近日，远洋集团宣布以约3.22亿元出售远洋国际中心二期项目所属公司23%股权。 这家昔日的"红筹房企"，流动性危机爆发前后，开启了"卖卖卖"的自救模式，先后出售了成都太古里、 颐堤港二期等优质资产。 不过，远洋集团的"化债"也并非毫无进展，高达63.15亿美元的境外债重组已于3月生效，清盘呈请也被 撤销。这看似给远洋集团带来一丝喘息之机，但现实远比想象中残酷。2025年，远洋集团仍需面对 635.76亿元的债务"大山"，短期偿债压力依然不减。 继续"卖卖卖"，出售北京东四环优质资产 在自救这条路上，远洋集团仍在积极行动，且态度坚决。 近日，远洋集团公告披露，出售联营公司北京盛永置业投资有限公司（简称"盛永置业"）23%股权，买 方为日照钢铁控股集团有限公司（简称"日照钢铁"）。交易完成后，远洋集团将保留12%的股份，而日 照钢铁的持股比例将增至88%。而在此之前，双方分别持有盛永置业35%及65%权益。 据了解，这笔交易代价约为3.22亿元，远洋集团所得款项净额约为8690万元，拟用于维持集团的基本营 运资金。而这笔交易也为远洋集团预期取得收益约2610万元。 资料显示，盛永置业主要从事投资物业开发，旗下主要 ...

港股内房股走高，建业地产涨超15%，融创中国、龙湖集团、万科企业、远洋集团、绿城中国等跟涨。 无需港股通，A股账户就能T+0买港股>> ...

房企谋求业务转型势在必行。 "房地产行业已经历三年半深度调整，随着供求关系改善及政策持续发力，市场有望止跌回稳。但房企 受资产价格下跌影响，净资产严重受损，各类风险出清长路漫漫，谋求业务转型势在必行。"远洋集团 （03377.HK）在最新的年度财报中表示。 远洋集团是具有国资背景的地产开发商。自2023年旗下一笔债券未按时支付利息以来，这家房企已经历 了漫长的债务重组之路，目前56亿美元的境外债务重组即将生效；此前已展期过的境内债券，后续也有 预期探讨正式的重组方案。 营业额整体下滑之际，远洋集团去年业绩整体录得亏损，集团表示主要因房地产市场深度调整，导致行 业毛利率下降、对物业项目计提减值拨备、出售物业项目确认亏损。 具体而言，去年远洋集团录得其他亏损46.51亿元（2023年：6.72亿元），包含年内确认的一间合营企业 之权益减值损失、金融资产及金融负债的公平值损失及诉讼拨备。 同期，该集团录得投资物业公平值减少7.47亿元（2023年：9.28亿元）；录得预期信贷亏损模式下的减 值损失净额76.99亿元（2023年：112.83亿元），主要为对贸易及其他应收款项计提的预期信贷亏损拨 备、及财务担保拨备。 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 23.641 billion, a decrease of approximately 49% compared to RMB 46.459 billion in 2023[7]. - The company reported a gross loss of RMB 398 million, with a gross loss margin of 2%, compared to a gross profit of RMB 1.183 billion and a gross profit margin of 3% in 2023[10]. - The net loss attributable to shareholders was RMB 18.624 billion, a decrease of 12% year-on-year, with a basic and diluted loss per share of RMB 2.445[4]. - The revenue from property development in 2024 decreased by approximately 56% to RMB 17.273 billion from RMB 38.993 billion in 2023, with the area delivered dropping by 50%[21]. - The total contracted sales amount for the group and its joint ventures decreased to RMB 35.16 billion for the twelve months ending December 31, 2024, representing a decline of approximately 30% compared to RMB 50.53 billion in 2023[24]. - The total comprehensive loss for the year amounted to CNY 19,684,440,000, compared to CNY 21,227,897,000 in 2023, reflecting a decrease of approximately 7.3%[52]. - The company reported a significant operating loss of $6.94 billion across all segments for the year ended December 31, 2024[89]. - The company reported a loss before tax of RMB 19,392,050,000 for the year ending December 31, 2024, compared to a loss of RMB 19,560,765,000 in 2023, indicating a slight improvement[90]. Market Conditions - The overall real estate market in China is expected to remain sluggish in 2024, despite government measures aimed at stabilizing the market[5]. - The group is facing significant uncertainty due to tightening internal funds and limited access to external financing[65]. - The real estate market in China continues to be sluggish, impacting sales and increasing liquidity pressure on developers[64]. Debt and Restructuring - The group is undergoing a restructuring of its offshore debt, which includes existing offshore debt instruments totaling approximately $5.636 billion[42]. - The restructuring plan involves distributing a total of $22 million in new debt to creditors as part of the debt exchange process[42]. - The group has announced a restructuring plan for its offshore debts due to liquidity pressures, halting all payments on offshore debts[63]. - As of December 31, 2024, the total offshore debt amounted to approximately RMB 41.0 billion, involving various loans and securities[63]. - The group has successfully passed extension proposals for seven corporate bonds, involving a total principal amount of RMB 13.27 billion[46]. - The group is actively communicating with bondholders to negotiate new repayment plans to address ongoing debt issues[46]. Sales and Marketing - In 2024, the company's sales and marketing expenses decreased to RMB 710 million, down approximately 39% from RMB 1.17 billion in 2023, primarily due to a sluggish domestic real estate market[13]. - The average recognized selling price per square meter in 2024 fell to approximately RMB 12,600 from RMB 14,400 in 2023, mainly due to fewer projects being recognized in first-tier and core second-tier cities[21]. - The average selling price per square meter decreased to approximately RMB 12,800 in 2024, compared to RMB 13,500 per square meter in 2023[24]. Assets and Liabilities - Total assets increased from RMB 131,170,739 thousand in 2023 to RMB 146,013,756 thousand in 2024, reflecting a growth of approximately 11.3%[55]. - Current liabilities rose from RMB 145,678,818 thousand in 2023 to RMB 154,465,312 thousand in 2024, representing a growth of approximately 6.0%[56]. - The company's total liabilities increased from RMB 145,678,818 thousand in 2023 to RMB 154,465,312 thousand in 2024, indicating a rise of approximately 6.0%[56]. - The company reported a significant increase in expected credit loss provisions, with a loss of CNY 7,698,585,000 for the year, down from CNY 11,282,720,000 in the previous year[49]. Land and Development Projects - As of December 31, 2024, the land reserve of the group and its joint ventures decreased to approximately 31,072,000 square meters, down from 36,213,000 square meters as of December 31, 2023[28]. - The total floor area and total saleable floor area to be completed by the group and its joint ventures in 2024 are approximately 5,549,100 square meters and 4,192,000 square meters, representing a decrease of 18% and 19% compared to 2023 respectively[27]. - The company is focusing on developing new technologies and products to improve operational efficiency and customer satisfaction[31]. Corporate Governance - The company has applied corporate governance principles throughout the year ending December 31, 2024, with certain deviations disclosed[127]. - The roles of Chairman and CEO are combined, which the company believes aids in restructuring power and authority under the current corporate structure[128]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[124]. Future Outlook - Future guidance indicates a positive outlook for sales growth, driven by strategic initiatives and market expansion efforts[26]. - The company plans to expand its market presence in the central and western regions, focusing on cities like Wuhan and Zhengzhou[26]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational capabilities[26].

