Financial Performance - For the six months ended June 30, 2024, the Group recorded total revenue of approximately RMB 34.3 million, representing a year-on-year increase of approximately 46.2%[11] - Gross profit for the same period was approximately RMB 18.8 million, reflecting a significant year-on-year increase of approximately 201.4%[39] - The loss attributable to owners of the parent decreased from approximately RMB314.5 million for the six months ended June 30, 2023, to approximately RMB227.8 million for the same period in 2024[39] - Revenue for the six months ended June 30, 2024, was RMB 34,292,000, an increase from RMB 23,457,000 in the same period of 2023, representing a growth of approximately 46.5%[166] - Loss before tax for the period was RMB 226,434,000, improved from a loss of RMB 346,843,000 in the previous year, indicating a reduction of about 34.7%[167] - Total comprehensive loss for the period was RMB 280,423,000, down from RMB 395,893,000 in the previous year, showing an improvement of about 29.2%[168] Sales and Revenue Sources - The Group's revenue primarily comes from property sales, with a secondary source from leasing investment properties[11] - For the six months ended June 30, 2024, property sales revenue increased by approximately 91.8% to approximately RMB 18.2 million, accounting for about 53.1% of the total revenue of the Group[13] - Contracted sales for the same period amounted to approximately RMB 77.7 million, reflecting a decrease of approximately 53.9% compared to the previous year[11] - The contracted gross floor area sold was approximately 6,530 sq.m., which is a decrease of approximately 36.4% from the same period last year[11] Market and Strategic Focus - The Group's business model focuses on residential development, urban renewal projects, and cultural tourism, aiming to enhance core competitiveness and sustainable development[9] - The Group aims to maintain a foothold in the Greater Bay Area and expand into high value-added cities in Southern, Central, and Eastern China[9] - The overall real estate market in China is expected to undergo a positive cycle and healthy development due to government policies[8] - The Group's strategic focus includes enhancing its core business while diversifying into related sectors such as cultural tourism and technology[9] Expenses and Financial Management - Selling and distribution expenses decreased from approximately RMB14.2 million to approximately RMB6.6 million, primarily due to reduced marketing expenses[45] - Administrative expenses decreased from approximately RMB112.2 million to approximately RMB51.8 million, mainly due to reductions in employee salaries and office expenses[46] - Other expenses decreased from approximately RMB62.0 million to approximately RMB19.0 million, primarily due to a decrease in liquidated damages[47] - Financial costs increased from approximately RMB103.1 million to approximately RMB149.4 million, mainly due to an increase in loan balances and overdue interest[50] Land Reserves and Development Projects - As of June 30, 2024, the Group's total land reserves amounted to approximately 2,833,901 sq.m., including 18 projects and 4 parcels of land across 8 cities in the Greater Bay Area, Yangtze River Delta Urban Cluster, and Mid-Stream Urban Cluster[28] - The Group's ongoing projects reflect a strategic focus on urban renewal and industrial development in key regions of China[30] - The Group's future development plans include several projects with estimated saleable GFA and land costs detailed in the management discussion[19] Employee and Corporate Governance - As of June 30, 2024, the Group had a total of 169 employees, a decrease from 299 employees as of June 30, 2023[74] - Total employee salary and welfare expenditure for the six months ended June 30, 2024, was approximately RMB 21.8 million, down from approximately RMB 43.1 million for the same period in 2023[75] - The company confirmed compliance with the Corporate Governance Code and will continue to enhance its governance practices[166] Legal and Financial Obligations - The Group defaulted on certain interest-bearing bank and other borrowings, with overdue interests totaling approximately RMB 2,956,601,000[186] - The company is facing civil proceedings related to overdue trust loans, with Trust Company A demanding repayment of approximately RMB300 million as of June 25, 2023[155] - An asset management company is pursuing a civil lawsuit for loan repayment, demanding approximately RMB394 million from the company's subsidiaries[160] Shareholder Information - Mr. Lun Ruixiang holds 3,937,331,000 shares, representing approximately 74.94% of the company's total shares[92] - The total number of shares held by Mr. Lun Ruixiang and Ms. Chan Hau Wan combined is 3,946,931,000, which is a substantial portion of the company's equity[102] - The report indicates a strong concentration of ownership among a few key shareholders, which may impact governance and decision-making[92]

Financial Performance - For the six months ended June 30, 2024, contract sales decreased by 53.9% to approximately RMB 777 million[1] - Revenue increased by 46.2% to approximately RMB 343 million for the same period[1] - Gross profit for the period was approximately RMB 188 million, with property development contributing approximately RMB 46 million[1] - The loss for the period was approximately RMB 2,281 million, a decrease of 32.8% compared to the same period in 2023[1] - The total comprehensive loss for the period was RMB 2,804 million, compared to RMB 3,959 million in the previous year[3] - The basic and diluted loss per share attributable to equity holders of the parent was RMB 0.04, compared to RMB 0.06 in the previous year[2] - The company reported a net loss of approximately RMB 228,097,000[7] - Total revenue for the six months ended June 30, 2024, was RMB 34,292,000, representing a 46.1% increase from RMB 23,457,000 in the previous year[15] - The group reported a pre-tax loss of RMB 227,765 thousand for the six months ended June 30, 2024, compared to a loss of RMB 314,472 thousand for the same period in 2023[21] - The income tax expense for the six months ended June 