Economic Overview - The GDP of the People's Republic of China increased by approximately 2.5% in the first half of 2022 compared to the same period last year[12]. - The Central Government has implemented various supportive policies to stabilize the economy and has seen positive results in economic indicators[12]. - The real estate sector is expected to remain essential for housing demand despite current market challenges, with strong rigid demand anticipated due to urbanization[24][26]. Real Estate Market Performance - The total sales area of commercial buildings sold in the first half of 2022 was approximately 690.0 million square meters, representing a year-on-year decrease of approximately 22.0%[13]. - The sales value of commercial buildings in the first half of 2022 amounted to approximately RMB6.6 trillion, reflecting a year-on-year decrease of approximately 28.9%[13]. - Total investment in the real estate sector for the first half of 2022 was approximately RMB6.8 trillion, representing a year-on-year decrease of approximately 5.4%[13]. - Multiple real estate projects that were previously suspended have resumed construction as of July 2022[18]. - Local governments have introduced measures to ease the real estate market and support reasonable housing demand[18]. Financial Performance of the Group - The Group recorded a revenue of approximately RMB 82.0 million for the first half of 2022, representing an 87.1% year-on-year decrease from RMB 636.0 million in the same period last year[23][35]. - Profit attributable to equity shareholders decreased to approximately RMB 39.8 million, reflecting a year-on-year decline of approximately 66.6% from RMB 119.2 million[23][35]. - Total properties contracted sales amounted to approximately RMB 307.0 million with a total gross floor area of approximately 28,000 sq.m. in the first half of 2022[23][25]. - The gross profit for the first half of 2022 was approximately RMB 23.1 million, down 84.3% from RMB 147.0 million in the same period last year[39]. - Revenue from property sales for the six months ended June 30, 2022, was approximately RMB 80.4 million, representing a significant decrease of 87.3% from RMB 634.5 million for the same period in 2021[55]. Cost and Expense Management - Cost of sales decreased by approximately 88.0% to RMB 58.9 million, down from RMB 489.0 million in the previous year[57]. - Selling expenses decreased by approximately 75.9% to RMB 6.6 million, down from RMB 27.2 million in the previous year[66]. - Administrative expenses increased by approximately 5.3% to RMB 31.7 million, compared to RMB 30.1 million reported for the same period in 2021[67]. - Finance costs for the six months ended June 30, 2022, were approximately RMB 0.5 million, a decrease of approximately 97.7% compared to RMB 23.1 million for the same period in 2021[76][80]. Shareholder and Corporate Governance - The Directors do not recommend any payment of interim dividend for the six months ended June 30, 2022, consistent with the previous year[129]. - The company has adopted the corporate governance code as per Appendix 14 of the Listing Rules, maintaining compliance with all statutory provisions for the six months ended June 30, 2022[137]. - The Audit Committee consists of three independent non-executive Directors, ensuring effective oversight of the financial reporting process and internal controls[144]. - No incidents of non-compliance with the guidelines by relevant employees were reported for the six months ended June 30, 2022[143]. Share Capital and Options - As of June 30, 2022, the total number of issued ordinary shares was 750,000,000[5]. - Fortune Speed Investments Limited holds 562,500,000 ordinary shares, representing approximately 75.0% of the issued share capital[169]. - The company has adopted a Share Option Scheme approved on November 26, 2018, allowing eligible participants to be granted share options[174]. - The balance of share options exercised during the six months ended June 30, 2022, was zero[177]. Liquidity and Financial Position - The Group's cash and cash equivalents amounted to approximately RMB 208.8 million, with 76.2% in RMB and 23.8% in HKD[86]. - The Group's total bank loans due for repayment as of June 30, 2022, were approximately RMB 160 million, down from RMB 322.5 million as of December 31, 2021[88]. - The Group has maintained a strong liquidity position and does not expect to encounter difficulties in meeting credit obligations when they fall due[108].

