Revenue Performance - For the three months ended March 31, 2024, the group's unaudited revenue was approximately HKD 24,165,906,000, representing an increase from HKD 21,639,304,000 for the same period in 2023, which is a growth of about 11.6%[3] Operating Profit - The group's unaudited operating profit for the same period was approximately HKD 3,911,940,000, compared to HKD 3,398,564,000 in 2023, reflecting an increase of approximately 15.1%[3] Contractual Obligations - The total new contracts signed by the group for the three months ended March 31, 2024, amounted to approximately HKD 80.09 billion[4] - As of March 31, 2024, the group's uncompleted contract amount was approximately HKD 394.95 billion[4] Financial Data Disclaimer - The financial data provided is unaudited and should not be considered as an indication of the group's financial performance for the three months ended March 31, 2024[6]

hcraeseR 股 票 研 [Table_Title] Gary Wong 黄家玮 ytiuqE Company Report: China State Construction International (03311 HK) 究 (852) 2509 2616 公司报告： 中国建筑国际 (03311 HK) 中文版 Chinese version gary.wong@gtjas.com.hk 25 March 2024 科[Ta技ble带_Su动mm类ar业y] 务贡献将不断增加  我们重申“买入”评级，维持15.00港元的目标价。我们分别小幅下调中国建筑 [RTaabtlien_gR:a nk] Buy 国际（“公司”）2024/2025年每股盈利预测3.4%/ 3.1%至2.028港元/2.266港 公 Maintained tropeR 元，并首次给予2026年每股盈利预测为2.503港元。我们维持15.00港元的 司 目标价，相当于7.2倍/ 7.1倍/ 6.9倍的2024/ 2025/ 2026年EV/EBITDA。 评级： 买入 (维持) 报 ynapmoC  2023年股东净利润同比增 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（ ） 3311.HK [Table_Title] 利润与现金流齐飞，港澳高景气兑现在即 报告要点 [中Ta国bl建e_筑Su国m际m发ar布y] 2023年年报，实现营业 1137.34亿港元，同增 11.5%；毛利率较2022年 13.7%升至14.4%；归母净利润91.64亿港元，同增15.2%。 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 113,734,013, representing an increase of 11.5% compared to HKD 101,975,265 in 2022[2] - The net profit attributable to shareholders increased by 15.2% to HKD 9,164,045, up from HKD 7,956,876 in the previous year[2] - Basic earnings per share rose to HKD 1.82, reflecting a 15.2% increase from HKD 1.58 in 2022[2] - The gross profit margin improved to 14.4%, up from 13.7% in the prior year, indicating a 0.7 percentage point increase[2] - The company reported a comprehensive income of HKD 6,994,340 for the year, compared to HKD 3,846,014 in 2022, indicating a substantial increase[4] - The profit for the year 2023 was HKD 9,164,045,000, an increase from HKD 7,956,876,000 in 2022, representing a growth of approximately 15.1%[22] - The company reported audited revenue of HKD 113.734 billion and operating profit of HKD 14.986 billion for the year ended December 31, 2023[34] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.56 per share, which, combined with the interim dividend, totals HKD 0.84 per share for the year[2] - The proposed final dividend for the fiscal year 2023 is HKD 0.285 per share, with total dividends for the year amounting to HKD 0.56, representing a year-on-year increase of 16.7%[34] - The company declared a final dividend of HKD 0.285 per share for 2023, up from HKD 0.24 per share in 2022, totaling approximately HKD 1,435,721,000 compared to HKD 1,209,028,000 in the previous year[21] Assets and Liabilities - The total assets as of December 31, 2023, amounted to HKD 147,923,280, compared to HKD 128,180,363 in 2022, showing a significant growth in total assets[5] - The total current liabilities increased to HKD 115,355,495 thousand in 2023 from HKD 102,824,642 thousand in 2022, representing a growth of approximately 12.5%[6] - The net current assets rose to HKD 32,567,785 thousand in 2023, up from HKD 25,355,721 thousand in 2022, indicating an increase of about 28.5%[6] - The total assets minus current liabilities reached HKD 133,919,190 thousand in 2023, compared to HKD 126,025,487 thousand in 2022, reflecting a growth of approximately 6.9%[6] - The equity attributable to shareholders increased to HKD 61,723,419 thousand in 2023 from HKD 57,790,161 thousand in 2022, marking an increase of around 6.7%[6] - The total liabilities increased to HKD 59,641,571 thousand in 2023 from HKD 58,229,033 thousand in 2022, indicating a growth of approximately 2.4%[6] Revenue Breakdown - Revenue from construction contracts decreased to HKD 40,215,032 in 2023, down 11.1% from HKD 45,219,645 in 2022[12] - Revenue from construction-related investment projects increased significantly to HKD 63,592,981, up 29.2% from HKD 49,243,336 in 2022[12] - The operating revenue from mainland China reached HKD 66,185,389, a substantial increase of 36.1% from HKD 48,631,132 in 2022[16] - Revenue from construction-related investment projects grew by 37.7% to HKD 64.495 billion, while profit increased