30, 2024, was RMB 1,663 thousand, a significant improvement from an expense of RMB 7,244 thousand for the same period in 2023[20] Cash and Debt Position - As of June 30, 2024, cash and bank balances were approximately RMB 588 million, with a net debt-to-equity ratio of 2,028.9%[1] - Current liabilities exceeded current assets by approximately RMB 3,378,037,000[7] - The company’s cash and cash equivalents decreased to RMB 58,810,000 from RMB 126,160,000[5] - Total liabilities reached RMB 10,154,035,000, compared to RMB 9,811,525,000 in the previous year[5] - The net current liabilities increased from approximately RMB 3,078.8 million as of December 31, 2023, to approximately RMB 3,378.0 million as of June 30, 2024, mainly due to a decrease in bank deposits and cash balances by approximately RMB 67.4 million[47] - The net debt-to-equity ratio as of June 30, 2024, was approximately 2,028.9%, an increase from approximately 917.5% as of December 31, 2023, primarily due to a significant decrease in total equity by approximately 52.9%[48] Operational Efficiency and Cost Control - Administrative expenses decreased significantly to RMB 518 million from RMB 1,121 million year-on-year[2] - The company has implemented cost control measures to preserve liquidity for ongoing property development projects[7] - The company is focusing on completing and delivering property projects to improve cash flow[7] - Sales and distribution expenses decreased from approximately RMB 142 million for the six months ended June 30, 2023, to approximately RMB 66 million for the six months ended June 30, 2024, primarily due to reduced marketing expenditures[40] - Administrative expenses decreased from approximately RMB 112.2 million for the six months ended June 30, 2023, to approximately RMB 51.8 million for the six months ended June 30, 2024, mainly due to a reduction in employee salary expenses by approximately RMB 20.8 million[41] - Other expenses decreased from approximately RMB 62 million for the six months ended June 30, 2023, to approximately RMB 19 million for the six months ended June 30, 2024, primarily due to a reduction in penalty expenses by approximately RMB 29.4 million[42] Revenue Sources and Growth - Revenue from property sales in China reached RMB 18,213,000, an increase of 92.4% compared to RMB 9,495,000 in the same period last year[15] - Total rental income amounted to RMB 16,079,000, up from RMB 13,962,000, reflecting a growth of 15.9% year-over-year[15] - Property sales revenue increased by approximately 91.8% to about RMB 182 million, accounting for approximately 53.1% of total revenue[27] - The average selling price of properties sold was approximately RMB 6,554 per square meter, reflecting a year-on-year increase of approximately 157.9%[27] Strategic Focus and Future Outlook - The company aims to enhance its core competitiveness and sustainable development by focusing on residential development and urban renewal as its main business[24] - The group continues to implement a strategy centered on the Greater Bay Area and high-value cities in South, Central, and East China[24] - The company is committed to the "three stability" goals of stabilizing land prices, housing prices, and market expectations under the government's policy of "housing is for living, not for speculation"[24] - The company plans to focus on property development projects in the Guangdong Province, particularly in Dongguan City[63] - Future outlook indicates that the real estate industry may continue to face demand and financing pressures, with expectations for macroeconomic improvements[63] Dividend and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[1] - The company did not declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year[61] Employee and Operational Changes - The total employee count decreased to 169 as of June 30, 2024, from 299 as of June 30, 2023, reflecting a reduction of approximately 43.3%[55] - Employee compensation and benefits expenses totaled approximately RMB 21.8 million for the six months ended June 30, 2024, a decrease of 49.6% compared to RMB 43.1 million for the same period in 2023[55] Compliance and Reporting - The audit committee has reviewed the unaudited consolidated financial statements for the period ending June 30, 2024, with no significant discrepancies noted[59] - The company has adopted the standards for directors' securities trading as per the listing rules, confirming compliance for the six months ending June 30, 2024[64] - The interim report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website at the appropriate time[64]

Financial Performance - For the year ended December 31, 2023, the Group's revenue was approximately RMB 941.2 million, representing a year-on-year increase of approximately 995.8%[16] - The gross profit for the year was approximately RMB 258.4 million, with a gross profit margin of approximately 27.5%[16] - The net loss for the year was approximately RMB 730.4 million[16] - For the year ended December 31, 2023, contracted sales amounted to approximately RMB292.3 million, a decrease of about 33.7% compared to the previous year[46] - Revenue from property sales increased over 1,216.3% year-on-year to approximately RMB909.2 million, accounting for approximately 96.6% of total revenue[47] - The total gross floor area (GFA) sold was approximately 67,038 sq.m., representing an increase of approximately 319.1% compared to the same period in 2022[47] - The average selling price (ASP) of properties recognized as sales was approximately RMB13,563 per sq.m., reflecting a year-on-year increase of approximately 214.1%[47] - The net loss for the year ended 31 December 2023 was approximately RMB730.4 million, a significant decrease from the net loss of approximately RMB2,833.9 million for the year ended 31 December 2022[99] - The net loss margin improved from approximately 3,299.3% for the year ended 31 December 2022 to approximately 77.6% for the year ended 31 December 2023[99] Assets and Liabilities - The Group's total assets were approximately RMB10,417.2 million, a decrease of approximately 14.7% compared to the same period last year, with an asset-liability ratio of