债市要闻 【贵州省拟发行476亿元再融资专项债、大连市拟发行104亿元再融资专项债，募资用于置换存量隐性债 务】 贵州省决定于11月21日招标发行2024年贵州省地方政府再融资专项债券（九期）、2024年贵州省地方政 府再融资专项债券（十期）、2024年贵州省地方政府再融资专项债券（十一期），合计发行金额476亿 元，募集资金用于置换存量隐性债务。 大连市决定于11月21日招标发行2024年大连市地方政府再融资专项债券（三期）、2024年大连市地方政 府再融资专项债券（四期）、2024年大连市地方政府再融资专项债券（五期），发行金额共计104亿 元，募集资金用于置换存量隐性债务。发行2024年大连市地方政府再融资一般债券（三期）、2024年大 连市地方政府再融资专项债券（六期），发行金额共计8亿元，募集资金用途为偿还存量债务。 此前，河南省公告决定于11月15日招标发行2024年河南省政府再融资专项债券 (十一期)—2024年河南省 政府专项债券 (五十七期)，发行总额318.169亿元，募资用于置换存量隐性债务。 【国新办今日上午10时举行新闻发布会 介绍2024年10月份国民经济运行情况】 国务院新闻办公 ...

*【远洋集团：香港法院将于明年1月24日召开清盘呈请的实质聆讯】** 远洋集团控股有限公司（以下简称"远洋集团"）表示将于明年1月24日在香港法院召开呈请的实质聆 讯，以决定是否认许香港协议安排。 10月29日早间，远洋集团发布公告，拟进行重组相关交易，涵盖现有债务工具，包括现有银团贷款、现 有双边贷款及现有票据，未偿还本金总额约为56.36亿美元。 重组涉及向范围内债权人分发重组对价，包括本金总额为22亿美元的新债务(包括新贷款及新票据)，及 强制可转换债券及/或新永续证券，本金总额合计相当于所有范围内债权人的重组程序债权总额减新债 务本金总额的结果，即强制可转换债券及永续权益总额。其中，该新债务将由远洋集团持有远洋服务 6.056亿股抵押，占远洋服务当前总股本的63.82%。 截至最新，远洋集团存续中资离岸债共8只，余额37.18亿美元，已全部违约;。 【金科股份：公司及重庆金科重整计划草案提交期限获批延长三个月】 金科地产集团股份有限公司（以下简称"金科股份"）发布公告称，公司及全资子公司重庆金科房地产开 发有限公司的重整申请已被重庆市第五中级人民法院正式裁定受理。目前，已有9名意向投资人缴纳保 证金参 ...

Business Overview and Operations - Sino-Ocean Group has approximately 260 real estate projects in various stages of development across China and overseas, including Singapore and Indonesia[7] - As of June 30, 2024, Sino-Ocean Group's land reserves total approximately 34 million square meters[7] - The company's main business segments include residential development, real estate development and operation, property services, and construction services[7] - Sino-Ocean Group's business covers major regions in China, including Beijing, Tianjin, Shanghai, Shenzhen, and Wuhan, among others[7] - The company's major shareholders are China Life Insurance Company Limited and Dajia Life Insurance Co., Ltd[7] - Sino-Ocean Group's registered office is located in Hong Kong, with its main business location in Beijing, China[12] - The company's shares are listed on the Hong Kong Stock Exchange with the stock code 03377.HK[12] - The company's website is www.sinooceangroup.com, and its investor relations department can be contacted at ir@sinooceangroup.com[12] - The company delivered 18,300 residential units in 25 cities during the first half of 2024, maintaining high-quality delivery standards[23] - The company's light asset construction business added a total construction area of over 2.2 million square meters in the first half of 2024, ranking 11th in new contract area[25] - The company's Far Ocean Health Building System has been applied to 145 projects in 51 cities, covering an area of over 27 million square meters as of June 30, 2024[26] - The company's independently developed "Yuan Yang Healthy Building System" has been applied in over 50 cities and 145 projects, covering an area of more than 27 million square meters[92] - 30 projects have completed WELL registration, and 14 projects have officially received WELL final certification[92] - The company has established 23 "Healthy Future Factories" by June 30, 2024, enhancing product and service quality[92] - The company ranked 18th in the "Annual China Real Estate Delivery Power" list and won the "Annual Quality Delivery Real Estate Company" award[92] - The company achieved a carbon reduction of 10,489 tons through the application of self-developed "Low-carbon Concrete Application Technology"[94] - The Beijing CBD Z6 project became China's first ultra-high-rise office building to receive the "Net Zero Carbon Excellence Certification"[94] - The company's "Earth Hour" initiative reached nearly 10 million people, promoting the "Net Zero Emissions by 2050" concept[95] - The company launched the "Yuan Yang Employee Health Care Plan" to improve employee physical and mental health[96] - 64 outstanding projects, individuals, and teams were recognized through the "2023 Golden Sail Award" for promoting sustainable operations[96] - 45 teams, individuals, partners, and suppliers were awarded the "2023 Responsibility Fashion Award" for advancing the "Net Zero Emissions by 2050" plan[96] Financial Performance - Revenue for the first half of 2024 was RMB 13.313 billion, a 36% decrease compared to the same period last year[20] - Gross profit for the first half of 2024 was RMB 297 million, with a gross profit margin of 2%, compared to a gross loss of RMB 125 million in the same period last year[20] - The company's attributable loss for the first half of 2024 was RMB 5.382 billion, with a basic and diluted loss per share of RMB 0.707[20] - Total land reserves as of June 30, 2024, were 34.139 million square meters, a decrease from 36.213 million square meters at the end of 2023[18] - The net debt ratio increased to 650% as of June 30, 2024, up from 438% at the end of 2023[18] - Total contracted sales for the first half of 2024 were RMB 18.33 billion, a significant decrease from RMB 35.66 billion in the same period last year[17] - The company's cash resources decreased to RMB 4.709 billion as of June 30, 2024, from RMB 5.022 billion at the end of 2023[18] - The company's land reserves are distributed across 59 cities in China and overseas, with a total gross floor area of 34.139 million square meters[14] - The company expects continued challenges in the real estate market in the second half of 2024, with a shift towards high-quality development and opportunities in urban renewal and asset management services[21] - The company completed the extension of approximately RMB 18 billion in domestic debt, effectively alleviating repayment pressure[24] - The company achieved a contracted sales amount of approximately RMB 18.33 billion in the first half of 2024[25] - The company's revenue for the first half of 2024 was RMB 13.313 billion, a 36% decrease compared to the same period in 