Revenue and Sales Performance - For the six months ending June 30, 2024, the company's revenue from property development decreased by 15% to RMB 10.484 billion, down from RMB 12.305 billion in the same period last year[6]. - Revenue for the six months ended June 30, 2024, was RMB 14,210,860 thousand, down 13.4% from RMB 16,416,162 thousand in the same period of 2023[25]. - Total revenue for the six months ended June 30, 2024, was RMB 14.458 billion, with property development contributing RMB 10.484 billion[35]. - The total area of properties delivered during the period was 887,900 square meters, a decrease of approximately 38% compared to 1,442,000 square meters delivered in the same period last year[6]. - The average selling price per square meter increased to RMB 11,800, compared to RMB 8,500 in the first half of 2023[6]. Profitability and Costs - The overall gross profit for the period was RMB 1.329 billion, down from RMB 3.234 billion in the same period last year[8]. - The gross profit margin for property development (excluding inventory impairment provisions) was 10.9%, compared to 17.2% in the first half of 2023[8]. - The company's total sales cost for the first half of 2024 was RMB 12.882 billion, a decrease of 2% from RMB 13.182 billion in the same period last year[7]. - The cost of land and construction accounted for 89% of the total property development costs, with the cost per square meter rising from RMB 6,140 to RMB 9,330[7]. - The gross profit margin significantly declined, with gross profit dropping to RMB 1,328,901 thousand from RMB 3,234,326 thousand, indicating a decrease of approximately 59%[25]. Financial Position and Liabilities - The company's total assets decreased from RMB 334,868,229 thousand as of December 31, 2023, to RMB 312,202,143 thousand as of June 30, 2024, representing a decline of approximately 6.8%[21]. - The total liabilities also decreased from RMB 288,476,067 thousand to RMB 267,987,680 thousand, a reduction of about 7.1%[23]. - Total bank borrowings and other debts amounted to RMB 124.317 billion, with RMB 65.436 billion due within the next twelve months[29]. - The company has not repaid certain bank and other borrowings totaling RMB 27.699 billion as of June 30, 2024[29]. Net Loss and Financial Results - The company recorded a net loss of approximately RMB 2.331 billion for the first half of 2024, an improvement from a net loss of RMB 4.978 billion in the same period of 2023, attributed to gains from asset sales and reduced foreign exchange losses[13]. - The net loss for the period was RMB 2,330,701 thousand, compared to a net loss of RMB 4,977,775 thousand in the prior year, showing an improvement of about 53%[26]. - The company reported a loss attributable to owners of RMB 2.331 billion for the six months ended June 30, 2024[29]. - The company incurred a net loss of RMB 2.331 billion for the period, with financing costs amounting to RMB 2.752 billion[35]. Other Income and Gains - Other income and gains for the first half of 2024 amounted to RMB 1.715 billion, a significant increase from RMB 307 million in the same period of 2023, primarily due to gains from the sale of subsidiaries and joint ventures[9]. - Other income increased to RMB 171,360 thousand from RMB 132,611 thousand, reflecting a growth of approximately 29.1%[25]. - The net gain from the sale of subsidiaries was RMB 1,093,387, significantly higher than RMB 30,139 in the previous year[43]. Cost Management and Operational Adjustments - The company plans to adjust its property development strategy in response to industry recovery, with expectations of more supportive government policies to stabilize the market[5]. - The company has made significant adjustments to control administrative costs and avoid unnecessary capital expenditures to maintain liquidity[30]. - Sales and marketing expenses for the first half of 2024 were RMB 606 million, up from RMB 500 million in the same period of 2023, while administrative expenses decreased by 33% to RMB 1.577 billion from RMB 2.356 billion[10]. Financing and Debt Management - Net financing costs decreased by 34% to RMB 2.752 billion in the first half of 2024, down from RMB 4.164 billion in the same period of 2023, mainly due to reduced foreign exchange losses[11]. - The company is currently facing cash flow pressure and has not made cash interest payments on approximately USD 147 million of preferred notes that matured on July 11, 2024[49]. - The company is in discussions with preferred noteholders regarding a friendly resolution and is considering all possible actions, including an overall debt management plan for offshore debts[49]. - The company plans to actively negotiate the extension of certain borrowings and seek new financing sources to address upcoming financial obligations[30]. Corporate Governance and Management - The company has complied with the corporate governance code and has established a robust audit committee to oversee financial reporting and risk management[16][17]. - The management expressed commitment to addressing market challenges and maintaining operational stability during a difficult market environment[19]. Dividend and Shareholder Returns - No interim dividend was declared for the six months ended June 30, 2024, consistent with the previous year[15]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[48].