by 16.4% to HKD 10.896 billion[46] Cash Flow and Liquidity - The cash and cash equivalents at year-end were HKD 28,462,889, up from HKD 23,881,499 in the previous year, reflecting improved liquidity[5] - Operating cash flow net inflow was HKD 0.501 billion, indicating positive cash management[43] - The company reported cash inflows from operating and investing activities of HKD 5.01 billion and HKD 11.74 billion, respectively, with net cash from financing activities at HKD 45.48 billion[49] Investments and Growth Initiatives - The company is expected to continue its strategic initiatives in market expansion and new product development, although specific figures were not disclosed in the conference call[11] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and revenue growth[12] - The company aims to enhance its market presence in Hong Kong and Macau while expanding in mainland China, focusing on high-quality projects and technological innovation[52] Innovation and Sustainability - The company issued the first green corporate bond for prefabricated construction with the highest certification level in the country, amounting to HKD 2.3 billion[40] - The company received 211 patents during the year, showcasing its commitment to innovation and technology development[42] - The company was recognized as a "Best Progress Company" in the S&P Global Sustainability Yearbook, reflecting its strong ESG performance[38] Market Position and Contracts - New contracts signed in Hong Kong reached HKD 70.921 billion, a significant increase of 58.0%[35] - New contracts in Macau amounted to HKD 9.541 billion, maintaining the company's leading position in the market[35] - In mainland China, new contracts signed totaled HKD 96.055 billion, reflecting a year-on-year growth of 4.5%[36] - The total new contract value signed in 2023 reached approximately HKD 188.018 billion, with a total contract value on hand of HKD 571.944 billion[50] Employee and Operational Expenses - The company reported a significant increase in employee benefits expenses, totaling HKD 6,725,944,000 in 2023, compared to HKD 6,406,615,000 in 2022[20] - The company reported a decrease in the provision for employee stock-based compensation expenses, which fell to HKD 6,570,000 in 2023 from HKD 34,127,000 in 2022[20]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The company is a leading construction contractor and infrastructure investor in Hong Kong and Macau, with a focus on large-scale infrastructure projects and a significant market share [4][26]. - In the first half of 2023, the company's total revenue reached HKD 55.1 billion, representing a year-on-year increase of 2.4%. The revenue from construction contracts was HKD 18.7 billion, a decrease of 36%, while revenue from related investment projects was HKD 32.3 billion, an increase of 58% [4][17]. - The company has a strong market presence in Hong Kong and Macau, with a market share of approximately 21% in revenue and 28% in new orders in Hong Kong, and 19% in revenue and 27% in new orders in Macau [26][27]. Summary by Sections Company Overview - The company has been operating in Hong Kong since 1979 and was listed on the Hong Kong Stock Exchange in 2005. It is one of the largest general contractors in the region and a leading urban investment operator in mainland China [12][14]. Market Position in Hong Kong and Macau - The company has a sustained increase in market share in Hong Kong and Macau, with significant new orders expected from major infrastructure projects such as the Northern Metropolis and Lantau Tomorrow Vision [5][26]. - The Hong Kong government has emphasized infrastructure development, with a projected investment of over HKD 200 billion annually for the next several years, which could significantly benefit the company [5][28]. Business Model and Financial Performance - The company has shifted its business model from traditional PPP projects to shorter-cycle, high-tech projects, improving cash flow and project turnover rates [4][21]. - In the first half of 2023, the company signed new contracts worth HKD 96.8 billion, a year-on-year increase of 7%, with a notable rise in new contracts from Hong Kong [21][22]. Future Growth Opportunities - The Northern Metropolis and Lantau Tomorrow Vision projects are expected to provide substantial growth opportunities, with the potential for the company to capture a significant portion of the contracts [5][31]. - The company is also exploring innovative business models that leverage technology to enhance operational efficiency and reduce reliance on upfront capital [4][19].