2023[30] - Property development contributed 77% of the company's total revenue in the first half of 2024[30] - The company's total sales cost for the first half of 2024 was RMB 13.016 billion, a decrease from RMB 20.931 billion in the same period in 2023[33] - The company's gross profit for the first half of 2024 was RMB 297 million, with a gross profit margin of 2%[34] - The company's average land cost for property development was approximately RMB 8,400 per square meter, and the average construction cost was approximately RMB 5,800 per square meter in the first half of 2024[33] - Interest and other income decreased by 26% to RMB 353 million in the first half of 2024 (H1 2023: RMB 477 million), primarily due to reduced interest income[35] - Other losses (net) amounted to RMB 479 million in H1 2024 (H1 2023: RMB 1.194 billion), mainly due to fair value losses on financial assets and liabilities and losses from the sale of subsidiary interests[35] - Investment property fair value decreased by RMB 293 million in H1 2024 (H1 2023: increase of RMB 150 million)[36] - Sales and marketing expenses decreased to RMB 282 million in H1 2024 (H1 2023: RMB 572 million), accounting for 1.5% of total contracted sales (H1 2023: 1.6%)[37] - Administrative expenses decreased to RMB 658 million in H1 2024 (H1 2023: RMB 816 million), accounting for 4.9% of total revenue (H1 2023: 3.9%)[37] - Net impairment losses on financial assets decreased to RMB 297 million in H1 2024 (H1 2023: RMB 11.294 billion), mainly due to reduced expected credit loss provisions[38] - Loss attributable to owners of the company decreased to RMB 5.382 billion in H1 2024 (H1 2023: RMB 18.369 billion), driven by reduced impairment provisions and lower losses from joint ventures and associates[43] - Total loans due within 1 year amounted to RMB 58.713 billion, representing 61% of total loans as of June 30, 2024[44] - Total cash resources amounted to RMB 4.709 billion as of June 30, 2024, with 99.5% denominated in RMB[45] - Net debt-to-equity ratio increased to 650% as of June 30, 2024 (December 31, 2023: 438%), primarily due to slower sales recovery and challenging financing conditions in the real estate market[45] - The company's property development business revenue for the first half of 2024 was RMB 10.3 billion, a 41% decrease compared to RMB 17.318 billion in the same period of 2023[52] - The delivered salable floor area decreased by 38% to 755,000 square meters in the first half of 2024 from 1,223,000 square meters in the first half of 2023[52] - The average recorded sales price excluding parking spaces decreased to RMB 15,000 per square meter in the first half of 2024 from RMB 15,900 per square meter in the first half of 2023[52] - The total contracted sales for the first half of 2024 were RMB 18.33 billion, a 49% decrease compared to RMB 35.66 billion in the same period of 2023[56] - The sales floor area decreased by 45% to 1,514,100 square meters in the first half of 2024 from 2,760,900 square meters in the first half of 2023[56] - The average sales price excluding parking spaces decreased by 9% to RMB 13,400 per square meter in the first half of 2024 from RMB 14,700 per square meter in the first half of 2023[56] - The company had approximately 160 salable projects in the first half of 2024, down from 180 in the same period of 2023[56] - Over 89% of the total contracted sales in the first half of 2024 came from first- and second-tier cities[56] - The total guarantee amount for property buyers' mortgage loans before the completion of mortgage registration was RMB 15.499 billion as of June 30, 2024, down from RMB 16.591 billion as of December 31, 2023[49] - The company provided guarantees for loans of joint ventures and third parties amounting to RMB 64.987 billion as of June 30, 2024, up from RMB 63.030 billion as of December 31, 2023[49] - Total contracted sales for the Beijing region reached RMB 8,133 million, with a total salable area of 416,900 square meters and an average selling price of RMB 19,500 per square meter[57] - The total contracted sales for the East China region amounted to RMB 2,180 million, with a total salable area of 195,400 square meters and an average selling price of RMB 11,200 per square meter[58] - The total contracted sales for the South China region were RMB 1,255 million, with a total salable area of 79,750 square meters and an average selling price of RMB 15,700 per square meter[58] - The total contracted sales for the Central China region reached RMB 921 million, with a total salable area of 74,700 square meters and an average selling price of RMB 12,300 per square meter[58] - The total contracted sales for the West China region were RMB 17,952 million, with a total salable area of 1,340,750 square meters and an average selling price of RMB 13,400 per square meter[59] - The company's land reserves decreased to 34,139,000 square meters as of June 30, 2024, with an average land cost of RMB 6,400 per square meter[60] - The total completed gross floor area and salable floor area in the first half of 2024 were 2,684,000 square meters and 2,349,000 square meters, respectively, representing a 5% decrease and a 4% increase compared to the same period in 2023[60] - The company did not acquire any new land in the first half of 2024[60] - The Beijing region's land reserves totaled 5,153,000 square meters, with a salable area of 4,073,000 square meters and an average land cost of RMB 2,891 per square meter[61] - Total gross floor area in the Shijiazhuang region is 431,000 square meters, with 353,000 square meters available for sale[63] - The Taiyuan region has a total gross floor area of 2,228,000 square meters, with 1,339,000 square meters