Financial Performance - In 2023, Guangzhou R&F Properties reported a revenue of RMB 36,238,835, a 3% increase from RMB 35,192,599 in 2022[4]. - The gross profit decreased significantly by 50% to RMB 1,919,239 from RMB 3,826,936 in the previous year[4]. - The company recorded a loss attributable to owners of RMB 20,164,485, which is a 28% increase compared to RMB 15,736,650 in 2022[4]. - The total revenue from property development decreased by 4% to RMB 27.811 billion, based on a delivery area of 3,000,000 square meters, down 8% from the previous year[28]. - The company reported a net loss of RMB 19,947 million for the year, compared to a net loss of RMB 15,779 million in the previous year, mainly due to a continued downturn in the real estate market[36]. - The company reported a total annual loss of RMB 19,947,238 thousand for the year ending December 31, 2023, compared to a loss of RMB 15,779,273 thousand in 2022, representing an increase in loss of approximately 26%[134]. - The total comprehensive income for the year was RMB (20,500,580) thousand, a significant decline from RMB (15,778,799) thousand in the previous year[137]. Cash Flow and Liquidity - Cash reserves fell by 53% to RMB 5,742,606 from RMB 12,301,227 in 2022[4]. - The company has cash and cash equivalents of only RMB 5.743 billion, indicating significant liquidity issues[80]. - The cash balance at the end of the year was RMB 1,727,204 thousand, down from RMB 2,177,020 thousand at the beginning of the year[37]. - The net cash used in operating activities was RMB 1,562,765 thousand, reflecting a decrease in pre-sale receipts[37]. - The company’s cash and cash equivalents decreased to RMB 1,727,204 in 2023 from RMB 2,177,020 in 2022, a decline of approximately 20.7%[130]. - The company is facing several pending lawsuits and is seeking amicable resolutions to these disputes[144]. Debt and Financing - The net debt to equity ratio rose to 262.0% from 170.8%[5]. - The total borrowings of the group amounted to RMB 127.30 billion as of December 31, 2023, compared to RMB 126.66 billion as of December 31, 2022[38]. - The company recorded a total sales agreement amount of approximately RMB 20 billion during the year[27]. - The company is actively negotiating with lenders to extend certain borrowings, with constructive discussions ongoing[144]. - There are defaults or cross-defaults on bank and other borrowings totaling RMB 37.980 billion[80]. - The company aims to restore cash flow cycles by focusing on pre-sales to regain lender and investor confidence in the current market environment[14]. Property Development and Sales - The total contracted sales for 2023 amounted to approximately RMB 19.95 billion, with a sales area of about 1,344,800 square meters, distributed across 199 projects in 109 cities[18]. - The company is actively exploring pre-sale strategies to generate cash flow from completed properties amid a challenging market environment[8]. - The company continues to seek opportunities to monetize hotel assets under feasible commercial terms[10]. - The company is committed to maintaining a prudent approach to land acquisition due to tight liquidity and low transaction volumes in the market[76]. Management and Governance - Management emphasizes the importance of transparent communication with stakeholders to address concerns and secure support for future plans[12]. - The company has established an internal control and risk management system to safeguard assets and shareholder interests, with independent monitoring of its effectiveness[65]. - The board is responsible for providing a clear and fair assessment of the group's performance, results, and prospects[50]. - The company has independent non-executive directors with rich experience in banking and finance, enhancing corporate governance[110][111]. Market Environment and Outlook - The overall operating environment for 2024 is cautious, with management maintaining an optimistic outlook despite ongoing economic uncertainties[12]. - The real estate industry remains sensitive to macroeconomic indicators and government policies, with ongoing challenges in liquidity and financial stability for many developers[75]. - The company is actively expanding its market presence in domestic cities to enhance competitiveness, despite economic uncertainties affecting consumer confidence and pre-sale levels[77]. Tax and Deferred Tax Assets - The company reported a deferred tax asset of RMB 2.247 billion as of December 31, 2022, which was subject to a qualified opinion from auditors[78]. - The auditors expressed concerns regarding the income tax expense of RMB 2.147 billion recognized for the year ended December 31, 2023, questioning whether it should have been recognized in prior years[79]. - The audit opinion for the financial statements as of December 31, 2023, is qualified due to uncertainties regarding the recognition of deferred tax assets[120]. Employee and Operational Costs - The total employee cost for the fiscal year ending December 31, 2023, was approximately RMB 2.314 billion, with a workforce of about 25,143 employees[42]. - Selling and marketing expenses rose by 7% to RMB 1,465 million, while administrative expenses increased to RMB 4,486 million[33]. - Significant adjustments have been made to control administrative costs and avoid unnecessary capital expenditures to maintain liquidity[144].

