2024年，集团累计实现合同销售金额约471.4亿元，累计合同销售面积约226.1万平方米，合同销售均价 约20850元/平方米。 财联社1月6日电，融创中国在港交所公告，2024年12月，集团实现合同销售金额约17.5亿元，合同销售 面积约13.8万平方米，合同销售均价约12680元/平方米。 ...

截至发稿，融创中国(01918.HK)跌14%，融信中国(03301.HK)跌11%，远洋集团(03377.HK)跌9%，合景 泰富集团(01813.HK)跌7%。 财联社1月6日电，内地房地产港股午后继续走低。 ...

Company Overview and Business Segments - Sunac China Holdings Limited is a leading enterprise in China's real estate industry, with nationwide leading capabilities in comprehensive urban development and integrated industrial operation[2][3] - The Group's real estate development business is mainly located in the Yangtze River Delta, Bohai Rim, South China, Central regions, and Western regions, divided into 9 major regions for management[4][5] - The Group has a high-quality land bank with an advantageous layout and leading product development capabilities[4][5] - Sunac China Holdings Limited is also a leading ice & snow industry operator and a leading cultural tourism industry operator and property owner in China[2][3] - The Group's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited since 2010[2][3] - The company's operating segments include property development, cultural tourism city construction and operation, property management, and other segments[111] - Other segments primarily include film and cultural investments and office building leasing, with their performance included in the "All Other Segments" column[111] Financial Performance and Key Metrics - The company completed the delivery of approximately 58,000 housing units in 52 cities in the first half of 2024, aiming to deliver over 170,000 units for the full year[16] - The company's revenue for the first half of 2024 was approximately RMB 34.28 billion, a decrease of 41.4% year-over-year, with a gross loss of RMB 1.81 billion, a reduction of 41.2% compared to the same period last year[16] - The company's net loss attributable to shareholders was approximately RMB 14.96 billion, a decrease of 2.7% year-over-year, with net assets attributable to shareholders standing at RMB 47.96 billion as of June 30, 2024[16] - The company's total land reserves, including joint ventures and associates, were approximately 145 million square meters, with unsold land reserves of about 100 million square meters[17] - The property management segment, Sunac Services, achieved revenue of approximately RMB 3.48 billion and a gross profit of RMB 890 million in the first half of 2024, with a managed area of 282 million square meters and over 1.6 million managed households[17] - The company's cultural tourism segment, including theme parks, commercial properties, hotels, and snow parks, generated revenue of approximately RMB 2.48 billion, with the snow park segment growing 13% year-over-year to RMB 420 million[17] - The company's total revenue, including joint ventures and associates, was approximately RMB 79.09 billion in the first half of 2024, a decrease of 46.5% year-over-year, with attributable revenue of RMB 44.28 billion, down 52.3%[18] - Property sales accounted for 81.9% of total revenue at RMB 28.08 billion, while cultural tourism construction and operations contributed 7.2% at RMB 2.48 billion, and property management contributed 9.9% at RMB 3.39 billion[19] - The total delivered construction area in the first half of 2024 was 2.785 million square meters, a decrease of 42.2% compared to the same period last year[19] - The company's sales cost decreased by 41.4% year-over-year to RMB 36.09 billion, primarily due to a reduction in property delivery area[20] - Gross loss decreased by RMB 1.27 billion to RMB 1.81 billion in the six months ended June 30, 2024, compared to RMB 3.08 billion in the same period in 2023[21] - Gross margin remained at -5.3% for the six months ended June 30, 2024, consistent with the same period in 2023[21] - Sales and marketing expenses decreased by 51.5% to RMB 1.11 billion in the six months ended June 30, 2024, from RMB 2.29 billion in the same period in 2023[22] - Administrative expenses decreased by RMB 770 million to RMB 1.78 billion in the six months ended June 30, 2024, from RMB 2.55 billion in the same period in 2023[22] - Other income and gains increased by RMB 640 million to RMB 2.53 billion in the six months ended June 30, 2024, primarily due to gains from the sale of subsidiaries, joint ventures, and associates[23] - Other expenses and losses amounted to RMB 6.40 billion in the six months ended June 30, 2024, including provisions for litigation and other contingent liabilities of RMB 3.25 billion[24] - Expected credit loss impairment increased by RMB 640 million to RMB 1.11 billion in the six months ended June 30, 2024, compared to RMB 470 million in the same period in 2023[25] - Operating loss decreased by RMB 3.24 billion to RMB 9.68 billion in the six months ended June 30, 2024, from RMB 12.92 billion in the same period in 2023[26] - Cash balance (including restricted cash) increased to RMB 25.68 billion as of June 30, 2024, from RMB 24.62 billion as of December 31, 2023[31] - Total borrowings decreased by RMB 400 million to RMB 277.43 billion as of June 30, 2024, from RMB 277.83 billion as of December 31, 2023[32] - The company's capital-debt ratio increased to 79.2% as of June 30, 2024, up from 75.2% at the end of 2023, primarily due to reduced revenue and provisions for contingent liabilities[33] - The company recorded a foreign exchange loss of approximately RMB 310 million during the six months ended June 30, 2024, due to market exchange rate fluctuations[36] - The company provided guarantees for mortgage loans amounting to approximately RMB 79.92 billion as of June 30, 2024, slightly down from RMB 79.98 billion at the end of 2023[37] - The company is involved in 368 lawsuits with claims exceeding RMB 50 million each, totaling approximately RMB 139.94 billion, mainly related to unpaid loans and construction costs[38] - The company's total land reserves, including joint ventures and associates, amounted to approximately 1.45 billion square meters as of June 30, 2024, with equity land reserves of approximately 973.83 million square meters[39] - The Yangtze River Delta region accounts for 1.51 billion square meters of the company's equity land reserves and 2.38 billion square meters of total land reserves[40] - The Bohai Rim region accounts for 2.39 billion square meters of the company's equity land reserves and 3.00 billion square meters of total land reserves[41] - The Western region accounts for 3.52 billion square meters of the company's equity land reserves and 5.69 billion square meters of total land reserves[42] - The Central region accounts for 1.31 billion square meters of the company's equity land reserves and 2.07 billion square meters of total land reserves[42] Corporate Governance and Shareholder Information - The company has adopted the Corporate Governance Code and complied with all applicable code provisions during the six months ended June 30, 2024[43] - A total of 51.08 million share options were granted under the Pre-IPO Share Option Plan, representing approximately 1.67% of the total issued shares post-global offering[44] - Under the 2011 Share Option Plan, 99.9 million share options were granted, representing approximately 3.33% of the total issued shares at the adoption date[44] - Under the 2014 Share Option Plan, 166.37 million share options were granted, representing approximately 5% of the total issued shares at the adoption date[45] - The Share Incentive Plan allows the trustee to purchase up to 220,113,960 shares, representing 5% of the total issued shares at the adoption date[46] - The trustee purchased 94.653 million shares under the Share Incentive Plan for a total consideration of approximately HKD 2.57 billion by June 30, 2019[46] - As of June 30, 2024, the trustee can purchase an additional 125,460,960 shares under the Share Incentive Plan, representing approximately 1.45% of the total issued shares[46] - A cumulative total of 57.505 million incentive shares were initially granted to selected employees under the Share Incentive Plan from the adoption date to June 30, 2024[47] - As of June 30, 2024, 165,013,460 incentive shares were available for granting under the Share Incentive Plan, representing approximately 1.91% of the total issued shares[47] - Total employee incentive shares granted from 2019 to 2021 amounted to 57,505,000, with 36,772,000 shares granted as of June 30, 2024[48] - Sun Hongbin holds approximately 29.28% of the company's equity, with 2,523,668,639 shares held through controlled