Financial Performance - For the nine months ended September 30, 2023, the group's unaudited revenue was approximately HKD 79.49 billion, compared to HKD 73.41 billion for the same period in 2022, representing an increase of about 8.5%[2] - The group's unaudited operating profit for the same period was approximately HKD 11.56 billion, up from HKD 9.83 billion in 2022, reflecting a growth of approximately 17.7%[2] Contractual Metrics - The total new contracts signed by the group for the nine months ended September 30, 2023, amounted to approximately HKD 140.4 billion[3] - As of September 30, 2023, the group's uncompleted contract value was approximately HKD 344.03 billion[3]

Financial Performance - For the first half of 2023, the company achieved a new contract value of HKD 96.82 billion, representing a year-on-year increase of 7.0%[11] - The unaudited revenue for the same period was HKD 55.11 billion, reflecting a year-on-year growth of 2.4%[11] - Operating profit increased by 17.6% to HKD 7.768 billion, while profit attributable to shareholders rose by 15.1% to HKD 4.849 billion[11] - The basic earnings per share were HKD 0.9625, and the net asset value per share was HKD 13.72[11] - The company declared an interim dividend of HKD 0.275 per share, with a payout ratio of approximately 28.6%[11] - The company's profit attributable to shareholders for the six months ended June 30, 2023, was HKD 4.849 billion, an increase of 15.1% compared to HKD 4.214 billion in the same period last year[23] - Revenue for the same period was HKD 55.111 billion, up 2.4% from HKD 53.811 billion year-on-year[23] - The basic earnings per share increased by 15.1% to HKD 0.9625 from HKD 0.8375 in the previous year[23] - The net profit for the period was HKD 5,134,854 thousand, compared to HKD 4,518,117 thousand in the previous year, representing a growth of around 13.6%[42] Market Segments - In mainland China, the new contract value reached HKD 48.59 billion, marking an 8.0% year-on-year increase[12] - In the Hong Kong market, the new contract amount reached HKD 37.36 billion in the first half of the year, representing a year-on-year growth of 36.4%[13] - The Macau market achieved a new contract amount of HKD 4.25 billion, maintaining a leading position in the market[13] - The mainland China segment recorded a revenue increase of 46.7% to HKD 32.040 billion, with segment profit rising by 15.1% to HKD 5.721 billion[25] - The group’s revenue from the mainland China segment was HKD 32,040,124, significantly up from HKD 21,838,860 in 2022[61] - The group’s revenue from Hong Kong and Macau decreased to HKD 19,937,594, down 30.7% from HKD 28,801,549 in the previous year[61] Cash Flow and Financial Position - The group reported a net cash inflow from operating activities of HKD 168 million in the first half of the year[17] - As of June 30, 2023, the group had cash on hand of HKD 28.999 billion, accounting for 12.2% of total assets, with unused bank credit facilities amounting to HKD 78.770 billion[17] - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 167,546,000, compared to HKD 101,679,000 for the same period in 2022, representing a 64.7% increase[49] - The net cash generated from investing activities was HKD 1,096,571,000, a decrease of 42.3% from HKD 1,898,732,000 in the previous year[50] - The net cash from financing activities increased significantly to HKD 5,210,614,000 in 2023, compared to HKD 2,690,609,000 in 2022, marking a 93.5% rise[50] - The total bank borrowings amounted to HKD 64,389 million, an increase from HKD 59,177 million as of December 31, 2022, representing an increase of approximately 3.7%[37] - The net borrowings of the group were HKD 466.73 billion, slightly down from HKD 470.36 billion as of December 31, 2022, resulting in a net debt-to-equity ratio of 67.5%, down from 69.4%[38] Technological Innovation and Development - The group obtained 102 patent authorizations, including 14 invention patents, and received multiple awards for technological advancements[20] - The group is actively promoting technological innovation, with the establishment of the first academician workstation in Hong Kong, aimed at supporting major projects[19] - The group has successfully applied its C-SMART digital solution to over 100 projects, with plans for an upgrade to the fourth generation[19] - The company plans to continue expanding its market presence and is focused on new product development and technological advancements[48] Risk Management and Sustainability - The group continues to strengthen risk management policies, maintaining a focus on sustainable