Revenue and Sales Performance - The total revenue for 2023 was RMB 36.2 billion, primarily from property sales, which amounted to RMB 27.8 billion, including 3 million square meters sold at an average price of RMB 9,270 per square meter, an increase compared to 2022[6]. - For the fiscal year ending December 31, 2023, the company reported revenue of RMB 36.24 billion, an increase from RMB 35.19 billion in 2022, while the cost of sales rose to RMB 34.32 billion from RMB 31.37 billion[13]. - Total contracted sales for 2023 were approximately RMB 19.95 billion, covering an area of about 1,344,800 square meters, with the top ten provinces contributing approximately RMB 16.11 billion, accounting for about 81% of total sales[60]. - The average selling price for properties was approximately RMB 9,270 per square meter, an increase from RMB 8,900 per square meter in the previous year[68]. - The company's sales cost increased by 9% to RMB 34.32 billion, primarily due to impairment provisions of approximately RMB 3.718 billion for properties under development and completed properties[69]. Financial Performance and Losses - The company incurred a net loss of RMB 19.95 billion for the fiscal year 2023, compared to a loss of RMB 15.78 billion in 2022, with a basic and diluted loss per share of RMB 5.3738[14]. - The company reported a loss attributable to owners of RMB 20.16 billion for the year ended December 31, 2023[23]. - The group reported an annual loss of RMB 19,947,238, with the largest losses in property development (RMB 16,948,019) and hotel operations (RMB 904,227)[33]. - The company recorded a net loss of RMB 19.947 billion for the year ended December 31, 2023, compared to a net loss of RMB 15.779 billion for the previous year, primarily due to a continued downturn in the Chinese real estate market[75]. - Basic and diluted loss per share was RMB (5.3738) in 2023, compared to RMB (4.1938) in 2022, indicating a worsening of approximately 28.2%[49]. Asset and Liability Management - Total assets decreased from RMB 368.92 billion in 2022 to RMB 334.87 billion in 2023, a decline of approximately 9.23%[15]. - Total liabilities decreased from RMB 301.98 billion in 2022 to RMB 288.48 billion in 2023, a decline of about 4.47%[16][17]. - The company reported a loss attributable to owners of RMB 20.164 billion for the year ending December 31, 2023, with total bank borrowings and other debts amounting to RMB 137.529 billion, of which RMB 56.795 billion is due within the next twelve months[59]. - The asset-liability ratio increased to 262.0% as of December 31, 2023, compared to 170.8% in the previous year, indicating a significant rise in leverage[76]. - The group’s segment liabilities totaled RMB 127,471,876, with property development liabilities at RMB 122,281,634[33]. Cash Flow and Financial Strategy - The company is focusing on cash flow management to avoid financial distress, prioritizing debt repayment and interest obligations amid a challenging operating environment[3]. - The company aims to restore cash flow cycles by focusing on pre-sales to regain the confidence of lending banks and investors, as the current market environment has led to a significant reduction in pre-sales[10]. - The company plans to expedite the pre-sale and sale of properties to improve cash flow and meet financial obligations[23]. - The company is actively exploring pre-sales of completed properties to generate cash flow, as market sentiment remains low and buyer confidence is cautious[4]. - The company has been engaged in asset sales both domestically and internationally, successfully generating additional cash flow and reducing debt in previous years[11]. Market and Economic Conditions - The overall economic environment remains cautious, with GDP growth in China at 5.2% for the year, surpassing the target of around 5%[2]. - The overall outlook for 2024 is cautious, with ongoing economic uncertainties and unpredictable pre-sale periods, but the company remains optimistic based on past experiences[8]. - The company anticipates further recovery in hotel performance in 2024, driven by increased domestic tourism and business travel[5]. - There is significant uncertainty regarding the group's ability to achieve its plans due to fluctuations in the mainland property market and the uncertainty of continued support from banks and lenders[24]. Operational Adjustments and Cost Management - The company has implemented significant adjustments to control administrative costs and avoid unnecessary capital expenditures[23]. - The company continues to seek opportunities to monetize hotel assets under feasible commercial terms, reflecting a proactive approach to asset management[5]. - The company has successfully resolved disputes and sought amicable solutions for outstanding liabilities, demonstrating a commitment to managing financial obligations[3]. - The company faced significant uncertainty regarding its ability to continue as a going concern due to defaults on bank loans totaling RMB 37.98 billion[59]. Tax and Accounting Matters - The total tax expense for the year was RMB 5.832 billion, up from RMB 5.916 billion in 2022, primarily due to the write-off of deferred tax assets related to prior year tax losses[74]. - The independent auditor's report expressed a qualified opinion regarding the recognition of deferred tax assets due to insufficient evidence provided by management[56]. - The group has adopted new accounting standards effective January 1, 2023, which do not significantly impact its financial position or performance[27]. Hotel Operations - Hotel revenue grew by 54% year-on-year, benefiting from increased leisure and travel activities, with occupancy rates for luxury and ultra-luxury hotels at approximately 64% and average room rates at RMB 773 per night[5]. - The company has 90 operational hotels with a total building area of 3,984,860 square meters and a total of 27,716 rooms managed by various well-known hotel management groups[67]. - The company is actively negotiating the sale of the One Nine Elms asset in London, estimated to have a total market development value of £1.3 billion, which could reduce related liabilities by over £600 million if successful[11].