available for sale[63] - The Qinhuangdao region's total gross floor area is 1,438,000 square meters, with 1,243,000 square meters available for sale[63] - The Langfang region's total gross floor area is 2,710,000 square meters, with 1,246,000 square meters available for sale[63] - The Tianjin region's total gross floor area is 6,050,000 square meters, with 4,379,000 square meters available for sale[63] - The Qingdao region's total gross floor area is 592,000 square meters, with 432,000 square meters available for sale[64] - The Jinan region's total gross floor area is 3,543,000 square meters, with 2,913,000 square meters available for sale[64] - The Dalian region's total gross floor area is 2,036,000 square meters, with 1,808,000 square meters available for sale[64] - The Shanghai region's total gross floor area is 1,711,000 square meters, with 993,000 square meters available for sale[64] - The Hangzhou region's total gross floor area is 87,000 square meters, with 73,000 square meters available for sale[64] - Total gross floor area in Nanjing is 447,000 square meters, with salable area of 337,000 square meters and land reserve of 25,000 square meters[65] - Total gross floor area in Suzhou is 938,000 square meters, with salable area of 710,000 square meters and land reserve of 273,000 square meters[65] - Total gross floor area in Wenzhou is 530,000 square meters, with salable area of 300,000 square meters and land reserve of 455,000 square meters[65] - Total gross floor area in Shenzhen is 2,190,000 square meters, with salable area of 1,553,000 square meters and land reserve of 1,669,000 square meters[66] - Total gross floor area in Guangzhou is 839,000 square meters, with salable area of 606,000 square meters and land reserve of 178,000 square meters[66] - Total gross floor area in Foshan is 427,000 square meters, with salable area of 362,000 square meters and land reserve of 244,000 square meters[66] - Total gross floor area in Zhongshan is 1,353,000 square meters, with salable area of 1,171,000 square meters and land reserve of 963,000 square meters[66] - Total gross floor area in Zhanjiang is 612,000 square meters, with salable area of 493,000 square meters and land reserve of 241,000 square meters[66] - Total gross floor area in Sanya is 177,000 square meters, with salable area of 111,000 square meters and land reserve of 74,000 square meters[66] - Total gross floor area in Hong Kong is 9,000 square meters, with salable area of 8,000 square meters and land reserve of 9,000 square meters[66] - Total gross floor area in the Central China region is 7,483 thousand square meters, with 5,018 thousand square meters available for sale[67] - The company holds a 70% equity stake in the Wuhan Han Yang District's "Oriental Realm World View" project, with a total floor area of 1,917 thousand square meters[67] - In the Western China region, the total gross floor area is 1,884 thousand square meters, with 1,363 thousand square meters available for sale[68] - The company has a 100% equity stake in the "Yuan Yang Wan He Shi Jia" project in Guiyang, with a total floor area of 165 thousand square meters[68] - The "Yuan Yang Sen Hai Jing" project in Chengdu has a total floor area of 199 thousand square meters, with 127 thousand square meters available for sale[68] - The company holds a 26.6% equity stake in the "Tian Bo" project in Xi'an, with a total floor area of 462 thousand square meters[68] - In the Central China region, the company's land reserve is 3,609 thousand square meters[67] - The "Yuan Yang Wan He Si Ji" project in Zhengzhou has a total floor area of 43 thousand square meters, with 38 thousand square meters available for sale[67] - The company holds a 69.8% equity stake in the "Yuan Yang Xin Gan Xian" project in Kunming, with a total floor area of 222 thousand square meters[68] - The "Yuan Yang Lu Yue Yuan Jing" project in Hefei has a total floor area of 200 thousand square meters, with 180 thousand square meters available for sale[67] - Total land reserve of the company is 58,116 thousand square meters, with a salable area of 41,736 thousand square meters[69] - Investment property revenue decreased by 8% to RMB 181 million in H1 2024 compared to RMB 197 million in H1 2023[71] - The company holds over 23 operating investment properties with a total leasable area of 3,667,000 square meters, including 21% office space, 49% logistics projects, and 30% commercial and other spaces[71] - The company plans to phase in high-end commercial and office projects by 2026, including the CBD Z6 plot in Beijing's core business district[73] - The company is deepening its development in logistics and data real estate to enhance future investment returns and profitability[73] - Property management and related services revenue decreased by 5% to RMB 1.361 billion in the first half of 2024 compared to RMB 1.440 billion in the same period of 2023[74] - Total contracted building area for property management services reached 133.6 million square meters, covering 83 cities across 27 provinces, autonomous regions, and municipalities in China[74] - Total managed building area stood at 100.1 million square meters, with 501 managed property projects, including 325 residential communities, 65 commercial properties, and 111 other properties[74] - The weighted average interest rate for the company's loans decreased by 19 basis points to 5.59% in the first half of 2024[77] - Approximately 40% of the company's loans are denominated in HKD and USD, exposing the company to currency exchange rate fluctuations[78] - The company's total number of employees decreased to 12,798 as of June 30, 2024, from 13,942 at the end of 2023, primarily due to streamlining of development-related personnel[79] - Employee compensation expenses