approximately 95.0% and a net gearing ratio of approximately 917.5%[22] - The Group's net current liabilities as of December 31, 2023, were approximately RMB3,078.8 million, a shift from net current assets of approximately RMB89.8 million as of December 31, 2022[113] - The net gearing ratio as of December 31, 2023, was approximately 917.5%, an increase of 569.6% compared to 347.9% as of December 31, 2022, mainly due to a significant decrease in total equity by approximately 60.2%[115][119] - The Group's banking facilities totaled approximately RMB10,058 million as of December 31, 2023, with approximately RMB1,893 million (18.9%) utilized[114] - The Group had contracted but not provided for property development expenditures totaling approximately RMB2,467.3 million as of December 31, 2023, down from RMB3,174.0 million in 2022[125] Land and Development Projects - The Group owns a total of 18 real estate projects and 4 parcels of land across 8 cities, with total land reserves amounting to approximately 2,836,679 sq.m.[33] - The Group's total land reserves amounted to approximately 2,836,679 sq.m., including 18 projects and 4 parcels of land across 8 cities in the Greater Bay Area, Yangtze River Delta Urban Cluster, and Yangtze Mid-Stream Urban Cluster[57] - The land reserves in Hengyang accounted for 42.0% of the total land reserves, with a total area of 1,190,436 sq.m.[58] - The Group's land reserves in Heyuan represented 29.9% of the total land reserves, with an area of 847,776 sq.m.[58] - The total gross floor area (GFA) of the Group's land reserves as of December 31, 2023, was 5,623,628 square meters, with 2,054,126 square meters completed and 1,638,303 square meters under development[142] Strategic Focus and Future Outlook - The Group's business strategy focuses on residential development, urban renewal, and the cultural and tourism-healthy living sectors, enhancing its core competitiveness and sustainable development capabilities[23] - The Group plans to continue focusing on property development projects in Southern China, particularly the Three-old Transformation projects in Dongguan, Guangdong Province[31] - The Group's strategic positioning emphasizes deepening its presence in Dongguan and expanding into the Greater Bay Area and other high-value cities in Southern, Central, and Eastern China[40] - Future outlook indicates that the real estate industry may still face demand and financing pressures, but stimulating policies are expected to be issued to improve the macro economy and real estate market[102] - Management anticipates that the sentiment of the property market may improve in the coming year, benefiting the Company in selling properties timely when needed[146] Corporate Governance and Management - The company confirmed compliance with all principles and code provisions of the Corporate Governance Code as of the date of the annual report, except for disclosed deviations[194] - The company has adopted the Corporate Governance Code as its own code of corporate governance, ensuring high standards of corporate governance[193] - The Group's management team includes professionals with diverse backgrounds in finance, law, and engineering, enhancing its strategic capabilities[176] - The independent non-executive directors play a crucial role in the audit and remuneration committees, ensuring corporate governance and compliance[168] - The company is committed to enhancing corporate governance practices and will review them periodically to meet evolving regulatory requirements[194] Employee and Operational Insights - As of December 31, 2023, the Group had a total of 260 employees, down from 388 in the previous year, with total salary and welfare expenditure amounting to approximately RMB97.4 million[139] - The Group's employee remuneration system is based on qualifications, experience, position, and seniority, providing competitive packages including basic salaries and performance-based rewards[139] - The Group's cash requirements primarily relate to land acquisitions, property development, debt repayment, and tax clearance for developed projects[110] - The Group plans to meet its liquidity requirements through cash generated from operations, available banking facilities, and net proceeds from its global initial public offering[111]

Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately RMB 85.9 million, representing a year-on-year decline of about 98.4%[14] - The gross profit for the same period was approximately RMB 6.9 million, with a gross margin of approximately 8.1%[14] - The net loss for the year was approximately RMB 2,833.9 million[14] - The Group recorded a loss of approximately RMB 2,833.9 million for the year ended December 31, 2022, compared to a profit of RMB 550.4 million for the year ended December 31, 2021[66] - Gross profit for the year ended December 31, 2022, was approximately RMB 6.9 million, down approximately 99.6% year-on-year, with a gross profit margin of 8.1%, a decrease of approximately 23.3 percentage points[73] - The overall business environment in the PRC's real estate industry continues to impact the Group's performance negatively[45] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 12,213.4 million[11] - Total liabilities as of the same date were RMB 10,894.8 million[11] - Total equity as of December 31, 2022, was RMB 1,318.7 million[11] - The Group's net current assets decreased from approximately RMB 3,638.7 million as of December 31, 2021, to approximately RMB 89.8 million as of December 31, 2022[115] - The net capital debt ratio increased to approximately 347.9% as of December 31, 2022, from approximately 42.6% as of December 31, 2021, due to a significant decrease in total equity by approximately 69.0%[117] Sales and Contracts - The Group achieved contracted sales of approximately RMB 441.0 million and a contracted gross floor area of approximately 53,033 sq.m. as of 31 December 2022[21] - Contracted sales amounted to approximately RMB 441.0 million, a decrease of approximately 94.5% compared to the previous year, with a contracted gross floor area sold of approximately 53,033 sq.m., down approximately 94.6%[46] - Revenue from property sales