and low-risk business expansion[40] - The company continues to focus on sustainable development, having been included in the FTSE4Good Index for seven consecutive years[15] Shareholder Information - The company announced an interim dividend of HKD 0.275 per share, up from HKD 0.24 per share in the previous year, representing a 14.6% increase[87] - Major shareholder China Overseas Group Limited holds 3,264,976,136 shares, representing 64.81% of the total issued shares[98] - GIC Private Limited, an investment manager, holds 302,824,733 shares, accounting for 6.01% of the total issued shares[99] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2023[102] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2023[104]

Financial Performance - The company reported a revenue of HKD 55,110,712, representing a 2.4% increase from HKD 53,810,559 in the previous year[2]. - Profit attributable to shareholders increased by 15.1% to HKD 4,848,622, compared to HKD 4,213,994 in the same period last year[2]. - Basic earnings per share rose to HKD 0.9625, a 15.1% increase from HKD 0.8365[2]. - Total comprehensive income for the period was HKD 2,628,262, compared to HKD 1,093,156 in the previous year[4]. - The company reported a pre-tax profit of HKD 6,362,411, up from HKD 5,565,397 year-on-year[3]. - Total revenue for the first half of 2023 reached HKD 56,881,609,000, a slight increase from HKD 55,824,851,000 in 2022, representing a growth of 1.9%[14]. - Gross profit for the first half of 2023 was HKD 8,113,630,000, compared to HKD 6,695,941,000 in the same period of 2022, marking a significant increase of 21.1%[14]. - The company's pre-tax profit for the first half of 2023 was HKD 6,362,411,000, up from HKD 5,565,397,000 in 2022, reflecting a growth of 14.3%[14]. - The company's net profit attributable to shareholders was HKD 4.849 billion, an increase of 15.1% compared to HKD 4.214 billion in the same period last year[41]. - The total revenue recorded was HKD 55.111 billion, reflecting a 2.4% increase from HKD 53.811 billion in the previous year[41]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.275 per share[2]. - The company declared an interim dividend of HKD 0.275 per share for 2023, up from HKD 0.24 per share in 2022, representing a 14.6% increase[18]. - The board declared an interim dividend of HKD 0.275 per share, with a payout ratio of approximately 28.6%[41]. Assets and Liabilities - The company's total assets amounted to HKD 137,257,486, an increase from HKD 128,180,363 at the end of the previous year[5]. - Cash and cash equivalents increased to HKD 28,998,528 from HKD 23,881,499, indicating improved liquidity[5]. - The net current assets as of June 30, 2023, were HKD 28,219,873,000, compared to HKD 25,355,721,000 as of December 31, 2022, indicating a growth of 7.3%[6]. - Total assets minus current liabilities increased to HKD 128,245,013,000 from HKD 126,025,487,000, reflecting a growth of 1.8%[6]. - Non-current liabilities, including bank loans, rose to HKD 59,119,901,000 from HKD 58,229,033,000, an increase of 1.5%[6]. - Trade and other receivables as of June 30, 2023, amounted to HKD 123,288,895,000, an increase from HKD 119,115,862,000 at the end of 2022[20]. Revenue Sources - Revenue from construction contracts decreased to HKD 18,673,338,000, down 35.8% from HKD 29,024,172,000 in the previous year[11]. - Revenue from construction-related investment projects significantly increased to HKD 32,287,323,000, up 58.5% from HKD 20,383,539,000 in 2022[11]. - The revenue from the Macau segment reached HKD 58.63 billion, an increase of 0.9% year-on-year, with segment profit rising 67.7% to HKD 6.96 billion[43]. - The revenue from the mainland China segment recorded a recovery growth of HKD 320.40 billion, up 46.7% from HKD 218.39 billion last year, with segment profit increasing by 15.1% to HKD 57.21 billion[44]. - The construction-related investment projects generated a repurchase amount of HKD 192.62 billion, a year-on-year increase from HKD 141.27 billion[45]. Operational Efficiency and Future Plans - The company is focusing on enhancing its operational efficiency and exploring new market opportunities to drive future growth[12]. - The company plans to continue expanding its construction-related investment projects, particularly in government and public-private partnership models[12]. - The company plans to continue expanding its investment in high-quality markets such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area[44]. - The company aims to leverage technology to enhance competitiveness and pursue high-quality