Financial Performance - Total revenue for the first half of 2024 was RMB 13.313 billion, a decrease of 36% compared to RMB 20.807 billion in the same period last year[5]. - Gross profit for the first half of 2024 was RMB 297 million, with a gross profit margin of 2%, compared to a gross loss of RMB 125 million and a gross loss margin of 1% in the first half of 2023[3]. - The company reported a net loss attributable to shareholders of RMB 5.382 billion, a reduction of 71% year-on-year, with a basic and diluted loss per share of RMB 0.707[2]. - Total sales cost for the reporting period was RMB 13.016 billion, down from RMB 20.931 billion in the first half of 2023[7]. - The company recorded a net loss of RMB 5.382 billion, a reduction from RMB 18.369 billion in the first half of 2023, primarily due to lower impairment provisions[10]. - The company reported a total comprehensive loss of CNY 5,807,583 for the period, compared to CNY 18,617,854 in the previous year, showing a significant reduction in comprehensive losses[39]. - The company reported a net loss before tax of RMB 5,747,124,000 for the first half of 2024, compared to a loss of RMB 17,916,126,000 in the same period of 2023, showing an improvement of approximately 68%[62]. - The company recorded a net loss of approximately RMB 5.32 billion for the period, raising concerns about its ongoing viability[85]. Market Conditions - The real estate market in China continued to be sluggish, with total commercial housing sales area of approximately 480 million square meters, a decrease of 19% year-on-year, and residential sales area down by 21.9%[4]. - The company anticipates ongoing challenges in the real estate market in the second half of 2024, with risks and challenges persisting in the industry[4]. - The company’s other real estate-related businesses, including construction services and data real estate, experienced significant revenue declines in the first half of 2024 due to the overall downturn in the real estate market[6]. - The total funds available to real estate development companies were approximately RMB 5.4 trillion, a decrease of 22.6% year-on-year[4]. - The group is facing liquidity pressure as internal funds are gradually shrinking, and external financing channels for construction projects are limited[47]. Revenue Breakdown - The company’s property development business contributed 77% to total revenue, with revenue from different regions being 9% from Beijing, 18% from the Bohai Rim, 38% from East China, 15% from South China, 13% from Central China, and 7% from West China[5]. - The group's revenue from property development for the first half of 2024 was RMB 10.3 billion, a decrease of approximately 41% compared to RMB 17.32 billion in the same period of 2023[15]. - The total contracted sales amount for the group and its joint ventures for the first half of 2024 was RMB 18.33 billion, down approximately 49% from RMB 35.66 billion in the same period of 2023[18]. - The average selling price for the first half of 2024 decreased by approximately 9% to RMB 13,400 per square meter, compared to RMB 14,700 per square meter in the first half of 2023[18]. - The total sales amount excluding parking spaces was RMB 17,952 million, with a total saleable floor area of approximately 1,340,750 square meters and an average selling price of RMB 13,400 per square meter[21]. Debt and Restructuring - The company announced a comprehensive debt management proposal on July 18, 2024, covering existing offshore debt instruments with an outstanding principal amount of approximately $5.636 billion[34]. - The company has suspended payments on its offshore debt obligations as part of the restructuring process, effective from September 15, 2023[33]. - The company is currently implementing the restructuring procedures as outlined in the restructuring support agreement and will provide further updates to shareholders and investors[34]. - The company is actively working to fulfill the debt repayment arrangements as per the approved extension proposals for the relevant bonds[36]. - The company has initiated an offshore debt restructuring process as of September 15, 2023, and has suspended payments on all offshore debts[46]. Assets and Liabilities - Total assets as of June 30, 2024, were CNY 139,226,114, down from CNY 146,013,756 at the end of 2023, reflecting a decrease of about 4.6%[40]. - The company's non-current assets amounted to CNY 52,452,422, a decrease from CNY 60,158,570 at the end of 2023, indicating a decline of approximately 12.5%[40]. - The total liabilities as of June 30, 2024, were RMB 83,375,324 thousand, a slight decrease from RMB 87,186,560 thousand at the end of 2023, showing a decline of around 4%[61]. - The total current liabilities amounted to RMB 139.64 billion, a decrease from RMB 154.47 billion as of December 31, 2023, reflecting a reduction of approximately 9.6%[41]. - The total non-current liabilities increased to RMB 41.71 billion from RMB 30.92 billion, representing a rise of approximately 34.9%[41]. Corporate Governance - The company confirmed compliance with the independence requirements as per listing rules[98]. - The board expressed gratitude to Mr. Jin for his contributions during his tenure[98]. - The company is committed to maintaining high standards of corporate governance as outlined in its organizational rules[104]. - The board's composition reflects a balance of executive and independent non-executive directors to ensure effective oversight[106]. - The company will continue to adhere to the listing rules and corporate governance standards set by the Hong Kong Stock Exchange[105].