decreased approximately 98.7% to approximately RMB 69.1 million, accounting for about 80.4% of the total revenue[47] Market Conditions and Strategy - The company experienced a significant decline in performance due to the ongoing downturn in the real estate industry[14] - The chairman's statement highlighted the challenging market conditions affecting the group's overall performance[13] - The company is focused on strategic adjustments to navigate the current market environment[14] - Future outlook includes potential market expansion and new product development initiatives[14] - The Group plans to focus on property development projects in Southern China, particularly the Three-old Transformation projects in Dongguan, Guangdong Province[31] Corporate Governance - The company has adopted the Corporate Governance Code as its own code of corporate governance, ensuring high standards of corporate governance[190] - The Board has confirmed compliance with the corporate governance principles and code provisions as of the annual report date, except for disclosed deviations[187] - The company is committed to enhancing corporate value and accountability through high corporate governance standards[190] - The company temporarily failed to meet certain requirements after the resignation of independent non-executive Directors, necessitating timely appointments[193] Future Development and Projects - The Group has ongoing developments in multiple cities including Dongguan, Hefei, and Chengdu, indicating a broad market expansion strategy[53] - The Group aims to enhance its core competitiveness and sustainable development capabilities through its diversified profit structure[23] - The Group's future development includes unsaleable gross floor area of 49,257 sq.m. in the project "御海藍岸" in Dongguan[51] - The company is focusing on expanding its market presence through strategic acquisitions and partnerships[144] - Future projects are expected to commence in various locations, with estimated completion dates extending into 2024, indicating a long-term growth outlook[148]

Financial Performance - Contract sales decreased by 33.7% to approximately RMB 292.3 million for the year ended December 31, 2023[3] - Revenue increased by 995.8% to approximately RMB 941.2 million for the year ended December 31, 2023[3] - Gross profit for the year was approximately RMB 258.4 million, with a gross margin of 25.7% from property development[3] - Net loss for the year amounted to approximately RMB 730.4 million, with a loss attributable to equity holders of the parent of approximately RMB 696.7 million[3] - The company reported a net loss of RMB 730,350,000 for 2023, a significant improvement compared to a net loss of RMB 2,833,896,000 in 2022, representing a reduction of approximately 74.2%[5] - Total comprehensive loss for the year amounted to RMB 757,055,000, down from RMB 2,866,508,000 in the previous year, indicating a decrease of about 73.6%[5] Assets and Liabilities - Non-current assets totaled RMB 3,684,504,000 in 2023, an increase from RMB 3,586,334,000 in 2022, reflecting a growth of approximately 2.7%[7] - Current assets decreased to RMB 6,732,701,000 in 2023 from RMB 8,627,107,000 in 2022, a decline of about 22.0%[7] - The company's total liabilities increased to RMB 9,811,525,000 in 2023, compared to RMB 8,537,279,000 in 2022, representing an increase of approximately 14.9%[8] - The company’s total equity decreased to RMB 525,419,000 in 2023 from RMB 1,318,671,000 in 2022, a decline of approximately 60.2%[8] - Current liabilities exceeded current assets by RMB 3,078,824,000 as of December 31, 2023[12] Cash Flow and Liquidity - As of December 31, 2023, cash and bank balances were RMB 126.2 million, with a net debt-to-equity ratio of 917.5%[3] - The company has cash and cash equivalents of only RMB 6,009,000, indicating significant liquidity issues[12] - Total outstanding borrowings and accrued interest amounted to RMB 5,193,553,000, raising concerns about the company's ability to continue as a going concern[12][15] - The board has developed plans to alleviate liquidity pressure and improve financial conditions, including optimizing operations and reducing capital expenditures[14][16] - The company is actively negotiating with existing lenders for the renewal of certain borrowings and exploring refinancing options[16][17] Revenue Sources and Growth Strategies - The company’s revenue from sales of developed properties was not disclosed but is a key focus for future growth strategies[5] - The company plans to enhance its market expansion efforts and invest in new product development to drive future revenue growth[5] - Revenue from property sales in China amounted to RMB 909,200,000, while other income sources, including rental income, contributed RMB 32,019,000[25] - Property sales revenue for the year ended December 31, 2023, increased by over 1,216.3% to approximately RMB 909.2 million, accounting for about 96.6% of the total revenue[56] Market and Operational Focus - The group is focusing on urban renewal and residential development as core business areas, while also expanding into high-value cities in Southern, Central, and Eastern China[52] - The group aims to enhance its core competitiveness and sustainable development capabilities through its strategic focus[52] - The group plans to focus on property development projects in Southern China, particularly in Dongguan, Guangdong Province, and aims to enhance operational efficiency and reduce costs[87] Taxation and Expenses - The group reported a total income tax expense of RMB 65,621,000 for the year 2023, compared to RMB 27,839,000 in 2022, representing an increase of approximately 135%[31] - The group incurred a corporate income tax of RMB 49,094,000 in 2023, up from RMB 35,993,000 in 2022, reflecting a year-over-year increase of about 36%[31] - The total operating expenses, including employee benefits and other costs, amounted to RMB 86,941 thousand in 2023, down from RMB 122,564 thousand in 2022, a decrease of 29.1%[28] Corporate Governance and Compliance - The company has maintained compliance with corporate governance standards throughout the fiscal year ending December 