Investment Rating - The report indicates a positive outlook for the Tianjin real estate market, suggesting a "small spring" trend in land transactions and new home sales for early 2025 [3]. Core Insights - The Tianjin real estate market has shown signs of recovery with significant land transactions and new home sales, establishing a solid foundation for market development in 2025 [3]. - The top 10 real estate companies in Tianjin achieved a total sales volume of 6.92 billion yuan in January and February 2025, with a minimum threshold of 480 million yuan for the ranking [4]. - The top-selling project, "Jian Investment Yuhe Yuan," recorded sales of 580 million yuan, leading the project sales ranking [6]. Sales Performance of Top 10 Companies - The top three companies by sales volume are: 1. 泰达建设 (Teda Construction) - 1.36 billion yuan 2. 中海地产 (China Overseas Property) - 950 million yuan 3. 天津城投 (Tianjin Urban Investment) - 740 million yuan [4][6]. - The total sales area for the top 10 companies reached 1.1 million square meters [4]. Project Sales Performance - The top 10 residential projects in Tianjin achieved a total sales volume of 2.95 billion yuan, with a minimum threshold of 210 million yuan for the ranking [6]. - The leading project by sales area was "Jian Investment Yuhe Yuan," with a transaction area of 21,000 square meters [6]. Policy Environment - In February, the central government emphasized boosting consumption, including housing demand, and urged local governments to enhance the supply of affordable housing [8]. - The report anticipates that the upcoming national meetings will release more positive signals for stabilizing the real estate market, which is expected to boost market confidence [8]. Land Market Analysis - In February 2025, Tianjin launched 23 land parcels, including 5 residential land parcels, with a total transaction amount of 4.657 billion yuan [10][12]. - The most notable transaction was for a residential land parcel in Heping District, which sold for 296 million yuan with a premium rate of 8.82%, marking a new high since 2018 [3][13].

【融创地产：融创地产等被强制执行16.68亿】 11月13日，融创房地产集团有限公司（以下简称"融创地产"）新增9条被执行人及恢复执行信息，执行 标的合计16.68亿余元，涉及金融借款合同纠纷、票据追索权纠纷等案件，部分案件被执行人还包括平 阳隆恒置业有限公司、青岛海琴置业有限公司等，执行法院包括上海金融法院、山东省青岛市中级人民 法院等。此外，融创地产现存447条被执行人信息，被执行总金额超462亿元。此外，该公司还存在多条 限制消费令、失信被执行人及终本案件信息。 11月14日，融创房地产集团发布了境内债二次重组方案，包括现金要约收购、股票及股票经济收益权兑 付、以资抵债和全额长展期共四个选项。公告显示，现金要约收购方案，拟使用现金，预计按照每张标 的债券面值18%的价格发起现金要约购回，累计购回所使用的现金总金额预计不超过8亿元，接纳标的 债券本金上限约44亿元。股票及股票经济收益权兑付方案，接纳标的债券本金预计约30亿元。 融创地产存续债券10只，规模151.68亿元。 【亿达中国：呈请的聆讯日期进一步押后至2025年1月20日】 亿达中国控股有限公司（以下简称"亿达中国"）发布公告，呈请的聆讯日期已 ...

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].