Sales and Revenue Performance - In the first half of 2023, the company's contracted sales decreased by an average of 5.3% compared to the same period in 2022, reflecting a significant decline in the real estate sector due to economic uncertainties[9]. - In the first half of 2023, the group achieved total contracted sales of approximately RMB 13.54 billion, with a sales area of about 903,600 square meters and an average selling price of RMB 15,000 per square meter[15]. - The top ten provinces and regions contributed approximately RMB 11.23 billion, accounting for about 83% of total contracted sales, with Guangdong province leading at RMB 4.22 billion[16]. - The group's revenue from property development decreased by 19% to RMB 12.305 billion, down from RMB 15.149 billion in the same period last year, due to a continued downturn in the Chinese real estate market[25]. - The company's revenue for the six months ended June 30, 2023, was RMB 16,416,162 thousand, a decrease of 7.7% compared to RMB 17,782,073 thousand in the same period of 2022[59]. - The total revenue for the six months ended June 30, 2023, was RMB 16,778,909,000, compared to RMB 18,260,478,000 for the same period in 2022, indicating a decrease of approximately 8.1%[86]. Hotel Operations - The hotel investment portfolio showed a significant improvement, with an average occupancy rate of 60%, and over 60 hotels achieving occupancy rates exceeding 90% during peak periods[11]. - Operating net profit from hotel operations reached RMB 681 million in the first half of 2023, a notable improvement compared to losses in the same period of 2022[11]. - Hotel operations revenue increased significantly from RMB 1.781 billion to RMB 2.983 billion, attributed to the rapid recovery of tourism and business activities post-COVID[25]. Financial Management and Liquidity - The company is focusing on liquidity management and has implemented cost control measures, including streamlining staff and halting further land reserve expansions[10]. - The company is actively selling non-core hotel and investment assets to generate liquidity for debt repayment and operational funding[11]. - The company has extended the maturity of its USD-denominated senior notes and RMB-denominated bonds by over 12 months as part of its debt restructuring efforts[10]. - The company is exploring opportunities to sell equity stakes in project development companies to generate additional cash inflow[70]. - The company is actively negotiating with lenders to extend certain borrowings, which is seen as constructive despite market uncertainties[70]. - The company aims to reduce administrative costs and avoid unnecessary capital expenditures to maintain liquidity[70]. Debt and Financial Ratios - The debt-to-equity ratio increased to 191.8% as of June 30, 2023, compared to 170.8% at the end of 2022[34]. - The total amount of guarantees provided for mortgage loans related to residential properties was RMB 81.355 billion, a decrease of 12% from RMB 92.129 billion as of December 31, 2022[36]. - The company reported a basic and diluted loss per share of RMB 1.3614, an improvement from RMB 1.8441 in the previous year[59]. - The net debt to equity ratio increased to 192% as of June 30, 2023, compared to 171% as of December 31, 2022[81]. - The company’s total liabilities stood at RMB 300,078,395 thousand, slightly down from RMB 301,979,915 thousand at the end of 2022[62]. Asset Management - As of June 30, 2023, the group had a total construction area of approximately 16,440,000 square meters and a total saleable area of about 11,655,000 square meters[18]. - The investment property portfolio totaled approximately 3,552,000 square meters, with operational properties covering about 1,973,000 square meters[20]. - The group owns 91 operational hotels with a total construction area of 4,051,260 square meters and a total of 28,164 rooms[21]. - The group has added approximately 173,000 square meters of saleable land during the period, with total land reserves amounting to approximately 59,612,000 square meters[23]. Profitability and Losses - The overall gross profit for the period was RMB 3.234 billion, with a gross margin of 17.2%, down from 18.9% in the first half of 2022[28]. - The net loss for the period was RMB 4,977,775 thousand, an improvement from a net loss of RMB 6,899,463 thousand in the same period last year[60]. - The company reported a loss attributable to owners of RMB 5.109 billion for the six months ended June 30, 2023[69]. - The company recorded a loss of RMB 362,858 thousand from joint ventures for the first half of 2023, compared to a profit of RMB 657,462 thousand in the same period last year[94]. Corporate Governance and Shareholder Information - The company has established various committees, including the Audit Committee, which is responsible for reviewing accounting policies and internal controls[50]. - The company has adopted the Corporate Governance Code and has been compliant with its provisions as of June 30, 2023[49]. - The board of directors consists of nine members, including four executive directors and three independent non-executive directors, ensuring a diverse leadership structure[46]. - The board of directors decided not to declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[39]. - The company's major shareholders, Dr. Li Silian and Mr. Zhang Li, held 28.97% and 27.77% of the company’s shares, respectively, as of June 30, 2023, highlighting concentrated ownership[130]. Market Outlook and Future Plans - The company anticipates more policies targeting the real estate sector to be introduced in the second half of 2023, although the effectiveness of these measures will take time to assess[9]. - The company plans to focus on market expansion and new product development to drive future growth[59]. - The group plans to complete the large-scale development project "One Nine Elms" in London by the end of this year, providing approximately 49,000 square meters of completed residential and serviced apartments for sale[12].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二三年中期業績公告 廣州富力地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截 至二零二三年六月三十日止六個月之未經審核簡明綜合業績。附錄於本公告後面部份的簡明綜合中 期財務資料為本公告不可分割部份。中期業績已由本公司審核委員會審閱。 1 業務回顧 在經歷多年新冠疫情的影響後，二零二三年標誌著我們開始將病毒置之腦後，展望未來。新冠疫情 大流行期間，封鎖、疫苗接種、社交距離措施和旅遊限制對日常生活和商業運營造成了嚴重干擾， 影響經濟增長。隨著群體免疫成為新常態，焦點轉向恢復生產力和重啟商業活動。全球旅遊限制逐 漸放寬並最終解禁，各國政府面臨刺激經濟復甦的挑戰。隨著新冠疫情終結，社會憂慮初步緩解 後，新的挑戰是控制生產力低下、供需失衡和勞動力短缺導致的高通脹等負面影響。二零二三年上 半年，經濟不確 ...