31, 2023[117] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, ensuring accuracy and transparency[114] - The company appointed Mr. Chen Jianmin as an independent non-executive director and chairman of the audit committee on July 26, 2023, ensuring compliance with listing rules thereafter[121] Employee and Operational Metrics - As of December 31, 2023, the group had a total of 260 employees, down from 388 employees as of December 31, 2022[108] - Total employee compensation and benefits amounted to approximately RMB 9.74 million for the year ending December 31, 2023, compared to approximately RMB 13.43 million in 2022, reflecting a decrease of about 27.5%[108] - The group has established a stock option plan to incentivize eligible participants contributing to its business success[108] Future Outlook - Future outlook indicates continued challenges in the real estate market, with expectations for supportive policies to stimulate the market and improve consumer confidence[86] - The group will continue to prioritize the completion and delivery of property projects and accelerate the sales of developed and ongoing properties[87]

Financial Performance - Contract sales for the year ended December 31, 2022, decreased by 94.5% to approximately RMB 441.0 million[4] - Revenue for the year ended December 31, 2022, dropped by 98.4% to approximately RMB 85.9 million[4] - Gross profit for the year ended December 31, 2022, was approximately RMB 6.9 million, with a gross margin of about 5.2% from property development[4] - Net loss for the year ended December 31, 2022, was approximately RMB 2,833.9 million, with a loss attributable to equity holders of the parent of approximately RMB 2,452.7 million[4] - The company reported a total comprehensive income of -2,866,508 thousand RMB for 2022, compared to 574,002 thousand RMB in 2021, indicating a significant decline in performance[6] - The company recorded a loss attributable to the parent company of -2,485,306 thousand RMB in 2022, compared to a profit of 279,746 thousand RMB in 2021[6] - The company reported a net loss of RMB 2,833,896,000 for the year ended December 31, 2022, compared to the previous year[13] - The company’s financial performance indicates a challenging year with substantial losses and declines in key asset categories[6][8] Assets and Liabilities - As of December 31, 2022, cash and bank balances were RMB 78.3 million, with a net debt-to-equity ratio of 347.9%[4] - Current assets decreased to 8,627,107 thousand RMB in 2022 from 12,258,239 thousand RMB in 2021, representing a decline of about 29.1%[8] - The company's total liabilities amounted to 8,537,279 thousand RMB in 2022, slightly down from 8,619,495 thousand RMB in 2021, showing a marginal reduction[8] - The company’s total equity decreased to 3,676,162 thousand RMB in 2022 from 6,562,717 thousand RMB in 2021, reflecting a decline of about 44.4%[8] - The net debt-to-equity ratio was approximately 347.9% as of December 31, 2022, an increase of 716.3% from 42.6% on December 31, 2021, due to a significant reduction in total equity[91] Cash Flow and Liquidity - Cash and cash equivalents were reported at 78,268 thousand RMB in 2022, a significant decrease from 2,702,420 thousand RMB in 2021[8] - The company has prepared cash flow forecasts for at least 18 months to address liquidity pressures and ensure operational funding[15] - The company has not repaid certain bank loans and preferred notes totaling RMB 1,879,075,000, which constitutes a default event[13] - The company aims to enhance its core competitiveness and sustainable development by focusing on residential development and urban renewal in high-value cities[49] Revenue Sources - The group's revenue from property sales in China for 2022 was RMB 6,907 million, a significant decrease of 98.7% compared to RMB 5,305,367 million in 2021[27] - Total rental income for 2022 was RMB 16,823 million, up from RMB 3,923 million in 2021, representing a growth of 328.5%[27] - The group reported a significant increase in bank interest income, which rose to RMB 24,902 million in 2022 from RMB 14,449 million in 2021[27] Operational Strategies - The company plans to optimize operations and reduce capital expenditures to improve financial conditions[17] - The company is actively negotiating with existing lenders for the renewal of certain loans and exploring refinancing options[17] - The company has implemented cost control measures and eliminated unnecessary capital expenditures to preserve liquidity[17] - The company aims to successfully complete and deliver its real estate projects to enhance cash flow[18] Market Conditions - The company anticipates continued challenges in the real estate market due to demand and financing pressures, despite potential supportive policies being implemented[82] - The group will continue to focus on property development projects in the Guangdong Province, particularly the old town renovation project in Dongguan City[83] Corporate Governance - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2022[4] - The company has adhered to the standards for directors' securities trading as per the listing rules for the year ending December 31, 2022[117] - The board of directors includes executive and independent non-executive members as of the announcement date[121] Employee and Training Programs - The group employed 388 employees as of December 31, 2022, a decrease from 545 employees in the previous year, with total employee compensation expenses amounting to approximately RMB 134.3 million, down from RMB 221.2 million in 2021[103] - The group has ongoing training programs for employees to enhance their professional knowledge in the real estate industry[103] Future Developments - The company has ongoing projects with an estimated area of 226,553 square meters, reflecting future growth potential[107] - The total area of unsold properties stands at 147,626 square meters, providing opportunities for future sales[107] - The company plans to expand its market presence through new developments and strategic acquisitions[107]