entities[51] - The company has suspended the vesting of incentive shares granted to directors and employees from 2019 to 2021 due to industry and operational conditions[48] - Sunac International holds $117,431,726 in mandatory convertible bonds, which can be converted into 228,991,865 shares at a minimum conversion price of HK$4.00 per share[54] - The total number of shares issued as of June 30, 2024, is 8,620,471,579[52] - Sunac International holds 65,721,489 shares of Sunac Services, representing approximately 2.20% of the total issued shares[56] - The company's directors and senior management hold a combined total of 29,098,000 incentive shares as of June 30, 2024[48] - Sun Hongbin holds 67,288,606 shares of Sunac Services through controlled entities, representing approximately 2.20% of the total issued shares[55] - The company's board of directors has decided to suspend the vesting of incentive shares granted from 2019 to 2021[48] - The total number of shares issued by Sunac Services as of June 30, 2024, is 3,056,844,000[56] - Sunac International holds 2,474,962,639 shares, representing 28.71% of the company's total issued shares[58] - Sunac International holds 228,991,865 shares, representing 2.66% of the company's total issued shares[60] - The principal amount of unconverted mandatory convertible bonds held by Sunac International is $117,431,726, which can be converted into 228,991,865 shares at a minimum conversion price of HK$4.00 per share[61] Debt Restructuring and Financial Obligations - The company completed a restructuring cooperation with Guotou Zhongdian, transferring 70% equity and creditor rights of the target company for a total consideration of approximately RMB 3.974 billion[62] - The company sold 80% equity of the Shijiazhuang Central Business Zone project for a total consideration of approximately RMB 814 million[63] - The company sold 51% equity and related creditor rights of the Chongqing University Town project for a total consideration of RMB 540 million[64] - The company issued $1 billion in convertible bonds as part of its offshore debt restructuring, with an initial conversion price of HK$20.00 per share[67] - As of June 30, 2024, the principal amount of unconverted convertible bonds is $754,949,370, which can be converted into 294,430,254 shares at a conversion price of HK$20.00 per share[67] - The company issued mandatory convertible bonds with a total principal amount of $2,749,997,804 as part of its offshore debt restructuring on November 20, 2023[68] - During the first conversion period, $1,903,933,926 (69.23% of the initial issuance) of the mandatory convertible bonds were converted into 2,475,113,989 shares at a conversion price of HK$6.00 per share[68] - As of June 30, 2024, $717,637,751 of the mandatory convertible bonds remained unconverted, which could be converted into 1,399,393,614 shares at a minimum conversion price of HK$4.00 per share[69] - The company issued shareholder mandatory convertible bonds with a total principal amount of $450,000,000 to Sunac International on November 20, 2023[70] - As of June 30, 2024, $117,431,726 of the shareholder mandatory convertible bonds remained unconverted, which could be converted into 228,991,865 shares at a minimum conversion price of HK$4.00 per share[70] - If all outstanding convertible bonds, mandatory convertible bonds, and shareholder mandatory convertible bonds were converted, it would result in the issuance of approximately 1,922,815,733 shares, representing 22.31% of the total issued shares as of June 30, 2024[71] - The company reported a net loss attributable to owners of approximately RMB 14.96 billion for the six months ended June 30, 2024, with basic and diluted loss per share of RMB 1.79[74] - As of June 30, 2024, the company had net assets of approximately RMB 66.26 billion and net current liabilities of approximately RMB 49.23 billion[74] - The company expects to fulfill its redemption obligations under the convertible bonds if it successfully implements the plans and measures outlined in the interim condensed consolidated financial statements[74] - For holders of the mandatory convertible bonds and shareholder mandatory convertible bonds, converting the bonds into shares or redeeming them would yield equally favorable economic returns when the company's stock price approaches the conversion price[74] - The company successfully completed its offshore debt restructuring plan, effective from November 20, 2023, with creditors fully releasing and discharging existing debts in exchange for new notes, convertible bonds, and shares of Sunac Services Holdings Limited[94] - The company has reached loan extensions totaling approximately RMB 36.05 billion as of the approval date of the interim financial statements[94] - The company is actively seeking new financing or additional funding through various channels, including asset management companies, financial institutions, and asset disposals[94] - The company adjusted bond repayment arrangements, deferring principal and interest payments originally due in June and September 2024 to December 2024[94] - The company expects to secure sufficient funds for normal business operations and meet financial obligations over the next 18 months starting from June 30, 2024[95] - The company has completed settlements with certain creditors and continues to work on resolving pending litigation[95] - The company has streamlined its organizational structure, reducing management layers and personnel to improve efficiency and control costs[95] - The company is actively responding to government policies to stabilize the real estate market and complete housing delivery tasks[95] Asset and Liability Management - The company's total assets decreased from RMB 977.85 billion as of December 31, 2023, to RMB 961.97 billion as of June 30, 2024[83] - Non-current assets decreased from RMB 219.35 billion as of December 31, 2023, to RMB 214.53 billion as of June 30, 2024[83] - Current assets decreased from RMB 758.50 billion as of December 31, 2023, to RMB 747.44 billion as of June 30, 2024[83] - Total liabilities decreased slightly from RMB 894.07 billion as of December 31, 2023, to RMB 895.71 billion as of June 30, 2024[84] - Non-current liabilities decreased from RMB 114.82 billion as of December 31, 2023, to RMB 99.04 billion as of June 30, 2024[84] - Current liabilities increased from RMB 779.25 billion as of December 31, 2023, to RMB 796.67 billion as of June 30, 2024[84] - The company's equity decreased from RMB 83.79 billion as of December 31, 2023, to RMB 66.26 billion as of June 30, 2024[83] - The company faces significant uncertainties regarding its ability to continue as a going concern, primarily due to challenges in raising sufficient funds to repay domestic and foreign public debts[82] - The company's property, plant, and equipment decreased from RMB 65.61 billion as of December 31, 2023, to RMB 22.57 billion as of June 30, 2024[83] - The company's investment properties decreased from RMB 22.10 billion as of December 31, 2023, to RMB 12.99 billion as of June 30, 2024[83] - Revenue for the six months ended June 30, 2024, was RMB 34,279.6 million, a decrease of 41.4% compared to RMB 58,472.8 million in the same period in 2023[86] - Gross loss for the six months ended June 30, 2024, was RMB 1,808.7 million, compared to a gross loss of RMB 3,078.8 million in the same period in 2023[86] - Operating loss for the six months ended June 30, 2024, was RMB 9,681.2 million, a decrease of 25.1% compared to RMB 12,917.6 million in the same period in 2023[86] - Net loss attributable to the company's owners for the six months ended June 30, 2024, was RMB 14,957.2 million, compared to RMB 15,366.8 million in the same period in 2023[86] - Total equity as of June 30, 2024, was RMB 66,258.2 million, a decrease of 23.3% compared to RMB 86,402.8 million as of January 1, 2023[87][88] - Non-controlling interests' equity as of June 30, 2024, was RMB 18,295.3 million, a decrease of 34.5% compared to RMB 27,934.4 million as of January 1, 2023[87][88] - The company issued shares worth RMB 514.1 million after the conversion of convertible bonds and mandatory convertible bonds[87] - The company recorded a net loss of RMB 16,665.0 million for the six months ended June 30, 202