Company Overview - Sino-Ocean Group has a land reserve of approximately 36 million square meters as of December 31, 2023[8]. - The company operates in major cities and urban clusters in China, including Beijing, Tianjin, and Shanghai, among others[8]. - The strategic vision focuses on becoming a comprehensive industrial company centered on residential development and related new businesses[8]. - The company has expanded its business footprint to overseas markets, including Singapore and Indonesia[8]. - Sino-Ocean Group emphasizes "craftsmanship in user service" as part of its operational strategy[8]. - The company is involved in various sectors, including property services, logistics real estate, and real estate funds[8]. - The management team includes experienced executives, with Li Ming serving as the Chairman and CEO[9]. - The company has established a unique advantage in the light-asset construction sector[8]. - Sino-Ocean Group is committed to sustainable development and creating social value[8]. - The company has received multiple awards and recognitions for its performance and contributions[8]. Financial Performance - The company's revenue for the year 2023 was RMB 46.459 billion, an increase of approximately 1% compared to the previous year[30]. - The gross profit for 2023 was RMB 1.183 billion, a decrease of about 50% year-on-year, resulting in a gross margin of 3% (down from 5% in 2022)[30]. - The net loss attributable to the company for 2023 was RMB 21.097 billion, with basic and diluted loss per share at RMB 2.770, reflecting an 11% increase in loss per share compared to the previous year[19][30]. - The total assets of the company decreased to RMB 206.172 billion from RMB 242.966 billion in the previous year[20]. - The company's liquidity ratio dropped to 0.95 from 1.38, indicating a decline in short-term financial health[21]. - The net gearing ratio increased significantly to 438% from 196%, highlighting increased financial leverage and risk[21]. - The total contracted sales amount for the group in 2023 was approximately RMB 50.53 billion, a decrease from RMB 100.29 billion in 2022[40]. - The total area sold in 2023 was approximately 4,288,900 square meters, down from 6,154,000 square meters in 2022[40]. - The group recorded a net loss attributable to shareholders of RMB 21.10 billion in 2023, compared to a loss of RMB 19.04 billion in 2022[40]. Market Conditions - The real estate market in China saw a total sales area of approximately 1.12 billion square meters in 2023, a year-on-year decrease of 8.5%[31]. - The company anticipates continued challenges in the real estate market in the short term, with demand expected to stabilize or decline slightly[31]. - The average land cost for property development increased from approximately RMB 5,700 per square meter in 2022 to RMB 6,500 per square meter in 2023[45]. - The average recognized sales price per square meter increased to approximately RMB 14,400 in 2023, up from RMB 13,400 in 2022, driven by more projects in first-tier and core second-tier cities[66]. Operational Strategies - The company is actively pursuing debt restructuring and liquidity improvement measures, including asset disposals and cost control[34]. - The group plans to continue its light-asset transformation and explore sustainable development opportunities in 2024[37]. - The group aims to maintain high-quality delivery and enhance cash flow stability while addressing domestic and international debt management[37]. - The company is focusing on market expansion in Yangzhou, with projects like "Meiju Life Plaza" and "Tianbo" contributing to a total area of 548,000 square meters[94]. Sustainability Initiatives - Sino-Ocean Group is committed to a "net zero" plan by 2050, focusing on both corporate and societal dimensions[128]. - The company continues to enhance its sustainable development strategy, updating its policies to better regulate sustainability efforts[126]. - The company has been recognized as a "Carbon Neutral Benchmark Enterprise" in the real estate industry[128]. - The health building system has been applied in 145 projects across 51 cities, covering over 27 million square meters as of December 2023[127]. - The company organized low-carbon activities that reached over 22 million people throughout the year[128]. Employee and Governance - The group had a total of 13,942 employees as of December 31, 2023, an increase from 13,428 employees in 2022, primarily due to the expansion of customer service operations[112]. - Employee compensation expenses decreased by approximately 9% to RMB 2.441 billion in 2023, down from RMB 2.684 billion in 2022[112]. - The board of directors emphasized the importance of corporate governance and compliance, with plans to enhance transparency and accountability measures[145]. - The company has implemented several plans and measures to ensure sufficient cash resources for ongoing operations and to meet financial obligations due within the next eighteen months[114]. Future Outlook - The company provided a positive outlook for 2024, projecting a revenue growth of 12% to 11.2 billion HKD, driven by new product launches and market expansion strategies[144]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[141]. - The company is focusing on sustainability initiatives, with a commitment to reduce carbon emissions by 40% by 2025, aligning with global environmental standards[142].