Financial Performance - Contract sales decreased by 54.9% to approximately RMB 168.4 million for the six months ended June 30, 2023[3]. - Revenue declined by 55.7% to approximately RMB 23.5 million for the same period[3]. - Gross profit was approximately RMB 6.2 million, with a gross loss from property development of approximately RMB 6.1 million[3]. - Loss for the period was approximately RMB 339.6 million, a decrease of 19.9% compared to the same period in 2022, with a loss attributable to equity holders of the parent of approximately RMB 314.5 million[3]. - The company reported a net loss of RMB 339,599 thousand for the first half of 2023, compared to a net loss of RMB 423,723 thousand in the same period of 2022, representing a 19.9% improvement[6]. - Total comprehensive loss for the period amounted to RMB 395,893 thousand, down from RMB 465,922 thousand year-over-year, indicating a 16.0% reduction[6]. - The company reported a net loss of approximately RMB 339,599,000 for the six months ended June 30, 2023[12]. - The company’s total equity decreased to RMB 924,614,000 from RMB 1,318,671,000 in the previous year[12]. - The company recorded total revenue of approximately RMB 235 million for the six months ended June 30, 2023, representing a year-on-year decrease of approximately 55.7%[44]. - The company recorded a loss of approximately RMB 339.6 million for the six months ended June 30, 2023, compared to a loss of RMB 423.7 million for the same period in 2022[59]. Assets and Liabilities - As of June 30, 2023, cash and bank balances were RMB 143.1 million, with a net debt-to-equity ratio of 513.5%[3]. - Non-current assets totaled RMB 3,886,711 thousand as of June 30, 2023, an increase from RMB 3,586,334 thousand at the end of 2022, reflecting an 8.4% growth[8]. - Current assets reached RMB 8,878,092 thousand, up from RMB 8,627,107 thousand at the end of 2022, marking a 2.9% increase[8]. - The company held cash and bank balances of RMB 143,054 thousand, significantly higher than RMB 78,268 thousand at the end of 2022, representing an 83.0% increase[8]. - Current liabilities exceeded current assets by approximately RMB 876,801,000 as of June 30, 2023[12]. - Total liabilities amounted to RMB 9,754,893,000, an increase from RMB 8,537,279,000 in the previous year[12]. - The company has outstanding borrowings and accrued interest totaling approximately RMB 2,075,018,000[13]. - The company has outstanding bank loans and other borrowings totaling approximately RMB 3,995,207,000, with RMB 3,054,708,000 due within the next twelve months[37]. - The company has incurred overdue interest totaling approximately RMB 318,087,000 as of June 30, 2023[37]. Operational Strategy - The company plans to focus on completing and delivering property projects to improve cash flow[13]. - Cost control measures have been implemented to reduce unnecessary capital expenditures[13]. - The company aims to optimize operations and reduce expenses by seeking partners for joint property development projects[13]. - The company plans to enhance its core competitiveness and sustainable development capabilities by focusing on residential development and urban renewal as its main business[43]. - The company is in the process of acquiring the remaining equity of its non-wholly owned subsidiary, which will become an indirect wholly-owned subsidiary upon completion[42]. - The company aims to maintain a stable development momentum amidst the changing economic and policy environment in China[43]. - The company is committed to completing and delivering property projects in collaboration with various partners[110]. - The company aims to accelerate the sale of both developing and completed properties as part of its operational strategy[110]. Market and Development - The group primarily engages in property development and investment, with over 90% of its non-current assets located in mainland China[20][21]. - The group has ongoing urban renewal projects, including the "Haojie Town Baotun" project, which has received approval for residential land use with a total area of 12,591 square meters[53]. - The group is focusing on market expansion in the Yangtze River Delta and Chengdu-Chongqing economic circles, which are key growth areas[52]. - The group has a strategic plan to enhance its land reserve portfolio by acquiring additional properties in high-demand urban areas[52]. - The company anticipates continued pressure on demand and financing in the real estate sector over the next year, with potential stimulus policies expected to be implemented[109]. - The company will focus on property development projects in the Guangdong Province, particularly in Dongguan, and aims to optimize operations and reduce costs and capital expenditures[109]. Employee and Governance - The total employee count as of June 30, 2023, was 299, down from 410 as of June 30, 2022, indicating a reduction of approximately 27.1%[91]. - Employee compensation and benefits expenses totaled approximately RMB 43.1 million for the six months ended June 30, 2023, compared to RMB 78.2 million for the same period in 2022, reflecting a decrease of 44.8%[91]. - The company continues to offer competitive compensation packages, including stock option plans to incentivize employees[91]. - The company has recently appointed new independent non-executive directors to comply with listing rules, restoring compliance with regulations[103]. - The company has confirmed compliance with the standards for directors' securities trading during the six months ended June 30, 2023[112]. Financial Reporting and Compliance - The interim condensed consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, with no significant impact from new amendments expected in the foreseeable future[18][19]. - The audit committee reviewed the unaudited consolidated financial statements for the period ending June 30, 2023[98]. - The interim report for the six months ending June 30, 2023, will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website[113].

智通财经APP讯，汇景控股(09968)发布截至2022年12月31日止年度业绩，收益同比下降98.4%至约8590万元(人民币，单位下同);亏损净额约为28.34亿元，其中归属于母公司拥有人的亏损约为24.53亿元，而2021年同期取得归属于母公司拥有人的溢利2.56亿元;每股亏损0.47元。 截至2022年12月31日止，集团连同合资企业取得合约销售额约4.41亿元，同比下降约94.5%;及合约销售建筑面积约5.3万平方米，同比下降约94.6%。 据悉，收益同比减少主要因为2022年交付项目较少及受市场环境影响单价下降所致。 ...

