Land Bank and Development Projects - CIFI's total land bank as of December 31, 2023, was approximately 36.3 million square meters, with an attributable GFA of 20.7 million square meters[5][7] - CIFI's property projects are located in core cities across 4 regions: Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region[7] - CIFI focuses on developing high-quality, end-user-driven properties in first- and second-tier cities in China[6] - CIFI's development projects include residential, office, and commercial complex properties[6] - Wenzhou Guanghui City project is under development with a total GFA of 554,100 sq.m. and a group interest of 49.0%[23] - Wenzhou CIFI City project is under development with a total GFA of 419,338 sq.m. and a group interest of 25.5%[23] - Xuzhou Jizwang Pengcheng Avenue Project is under development with a total GFA of 414,648 sq.m. and a group interest of 52.0%[23] - Lu'an CIFI Centre project is under development with a total GFA of 502,600 sq.m. and a group interest of 70.0%[23] - Huai'an CIFI Plaza project is under development with a total GFA of 429,016 sq.m. and a group interest of 100.0%[23] - Taiyuan Jiancaoping District, Sanji Area, SP1919-SP1924 project is under development with a total GFA of 1,221,029 sq.m. and a group interest of 35.0%[23] - Taiyuan Jiancaoping District, Sanji Area, SP1925-SP1928 project is under development with a total GFA of 1,298,971 sq.m. and a group interest of 35.0%[27] - Shijiazhuang Gongyuan Mansion project is under development with a total GFA of 462,220 sq.m. and a group interest of 50.0%[27] - Linyi Xinghui City project is under development with a total GFA of 431,970 sq.m. and a group interest of 45.0%[27] - Chengdu Tianfu Future Centre project is under development with a total GFA of 556,148 sq.m. and a group interest of 33.0%[27] - Ürümqi CIFI Plaza project is under development with a total GFA of 411,678 sq.m. and is expected to be completed between 2023-2026[30] - Ürümqi Xuefu Shangpin project has a total GFA of 507,744 sq.m. and is expected to be completed between 2022-2024, with the company holding a 51.0% interest[30] - Guiyang U Dang Future The One project is under development with a total GFA of 531,424 sq.m. and is expected to be completed between 2022-2025[30] - Zhengzhou Konggang Times project has a total GFA of 535,442 sq.m. and is expected to be completed between 2022-2025[30] - Kunming CIFI Plaza project is under development with a total GFA of 526,145 sq.m. and is expected to be completed between 2022-2024, with the company holding a 63.7% interest[30] - Changde International New City project has a total GFA of 530,062 sq.m. and is expected to be completed between 2022-2024[30] - The Group had over 180 completed properties projects with a total unsold or undelivered GFA of approximately 7.28 million sq.m. as of 31 December 2023[89] - The Group had over 150 property projects under development or held for future development with a total GFA of approximately 26.76 million sq.m. as of 31 December 2023[90] - The Yangtze River Delta region accounted for 29.3% of the Group's total land bank, with a total GFA of 10,618,653 sq.m.[122] - The Pan-Bohai Rim region represented 27.3% of the Group's total land bank, with a total GFA of 9,906,011 sq.m.[122] - The Central Western Region constituted 37.8% of the Group's total land bank, with a total GFA of 13,724,027 sq.m.[122] - Total land bank of the company is 36,285,874 sq.m., with South China accounting for 5.6% (2,037,183 sq.m.) of the total land bank[123] Financial Performance and Sales - Contracted sales for 2023 amounted to RMB70.0 billion, with a contracted gross floor area of 5,143,800 sq.m. and an average selling price of RMB13,609/sq.m.[38][47] - Recognized revenue for 2023 was RMB71,830 million, with a core net loss attributable to equity owners of RMB3,790 million[38] - The Group delivered approximately 118,000 property units in 2023, including joint ventures and associates[51] - Nationally, the Group ranked 19th in terms of contracted sales amount in 2023 according to CRIC Information Group[49] - CIFI achieved contracted sales of approximately RMB70.0 billion in 2023, with a gross floor area (GFA) of 5,143,800 sq.m. and an average selling price (ASP) of RMB13,609/sq.m.[70][71] - Contracted sales from the Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region contributed 31.6%, 29.2%, 28.5%, and 10.7% respectively to total sales in 2023[70][71] - First- and second-tier cities accounted for 89.2% of total contracted sales in 2023, while third-tier cities contributed 10.8%[70][71] - Residential projects contributed 85.1% of total contracted sales in 2023, with office and commercial projects making up the remaining 14.9%[70][71] - Contracted sales from first-tier cities were RMB8.03 billion (11.5% of total), second-tier cities RMB54.42 billion (77.7%), and third-tier cities RMB7.56 billion (10.8%)[78] - The Yangtze River Delta region had the highest ASP at RMB15,599/sq.m., followed by Pan Bohai Rim at RMB15,724/sq.m., Central Western Region at RMB10,714/sq.m., and South China Region at RMB13,291/sq.m.