智通财经APP获悉，内房股普遍走低，截至发稿，远洋集团(03377)跌5.2%，报0.237港元；新城发展 (01030)跌4.21%，报0.91港元；万科企业(02202)跌3.46%，报3.63港元；世茂集团(00813)跌3.28%，报 0.295港元。 东方金诚研报指出，4月1-16日30大中城市日均商品房销售套数为1939套，楼市景气度依然偏低，居民 整体观望情绪较浓。该行认为，后续为修复居民购房信心，供需两端政策仍待持续发力，其中下调首套 及二套房贷利率下限、下调公积金贷款利率等影响购房成本的政策仍是核心，将对后续楼市走向起到关 键作用。 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 46.459 billion, an increase of approximately 1% compared to RMB 46.127 billion in 2022[6]. - Gross profit for the year was RMB 1.183 billion, representing a decrease of approximately 50% from the previous year, with a gross margin of 3% (down from 5% in 2022)[9]. - The company reported a net loss attributable to shareholders of RMB 21.097 billion, with a basic and diluted loss per share of RMB 2.770[3]. - The total sales cost for the year was RMB 45.276 billion, an increase from RMB 43.750 billion in 2022[8]. - The company’s attributable loss was RMB 21.097 billion in 2023, compared to RMB 19.037 billion in 2022, primarily due to a decline in gross margin and increased impairment provisions[16]. - The total comprehensive loss for the year was RMB 21,228 million, compared to RMB 24,942 million in 2022, showing an improvement of about 14.00%[48]. - The company reported a financial asset impairment loss of RMB 11,283 million, which increased from RMB 7,850 million in 2022, representing a rise of approximately 43.80%[47]. - The company reported a significant increase in receivables from joint ventures, totaling RMB 10,038,587 thousand, which remained stable compared to RMB 10,255,224 thousand in 2022[94]. Real Estate Market Conditions - The real estate market in China saw a total sales area of approximately 1.12 billion square meters in 2023, a year-on-year decrease of 8.5%[4]. - The overall revenue from other real estate-related businesses decreased significantly due to the downturn in the domestic real estate market[7]. - The company anticipates that short-term constraints in the real estate market will persist, with demand potentially stabilizing or declining[5]. - The group is facing significant uncertainty regarding its ability to generate operating cash flow and refinance its debts[56]. - The group’s contracted sales amount significantly decreased in 2023, reflecting the overall decline in the real estate sector in China[102]. Property Development and Sales - The company’s property development business contributed approximately 84% of total revenue, with significant income from various regions including Beijing and the Yangtze River Delta[6]. - The revenue from property development increased by about 5% to RMB 38.993 billion in 2023, while the average sales price per square meter rose to approximately RMB 14,400 from RMB 13,400 in 2022[20]. - The total contracted sales for the year ended December 31, 2023, decreased to RMB 50.53 billion, down approximately 50% from RMB 100.29 billion in 2022[23]. - The average selling price per square meter dropped by 25% to approximately RMB 13,500 in 2023, down from RMB 18,000 in 2022[23]. - Sales from first- and second-tier cities accounted for about 85% of total contracted sales in 2023, up from 80% in 2022[23]. Financial Position and Debt Management - As of December 31, 2023, the total cash resources amounted to RMB 5.022 billion, with a current ratio of 0.95[17]. - The net debt-to-equity ratio increased to approximately 438% in 2023 from 196% in 2022, reflecting a significant impact from the downturn in the real estate market[18]. - The total borrowings of the group amounted to approximately RMB 96.14 billion, with current borrowings around RMB 69.75 billion and cash and cash equivalents only about RMB 1.99 billion[100]. - The group is undergoing an offshore debt restructuring due to liquidity pressures, with total offshore debt valued at approximately RMB 23.25 billion[55]. - The group has suspended payments on its offshore debt until the restructuring is completed, which includes RMB 4.57 billion in perpetual subordinated guaranteed capital securities[55]. Corporate Governance and Compliance - The company believes that combining the roles of chairman and CEO helps streamline power and authority within the current corporate structure[110]. - The company will continue to review its corporate governance structure and make necessary arrangements as appropriate[110]. - The independent auditor's report did not express an opinion on the consolidated financial statements, highlighting the need for further audit evidence[98][99]. - The company will include further information on corporate governance regulations in its annual report[112]. - The board has made decisions regarding the appointment of committee members and their roles[116]. Future Outlook and Strategic Initiatives - The company plans to focus on sustainable operations by shifting towards product and service reliance, moving away from high-leverage and high-risk development models[5]. - The group aims to continue promoting a light asset strategy for property investments to enhance capital recovery[37]. - The company is investing in new technology development, allocating $10 million for R&D initiatives[120]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million for potential deals[120]. - The company aims to reduce its debt-to-equity ratio to below 0.5 by the end of the fiscal year[120].