Financial Performance - Guangzhou R&F Properties reported a revenue of RMB 35,192,599, a decrease of 54% compared to RMB 76,230,335 in the previous year[22]. - The company achieved a gross profit of RMB 3,826,936, a significant improvement from a gross loss of RMB 2,167,205 in the previous year, marking a 277% change[22]. - The company reported a net loss attributable to shareholders of RMB 15,736,650, a slight improvement of 4% from RMB 16,469,189 in the previous year[22]. - The company recorded a net loss in 2022 due to a challenging operating environment and decreased sales recognition[31]. - The company reported a significant increase in contract assets from RMB 1,229,970 thousand in 2021 to RMB 2,035,644 thousand in 2022, an increase of about 65.5%[147]. - The total revenue for the year ended December 31, 2022, was RMB 35,192,599, a decrease of 53.8% compared to RMB 76,230,335 in 2021[150]. - The annual loss for 2022 was RMB 15,779,273, slightly improved from a loss of RMB 16,353,282 in 2021[152]. - The company reported a net loss attributable to owners of the company of RMB 15,736,650 for 2022, compared to RMB 16,469,189 in 2021[154]. Assets and Liabilities - The total assets of the company decreased by 7% to RMB 368,920,936 from RMB 398,542,334 year-on-year[22]. - The total liabilities also decreased by 4% to RMB 301,979,915 from RMB 315,683,693[22]. - Cash reserves fell by 42% to RMB 12,301,227 from RMB 21,103,818[22]. - The net asset value per share decreased to RMB 14.5 from RMB 18.7[23]. - The net debt to equity ratio increased to 170.8% from 130.0%[23]. - Total debt decreased from RMB 197.1 billion in 2019 to RMB 126.7 billion by the end of 2022, marking the lowest debt level in the past ten fiscal periods[28]. - The total borrowings amounted to RMB 126.66 billion, with a debt-to-equity ratio of 170.8% as of December 31, 2022, compared to 130.0% in the previous year[59]. - As of December 31, 2022, the total bank borrowings and other debts amounted to RMB 135.11 billion, with RMB 51.334 billion due within the next twelve months[98]. Cash Flow and Financing - The cash flow from operating activities showed a significant decline, with a net cash outflow of RMB 12.564 billion compared to a net inflow of RMB 132.351 billion in the previous year[57]. - The net financing cost increased by 134% to RMB 9.727 billion due to reduced capitalization of development costs and foreign exchange losses of RMB 3.894 billion[54]. - The company plans to mitigate liquidity pressure and improve financial conditions through various measures, including discussions with lenders and accelerating property sales[98]. - The company successfully restructured USD 4.944 billion (approximately RMB 33,103,000,000) of its priority notes, extending their maturity to 2025, 2027, and 2028[161]. - The company plans to accelerate the pre-sale and sale of developed and under-development properties, responding to relaxed pre-sale regulations that have increased buyer interest and stimulated demand[162]. Market and Sales Performance - Contract sales totaled RMB 38.43 billion in 2022, with an average selling price of RMB 13,480 per square meter for 2.85 million square meters[31]. - The top ten provinces contributed approximately RMB 28.11 billion, accounting for about 73% of total contracted sales, with Guangdong, Beijing, and Tianjin being the highest contributors[37]. - The group expects a stable start in 2023, with improved pre-sales and significant recovery in transaction volume following the Chinese New Year[32]. - The company anticipates a positive outlook for residential property demand as the market stabilizes and government policies support economic recovery[29]. Corporate Governance - The board consists of nine members, including four executive directors, ensuring a diverse composition in terms of gender, industry experience, professional knowledge, and educational background[64]. - The audit committee convened four times during the year, with no disagreements regarding the reappointment of external auditors[67]. - The remuneration committee reviewed the company's remuneration policy and approved amendments according to new listing rules, holding one meeting during the year[69]. - The board consists of three independent non-executive directors, ensuring that at least one-third of the board members are independent[65]. - The company has established a comprehensive internal control and risk management system to safeguard assets and shareholder interests, with no significant errors or fraud detected during the year[83]. Risk Management and Future Outlook - The group faces significant uncertainties regarding its ability to continue as a going concern due to its financial position and ongoing litigation[138]. - The board believes that the company will have sufficient operating funds to meet financial obligations due within the next eighteen months, despite uncertainties in the mainland property market[163]. - The company is committed to continuous improvement in risk control and business management standards in response to policy changes[93]. - The management expects to generate sufficient taxable profits in the future to offset unused tax losses and deductible temporary differences[96]. Employee and Management Information - The total employee cost for the fiscal year ending December 31, 2022, was approximately RMB 2.212 billion, with the company employing around 27,162 formal employees, down from 35,207 the previous year[63]. - The company has a strong management team with various members holding significant positions in related organizations[120][121]. - CFO Zhu Ling has been with the company since 1995 and has held various financial management roles, becoming CFO in October 2005[126]. Tax and Deferred Tax Assets - The group reported a deferred tax asset of RMB 2.247 billion as of December 31, 2022, due to unused tax losses and deductible temporary differences[136]. - The independent auditor's report indicates a reservation of opinion regarding the appropriateness of the deferred tax asset and corresponding deferred tax credit[135]. - The management has developed plans to utilize the unused tax losses and deductible temporary differences, expecting to generate sufficient taxable profits in the future[136].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二二年經審核年度業績公告 廣州富力地產股份有限公司（「本公司」或「富力」，連同其附屬公司「本集團」）的董事會（「董事會」）欣然 宣佈本集團截至二零二二年十二月三十一日止年度之經審核綜合年度業績。年度業績已由本公司的 審核委員會審閱。 1 主席報告 在二零二二財政年度，全球經濟環境及中國房地產業仍然充滿挑戰。放眼全球，發達國家努力在 新冠肺炎疫情（「新冠肺炎疫情」）後出現的通脹壓力與寬鬆的貨幣政策之間取得平衡，以避免經濟衰 退。即使於二零二二年尚未感受到通脹的影響，全球供應的短缺無法滿足新冠肺炎疫情後的復甦需 求變得顯而易見，長期也將推動通脹上升，不利於長遠發展。通脹壓力、經濟生產力放緩及市場不 確定性導致許多公司的收入及利潤下降，使員工薪酬及個人財富增長放緩。隨著通脹率超過收入增 長率，許多國家陷入經濟衰退的可能性越來越大。反覆出現的 ...