Financial Performance - The group's contracted sales amount to approximately RMB 26.28 billion for the six months ended June 30, 2024[2]. - The group's revenue is approximately RMB 34.28 billion, a decrease of about 41.4% compared to the same period last year[2]. - The group's gross loss is approximately RMB 1.81 billion, a reduction of about 41.2% year-on-year[2]. - The loss attributable to the owners of the company is approximately RMB 14.96 billion, a decrease of about 2.7% compared to the same period last year[2]. - The company reported a net loss of approximately RMB 16.67 billion for the six months ended June 30, 2024[15]. - The basic and diluted loss per share attributable to owners is RMB 1.79 for the six months ended June 30, 2024, compared to RMB 2.86 for the same period last year[6]. - The total loss for the reporting segment was RMB 16,665,026 for the six months ended June 30, 2024, compared to RMB 17,066,152 for the same period in 2023, indicating a decrease in loss of approximately 2.4%[23]. - The company's gross loss for the six months ended June 30, 2024, was approximately RMB 1.81 billion, reduced from RMB 3.08 billion in the same period of 2023[53]. - The company's property sales revenue for the same period was approximately RMB 28.08 billion, down about 46.1% from RMB 52.14 billion in the previous year[51]. - The company's selling and marketing expenses decreased by approximately 51.5% to about RMB 1.11 billion from RMB 2.29 billion in the previous year[54]. - The company's administrative expenses decreased to approximately RMB 1.78 billion from RMB 2.55 billion, a reduction of about RMB 770 million[54]. - The company reported a significant increase in interest payable from RMB 23,278,904 to RMB 33,617,738, reflecting an increase of about 44.4%[32]. - The company reported a net impairment loss on property, plant, and equipment of RMB 4,107,338 thousand for the six months ended June 30, 2024[38]. - The company faced foreign exchange losses of approximately RMB 310 million due to fluctuations in market exchange rates during the six months ending June 30, 2024[68]. - Other income for the six months ended June 30, 2024, totaled RMB 2,529,694 thousand, compared to RMB 1,885,839 thousand in the previous year[39]. - Other income and gains for the six months ended June 30, 2024, amounted to approximately RMB 2.53 billion, an increase of about RMB 640 million compared to RMB 1.89 billion for the same period in 2023[55]. - Other expenses and losses for the six months ended June 30, 2024, were approximately RMB 6.40 billion, slightly decreased from RMB 6.42 billion for the same period in 2023[56]. Financial Position - As of June 30, 2024, the group's cash balance is approximately RMB 25.68 billion, with a total cash balance including joint ventures and associates of approximately RMB 53.83 billion[2]. - The total borrowings of the group amount to approximately RMB 277.43 billion as of June 30, 2024[2]. - The group's equity attributable to owners is approximately RMB 47.96 billion as of June 30, 2024[9]. - The group's total assets amount to approximately RMB 961.97 billion as of June 30, 2024[10]. - The group's total liabilities are approximately RMB 895.71 billion as of June 30, 2024[10]. - As of June 30, 2024, the company's current liabilities net amount was approximately RMB 49.23 billion[15]. - The total outstanding borrowings amounted to approximately RMB 106.96 billion, with RMB 57.44 billion potentially subject to early repayment[15]. - The total assets for the property development segment amounted to RMB 790,473,899,000 as of June 30, 2024[21]. - The total liabilities for the property development segment were RMB 776,334,465,000 as of June 30, 2024[21]. - The total assets decreased from RMB 977,854,203 as of December 31, 2023, to RMB 961,969,990 as of June 30, 2024, reflecting a decline of about 1.6%[23]. - The total liabilities increased slightly from RMB 894,068,338 as of December 31, 2023, to RMB 895,711,804 as of June 30, 2024, representing an increase of approximately 0.2%[23]. - The investment in joint ventures decreased from RMB 53,400,856 at the beginning of the period to RMB 50,141,652 at the end of the period, a decline of about 6.3%[25]. - The investment in associates remained relatively stable, with a slight decrease from RMB 15,850,233 to RMB 15,872,961, indicating an increase of approximately 0.1%[26]. - Trade receivables increased from RMB 4,179,618 as of December 31, 2023, to RMB 4,529,505 as of June 30, 2024, reflecting an increase of about 8.4%[27]. - Other receivables rose significantly from RMB 22,292,493 to RMB 31,324,376, marking an increase of approximately 40.6%[27]. - The total prepayments decreased slightly from RMB 15,021,667 as of December 31, 2023, to RMB 14,283,425 as of June 30, 2024, a decline of about 4.9%[31]. - Trade payables increased from RMB 109,523,789 to RMB 111,963,333, representing an increase of approximately 2.2%[32]. - The overdue notes payable as of June 30, 2024, were RMB 24,790,000 thousand[34]. - The total borrowings stood at RMB 277,425,300 thousand, with non-current secured borrowings at RMB 269,354,724 thousand[37]. - The debt-to-capital ratio increased to approximately 79.2% as of June 30, 2024, from 75.2% as of December 31, 2023[65]. - The company had total outstanding borrowings of approximately RMB 1,934.9 billion and RMB 839.3 billion in current and non-current borrowings, respectively[50]. - The company reported that the total unpaid principal of borrowings due was approximately RMB 114.32 billion, which may lead to early repayment demands[50]. Operational Highlights - The company completed the delivery of approximately 58,000 housing units in 52 cities in the first half of 2024, aiming to exceed 170,000 units for the entire year[71]. - The company’s property management segment, Sunac Services, achieved revenue of approximately RMB 3.48 billion, with a stable growth in gross profit[72]. - The company’s tourism and cultural segment generated revenue of approximately RMB 2.48 billion, with the ice and snow segment alone achieving a revenue increase of about 13% year-on-year[72]. - The total area of properties delivered during the period was 2,785,000 square meters, a decrease of approximately 42.2% compared to 4,817,000 square meters in the previous year[51]. - The company has consolidated its decoration services into the property development segment to better reflect its current business strategy[18]. - The company has achieved loan extensions totaling approximately RMB 36.05 billion as of the date of the financial report approval[16]. - The company is actively seeking new financing through various channels, including asset management companies and financial institutions[16]. - The company is committed to fulfilling its responsibilities in ensuring project delivery, responding to government calls for housing completion[16]. - The company is actively communicating with creditors to seek extensions and comprehensive solutions to existing debt issues due to ongoing market downturns[71]. Corporate Governance - The company has established an audit committee to oversee financial reporting and risk management, consisting of four independent non-executive directors[84]. - The interim results for the six months ending June 30, 2024, have been reviewed by an independent auditor[85]. - The interim report will be published on the company's and the stock exchange's websites at an appropriate time[86]. - The board of directors includes executive directors Sun Hongbin, Wang Mengde, Ma Zhixia, Tian Qiang, Huang Shuping, and Sun Zheyi[87]. - The company is led by non-executive director Lin Huaihan and independent non-executive directors Pan Zhaoguo, Zhu Jia, Ma Lishan, and Yuan Zhigang[87]. Debt Restructuring - The company successfully completed a debt restructuring plan effective from November 20, 2023, which involved the issuance of new notes and convertible bonds[16]. - The company is facing significant uncertainties regarding its ability to continue as a going concern due to its financial situation[15]. - The group expects to secure sufficient funding for normal operations over the next 18 months starting from June 30, 2024, to meet financial obligations[17]. - The company has completed a restructuring agreement to acquire 70% equity and debt of a target company for approximately RMB 3.974 billion[79]. - The company has agreed to sell 80% equity of a central business district project for approximately RMB 814 million, with RMB 148 million offset against debts owed[80]. - The company has finalized the sale of a project in Chongqing for a total consideration of RMB 540 million, acquiring 51% equity and related debts[81].

