk Management and Compliance - The group has identified key risks including economic conditions, rising construction costs, and reliance on property sales, which may lead to significant fluctuations in profitability[48]. - The group has established a risk control committee to develop and review risk management strategies and policies[49]. - The company has implemented measures to improve identified issues in risk management and internal control systems, which are deemed effective and sufficient[122]. - The board highlighted the importance of compliance and risk management, with ongoing assessments to mitigate potential financial risks[59]. Corporate Governance - The company has maintained high standards of corporate governance and business ethics, which are crucial for enhancing investor confidence and increasing shareholder returns[77]. - The board believes that the company has complied with the corporate governance code as per the listing rules, except for the provision that requires the roles of chairman and CEO to be held by different individuals[78]. - The company has a strong management team with over 20 years of experience in finance and accounting, led by the financial director who oversees accounting, financial management, and internal controls[74]. - The independent non-executive directors bring a wealth of experience in private equity, corporate finance, and financial consulting, enhancing the board's expertise[69][70]. Environmental and Social Responsibility - The company aims to minimize its environmental impact through various resource-saving measures[149]. - The company has implemented a green office program to encourage energy-saving practices among employees[142]. - The company has established strict quality control measures for contractors to ensure compliance with environmental and safety regulations[156]. - The company is committed to corporate social responsibility by encouraging employee participation in community activities and supporting local entrepreneurship[165]. Shareholder Information - The company proposed a final dividend of HKD 0.2 per share for the year ended December 31, 2019, compared to HKD 15.5 per share in 2018[175]. - As of December 31, 2019, the company's distributable reserves amounted to approximately HKD 235 million[182]. - The largest supplier accounted for approximately 8.9% of the total costs incurred during the year, while the top five suppliers represented 18.0%[183]. - The largest customer contributed approximately 14.4% to the total revenue, with the top five customers accounting for 57.1%[183].

Revenue and Financial Performance - The company's revenue for the six months ended June 30, 2019, was approximately HKD 26.4 million, an increase of about HKD 24.6 million compared to the same period last year[9]. - Property development revenue was approximately HKD 20.9 million, with no revenue recorded in the same period last year[10]. - The company reported a loss attributable to owners of approximately HKD 3.2 million, a significant improvement from a loss of HKD 14.7 million in the same period last year[9]. - The loss per share for the period was approximately HKD 0.51, compared to HKD 2.34 in the previous year[9]. - The total revenue for the group for the six months ended June 30, 2019, was HKD 26,380,000, compared to HKD 11,019,000 for the same period in 2018, representing an increase of 139%[151]. - The group reported a pre-tax loss of HKD 2,053,000 for the six months ended June 30, 2019, compared to a loss of HKD 14,539,000 in the same period of 2018, showing an improvement in financial performance[151]. - The net loss for the period was HKD 3,464,000, compared to a net loss of HKD 14,677,000 in the same period last year[84]. - The company reported a loss from fair value changes of financial assets amounting to HKD 1,119,000, compared to a gain of HKD 1,416,000 in the previous year, reflecting market volatility[95]. Property Development and Management - The company completed and delivered two parking spaces at the Sky Center, generating approximately HKD 0.8 million in revenue during the period[11]. - The company confirmed revenue of approximately HKD 4.0 million from the Star Center through the completion and delivery of two parking spaces[12]. - The company completed and delivered two units at the Rainbow project, generating approximately HKD 16.9 million in revenue during the period[14]. - Revenue from the property management services segment for the period was approximately HKD 1.6 million, an increase from HKD 0.5 million for the same period last year[23]. - The group reported property development revenue of HKD 20,933,000 for the six months ended June 30, 2019, compared to HKD 6,097,000 for the same period in 2018, indicating a significant increase[142]. - Revenue from property investment was HKD 212,000 for the six months ended June 30, 2019, down from HKD 472,000 in the previous