Financial Performance - The group recorded a net loss of RMB 68.99 billion for the period, compared to a net profit of RMB 31.81 billion in the same period last year, attributed to challenging market conditions in the real estate sector[34]. - The company reported a total revenue of RMB 17,782,073 thousand for the six months ended June 30, 2022, a decrease from RMB 39,493,138 thousand in the same period of 2021, representing a decline of approximately 55.0%[59]. - The gross profit for the first half of 2022 was RMB 2,797,162 thousand, down from RMB 8,569,969 thousand in the previous year, indicating a decrease of about 67.4%[59]. - The net loss attributable to the company’s owners for the period was RMB 6,919,602 thousand, compared to a profit of RMB 3,080,198 thousand in the same period of 2021[59]. - The company reported a basic and diluted loss per share of RMB 1.8441 for the first half of 2022, compared to earnings of RMB 0.8209 per share in the same period of 2021[59]. - The company reported a net loss attributable to owners of RMB 6.92 billion for the six months ended June 30, 2022[66]. - The company reported a loss of RMB 6,806,800,000 for the six months ended June 30, 2022, compared to a profit of RMB 3,532,824,000 in the same period of 2021[153]. Revenue Sources - The property development segment generated revenue of RMB 15,153,910,000, while the property investment segment contributed RMB 459,251,000, and hotel operations generated RMB 1,859,877,000[87]. - The company recognized rental income of RMB 459,251,000 from other revenue sources during the reporting period[87]. - The company’s revenue from joint ventures for the six months ended June 30, 2022, was RMB 429,739,000, compared to RMB 92,652,000 in the same period of 2021, representing a significant increase of 363%[144]. - The revenue from associates for the same period was RMB 553,000, up from RMB 10,635,000 in 2021, indicating a growth of 95%[144]. - The total revenue from joint ventures and associates reached RMB 430,292,000, compared to RMB 103,287,000 in 2021, marking an increase of 317%[144]. Asset Management - The total land reserve as of June 30, 2022, is 62,924,000 square meters, with a total saleable area of 48,585,000 square meters across 92 cities and regions[23]. - The company operates in over 145 cities and regions, with significant assets in prime locations and a large land reserve in first- and second-tier cities in China[11]. - The company completed a saleable area of 1,012,000 square meters in the first half of 2022, with an expected completion of approximately 4,821,000 square meters in the second half of 2022[15]. - The company plans to focus on developing its quality land reserves to maximize asset value and create contract sales[11]. - The company expects to continue its asset monetization strategy to attract long-term investors[8]. Debt and Financing - The company extended or refinanced approximately US$4.9 billion in offshore senior notes and RMB 3.35 billion in domestic bonds, reflecting proactive risk management[9]. - The restructuring of ten batches of offshore senior notes was completed, with new notes maturing in 2025, 2027, and 2028, and a reduced average cash interest rate of 6.5%[9]. - The total borrowings of the group were RMB 1,262.45 billion, with new bank borrowings of RMB 9.71 billion and repayments of RMB 35.41 billion during the period[35]. - The group provided guarantees totaling RMB 977.23 billion for bank mortgage loans to buyers of its properties, a decrease of 5% from RMB 1,029.35 billion at the end of the previous year[37]. - The company is actively engaging with creditors to negotiate solutions for upcoming debt maturities amid a tight financing market[9]. Cost Management - Sales and marketing expenses decreased by 44% to RMB 8.32 billion, while administrative expenses reduced from RMB 27.27 billion to RMB 19.34 billion, reflecting strict cost control measures[30]. - Significant adjustments have been made to control administrative costs and avoid unnecessary capital expenditures, ensuring liquidity[67]. - The company plans to maintain a disciplined capital expenditure plan to ensure sufficient liquidity amid current market challenges[11]. Market Conditions - The overall credit environment remains challenging, with significant liquidity risks affecting the real estate sector[7]. - The company anticipates further government intervention in the second half of 2022 to stabilize the economic outlook and improve operating conditions[7]. - Recent policy relaxations regarding pre-sale regulations have increased buyer interest and stimulated demand for the company's properties[67]. - The company expects a recovery in the Chinese economy and key overseas markets in the long term, which will offset current impacts[10]. Shareholder Information - Major shareholders include Dr. Li Silian and Mr. Zhang Li, holding 28.97% and 27.77% of the company's shares, respectively, as of June 30, 2022[143]. - The board decided not to declare an interim dividend for the six months ended June 30, 2022, compared to a dividend of RMB 0.10 per share in the same period last year[40]. Employee and Operational Metrics - The group has approximately 32,362 employees, with total employee costs around RMB 10.92 billion for the six-month period[38]. - The company has established various communication channels with shareholders, including regular updates on its website and timely press conferences[56].