Financial Performance - Revenue for 2021 reached RMB 1,348.5 million, representing an increase of 8.6% compared to RMB 1,241.4 million in 2020[13] - Earnings per share (EPS) increased by 47.6% to RMB 166.4 cents in 2021, up from RMB 112.7 cents in 2020[15] - Profit attributable to shareholders for 2021 showed significant growth, reflecting the company's strong performance amidst market challenges[18] - For FY2021, the Group recorded a turnover of approximately RMB 1.35 billion, an increase of about 8.6% year-on-year[32] - The net profit attributable to equity shareholders of the Company was approximately RMB 166.4 million, achieving a year-on-year increase of approximately 47.6%[32] - Revenue from property sales for FY2021 amounted to approximately RMB1,345.4 million, representing an increase of approximately 8.6% compared to FY2020's RMB1,238.6 million[88] Market Conditions - The global economy continued to recover in 2021, with China's GDP growing approximately 8.1%, providing a favorable backdrop for the company's operations[21] - The Central Government is expected to implement proactive policies to stabilize the real estate market, with some banks already reducing down payment rates and mortgage rates[37] - In 2021, the total sales area of commercial housing in China was approximately 1.8 billion sq.m., representing a year-on-year increase of about 1.9%[25] - The sales amount of commercial housing increased by approximately 4.8% to around RMB 18.2 trillion, indicating a year-on-year increase in the average selling price of approximately 2.8%[25] Strategic Initiatives - The company is focused on expanding its market presence and enhancing its product offerings to capitalize on economic recovery trends[21] - New product development and technological advancements are key strategies for the company to drive future growth[21] - The company is actively exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[21] - The Group is focusing on the Greater Bay Area (GBA) to capture fundamental housing demand, particularly in Huizhou[31] - The Group is exploring investment opportunities in green lifestyle and sustainable development projects to diversify revenue sources and create long-term value for shareholders[41] - The Group is exploring potential property development projects in other cities within the Greater Bay Area to enhance shareholder returns[43] Financial Position - The debt-to-asset ratio improved to 55.2% in 2021, a decrease of 10.4% from 65.6% in 2020[17] - The Group aims to maintain a robust financial position while pursuing strategic initiatives for long-term growth[21] - The Group's gearing ratio as of December 31, 2021, was approximately 23.7%, down from 31.5% as of December 31, 2020, due to reduced bank borrowings following project completions[114] - As of December 31, 2021, the Group's cash and cash equivalents amounted to approximately RMB 373.5 million, with 86.4% in RMB and 13.6% in HKD[115] Operational Challenges - Management remains cautious about potential challenges posed by international political and economic conflicts, as well as ongoing pandemic effects[21] - Selling expenses increased significantly by 211.2% to RMB 44,804,000 from RMB 14,396,000 in FY2020[58] - Finance costs rose by 181.5% to RMB 23,845,000 compared to RMB 8,470,000 in the previous year[58] - The increase in cost of sales was primarily due to higher development costs for Tianjin Projects, specifically Million Cities Tycoon Place Phases 3 and 4[90] Leadership and Governance - Mr. Lau Ka Keung has been the CEO and executive director of Million Cities Development Limited since August 2016, overseeing strategic planning and general management[180] - Mr. Li Wa Tat, appointed as CFO and company secretary on August 26, 2021, is responsible for financial management and strategy formulation[184] - The company has a strong leadership team with members holding significant positions in other listed companies, enhancing its governance and strategic oversight[191] - The company is committed to maintaining high standards of corporate governance through its independent non-executive directors[190] Development Projects - The Group's properties under development include 231,234 sq.m. of site area, with a total GFA of 454,070 sq.m. as of December 31, 2021[71] - The completed development projects as of December 31, 2021, include 46,462 sq.m. for Million Cities Tycoon Place Phase 3, with 11,623 sq.m. unsold, representing a 55% ownership interest[76] - The Group's ongoing projects reflect a mix of residential and commercial developments, with significant GFA planned for future phases[71] - The total unsold GFA across various projects indicates potential revenue opportunities for the Group moving forward[76]

萬 城 控 股 有 限 公 司 Million Cities Holdings Limited (Incorporated in the Cayman Islands with limited liability) ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) Stock code 股份代號 : 2892 | --- | --- | --- | --- | |-------|-------|-------|---------| | | | | | | | | | | | | | | | | | | | | | | | | INTERIM | | | | | REPORT | | | | | | 中 期 報 告 Contents 目錄 Corporate Information 2 Chairman's Statement 4 Financial Highlights 8 Management Discussion and Analysis 9 Other Information 20 Review Report 30 Consolidated Statement of Profit or L ...

MILLION CITIES Stock code 股份代號 : 2892 le 萬 城 控 股 有 限 公 司 Million Cities Holdings Limited (Incorporated in the Cayman Islands with limited liability) ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) A N N U A L R E P O R T 2 0 2 0 年 報 | --- | --- | --- | |-------|--------------------------------------------------------------------------|---------------------------| | | | | | | CONTENTS 目錄 | | | | | | | | | | | 2 4 | Corporate Information Financial Highlights | 公司資料 財務摘要 | | 5 | Chairman's Statement | 主席報告 | | 8 | Projects Po ...

MILLION CITIES 萬 城 控 股 有 限 公 司 Million Cities Holdings Limited (Incorporated in the Cayman Islands with limited liability) ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) Stock code 股份代號 : 2892 INTERIM REPORT 中 期 報 告 Contents 目錄 Corporate Information 2 公司資料 Chairman's Statement 4 主席報告 管理層討論及分析 Management Discussion and Analysis 6 其他資料 Other Information 16 審閱報告 Review Report 27 Consolidated Statement of Profit or Loss 29 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 30 綜合損益及其他全面收益表 Consolidat ...

ANNUAL REPORT 年 報 2019 MILLION CITIES 萬 城 控 股 有 限 公 司 Million Cities Holdings Limited (Incorporated in the Cayman Islands with limited liability) ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) Stock code 股份代號 : 2892 CONTENTS 目錄 公司資料 詞彙 Corporate Information 2 Chairman's Statement 4 主席報告 Management Discussion and Analysis 11 管理層討論及分析 Biographical Details of Directors and Members of Senior Management 29 董事及高級管理層 履歷詳情 Corporate Governance Report 41 企業管治報告 Directors' Report 60 董事會報告 Environmental, Social and Governance Report ...

MILLION CITIES 萬 城 控 股 有 限 公 司 Million Cities Holdings Limited (Incorporated in the Cayman Islands with limited liability) ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) Stock code 股份代號 : 2892 2019 Interim Report 中期報告 Contents 目錄 | --- | --- | --- | |--------------------------------------------------------------------------|-------|--------------------------| | | | | | Corporate Information | 2 | 公司資料 | | Chairman's Statement | 4 | 主席報告 | | Management Discussion and Analysis | 6 | 管理層討論及分析 | | Other Information | 16 | 其他資 ...

Million Cities Holdings Limited 萬 城 控股有 限 公 司 （於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) Stock code 股份代號 : 2892 2018 年 報 Annual Report >> >> Million Cities Holdings Limited 萬 城 控股有 限 公 司 Annual Report 2018 年 報 http://www.millioncities.com.cn Hong Kong Ofce 香港辦事處 Million Cities Holdings Limited (Hong Kong Ofce) 萬城控股香港辦事處 Address 地址：Unit 2302, 23/F, New World Tower 1, 18 Queen's Road Central, Central, Hong Kong 香港中環皇后大道中18號新世界大廈1座23樓2302室 Tel 電話：（852）2689-1999 Fax 傳真：（852）268 ...