Financial Performance - Revenue for 2023 was RMB 154.23 billion, a significant increase from RMB 96.75 billion in 2022[11] - The company reported a gross loss of RMB 2.5 billion in 2023, compared to a gross loss of RMB 0.82 billion in 2022[11] - Net loss attributable to the company's owners was RMB 10.41 billion in 2023, an improvement from RMB 29.89 billion in 2022[11] - Revenue in 2023 reached approximately RMB 154.23 billion, a year-on-year increase of 59.4%[14] - Gross loss in 2023 was approximately RMB 2.5 billion, a year-on-year increase of 204.9%[14] - The company's attributable loss in 2023 was approximately RMB 7.97 billion, a year-on-year decrease of 71.2%[14] - Total revenue for the year was RMB 154.23 billion, with property sales accounting for 91.1% (RMB 140.47 billion)[17] - Gross loss increased by RMB 1.68 billion to RMB 2.5 billion, with a gross margin of -1.6%, down from -0.8% in the previous year[20] - Operating loss decreased by RMB 20.1 billion to RMB 1.93 billion, mainly due to increased other income and reduced sales and administrative costs[24] - The company's attributable loss decreased by RMB 19.7 billion to RMB 7.97 billion[27] - Annual loss attributable to the company's owners was RMB 7.97 billion, compared to RMB 27.67 billion in the previous year[28] - Revenue increased to RMB 154.23 billion in 2023 from RMB 96.75 billion in 2022, an increase of 59.4%[183] - Gross loss widened to RMB 2.50 billion in 2023 from RMB 819.18 million in 2022, an increase of 205.5%[183] - Operating loss narrowed to RMB 1.93 billion in 2023 from RMB 22.03 billion in 2022, a decrease of 91.2%[183] - Net loss narrowed to RMB 10.41 billion in 2023 from RMB 29.89 billion in 2022, a decrease of 65.2%[183] - Basic loss per share decreased to RMB 1.43 in 2023 from RMB 5.16 in 2022, a decrease of 72.3%[183] - Total comprehensive loss for 2023 was RMB 10,411,490 thousand, with the company's owners' share of retained earnings decreasing by RMB 7,968,963 thousand[185] - Net loss for the year ended December 31, 2023, was approximately RMB 10.41 billion, with net current liabilities of approximately RMB 20.74 billion as of December 31, 2023[191] Cash Flow and Liquidity - Cash and cash equivalents (including restricted cash) decreased to RMB 24.62 billion in 2023 from RMB 37.54 billion in 2022[11] - The company's cash balance (including restricted cash) decreased from RMB 37.54 billion in 2022 to RMB 24.62 billion in 2023, with unrestricted cash dropping from RMB 11.6 billion to RMB 7.06 billion[29] - Total cash balance (including cash and cash equivalents and restricted cash) was approximately RMB 24.62 billion as of December 31, 2023[192] - Cash and cash equivalents decreased by RMB 4.57 billion in 2023, with year-end cash and cash equivalents at RMB 7.06 billion[187] - The company repaid borrowings of RMB 10.59 billion in 2023, compared to RMB 55.22 billion in 2022[187] - The company received RMB 2.71 billion in loan guarantees in 2023, down from RMB 12.39 billion in 2022[187] - Operating cash flow for 2023 was negative RMB 15,785,722 thousand, a significant decline from the positive RMB 20,737,947 thousand in 2022[186] - Investment activities generated a net cash inflow of RMB 2,738,227 thousand in 2023, down from RMB 5,565,448 thousand in 2022[186] - The company issued new shares worth RMB 7,863,880 thousand through the conversion of convertible bonds and mandatory convertible bonds[185] - The company received RMB 3,086,826 thousand from the redemption of financial assets at fair value through profit or loss in 2023[186] Debt and Liabilities - Total liabilities decreased to RMB 894.06 billion in 2023 from RMB 1,003.77 billion in 2022[12] - Total borrowings decreased by RMB 20.59 billion, from RMB 298.42 billion in 2022 to RMB 277.83 billion in 2023[30] - The capital-to-debt ratio remained stable at 75.2% in both 2022 and 2023[31] - Total liabilities decreased to RMB 894.07 billion in 2023 from RMB 1,003.76 billion in 2022, a decline of 10.9%[181] - Non-current liabilities increased to RMB 114.82 billion in 2023 from RMB 68.49 billion in 2022, an increase of 67.7%[181] - Outstanding borrowings due as of December 31, 2023, were approximately RMB 109.06 billion, with RMB 41.64 billion potentially subject to early repayment[192] - The company successfully completed its offshore debt restructuring plan, approved by 98.3% of the creditors, effective from November 20, 2023[192] - The company has extended loans totaling approximately RMB 37.28 billion as of the approval date of the financial statements[193] - The company faces significant uncertainty in raising sufficient funds to repay domestic and foreign public debts, and in negotiating extensions or deferrals with lenders[194] - The company's ability to continue as a going concern depends on the successful execution of sales strategies to stabilize asset values and improve future sales stability[194] - The company has prepared cash flow forecasts covering at least 18 months from December 31, 2023, and believes it will have sufficient funds to meet financial obligations during this period[194] Land Reserves and Property Development - Total land reserves at the end of 2023 were approximately 154 million square meters, with an estimated value of RMB 1.7 trillion[14] - The company completed the delivery of approximately 310,000 housing units in 101 cities in 2023 and aims to deliver over 200,000 units in 2024[13] - Total land reserves (including joint ventures and associates) stood at 154 million square meters, with equity land reserves of 102 million square meters[37] - The Yangtze River Delta region accounts for 1.608 million square meters of equity land reserves and 2.597 million square meters of total land reserves[38] - Total land reserves in the Bohai Rim region amount to 3,200.64 million square meters, with equity land reserves at 2,538.17 million square meters[39] - In the South China region, the total land reserves are 1,427.81 million square meters, with equity land reserves at 1,054.25 million square meters[40] - The Western region has the largest land reserves at 5,914.85 million square meters, with equity land reserves at 3,618.95 million square meters[41] - The Central region's total land reserves are 2,270.88 million square meters, with equity land reserves at 1,378.31 million square meters[41] - The company's total land reserves across all regions amount to 15,411.36 million square meters, with equity land reserves at 10,197.97 million square meters[41] Corporate Governance and Leadership - Sun Hongbin, the founder and chairman, has over 30 years of experience in the Chinese real estate industry and holds a master's degree in engineering from Tsinghua University[42] - Wang Mengde, the CEO, has over 20 years of experience in the real estate industry and has been with the company since 2006, previously serving as CFO and vice president[42] - Jing Hong, the executive president and Beijing regional chairman, joined the company in 2007 and has extensive experience in real estate development[42] - Tian Qiang, the executive president and Shanghai regional president, has been with the company since 2007 and previously held various roles in sales and management[43] - Huang Shuping, the executive president and South China regional president, joined the company in 2007 and has held various financial and executive roles[44] - Non-executive Director Mr. Lam Wai Hon, aged 70, has over 40 years of experience in professional accounting, merchant banking, investment banking, and financial services. He is currently an executive director of Wah Fu International Finance Limited (Stock Code: 952) and an independent non-executive director of several listed companies including Pacific Online Limited (Stock Code: 543) and Far East Consortium International Limited (Stock Code: 035)[45] - Independent Non-executive Director Mr. Poon Chiu Kwok, aged 61, has extensive experience in financial management and governance of listed companies. He serves as an executive director and vice president of Huabao International Holdings Limited (Stock Code: 336) and holds independent non-executive director positions in multiple listed companies including Aokesi International Holdings Limited (Stock Code: 2080) and China National Nuclear Power Co., Ltd. (Stock Code: 1763)[46] - Independent Non-executive Director Mr. Zhu Jia, aged 61, is a partner at Bain Capital Private Equity (Asia) LLC and has extensive experience in cross-border mergers and acquisitions and international financing transactions involving Chinese companies. He currently serves as a director of Nasdaq-listed Chindata Group[47] - Independent Non-executive Director Mr. Ma Lishan, aged 72, has held senior positions in several large Sino-foreign joint ventures under COFCO Group, including Chairman and General Manager of Great Wall Wine and Fortune Cooking Oil. He has served as an independent non-executive director of multiple listed companies including SCE Group Limited (Stock Code: 1207) and Huarong International Financial Holdings Limited (Stock Code: 993)[48] - Mr. Yuan Zhigang, an independent non-executive director, holds a Ph.D. in Economics from EHESS and has extensive experience in macroeconomic research and financial system reform[49] - Ms. Ma Zhixia, Chief Operating Officer and Executive President, joined the group in 2003 and has been managing the