Financial Performance - In 2021, Guangzhou R&F Properties achieved total sales of approximately RMB 120.2 billion, a decrease of 11% compared to 2020[24]. - The company reported a gross loss of RMB 2.17 billion in 2021, a significant decline from a gross profit of RMB 20.39 billion in 2020, representing a 111% change[24]. - The net loss attributable to shareholders was RMB 16.47 billion, a 283% decrease from a profit of RMB 9.00 billion in the previous year[24]. - Cash reserves fell by 47% to RMB 21.10 billion from RMB 39.95 billion in 2020[25]. - Total liabilities decreased by 10% to RMB 315.68 billion, down from RMB 350.18 billion in 2020[25]. - The company reduced its total borrowings by 19% to RMB 128.8 billion, down from RMB 159.7 billion in 2020[30]. - The total revenue for the company in 2021 was approximately RMB 120,198.7 million, representing a decrease of 20% compared to 2020[41]. - The total sold area was approximately 9,414.6 thousand square meters, reflecting a decline of 23% year-on-year[41]. - The group’s revenue from property development decreased by 12% to RMB 69.001 billion, down from RMB 78.568 billion in the previous year[198]. - Rental income from investment properties decreased by 8% to RMB 1.067 billion from RMB 1.158 billion[198]. - Hotel operating revenue increased to RMB 5.070 billion from RMB 4.463 billion, showing improvement as the COVID-19 pandemic stabilized[198]. Sales and Market Strategy - In 2021, the total contracted sales amounted to RMB 120.2 billion, with a sales area of approximately 9.41 million square meters and an average selling price of RMB 12,800 per square meter[39]. - The company expects to generate RMB 220 billion in saleable resources from over 200 presale projects in 2022, focusing on property presales to maintain stable operating cash flow[33]. - The company plans to continue exploring the sale of non-core assets to maximize value in the upcoming year[31]. - The company plans to continue its strategy of selling non-core assets to support liquidity needs and reduce debt, with expectations of more asset sales in 2022 as market conditions stabilize[34]. - The company aims to maintain a strong financial position by focusing on cash flow generation rather than profitability in the short term due to the challenging operating environment[32]. Asset Management and Development - The company executed a significant asset sale, divesting 30% of its stake in Guangzhou R&F International Airport Comprehensive Logistics Park for RMB 7.3 billion, which provided substantial liquidity[31]. - Capital expenditure for new land acquisition in 2021 was only RMB 3 billion, a decrease of 80% compared to 2020, while the total saleable land reserve is 49.97 million square meters[32]. - The company anticipates that its rich land reserve can generate RMB 713.1 billion in saleable resources over the coming years[32]. - The company completed a total construction area of 8,574,000 square meters during the year, with a total saleable area of 6,470,000 square meters[42]. - As of the end of 2021, the company had a total land reserve of approximately 64,719,000 square meters, with a saleable area of about 49,967,000 square meters[44]. Operational Efficiency and Cost Management - The company recorded a net loss in 2021 due to high operating expenses and a one-time write-down of asset values amounting to approximately RMB 15 billion[32]. - The company achieved all safety targets in 2021, including a project work-related death rate and annual injury rate not exceeding 24‰[67]. - The group avoided losses amounting to approximately RMB 66 million through systematic monitoring and management of construction costs and quality[85]. - The company has implemented a comprehensive performance evaluation mechanism linking employee compensation to performance assessments[157]. Sustainability and Environmental Impact - The group aims to maintain 100% compliance with environmental protection laws and regulations in 2022, with no significant violations expected[103]. - The group established a comprehensive environmental management system aligned with ISO14001 standards to minimize environmental impact during construction[103]. - The total greenhouse gas emissions for the group were 510,867 tons of CO2 equivalent, with a density of 0.01 tons of CO2 equivalent per square meter[104]. - The company has established a pollution control program to actively manage emissions of waste gases, wastewater, and solid waste[121]. - The company has implemented measures to combat poverty and respond to the COVID-19 pandemic, contributing to urban renewal efforts[75]. Employee Development and Corporate Culture - The total number of full-time employees at the company reached 35,207 by the end of 2021, with approximately 21% located in Guangzhou[167]. - The employee turnover rate for the year was 10%[167]. - The company provided training to 100% of its employees, with an average training duration of 40 hours per employee[162]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring compliance with employment age regulations[167]. - The company has established a talent development program, including campus recruitment and a management trainee program for outstanding graduates[155]. Community Engagement and Social Responsibility - Cumulative charitable donations by the company exceeded RMB 700 million, focusing on poverty alleviation, rural revitalization, and support for vulnerable groups[173]. - R&F Group has assisted 34,746 impoverished children in completing their education, with total funding exceeding RMB 53 million[175]. - The company is actively transforming abandoned land into high-standard farmland in Jiangdong Avenue, aiming to create a multifunctional agricultural project[174]. - R&F Group is expanding its agricultural industry projects to create more local job opportunities for villagers[174]. - The company has maintained compliance with various environmental laws and regulations without any significant violations reported in 2021[178].