Financial Performance - Contract sales decreased by 54.9% to approximately RMB 168.4 million for the six months ended June 30, 2023[3]. - Revenue declined by 55.7% to approximately RMB 23.5 million for the same period[3]. - Gross profit was approximately RMB 6.2 million, with a gross loss from property development of approximately RMB 6.1 million[3]. - Loss for the period was approximately RMB 339.6 million, a decrease of 19.9% compared to the same period in 2022, with a loss attributable to equity holders of the parent of approximately RMB 314.5 million[3]. - The company reported a net loss of RMB 339,599 thousand for the first half of 2023, compared to a net loss of RMB 423,723 thousand in the same period of 2022, representing a 19.9% improvement[6]. - Total comprehensive loss for the period amounted to RMB 395,893 thousand, down from RMB 465,922 thousand year-over-year, indicating a 16.0% reduction[6]. - The company reported a net loss of approximately RMB 339,599,000 for the six months ended June 30, 2023[12]. - The company’s total revenue for the first half of 2023 was RMB 23,457,000, a significant drop from RMB 52,900,000 in the same period of 2022[24]. - The company recorded total revenue of approximately RMB 235 million for the six months ended June 30, 2023, representing a year-on-year decrease of approximately 55.7%[44]. - The company recorded a loss of approximately RMB 339.6 million for the six months ended June 30, 2023, compared to a loss of approximately RMB 423.7 million for the same period in 2022[59]. Assets and Liabilities - As of June 30, 2023, cash and bank balances were RMB 143.1 million, with a net debt-to-equity ratio of 513.5%[3]. - Non-current assets totaled RMB 3,886,711 thousand as of June 30, 2023, an increase from RMB 3,586,334 thousand at the end of 2022, reflecting an 8.4% growth[8]. - Current assets reached RMB 8,878,092 thousand, up from RMB 8,627,107 thousand at the end of 2022, marking a 2.9% increase[8]. - The company held cash and bank balances of RMB 143,054 thousand, significantly higher than RMB 78,268 thousand at the end of 2022, representing an 83.0% increase[8]. - Current liabilities exceeded current assets by approximately RMB 876,801,000 as of June 30, 2023[12]. - Total liabilities amounted to RMB 9,754,893,000, an increase from RMB 8,537,279,000 in the previous year[12]. - The company has outstanding borrowings and accrued interest totaling approximately RMB 2,075,018,000[13]. - The company has a total asset value of RMB 3,009,910,000 after deducting current liabilities[12]. - The company’s total equity decreased to RMB 924,614,000 from RMB 1,318,671,000 in the previous year[12]. - The group had total bank borrowings of RMB 10,657.0 million, of which approximately RMB 2,454.2 million (23.0%) had been utilized[77]. Operational Strategy - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and product offerings[6]. - The company is focusing on strategic acquisitions to bolster its competitive position in the market[6]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in the second half of 2023[6]. - The company plans to focus on completing and delivering property projects to improve cash flow[13]. - The company aims to optimize operations and reduce expenses by seeking partners for joint property development projects[13]. - The company plans to enhance its core competitiveness and sustainable development capabilities by focusing on residential development and urban renewal as its main business[43]. - The company is actively negotiating with lenders and creditors to address financing pressures and is committed to maintaining constructive dialogue[111]. Market Conditions - Revenue from property sales in China for 2023 reached RMB 9,495,000, while rental income totaled RMB 13,962,000, indicating a significant decline from RMB 48,625,000 and RMB 4,275,000 in 2022 respectively[24]. - The company anticipates continued pressure on demand and financing in the real estate sector over the next year, with potential stimulus policies expected to be implemented[109]. - The company emphasizes the importance of adhering to government policies aimed at stabilizing land and housing prices to promote healthy market development[43]. Employee and Administrative Costs - The company’s employee costs, including directors' remuneration, were RMB 43,081,000 for the first half of 2023, down from RMB 72,823,000 in 2022[28]. - Administrative expenses decreased from RMB 126.2 million for the six months ended June 30, 2022, to RMB 112.2 million for the six months ended June 30, 2023, primarily due to a reduction in employee salary expenses from approximately RMB 70.9 million to approximately RMB 41.7 million[67]. - The total employee compensation and benefits expenses for the group were approximately RMB 43.1 million, down 44.8% from RMB 78.2 million for the same period in 2022[91]. - The group employed 299 employees as of June 30, 2023, a decrease of 27.1% from 410 employees as of June 30, 2022[91]. Property Development and Projects - The group has a total of 1,446,250 square meters of sold properties and 677,558 square meters of unsold properties as of June 30, 2023[49]. - The total estimated future development area is 1,638,303 square meters, with a total price of RMB 7,797,854 thousand[49]. - The group has a total of 559,891 thousand RMB in land costs for the project "Yuhai Blue Coast" in Dongguan, with a building area of 432,310 square meters[49]. - The group is engaged in a redevelopment project in Dongguan, with a total land area of 12,591 square meters and a planned construction area of 47,869 square meters[53]. - The company has ongoing projects with significant future development potential, including 1,105,596 square meters estimated for future development[95]. Financial Reporting and Compliance - The group has completed its interim consolidated financial statements for the six months ended June 30, 2023, in accordance with Hong Kong Financial Reporting Standards[15]. - The directors believe that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the group's financial statements[19]. - The interim financial statements are prepared on a historical cost basis, except for certain investments measured at fair value[16]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the period ending June 30, 2023[98]. - The company has appointed new independent non-executive directors and committees to comply with listing rules, restoring compliance after previous vacancies[103][104].