year[151]. - Financing services revenue increased to HKD 3,596,000 for the six months ended June 30, 2019, compared to HKD 810,000 in the same period of 2018, marking a growth of 344%[151]. Financial Position and Liabilities - As of June 30, 2019, the total equity of the group was approximately HKD 699.8 million, down from HKD 792.6 million as of December 31, 2018[26]. - The group's current liabilities increased to approximately HKD 2,696.5 million as of June 30, 2019, compared to HKD 2,530.4 million as of December 31, 2018, primarily due to increased borrowings[26]. - The capital debt ratio rose from approximately 298.3% as of December 31, 2018, to about 362.0% as of June 30, 2019, due to increased bank borrowings[27]. - The debt-to-asset ratio increased from approximately 67.5% as of December 31, 2018, to about 72.9% as of June 30, 2019, attributed to increased bank borrowings and properties held for sale[27]. - The group has no significant contingent liabilities and possesses sufficient cash and available bank financing to meet its obligations and operational funding needs[28]. - The company’s total liabilities decreased, with a notable reduction in trade and other payables by HKD 9,461,000, compared to a decrease of HKD 16,873,000 in the previous year, indicating improved financial management[95]. Share Capital and Dividends - As of June 30, 2019, the total issued shares were 641,498,000, with significant shareholdings disclosed by directors and major shareholders[53]. - The board did not recommend any interim dividend for the six months ended June 30, 2019, compared to 2.4 HK cents per share for the same period in 2018[48]. - The company did not declare any interim dividend for the six months ended June 30, 2019, compared to a total dividend of HKD 99,432,000 for the previous period[166][167]. - Chen Wenhui holds a controlling interest of 432,140,800 shares, representing 67.36% of the company[55]. - Lin Jianguo holds a controlling interest of 38,259,200 shares, representing 5.96% of the company[55]. Risk Management and Internal Controls - The group has identified potential risks including economic conditions affecting the property market and rising construction costs[38]. - The group has implemented a series of internal controls and risk management policies to address potential risks[39]. - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are held by the same individual[73]. Employee and Operational Information - As of June 30, 2019, the group employed 17 staff members, an increase from 16 as of December 31, 2018[36]. - The company incurred total employee costs of HKD 7,556, slightly up from HKD 7,210 in the same period of 2018[161]. Accounting Standards and Policies - The group has adopted HKFRS 16, recognizing right-of-use assets at the lease commencement date, measured at cost less accumulated depreciation and impairment losses[116]. - The group has chosen a practical expedient not to reassess contracts identified as leases under HKAS 17 when applying HKFRS 16[133]. - The group reported a total of HKD 1,980,000 in remaining lease commitments as of December 31, 2018, which will terminate within 12 months from January 1, 2019[137].

Financial Performance - For the fiscal year ended December 31, 2018, the group's revenue was approximately HKD 671.7 million, a decrease of about HKD 60.7 million compared to HKD 732.4 million in 2017[16] - The net profit attributable to shareholders for the same period was approximately HKD 191.8 million, an increase of about HKD 96.0 million from HKD 95.8 million in 2017[16] - The basic and diluted earnings per share for the period were approximately HKD 30.6 cents, compared to HKD 18.9 cents in the previous year[18] - The revenue confirmed in the property development segment for the year was approximately HKD 667.2 million, a decrease from HKD 728.2 million in 2017[19] - The total value of the investment property portfolio as of December 31, 2018, was approximately HKD 13.5 million, down from HKD 36.7 million in 2017[25] - The revenue from property management services was approximately HKD 1.0 million, unchanged from the previous year[26] - The financing business generated revenue of approximately HKD 2.7 million, an increase of about HKD 1.6 million compared to HKD 1.1 million in 2017[27] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 15.5 cents per share, significantly up from HKD 5.6 cents per share in 2017, subject to shareholder approval[17] - The company reported a mid-term dividend of HKD 0.024 per share and proposed a final dividend of HKD 0.155 per share for the fiscal year ending December 31, 2018, pending shareholder approval[158] - As of December 31, 2018, the company had cash reserves available for distribution of approximately HKD 298 million, calculated under the Cayman Islands Companies Law[166] Assets and Liabilities - The total equity as of December 31, 2018, was approximately