Financial Performance - The total revenue for 2021 decreased to RMB 76.4 billion, down from RMB 85.9 billion in 2020, reflecting a decline of approximately 11.5%[12]. - The gross profit for 2021 was RMB 4.96 billion, significantly lower than RMB 20.39 billion in 2020, indicating a sharp decline in profitability[12]. - The company recorded a net loss of RMB 8.74 billion in 2021, compared to a profit of RMB 9.15 billion in 2020[13]. - The group reported a total loss of RMB 8,738,521 for the year, with property development segment losses amounting to RMB 7,982,215 and hotel operations losses of RMB 855,136[25]. - The group's total revenue from external customers was RMB 76,400,881, reflecting a decline from RMB 85,891,778 in the previous year[27]. - The company recorded a net loss of RMB 8.739 billion for the year ended December 31, 2021, compared to a net profit of approximately RMB 9.146 billion for the year ended December 31, 2020[66]. Debt and Liquidity - The total borrowings of the company decreased to RMB 132.7 billion as of December 31, 2021, representing a reduction of 33% from RMB 197.1 billion at the end of 2019[3]. - The net debt ratio improved to 123% in 2021, down from 199% in 2019, indicating a significant reduction in financial leverage[3]. - Major shareholders committed to providing approximately HKD 8 billion in interest-free financial support to help meet liquidity needs and repay maturing debts[5]. - The company executed a major asset sale, selling a 30% stake in the Guangzhou R&F International Airport Logistics Park for RMB 7.3 billion, contributing to increased liquidity[4]. - The company plans to continue exploring the sale of non-core assets in the next twelve months to maximize liquidity[4]. - The company plans to continue its strategy of selling non-core assets to support liquidity needs, with expectations of more asset sales in 2022 as market conditions stabilize[10]. Asset Management - The total capital expenditure for new land acquisition was only RMB 3 billion in 2021, an 80% decrease compared to 2020, reflecting a conservative approach to land purchases[6]. - The company has a substantial land reserve of 49.97 million square meters, projected to generate RMB 713.1 billion in saleable resources over the coming years[6]. - The company expects to generate RMB 220 billion in saleable resources from over 200 presale projects in 2022[9]. - By the end of 2021, the total land reserve amounted to approximately 64,719,000 square meters, with a total saleable area of about 49,967,000 square meters across 94 cities and regions[52]. - The investment property portfolio totaled approximately 3,857,300 square meters, with operational properties covering about 1,879,300 square meters[54]. Operational Challenges - The company faced unprecedented challenges in 2021 due to the ongoing COVID-19 pandemic and macroeconomic policies, impacting overall financial performance[2]. - The overall operating environment in 2021 was severely affected by credit defaults among private and public enterprises, leading to increased caution from banks and investors[2]. - The strategy for 2021 focused on seeking alternative funding sources and accelerating asset sales to mitigate financial risks[2]. Revenue Breakdown - In 2021, the total contracted sales amounted to RMB 120.2 billion, with a total sales area of 9.41 million square meters[7]. - The total agreement sales for the year 2021 amounted to approximately RMB 120.2 billion, with a sales area of about 9,414,600 square meters, and an average selling price of approximately RMB 12,800 per square meter[47]. - The total revenue for the property development segment was RMB 69,166,739, while the total revenue for the property investment segment was RMB 1,240,571, and hotel operations generated RMB 77,367,028 in total revenue[25]. - The group's revenue from property development decreased by 12% to RMB 69.105 billion, with 8,307,000 square meters delivered, down 9% from the previous year[58]. Financial Ratios and Costs - The financing costs increased to RMB 3.91 billion in 2021, compared to RMB 2.41 billion in 2020, reflecting higher financial burdens[12]. - Interest expenses totaled RMB 13.11 billion in 2021, down from RMB 14.43 billion in 2020, representing a decrease of approximately 9.2%[33]. - The total income tax expense decreased significantly from RMB 6.77 billion in 2020 to RMB 2.81 billion in 2021, a decline of about 58.5%[34]. - The debt-to-equity ratio was 123.3% as of December 31, 2021, compared to 130.2% as of December 31, 2020[67]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its provisions during the fiscal year ending December 31, 2021[75]. - The Audit Committee has reviewed the company's unaudited annual performance for the year ending December 31, 2021[76]. - The company emphasizes high transparency and accountability to enhance shareholder interests through good corporate governance practices[75].