group's real estate operations since 2005[51] - Mr. Wang Peng, Executive President and Southeast Regional President, has been with the group since 2004 and has held various leadership roles, including Vice President and Executive President[51] - Mr. Gao Xi, Chief Financial Officer and Vice President, joined the group in 2007 and has been responsible for financing, compliance, and investor relations since 2011[52] - Mr. Wang Yingjia, Executive President and Central China Regional President, has been with the group since 2004 and has extensive experience in the real estate industry[53] - Mr. Zhang Qiang, Vice President and Chengdu-Chongqing Regional President, joined the group in 2003 and has a strong background in team and marketing management[53] - Mr. Lu Peng, Executive President and General Manager of Hot Snow Miracle Company, has been with the group since 2003 and has extensive experience in project management and investment[53] - Mr. Zhu Zuxing, Vice President and Northwest Regional President, joined the group in 2003 and has a strong background in product design and project management[54] - Mr. Shi Yu, Senior Vice President and President of Yungui Region, joined the company in 2016 and has extensive experience in digital technology, product development, and customer relationship management[55] - Mr. Zhang Xiaohui, Vice President and President of North China Region, joined the company in 2007 and has rich experience in real estate investment and team management[55] - Mr. Zhu Jia was promoted to partner at Bain Capital in January 2023[56] - Mr. Yuan Zhigang resigned as an independent director of Shanghai Pudong Development Bank Co., Ltd. in January 2023[56] - Mr. Chi Xun and Mr. Shang Yu resigned as executive directors of the company in April 2023[56] - Mr. Pan Zhaoguo was appointed as an independent non-executive director of China Isotope & Radiation Corporation in June 2023[56] - Mr. Yuan Zhigang resigned as an external supervisor of Bank of Shanghai Co., Ltd. in July 2023[57] - Mr. Pan Zhaoguo resigned as an independent non-executive director of Yuanda China Holdings Limited in September 2023[57] - The company has adopted the Corporate Governance Code and complied with all applicable code provisions as of December 31, 2023[59] - The company has established a mechanism to ensure the board of directors can obtain independent views and opinions, and will review the implementation and effectiveness of this mechanism annually[59] - The board of directors consists of six executive directors, one non-executive director, and four independent non-executive directors, responsible for overseeing the company's strategic development and financial performance[62] - The company has established multiple board committees, including the Audit Committee, Nomination Committee, Remuneration Committee, and ESG Committee, each with clearly defined responsibilities[62] - The company has complied with the Listing Rules regarding the appointment of at least three independent non-executive directors, with one having appropriate accounting or financial management expertise[63] - The roles of the Chairman and CEO are clearly separated, with Sun Hongbin as Chairman responsible for strategic direction and Wang Mengde as CEO responsible for implementing the board's strategies[64] - The board held four meetings in 2023 to discuss corporate strategy, business planning, performance progress, and overseas debt restructuring[65] - The Audit Committee, chaired by independent non-executive director Pan Zhaoguo, held five meetings in 2023 to review internal controls, risk management, and financial statements[68][69] - The company held an annual general meeting for the 2022 financial statements and a special general meeting for the proposed overseas debt restructuring transactions[65] - The company's audit committee reviewed the cash flow for 2023 and monitored the overall financial condition of the group[70] - The company's nomination committee held two meetings in 2023, focusing on board structure, independence of non-executive directors, and diversity policy implementation[71][72] - The company's board currently consists entirely of male members, with a proposal to appoint a female board member at the upcoming annual general meeting[76] - As of December 31, 2023, the company's workforce comprised 23,341 male employees (59.5%) and 15,887 female employees (40.5%)[78] - The company has implemented recruitment and selection measures to promote gender diversity and established talent management and training programs[78] - The nomination committee evaluates candidates based on integrity, industry experience, commitment, and ability to contribute to the company's strategy[74] - The company's nomination policy includes a thorough due diligence process for appointing or reappointing board members[75] - The company adheres to fair employment practices, without restrictions based on gender, ethnicity, nationality, or region[77] - The audit committee reviewed the company's risk management and internal control systems, providing recommendations for improvement[70] - The company's nomination committee ensures board diversity by considering factors such as gender, age, cultural background, and professional qualifications[76] - The Compensation Committee held 2 meetings in 2023, with attendance records showing 2/2 for Chairman Zhu Jia, Sun Hongbin, and Pan Zhaoguo, and 1/2 for Ma Lishan[80] - No share options or incentives were granted under any share option or incentive plans in 2023[80] - The ESG Committee held 1 meeting in 2023, with attendance records showing 1/1 for Chairman Wang Mengde, Pan Zhaoguo, Zhu Jia, and Yuan Zhigang, and 0/1 for Ma Lishan[83] - In 2023, 5 senior management members received annual remuneration between RMB 500,000-1,000,000, and 4 received between RMB 1,000,001-2,100,000[84] - Audit fees paid to the auditor in 2023 were RMB 17.84 million for audit services and RMB 160,000 for non-audit services[85] - Executive directors' total annual salary: RMB 11.161 million for the eight executive directors in 2023[145] - Non-executive directors' annual fee: HKD 400,000 per non-executive director[146] - Independent non-executive directors' total annual fee: HKD 1.7 million for four directors[146] - Top five highest-paid individuals (non-directors): Total compensation of RMB 18.572 million, including salary, bonuses, stock incentives, and benefits[147] - Compensation range for top five highest-paid individuals: Two individuals in the RMB 2,000,001–2,500,000 range, one in RMB 2,500,001–3,000,000, one in RMB 3,500,001–4,000,000, and one in RMB 7,000,001–7,500,000[148] Debt Restructuring and Financial Measures - The company successfully completed the restructuring of its offshore debt, reducing future debt repayment pressure by over USD 4.5 billion[13] - The company completed the restructuring of approximately $10.2 billion in existing debt through the issuance of new notes, convertible bonds, mandatory convertible bonds, and the transfer of certain existing shares of Sunac Services[141] - The company successfully completed its offshore debt restructuring in 2023, reducing debt by over $4.5 billion and alleviating repayment pressure for the next 2 years[88] - The company completed the extension of onshore public market debt in December 2022, with approximately RMB 630 million in principal and interest payments made in 2023[88] - The company successfully extended domestic loan principal from approximately RMB 18.17 billion (as of March 2023) to approximately RMB 37.28 billion (as of March 2024), representing a significant increase in loan extensions[89] - The company secured approximately RMB 13.5 billion in funding for high-quality projects, including Shanghai Dongjiadu, Shanghai Yalong, and Wuhan Taohuayuan, through cooperation with asset management companies[90] - Government-approved special loans for property delivery increased from RMB 11 billion (as of March 2023) to RMB 20.6 billion (as