Land Reserves and Development Projects - As of June 30, 2023, Sino-Ocean Group has a land reserve of approximately 41 million square meters[6]. - The company operates over 280 real estate projects at various development stages across major Chinese cities and regions[6]. - The total land reserve was 40.951 million square meters, a decrease of 5% from 42.981 million square meters[15]. - The company sold 2,761 thousand square meters of saleable floor area, an increase of 8% compared to 2,555 thousand square meters in the previous year[14]. - The company delivered a total of approximately 15,600 residential units, with over 5,900 units delivered and certified, achieving a delivery rate exceeding 90% for multiple projects[22]. - The total area delivered for sale decreased by about 15% to 1,223,000 square meters in the first half of 2023, down from 1,446,000 square meters in the same period of 2022[51]. - The company acquired two plots of land in the first half of 2023, with a total floor area of approximately 858,000 square meters and an attributable area of approximately 700,000 square meters[77]. Financial Performance - The company's revenue for the first half of 2023 was RMB 20.807 billion, a decrease of 11% compared to RMB 23.412 billion in the same period of 2022[14]. - The company reported a gross loss of RMB 125 million, with a gross loss margin of -1%, compared to a gross profit margin of 18% in the first half of 2022[20]. - The net loss attributable to the company's owners was RMB 18.369 billion, representing a significant increase of 1,590% from a net loss of RMB 1.087 billion in the previous year[14]. - The total asset value decreased by 12% to RMB 216.143 billion from RMB 246.072 billion at the end of 2022[15]. - The company's cash resources decreased by 18% to RMB 7.650 billion, down from RMB 9.386 billion[15]. - The net gearing ratio increased to 326%, up 143 percentage points from 183% at the end of 2022[15]. - The total comprehensive loss for the period was RMB 18,617.9 million, compared to a total comprehensive loss of RMB 879.9 million in the same period last year[148]. Market Outlook and Strategy - The outlook for the second half of 2023 remains cautious due to macroeconomic pressures and low consumer sentiment, despite positive signals from government policy[21]. - The company continues to see structural opportunities in the approximately RMB 10 trillion real estate market in China, transitioning to a new development model focused on medium risk and profitability[21]. - The company plans to accelerate sales and improve cash flow management while optimizing its asset-liability structure in the second half of 2023[24]. - The company aims to enhance product quality and ensure timely project delivery while exploring light-asset development opportunities[24]. - The company is actively working to improve cash flow and is focusing on asset disposal and debt repayment strategies to address liquidity pressures[22]. Sustainability and Corporate Social Responsibility - The company is committed to sustainable development and has a dedicated sustainability report[6]. - The strategic vision of Sino-Ocean Group is to create health and social value through its construction projects[6]. - The company emphasizes "craftsmanship in service" and aims to provide high-quality healthy living through its products and services[6]. - The company actively promotes its "Net Zero Emissions" plan for 2050, integrating low-carbon technology measures with health building concepts[113]. - The "Earth Hour" campaign reached over 15 million people, saving approximately 11,770 kWh of electricity, equivalent to the daily consumption of 1,100 households[115]. - The company has been recognized for its sustainable development performance, surpassing 93% of global peers in the S&P Global Corporate Sustainability Assessment[110]. Shareholder Information and Corporate Governance - The major shareholders of Sino-Ocean Group include China Life Insurance Company and Taikang Life Insurance Company[6]. - As of June 30, 2023, the total number of issued shares of the company is approximately 7,616,095,657 shares[128]. - China Life Group holds 2,253,459,151 shares, representing 29.59% of the company's total issued share capital[127]. - Dajia Insurance Group holds 2,252,646,115 shares, representing 29.58% of the company's total issued share capital[127]. - The company emphasizes adherence to corporate governance principles, highlighting transparency, accountability, and independence[130]. - The board believes that the current arrangement of combining the roles of chairman and CEO enhances operational efficiency[130]. Employee and Operational Insights - The total number of employees increased to 14,778 as of June 30, 2023, from 13,428 at the end of 2022, reflecting the expansion of the customer service business segment[101]. - Employee compensation expenses slightly increased by about 3% to RMB 1.187 billion in the first half of 2023, compared to RMB 1.150 billion in the same period of 2022[101]. - The company continues to monitor various risks, including real estate market risks and operational risks, which are closely tied to the performance of the real estate market in mainland China[99]. - The company emphasizes a performance-oriented compensation policy and provides stock options to reward outstanding employees, aiming to attract and retain talent[101]. Investment and Financing Activities - The company has made significant investments in joint ventures, with cash outflows totaling RMB 14,223,103 thousand for the period[153]. - The group has approximately RMB 129 billion in undrawn loan facilities available as of June 30, 2023[156]. - The total financial liabilities as of June 30, 2023, amounted to RMB 151.41 billion, with RMB 92.88 billion due within one year[165]. - The group is negotiating with banks and bondholders to restructure overdue loans and upcoming loan maturities[156]. - The average interest rate for the group’s loans was 5.78% in the first half of 2023, an increase of 71 basis points compared to the same period last year[99].