HKD 792.6 million, up from HKD 642.0 million in 2017[29] - The cash and bank balance as of December 31, 2018, was approximately HKD 121.4 million, compared to HKD 63.5 million in 2017[29] - The net current assets as of December 31, 2018, were approximately HKD 573.3 million, an increase from HKD 555.8 million in 2017[29] - The total current assets as of December 31, 2018, were approximately HKD 3,103.7 million, up from HKD 2,377.1 million in 2017[29] - The current liabilities as of December 31, 2018, were approximately HKD 2,530.4 million, an increase from HKD 1,821.3 million in 2017[29] - As of December 31, 2018, the group's outstanding bank borrowings amounted to approximately HKD 2,364.4 million, an increase from HKD 1,715.2 million as of December 31, 2017[30] - The group's capital debt ratio rose from approximately 267.2% as of December 31, 2017, to about 298.3% as of December 31, 2018, due to increased bank borrowings[30] - The net debt to equity ratio increased from approximately 257.3% to about 283.0% during the same period, attributed to the rise in bank borrowings[30] - The debt to asset ratio slightly increased from approximately 67.0% to about 67.5% as of December 31, 2018, due to higher bank borrowings and an increase in properties held for sale[30] Projects and Developments - The company successfully expanded its land reserves by acquiring a site in Seoul, South Korea, enhancing its competitive position[10] - The "Rainbow" project will initiate its second phase of sales following the successful completion of the first phase in 2018[10] - The Yuen Long site project has entered the foundation engineering stage, targeting young residents seeking high-quality and stylish living[10] - The company plans to redevelop the Chai Wan project into a commercial building, with foundation works commencing in the second quarter of 2018 and expected completion in 2021[21] Corporate Governance - The board of directors consists of 8 members, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors, ensuring a balanced mix of skills and experience for decision-making[73] - The company has complied with the corporate governance code as per the listing rules, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[71] - The board is responsible for approving and monitoring the overall strategy and policies of the group, assessing performance, and overseeing management, ensuring alignment with shareholder interests[79] - All directors are required to participate in continuous professional development to update their knowledge and skills, ensuring they can contribute effectively to the board[80] - The company has received written confirmations of independence from all independent non-executive directors, ensuring compliance with independence guidelines[75] - The board has established five standing committees with specific roles and responsibilities, regularly reviewing their terms of reference[94] Risk Management and Compliance - The audit committee is responsible for monitoring the effectiveness of risk management and internal control procedures[97] - The internal audit department conducted a review of the effectiveness of the risk management and internal control systems, focusing on various operational processes[111] - The risk management and internal control systems implemented by the company are deemed effective and sufficient as of the report date[112] - The company has adopted a whistleblowing policy to promote openness, integrity, and accountability[120] Environmental and Social Responsibility - The company has implemented measures to promote environmental sustainability, including waste reduction and energy-saving initiatives[153] - The office consumed approximately 12,141 kWh of electricity during the year, resulting in CO2 equivalent emissions of about 9,591 kg, an increase from 7,306 kg in the previous year[131] - The company has introduced a green office program to promote resource-saving measures and reduce environmental impact[133] - The company is committed to corporate social responsibility by encouraging employee participation in community activities and supporting young entrepreneurs in Hong Kong[146] Shareholder and Market Outlook - The company maintains a cautiously optimistic outlook for the real estate market in 2019 due to uncertainties surrounding the attitudes of Donald Trump and Jerome Powell[49] - Overall, the company remains optimistic about future growth, with a long-term vision to achieve L million in revenue by 2025[59] Stock Options and Share Capital - The company granted a total of 21,193,088 stock options to selected employees and directors on October 18, 2018, with an exercise price of HKD 0.75 per share[191] - The stock option plan allows for a maximum issuance of shares not exceeding 30% of the company's issued share capital at any time[195] - The nominal consideration for accepting stock options is HKD 1.00[200]