Financial Performance - For the year ended December 31, 2022, contract sales decreased by 94.5% to approximately RMB 441.0 million[4] - Revenue for the year ended December 31, 2022, declined by 98.4% to approximately RMB 85.9 million[4] - Gross profit for the year ended December 31, 2022, was approximately RMB 6.9 million, with a gross margin of about 5.2% from property development[4] - The net loss for the year ended December 31, 2022, was approximately RMB 2,833.9 million, with a loss attributable to equity holders of the parent of approximately RMB 2,452.7 million[4] - The company reported a total comprehensive income of -2,866,508 thousand RMB for 2022, compared to 574,002 thousand RMB in 2021, indicating a significant decline in performance[6] - The company reported a net loss attributable to shareholders of RMB 2,452,694,000 for the year, compared to a profit of RMB 256,140,000 in 2021[34] - The net loss for the year ended December 31, 2022, was approximately RMB 2,833.9 million, compared to a net loss of approximately RMB 550.4 million for the year ended December 31, 2021, with a net loss margin of approximately 3,299.3%[81] Assets and Liabilities - As of December 31, 2022, cash and bank balances were RMB 78.3 million, with a net debt-to-equity ratio of 347.9%[4] - Non-current assets totaled 3,586,334 thousand RMB in 2022, an increase from 2,923,973 thousand RMB in 2021, reflecting growth in long-term investments[8] - Current assets decreased to 8,627,107 thousand RMB in 2022 from 12,258,239 thousand RMB in 2021, showing a reduction in liquidity[8] - The company’s total liabilities amounted to 8,537,279 thousand RMB in 2022, slightly down from 8,619,495 thousand RMB in 2021, indicating a stable debt level[8] - The company’s total equity decreased to 3,676,162 thousand RMB in 2022 from 6,562,717 thousand RMB in 2021, reflecting a decline in shareholder value[8] - Total non-current liabilities increased to RMB 2,357,491,000 in 2022 from RMB 2,311,342,000 in 2021, representing a growth of approximately 2%[13] - The total bank financing amounted to RMB 10,080 million as of December 31, 2022, with approximately RMB 1,335.2 million (13.2%) utilized[90] Cash Flow and Liquidity - The company’s cash and cash equivalents were reported at 78,268 thousand RMB in 2022, a significant decrease from 2,702,420 thousand RMB in 2021, reflecting cash flow issues[8] - The board has reviewed cash flow forecasts for at least 18 months to address liquidity pressures and improve financial conditions[15] - The company has adopted several measures to improve its liquidity and financial position, although the effectiveness of these measures remains uncertain[42] - As of December 31, 2022, the company had cash and cash equivalents of only RMB 27,269,000, raising significant doubts about its ability to continue as a going concern[41] Revenue Sources - The group's revenue from property sales in China for 2022 was RMB 69,070,000, a significant decrease from RMB 5,305,367,000 in 2021[27] - Total rental income for 2022 was RMB 16,823,000, up from RMB 3,923,000 in 2021, indicating a growth of approximately 328%[27] - The group's total revenue for 2022 was RMB 85,893,000, compared to RMB 5,309,290,000 in 2021, reflecting a decline of about 98.38%[27] - Property sales revenue decreased by approximately 98.7% to about RMB 69.1 million, accounting for approximately 80.4% of total revenue[53] Operational Challenges - The company anticipates continued challenges in the real estate market due to demand and financing pressures, despite potential supportive policies being implemented[82] - The company is actively seeking to optimize operations and reduce capital expenditures by finding partners for joint development projects[17] - The company aims to successfully complete and deliver its real estate projects and accelerate sales of completed properties[18] Governance and Compliance - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2022, ensuring compliance and accuracy in reporting[109] - The board of directors has reviewed and confirmed compliance with all principles and rules of the Corporate Governance Code for the year ending December 31, 2022, except as disclosed[112] - The company appointed Mr. Chen Jianmin as an independent non-executive director and chairman of the audit committee on July 26, 2023, restoring compliance with listing rules[116] Employee and Compensation - As of December 31, 2022, the group employed 388 employees, a decrease from 545 employees as of December 31, 2021[103] - Total employee compensation and benefits amounted to approximately RMB 134.3 million for the year, down from RMB 221.2 million in 2021[103] - The group has a competitive compensation system based on employee qualifications, experience, position, and background[103] Future Outlook - The company aims to enhance its core competitiveness and sustainable development capabilities by focusing on residential development and urban renewal[49] - The company is focusing on expanding its market presence with new developments and projects in various locations[107] - The company has ongoing projects with a total estimated area of 1,633,104 square meters, which is expected to contribute to future revenue growth[107]