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 會 就 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。 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Real Estate Projects and Land Reserves - Ocean Group Holdings Limited has over 290 real estate projects at various development stages across major Chinese cities and regions, including Beijing, Shanghai, and Shenzhen, as well as international locations like Singapore and Indonesia[6]. - As of December 31, 2022, the company's land reserves exceeded 42 million square meters, indicating a strong position in land acquisition[6]. - The total floor area of land reserves in the Beijing region is approximately 14.89 million square meters, with a total land reserve of 10.36 million square meters across 50 projects[13]. - In the Bohai Rim region, the total floor area is about 14.69 million square meters, with a land reserve of 9.61 million square meters across 39 projects[13]. - As of December 31, 2022, the total land reserve of the group is approximately 63,870 thousand square meters, with approximately 45,239 thousand square meters available for sale[128]. - The completed properties awaiting sale amount to approximately 24,729 thousand square meters, with 16,330 thousand square meters available for sale[128]. - The group has ongoing development properties totaling approximately 32,754 thousand square meters, with 24,566 thousand square meters available for sale[128]. - The land reserves designated for future development are approximately 6,387 thousand square meters, with 4,343 thousand square meters available for sale[128]. Financial Performance - The total sales revenue for 2022 was RMB 100.29 billion, a decrease of 26% compared to RMB 136.26 billion in 2021[21]. - The operating revenue for 2022 was RMB 46.13 billion, down 28% from RMB 64.25 billion in 2021[35]. - The gross profit for 2022 was RMB 2.38 billion, a significant decline of 79% from RMB 11.26 billion in 2021, resulting in a gross margin of 5% compared to 18% in the previous year[35]. - The company reported a net loss attributable to shareholders of RMB 15.93 billion for 2022, compared to a profit of RMB 2.73 billion in 2021[35]. - The total assets decreased by 13% to RMB 246.07 billion from RMB 281.25 billion in 2021[35]. - The total equity attributable to shareholders fell by 42% to RMB 31.75 billion from RMB 55.07 billion in 2021[35]. - The cash resources decreased by 65% to RMB 9.39 billion from RMB 27.08 billion in 2021[35]. - The company reported a significant revenue contribution from residential properties, accounting for 90% of total property development revenue in 2022[104]. Strategic Initiatives and Market Position - The company aims to focus on residential development, real estate operation, property services, and construction, while also exploring new business areas such as elderly care and data real estate[5]. - Ocean Group has been selected as a constituent stock in several indices, including the Hang Seng Composite Index and the Hang Seng China State-Owned Enterprises Index, reflecting its market significance[5]. - The company emphasizes a strategic vision of being a "creator of construction health and social value," aiming to provide high-quality health living through meticulous products and services[5]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its business portfolio[5]. - The company anticipates a gradual recovery in customer purchasing sentiment in 2023, supported by government policies aimed at stabilizing economic growth and improving the credit environment[46]. - The company plans to focus on cash flow management, enhance product quality, and improve customer service to navigate the ongoing market challenges[47]. Sustainability and Corporate Social Responsibility - The company has a strong commitment to sustainable development and has been recognized with various awards and accolades for its contributions[5]. - The company is committed to sustainable development, aligning with the United Nations 2030 Sustainable Development Goals (SDGs)[180]. - The company has maintained a low-risk rating in Sustainalytics ESG risk assessment, reflecting its commitment to responsible business practices[181]. - Sino-Ocean Group has established 17 health future factories across the country by the end of 2022, enhancing transparency in construction processes[184]. - The company has initiated the "2050 Net Zero Emissions" plan, focusing on five areas: zero-carbon products, operations, materials, assets, and pathways[187]. - Sino-Ocean Group's public welfare foundation has donated over RMB 246 million, benefiting over 580,000 people across more than 260 cities by the end of 2022[191]. Operational Developments and Future Plans - The company completed the delivery of approximately 55,000 units in 2022, achieving a 6% increase in overall delivery quality satisfaction[38]. - The company plans to complete approximately 660,700 square meters for the "Yuan Yang · Dongfang Jing World View" project in Wuhan in 2023, indicating a major expansion in that region[124]. - The company has a significant project pipeline with multiple projects across various cities, indicating a strong focus on market expansion and new developments[120]. - The group plans to increase construction scale in 2023 to ensure sufficient sales resources and deliverable floor area for future growth[119]. - The company is expanding into logistics and data real estate sectors to enhance future investment returns and profitability[152]. Governance and Management - 崔洪杰先生于1996年加入公司，拥有丰富的房地产开发和产品营造管理经验[196]. - 黄秀美女士于2021年3月加入董事局，现任中国人寿财产保险股份有限公司执行董事、总裁[199]. - 公司在董事会中有多位高管，具备丰富的财务和管理背景，增强了公司的治理结构[198].