Financial Performance - The group's revenue for the year was approximately RMB 154.23 billion, representing an increase of about 59.4% compared to the previous year[2]. - The group reported a gross loss of approximately RMB 2.50 billion, an increase of about 204.9% from the previous year[2]. - The loss attributable to the company's owners was approximately RMB 7.97 billion, a decrease of about 71.2% compared to the previous year[2]. - The group reported a net loss of approximately RMB 10.41 billion for the year ending December 31, 2023[11]. - Total revenue for the year ending December 31, 2023, reached RMB 156,471,930 thousand, a decrease of RMB 2,241,038 thousand compared to the previous year[21]. - The company reported a net loss of RMB 10,411,490 thousand for the year 2023, compared to a net loss of RMB 29,891,979 thousand in 2022, indicating an improvement[23]. - The company reported a net loss attributable to shareholders of RMB 7,968,963 thousand for 2023, a significant improvement from a loss of RMB 27,669,007 thousand in 2022, representing a reduction of approximately 71%[46]. Assets and Liabilities - As of December 31, 2023, the group's total assets amounted to approximately RMB 977.85 billion, down from RMB 1,090.17 billion in the previous year[6]. - The total liabilities as of December 31, 2023, were RMB 805,477,031 thousand, a decrease from RMB 919,015,386 thousand in the previous year[23]. - The total borrowings of the group as of December 31, 2023, were approximately RMB 277.83 billion, a decrease of about RMB 20.59 billion from the end of the previous year[2]. - The company's total liabilities decreased from RMB 287,802,218 thousand in 2022 to RMB 270,427,211 thousand in 2023, a reduction of 6.1%[35]. - The group's cash balance decreased from approximately RMB 37.54 billion as of December 31, 2022, to approximately RMB 24.62 billion as of December 31, 2023, with unrestricted cash decreasing from approximately RMB 11.60 billion to approximately RMB 7.06 billion[67]. Cash Flow and Financing - As of December 31, 2023, the group's cash balance was approximately RMB 24.62 billion, with a total cash balance including joint ventures and associates of approximately RMB 62.02 billion[2]. - The group is actively seeking new financing through various channels, including asset management companies and financial institutions[12]. - The group successfully completed a debt restructuring plan with approximately 98.3% of creditors approving the plan, effective from November 20, 2023[12]. - The company successfully restructured approximately USD 10.2 billion in existing offshore debt, resulting in a gain of RMB 31,511,766 thousand recognized in the consolidated income statement[36]. - The group faces potential early repayment demands on borrowings totaling approximately RMB 43.55 billion due to various factors, including ongoing litigation[51]. Operational Highlights - The group's property sales revenue was RMB 140.47 billion, accounting for 91.1% of total revenue, which represents a 69.6% increase from RMB 82.84 billion in the previous year[55]. - The total area delivered during the year was 8.10 million square meters, an increase of 57.9% compared to 4.61 million square meters in the previous year[55]. - The group aims to deliver over 200,000 housing units in 2024, following the completion of approximately 310,000 units in 101 cities in 2023[76]. - The property management segment, Sunac Services, achieved revenue of approximately RMB 7.01 billion in 2023, with a core net profit of approximately RMB 793 million, representing a year-on-year growth of about 3%[77]. - The cultural tourism segment generated revenue of approximately RMB 5.91 billion, a year-on-year increase of about 29.9%, with management profit increasing by RMB 1.57 billion compared to a loss of RMB 710 million last year[78]. Market Conditions and Future Outlook - The group faces significant uncertainty regarding its ability to continue as a going concern due to the prolonged downturn in the real estate market[12]. - The overall sales performance in the Chinese real estate market has been disappointing, with financing conditions not improving significantly[52]. - The group expects the central government to adopt more proactive monetary and fiscal policies in 2024 to stabilize macroeconomic development, which may support the recovery of the real estate market[79]. - The group is focused on stabilizing operations and addressing debt risks while preparing for a healthy development trajectory in the future[79]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions for the fiscal year ending December 31, 2023[99]. - The audit committee, consisting of four independent non-executive directors, has reviewed the financial reporting procedures and internal controls for the fiscal year ending December 31, 2023[101]. - The company's financial statements for the year ending December 31, 2023, have been confirmed to be consistent with the audited consolidated financial statements[102].

Debt Restructuring and Financial Management - The company has made significant progress in its public market debt restructuring, with approximately 87% of relevant foreign creditors joining the restructuring support agreement since March 28, 2023[16]. - The successful completion of the foreign debt restructuring is expected to greatly alleviate the company's cash flow pressure over the next two years, with a reduction plan of $3 billion to $4 billion aimed at optimizing the capital structure[16]. - The company has achieved a debt restructuring agreement with approximately 87% of creditors, covering existing debts of about $9.048 billion (or approximately RMB 65.379 billion)[127]. - The company has successfully completed a domestic bond restructuring plan, modifying repayment arrangements for a total of RMB 14.12 billion in principal and related interest, extending the repayment period by 3 to 4 years[127]. - The company has secured loan extensions totaling approximately RMB 39.3 billion, with ongoing negotiations for additional extensions[130]. - The company plans to hold a creditor meeting on September 18, 2023, and a court hearing on October 5, 2023, to finalize the offshore debt restructuring process[127]. - The group will actively address its debt situation and aims to improve its debt-to-capital ratio by releasing operational cash flow[46]. - The debt-to-capital ratio as of June 30, 2023, was approximately 80.5%, up from about 75.2% on December 31, 2022[45]. Financial Performance - The group achieved a revenue of approximately RMB 584.7 billion in the first half of 2023, representing a year-on-year increase of about 20.5%[20]. - The gross loss for the same period was approximately RMB 30.8 billion, a reduction of about 49.2% compared to the previous year[20]. - The net loss attributable to the company's owners decreased from approximately RMB 18.76 billion to RMB 15.37 billion for the six months ended June 30, 2023[38]. - The company reported a net loss of approximately RMB 17.07 billion for the six months ended June 30, 2023[101]. - The total loss for the six months ended June 30, 2023, was RMB 17,066,152 thousand, compared to a loss of RMB 20,351,059 thousand for the same period in 2022, indicating an improvement of approximately 16%[165]. - The company reported a decrease in cash and cash equivalents of RMB 4.3 billion for the six months ended June 30, 2023, compared to a decrease of RMB 1.12 billion in 2022[118]. - The company’s total assets amounted to approximately RMB 1,069.97 billion as of June 30, 2023, compared to RMB 1,090.17 billion as of December 31, 2022[103]. Asset Management and Financing - The overall asset quality of the company remains good, with most project-level financing supported by ample underlying assets, and most project loans maintaining normal status[17]. - The company is actively seeking new financing through various channels to revitalize assets and repair its capital structure, including collaborations with asset management companies[17]. - The company has successfully launched cooperation projects with asset management companies in key cities, including Shanghai and Wuhan, and continues to push forward with several other projects[17]. - The company is actively pursuing financing options to support project development and ensure timely delivery of properties[19]. - The company is focused on completing property projects to meet delivery commitments, responding to government policies aimed at stabilizing the real estate market[130]. Operational Metrics - The group delivered over 118,000 housing units across 62 cities in the first half of 2023[19]. - Property sales revenue increased by approximately RMB 105.6 billion (about 25.5%) compared to the same period last year[28]. - The total area delivered during the period was approximately 481.7 million square meters, an increase of about 29.3% year-on-year[25]. - The sales cost for the first half of 2023 was approximately RMB 615.5 billion, an increase of about 12.7% from the previous year[29]. - The gross profit margin improved to approximately -5.3%, up from -12.5% in the same period last year[30]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange and has complied with all applicable provisions during the six months ending June 30, 2023[58]. - The company has established an internal reporting system to monitor operational and business development conditions[58]. - The company has confirmed compliance with the standard code for securities transactions by directors during the six months ending June 30, 2023[59]. Employee and Shareholder Information - As of June 30, 2023, the company had a total of 43,124 employees, with employee costs amounting to approximately RMB 3.47 billion for the six-month period ending June 30, 2023, compared to RMB 5.37 billion for the same period in 2022[92]. - Sun Hongbin holds 2,091,329,884 shares, representing 38.38% of the company's equity, while other directors hold a combined total of 43,000,000 shares[68]. - Major shareholder Sunac International holds 2,042,623,884 shares, representing 37.49% of the company's equity[73]. Legal and Regulatory Matters - The company received a court order to withdraw a winding-up petition related to USD 22 million in unpaid senior notes on June 13, 2023[79]. - The company is involved in various litigation and arbitration cases, indicating significant uncertainties that may affect its ability to continue as a going concern[125]. Market and Economic Conditions - The company acknowledges significant uncertainty regarding the implementation of its plans due to fluctuations in the mainland property market[131]. - The company has communicated with creditors to resolve pending litigation, achieving several amicable solutions[130].

