LONGFOR GROUP(00960)2024-09-19 22:04Project Development - The company reported a completion rate of 70% for the Train New Town project in Baoding, with an expected completion date of December 2025 and a total construction area of 421,485 sqm[13]. - The company has 100% completion for the Xincheng Avenue project in Chengdu, with a total construction area of 56,073 sqm, expected to be completed by November 2024[13]. - The company holds a 50% interest in the Changping Life Science Park Project in Beijing, with an expected completion date of December 2025 and a total construction area of 114,000 sqm[13]. - The company reported a 75% unsold interest in the No. 23, Dong'an Street plot in Chengdu, with an expected completion date of December 2024[13]. - The company has a total of 30 ongoing development projects with a combined gross floor area (GFA) of approximately 3,000,000 square meters[15]. - The Pidu Zhongxin Avenue project in Chengdu is expected to be completed by May 2025, with a 100% ownership and a GFA of 158,833 square meters[15]. - The Longfor Origin project in Dongguan is set for completion in November 2025, with a 100% ownership and a GFA of 98,469 square meters[15]. - The company has a total of 20 principal development properties with varying completion dates, the earliest being in November 2024 and the latest in November 2028[18]. - The overall project interest in the Land Bridge Project in Lanzhou is 70%, with a gross floor area (GFA) of 99,593 sqm[18]. - The company has 100% interest in the Pengjiaping Xiping Street project in Lanzhou, which has a completed GFA of 88,462 sqm[18]. Market Expansion and Strategy - The company has a total of 13 cities in the Southern China region, contributing to its market expansion strategy[6]. - The company is actively developing new properties, with several projects in Chengdu and Beijing, indicating a focus on urban development[13]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its portfolio[7]. - The company aims to increase its asset management capabilities to optimize returns on its property investments[7]. - The company is actively expanding its portfolio with multiple projects across various cities, focusing on residential and commercial developments[30]. - The company is focusing on strategic locations in major cities to enhance its market reach and customer base[32]. - Future projects are in the planning stage, which may further increase the company's market share and operational capacity[32]. - The Group is focused on enhancing operating cash flow, improving efficiency, and steadily reducing indebtedness while optimizing inventory structure[44]. Financial Performance - The Group reported a core attributable profit of RMB 4.75 billion for the first half of 2024, with revenues from investment property operation and services reaching RMB 13.1 billion, a year-on-year increase of 7.6%[41]. - The average financing cost for the Group is 4.16%, with the average contract loan term extended to 9.19 years, indicating a stable financial position[41]. - As of mid-2024, the Group's interest-bearing debt amounted to RMB 187.4 billion, a reduction of RMB 5.2 billion compared to the beginning of the year[41]. - The Group's property development revenue for the first half of 2024 was RMB 33.76 billion, with a gross profit margin of 7.4% and an average selling price of RMB 11,145 per square meter[60]. - The Group delivered a total gross floor area of 3.029 million square meters in the first half of 2024[60]. - The total contracted sales for the first half of 2023 were RMB 98.516 billion, indicating a significant decrease in sales year-over-year[69]. - The Group's net rental income from investment property operations for the first half of 2024 was RMB 6.61 billion, with shopping malls, rental housing, and other income contributing 78.4%, 19.8%, and 1.8% respectively[75]. Rental Income and Occupancy - Longfor Commercial achieved an overall occupancy rate of 96% across 91 shopping malls in 20 core cities by the end of June[50]. - The long-term rental apartment brand Goyoo generated rental income of RMB 1.31 billion in the first half of the year, with an occupancy rate of 95.6%[51]. - The overall rental income for the first half of 2024 showed a positive trend with several properties maintaining high occupancy rates above 90%[80]. - The rental income from shopping malls reached RMB 8.29 billion, a significant increase from RMB 5.32 billion in the same period of 2023, representing a growth of 55.5%[84]. - The average occupancy rate for shopping malls was 96.0% in the first half of 2024, slightly up from 95.4% in the same period of 2023[84]. Corporate Governance and Shareholder Information - The Company aims to retain existing employees and attract new talents through the Restricted Share Award Scheme[169][170]. - The Company has complied with the Corporate Governance Code, except for the dual roles of the Chairman and CEO held by Mr. Chen Xuping, which deviates from the code provision C.2.1[173][176]. - The Board declared an interim dividend of RMB0.22 per share for the six months ended June 30, 2024[183]. - Eligible shareholders can choose to receive the interim dividend in cash, new shares, or a combination of both under the Scrip Dividend Scheme[183]. - As of June 30, 2024, HSBC International Trustee Limited holds 4,372,437,207 ordinary shares, representing approximately 64.609% of the company's equity[157].