development in the second half of the year[50]. Market Performance - The new contract value for the first half of 2023 reached HKD 96.82 billion, representing a year-on-year increase of 7.0%[30]. - In the mainland China market, new contract value reached HKD 48.59 billion, reflecting an 8.0% year-on-year growth[31]. - The company has expanded its MiC business into 11 provinces, with successful projects in Guangdong, Shandong, and Anhui[31]. - In the Hong Kong market, the new contract amount reached HKD 37.36 billion in the first half of the year, representing a year-on-year increase of 36.4%[32]. - The Macau market achieved a new contract amount of HKD 4.25 billion, maintaining a leading position in the market[32]. Technological Advancements - The group was awarded 102 patents, including 14 invention patents, and received multiple awards for technological advancements[40]. - The group launched the MiC concrete product series at various international forums, enhancing its market presence and technological innovation[39].

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 101,975,265, representing a significant increase from HKD 77,309,614 in 2021, marking a growth of approximately 31.9%[17] - The profit attributable to shareholders for the same period was HKD 7,956,876, up from HKD 6,800,879 in 2021, reflecting a growth of about 16.9%[17] - The company's net profit margin decreased to 7.8% in 2022 from 8.8% in 2021, indicating a decline in profitability despite revenue growth[17] - The earnings per share for the year was HKD 1.58, an increase from HKD 1.35 in 2021, reflecting positive growth in shareholder returns[17] - The company achieved audited revenue of HKD 101.975 billion and operating profit of HKD 12.846 billion for the year, with a net profit attributable to shareholders increasing by 17.0% to HKD 7.957 billion[58] - The company proposed a final dividend of HKD 0.24 per share, totaling an annual dividend of HKD 0.48, representing an 18.5% increase year-on-year[58] - The group achieved significant operational improvements, with a comprehensive enhancement in operating cash flow and development quality[59] - The group maintained a strong financial position with cash on hand of HKD 23.881 billion, accounting for 10.4% of total assets, and a net gearing ratio of 69.4%[64] - The group successfully issued green medium-term notes, marking the first issuance of green bonds certified at the highest level for prefabricated buildings in the country[64] - The group secured HKD 31.69 billion in repurchase funds from construction-related investment projects, a 24.2% increase from HKD 25.51 billion in 2021[77] Project and Contract Activity - The total value of uncompleted contracts as of December 31, 2022, was HKD 294.53 billion, an increase from HKD 281.36 billion in 2021, showing a growth of approximately 4.1%[17] - The company secured 182 new projects during the year, with a total contract value of approximately HKD 160.73 billion[54] - The total contract amount for new projects undertaken in 2022 reached HKD 160.73 billion[109] - As of December 31, 2022, the total value of ongoing contracts amounted to HKD 522.63 billion, with an uncompleted contract value of HKD 294.53 billion[108] - The distribution of ongoing projects shows that 62.7% are in mainland China, 21.2% in Hong Kong, and 10.9% in Macau[108] - The company is actively involved in 14 major construction investment projects across various provinces in mainland China[121] - The company has a total of 348 ongoing projects, with 219 located in mainland China[108] Market and Geographical Insights - The construction segment in Mainland China contributed 47.7% to the overall revenue, while Hong Kong and Macau contributed 36.5% and 10.1%, respectively, highlighting the geographical distribution of revenue sources[19] - Revenue from the Hong Kong division grew by 56.1% to HKD 37.21 billion, while the Macau division's revenue reached a new high of HKD 10.54 billion, up 25.4%[75] - The mainland China revenue increased by 20.0% to HKD 48.63 billion, with segment profit rising 17.1% to HKD 10.28 billion[76] - The company is focusing on expanding its market presence in the Greater Bay Area, leveraging infrastructure investments to drive growth[121] Innovation and Technology - The company held its first information technology conference themed "Smart Construction, Digital Operations" from January 9 to 10, 2022, indicating a focus on innovation and digital transformation[21] - The company launched the HaLong "Modular Integrated Construction (MiC)" series of building products globally on August 