Financial Performance - The group's revenue was approximately RMB 58.47 billion, representing a year-on-year increase of about 20.5%[2]. - The gross loss for the group was approximately RMB 3.08 billion, a reduction of about RMB 2.98 billion or 49.2% compared to the same period last year[2]. - The loss attributable to the company's owners was approximately RMB 15.37 billion, a decrease of about RMB 3.39 billion or 18.1% year-on-year[2]. - The core net loss was approximately RMB 9.14 billion, a reduction of about RMB 1.92 billion or 17.4% compared to the previous year[2]. - The company reported a net loss of approximately RMB 17.07 billion for the six months ending June 30, 2023[16]. - The total revenue for the first half of 2023 was RMB 48,544,008, compared to RMB 52,227,346 for the same period in 2022, reflecting a decrease of approximately 7.9%[23]. - The net loss for the first half of 2023 was RMB 17,066,152, an improvement from a net loss of RMB 20,351,059 in the first half of 2022[25]. - The company reported a significant decrease in non-current prepayments for equity transactions, dropping to RMB 500,773 thousand from RMB 2,227,644 thousand, a decline of about 77.5%[33]. - The company reported a net foreign exchange loss of RMB 3,243,111 thousand for the six months ended June 30, 2023, compared to RMB 3,790,046 thousand in the prior year, reflecting a decrease of about 14.5%[12]. Assets and Liabilities - The total assets of the group as of June 30, 2023, were approximately RMB 1,069.97 billion, down from RMB 1,090.17 billion at the end of 2022[8]. - The total liabilities amounted to RMB 1,002.74 billion, with total equity and liabilities at RMB 1,069.97 billion[16]. - The total equity attributable to the company's owners was approximately RMB 42.93 billion, a decrease from RMB 58.47 billion at the end of 2022[10]. - The company's current liabilities net amount was approximately RMB 81.6 billion[16]. - The total borrowings as of June 30, 2023, were RMB 240.4 billion for current borrowings and RMB 72.14 billion for non-current borrowings[16]. - The total outstanding borrowings as of June 30, 2023, were approximately RMB 240.42 billion, with a significant portion potentially subject to early repayment due to overdue principal[50]. - The total liabilities as of June 30, 2023, were RMB 919,793,612, slightly up from RMB 919,015,386 as of December 31, 2022[24]. - The total borrowings increased to RMB 312,568,859 thousand from RMB 298,419,217 thousand, marking a rise of about 4.7%[37]. Debt and Restructuring - The company is actively implementing debt resolution solutions to alleviate liquidity pressure[17]. - The company is undergoing a debt restructuring plan involving approximately RMB 90.48 billion (around USD 12.3 billion) of existing senior notes and other offshore debt instruments[18]. - The company has successfully completed a domestic bond restructuring plan, modifying repayment arrangements for bonds totaling RMB 141.23 billion, with interest rates remaining unchanged[18]. - The company has achieved a significant milestone in its offshore debt restructuring, with approximately 87% of relevant creditors agreeing to the restructuring support agreement as of March 28, 2023[45]. - The company plans to hold a meeting on September 18, 2023, to discuss the restructuring plan with creditors, following a court directive on July 26, 2023[45]. - The company has secured approximately RMB 19 billion in special loans for ensuring project delivery[75]. - The company has made significant progress in its debt restructuring, with 87% of relevant offshore creditors joining the restructuring support agreement[73]. Cash Flow and Financial Management - The company's cash balance, including cash and cash equivalents and restricted cash, was approximately RMB 34.82 billion[16]. - The company's cash and cash equivalents decreased to RMB 72,144,243 thousand from RMB 44,943,017 thousand, an increase of approximately 60.5%[36]. - The net cash outflow from operating activities was approximately RMB 87.4 billion during the reporting period[65]. - The company has a cash flow forecast covering at least 18 months from June 30, 2023, indicating sufficient funds to meet financial obligations[19]. - The company is actively seeking new financing through various channels, including asset management companies and financial institutions, and has secured additional funding for several projects[19]. Property Development and Sales - The total contracted sales amount for the group, including joint ventures and associates, was approximately RMB 52.14 billion[2]. - The property sales revenue for the same period was RMB 52.00 billion, representing 88.9% of total revenue, which is an increase of approximately 10.56 billion (25.5%) from RMB 41.44 billion in the previous year[52]. - The total delivered area for properties was 4,817,000 square meters, an increase of 29.3% compared to 3,726,000 square meters in the same period last year[52]. - The company reported total segment revenue of RMB 60.02 billion for the six months ended June 30, 2023, with property development contributing RMB 51.99 billion[22]. - The company has a significant focus on property project completion in response to government policies aimed at supporting housing demand[19]. - The company successfully delivered over 118,000 housing units across 62 cities in the first half of 2023[75]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the six-month period ending June 30, 2023[89]. - The audit committee, consisting of four independent non-executive directors, is responsible for reviewing the company's financial reporting procedures and internal controls[90]. - The interim results for the six months ending June 30, 2023, have been reviewed by the independent auditor according to the relevant Hong Kong auditing standards[91].