15, showcasing three major categories[40] - The company’s technology research on "Key Technologies for High-Durability Seismic Tunnel Construction" was recognized as one of the top ten new technologies in engineering construction for 2022[46] - The group has received 112 patents in the year and continues to strengthen its R&D and promotion of construction technology[66] - The company is investing $10 million in R&D for new technologies aimed at enhancing user experience[5] Sustainability and Social Responsibility - The company was selected as a constituent of the FTSE Social Responsibility Index for six consecutive years, highlighting its commitment to social responsibility[38] - The company has been recognized for its sustainable development efforts, receiving multiple awards and maintaining a presence in the FTSE4Good Index for six consecutive years[62] - The company has received accolades for its volunteer efforts and corporate social responsibility initiatives, emphasizing its commitment to community engagement[135] - The company is committed to promoting sustainable low-carbon construction, aligning with national carbon neutrality goals, and implementing innovative construction technologies to reduce carbon emissions[159] - The company has established an ISO 14001:2015 environmental management system, continuously improving its environmental performance and compliance[156] Employee Development and Community Engagement - The group established a regular training mechanism, with over 4,000 participants in various training programs throughout the year[65] - The company has implemented a "5+3+X" youth talent development system, aiming to recruit at least 1,000 new employees annually in Hong Kong, including at least 100 graduates and 100 interns[146] - The company awarded scholarships to 65 children of employees, with amounts ranging from HKD 3,000 to 10,000, to recognize academic and non-academic achievements[154] - The "3311 Volunteer Association" has over 2,100 volunteers and participated in over 15,000 hours of community service in 2022[167] - The group actively engaged in various community volunteer activities, including home repairs and environmental initiatives, to address community needs[169] Corporate Governance and Investor Relations - The management team emphasizes the importance of investor relations, viewing it as a key focus area to enhance corporate governance and value creation, achieving good results in 2022[172] - The group received recognition for its corporate governance and stakeholder engagement, winning multiple awards including "Best Managed Company" in the industrial sector by Institutional Investor in 2022[174] - The company is committed to transparency and proactive communication, ensuring that investors are well-informed about its development strategies and operational conditions[173] - The management team is focused on listening to investor feedback and incorporating it into the group's strategic planning, highlighting the importance of stakeholder input in decision-making[172] Leadership and Management - The company has a strong leadership team with extensive experience in construction and real estate, including over 33 years in the industry for Mr. Yan, the chairman[186] - The CEO, Mr. Wang, has over 18 years of experience in investment and construction management, indicating strong operational leadership[188] - The board includes independent directors with significant expertise in engineering, law, and finance, enhancing governance and strategic direction[192][195][197] - The company is focused on sustainable development, with a dedicated committee to oversee initiatives in this area[189]

Financial Performance - The group's unaudited revenue for the three months ended March 31, 2023, was approximately HKD 21,639,304,000, representing an increase from HKD 17,325,929,000 for the same period in 2022, which is a growth of about 25.5%[4] - The unaudited operating profit for the same period was approximately HKD 3,398,564,000, compared to HKD 2,904,704,000 in 2022, indicating an increase of around 16.9%[4] Contractual Developments - The total new contracts signed by the group for the three months ended March 31, 2023, amounted to approximately HKD 47.23 billion[5] - As of March 31, 2023, the group's uncompleted contract value was approximately HKD 318.46 billion[5] - Major new contracts included the Kowloon Mother Hospital reconstruction project with a contract value of approximately HKD 3.58 billion, and the Guangzhou Longgui Ceramics City resettlement project valued at approximately HKD 5.23 billion[6]