Financial Performance - In 2022, Sunac China Holdings Limited reported a revenue of RMB 967.5 million, a decrease of 51.2% compared to RMB 1,983.9 million in 2021[10] - The company recorded a net loss attributable to shareholders of RMB 276.7 million in 2022, compared to a profit of RMB 382.6 million in 2021[10] - The company's total revenue for the year ended December 31, 2022, was approximately RMB 96.75 billion, a decrease of about 51.2% compared to RMB 198.39 billion for the year ended December 31, 2021[15] - The combined revenue of the company and its joint ventures and associates for the year ended December 31, 2022, was approximately RMB 265.54 billion, down approximately RMB 1,239.9 billion (about 31.8%) from RMB 389.53 billion in the previous year[15] - Property sales revenue for the year ended December 31, 2022, decreased by approximately RMB 960.4 billion (about 53.7%) compared to the previous year[17] - The gross loss for the year was approximately RMB 8.2 billion, a reduction of RMB 9.7 billion compared to the previous year's gross loss of RMB 17.9 billion[19] - The company reported a total comprehensive loss of RMB 29,891,979 thousand for the year, reflecting a challenging financial environment[187] Assets and Liabilities - Total assets as of 2022 amounted to RMB 10,901.7 million, down from RMB 11,765.5 million in 2021, reflecting a decrease of 7.3%[11] - Total liabilities were RMB 10,037.7 million in 2022, a decrease of 4.6% from RMB 10,518.8 million in 2021[11] - The equity attributable to shareholders decreased to RMB 864.0 million in 2022 from RMB 1,246.7 million in 2021, representing a decline of 30.6%[11] - Cash and cash equivalents, including restricted cash, were RMB 375.4 million at the end of 2022, significantly down from RMB 692.0 million in 2021[10] - The company's total liabilities decreased to RMB 1,003,764,634 thousand from RMB 1,051,880,642 thousand in the previous year, reflecting a reduction of approximately 4.6%[183] - The total equity decreased to RMB 1,090,167,471 thousand from RMB 1,176,554,888 thousand, indicating a decline of about 16.8%[183] Debt and Restructuring - The company is actively pursuing debt restructuring, having reached an agreement with overseas creditors on March 28, 2023, to complete necessary legal procedures within the year[12] - The company has been in constructive communication with its offshore creditors to develop a feasible debt restructuring plan to alleviate liquidity pressure[128] - A restructuring support agreement was established with a creditor group on March 28, 2023, aimed at providing a sustainable capital structure and protecting stakeholder rights[128] - The restructuring plan includes a leverage reduction plan where creditors will convert existing debts totaling USD 1 billion into convertible bonds[196] Market Strategy and Operations - The company has a strategic focus on real estate development, property management, and cultural tourism, with operations concentrated in key regions such as the Yangtze River Delta and Bohai Rim[4] - Sunac China is committed to expanding its market presence and enhancing its product offerings in the real estate sector[2] - The company aims to achieve a sales recovery in the second half of 2023, leveraging improving market conditions and government support policies[13] - The company delivered over 180,000 housing units across 84 cities in 2022, emphasizing its commitment to ensuring property delivery[13] - The company aims to expand its market presence through strategic acquisitions and new product developments[40] Governance and Compliance - The board of directors emphasized the importance of sustainability initiatives, committing to invest 10% of profits into environmental projects[45] - The company has adopted the corporate governance code and has complied with all applicable provisions for the year ending December 31, 2022[55] - The board consists of six executive directors and four independent non-executive directors, responsible for strategic development and financial performance oversight[59] - The company has established various board committees, including the Audit Committee, Nomination Committee, and Compensation Committee, to fulfill specific responsibilities[59] - The company has implemented a training program for directors to ensure they are well-versed in the company's operational strategies and responsibilities[56] Employee and Social Responsibility - The gender ratio of employees as of December 31, 2022, was 58.6% male (26,475 employees) and 41.4% female (18,723 employees)[74] - The company maintains a fair and equal treatment policy in hiring, regardless of citizenship, nationality, race, gender, religion, or cultural background[73] - The company is committed to continuous training and development for employees to enhance their skills and knowledge, ensuring competitiveness in the market[174] Risk Management - The company has established a clear risk management structure, with the audit department directly managing audit oversight to enhance independence and efficiency[89] - The internal audit department identifies, assesses, and addresses major business risks, ensuring effective control over risk management processes[90] - The board confirmed the effectiveness and adequacy of the company's risk management and internal control systems[92] Future Outlook - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 25% to $1.875 billion[43] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[44] - The company plans to continue expanding its property development and management services in China, focusing on enhancing operational efficiency and profitability[190]

Financial Performance - The group's revenue was approximately RMB 96.75 billion, a decrease of about 51.2% compared to the previous year[3]. - The group reported a gross loss of approximately RMB 820 million, which is a reduction of about RMB 970 million or 54.2% from the previous year[3]. - The loss attributable to the company's owners was approximately RMB 27.67 billion, a decrease of about RMB 10.59 billion or 27.7% year-on-year[3]. - The core net loss was approximately RMB 13.86 billion, a reduction of about RMB 11.44 billion or 45.2% compared to the previous year[3]. - The company's net loss for the year ended December 31, 2022, was approximately RMB 29.89 billion, with a net current liability of about RMB 96.07 billion[13]. - The company reported a net loss of RMB 29,891,979 thousand for the year, compared to a loss of RMB 41,999,958 thousand in the previous year[27]. - The company reported a net profit from joint ventures of RMB 2,768,521 thousand, a significant increase from RMB 701,489 thousand in the previous year, marking an increase of approximately 294.5%[30]. - The company recorded a net loss of RMB 11.8 billion in other expenses and losses in 2022, down from RMB 26.4 billion in 2021, a reduction of approximately 55.3%[42]. Debt and Liabilities - The total liabilities of the company amounted to RMB 1,003.76 billion, a decrease from RMB 1,051.88 billion in the previous period, indicating a reduction of approximately 4.56%[10]. - The total borrowings of the group were approximately RMB 298.42 billion, a decrease of about RMB 23.29 billion from the previous year[3]. - The company's total borrowings were approximately RMB 253.48 billion for current borrowings and RMB 44.94 billion for non-current borrowings[13]. - The company has successfully restructured RMB 14.12 billion in principal and interest for bonds, extending the repayment period by 3 to 4 years[14]. - The company has achieved loan extensions totaling approximately RMB 18.17 billion with domestic lenders as of the financial report approval date[14]. - The company's debt-to-capital ratio increased to approximately 75.2% as of December 31, 2022, up from about 67.0% on December 31, 2021[69]. - The company provided guarantees for mortgage loans amounting to approximately RMB 102.09 billion as of December 31, 2022, down from RMB 156.72 billion on December 31, 2021[73]. Cash Flow and Liquidity - As of December 31, 2022, the group's cash balance was approximately RMB 37.54 billion, with a total cash balance including joint ventures and associates of approximately RMB 100.26 billion[3]. - The net cash inflow from operating activities was approximately RMB 20.74 billion for the year ended December 31, 2022[67]. - The group's cash balance, including restricted cash, decreased from approximately RMB 69.20 billion as of December 31, 2021, to approximately RMB 37.54 billion as of December 31, 2022[67]. - The company is actively seeking new financing through various channels, including asset management companies and project collaborations, to alleviate liquidity pressure[14]. Operational Highlights - The total contracted sales amount for the group, including joint ventures and associates, was approximately RMB 169.33 billion[3]. - The total area delivered during the year was 809.6 million square meters, down approximately 49.9% from 1,615.1 million square meters in the previous year[54]. - The group delivered over 180,000 housing units across 84 cities in 2022, with plans to continue leveraging policy opportunities to support property project development and delivery[76]. - The property management segment, under Sunac Services Holdings Limited, showed significant improvement in accounts receivable, cash flow, and profit in the second half of 2022, with a stable increase in business management scale[76]. Restructuring and Future Plans - The company has made significant progress in restructuring its offshore debt and expects its shares to resume trading in April 2023, subject to approval from the stock exchange[4]. - The company entered into a restructuring support agreement with creditors on March 28, 2023, aimed at providing a sustainable capital structure and financial flexibility[16]. - The company is actively pursuing an offshore debt restructuring plan to alleviate liquidity pressure and enhance credit status, with a restructuring support agreement established on March 28, 2023[85]. - The group believes that the real estate sales market will gradually improve in the second half of 2023, supported by ongoing government policies and improving economic conditions[77]. - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward[38]. Market and Asset Management - The company’s revenue primarily comes from the Chinese market, with over 90% of its non-current assets located in China[23]. - The company has established partnerships with asset management companies, successfully securing over RMB 20 billion in funding for quality projects, including those in Shanghai and Wuhan[75]. - The company maintains that the overall quality of its assets is good, with most project-level financing supported by ample underlying assets[75]. Employee and Governance - The company has 44,959 employees as of December 31, 2022, down from 72,147 employees a year earlier, indicating a reduction of approximately 37.5%[86]. - The audit committee consists of four independent non-executive directors, ensuring compliance with financial reporting and internal control standards[89]. - The company has complied with all applicable provisions of the corporate governance code for the year ended December 31, 2022[88].