[75] - Revenue recognised from sales of properties in 2023 was approximately RMB63,233.5 million, up by 61.6% year-on-year, accounting for 88.0% of total recognised revenue[80][81] - The Group delivered approximately 4,427,220 sq.m. of properties in GFA in 2023, up by 49.0% year-on-year[80][81] - The Group's recognised ASP from sales of properties was approximately RMB14,283/sq.m. in 2023, representing an increase of 8.4% from RMB13,172/sq.m. in 2022[80][81] - Residential properties accounted for 94.4% of recognised revenue from sales of properties in 2023, with RMB59,663.7 million in revenue[84] - The Yangtze River Delta region contributed 42.7% of the total recognised revenue from sales of properties in 2023, with RMB27,004.3 million[85] - Second-tier cities accounted for 87.4% of the total recognised revenue from sales of properties in 2023, with RMB55,255.8 million[88] - The Group's recognised revenue in 2023 was approximately RMB71,832.6 million, a year-on-year increase of 51.4%[97][98] - Property sales and other property-related service income increased by 58.0% to approximately RMB64,171.4 million in 2023[97][98] - Leases increased by 36.8% in 2023 compared to 2022[97][98] - Property management and other services income increased by 8.8% in 2023[97][98] - The Group's gross profit in 2023 was approximately RMB11,232.7 million, up 69.7% from 2022[102] - The Group's total indebtedness decreased to RMB92.3 billion as of 31 December 2023, compared to RMB108.4 billion in 2022[107] - Income tax expenses increased by 414.1% to approximately RMB3,226.6 million in 2023[108] - The Group's selling and marketing expenses decreased by 14.8% to approximately RMB1,873.7 million in 2023[104] - Administrative expenses decreased by 41.8% to approximately RMB2,102.0 million in 2023[104] - The Group's share of results of joint ventures and associates amounted to a profit of RMB411.9 million in 2023, compared to a loss of RMB1,740.3 million in 2022[104] - The Group's loss before tax in 2023 was approximately RMB5,452.3 million, a decrease from RMB12,932.4 million in 2022[110] - The Group's net loss attributable to equity owners in 2023 was approximately RMB8,983.3 million, compared to RMB13,049.0 million in 2022[110] - The Group's core net loss attributable to equity owners in 2023 was approximately RMB3,932.8 million, down from RMB5,202.0 million in 2022[111] - The Group recorded interests in joint ventures and associates of RMB31,789.5 million as at 31 December 2023, up from RMB26,808.5 million in 2022[113] - The Group's properties under development for sale decreased to RMB96,603.3 million as at 31 December 2023 from RMB160,801.7 million in 2022, due to no new land acquisitions[117] - The company's cash and bank balances as of December 31, 2023, were approximately RMB13,753.9 million, a decrease from RMB20,553.4 million in 2022[128][129] - Total outstanding borrowings as of December 31, 2023, were approximately RMB92,281.1 million, down from RMB108,449.7 million in 2022[130][131] - 55.4% of the company's total debt as of December 31, 2023, was fixed-rate debt, with interest rates ranging from 2.4% to 9.7% per annum[132] - The company's weighted average cost of debt decreased to 4.8% as of December 31, 2023, from 4.9% in 2022[134][135] - Foreign currency-denominated borrowings accounted for 51% of the company's total borrowings, with RMB17,552.2 million in bank and other borrowings and RMB27,618.2 million in senior notes[131][138] - The company provided mortgage guarantees amounting to approximately RMB19,824.1 million as of December 31, 2023, down from RMB26,886.8 million in 2022[141][142] - The Group's aggregate share of guarantees for loans incurred by joint ventures and associate companies amounted to approximately RMB9,843.2 million as of 31 December 2023, down from approximately RMB10,848.7 million in 2022[143] - The Group's net debt-to-equity ratio increased to 121.6% as of 31 December 2023, compared to 102.0% in 2022[144][145] - The Group's debt-to-asset ratio rose to 30.6% as of 31 December 2023, up from 28.1% in 2022[144][145] - The Group's current ratio decreased to 1.0 times as of 31 December 2023, down from 1.2 times in 2022[144][145] Corporate Governance and Leadership - The company ranked 13th on the Shanghai Top 100 Private Enterprises List and 48th on the Shanghai Top 100 Enterprises List[32] - The company was awarded "Model Project in 2023" in China Philanthropy List for its Donation for Education Project for Jian'ou No.1 Middle School[32] - The company received a BBB rating in the MSCI ESG Rating[32] - The company was awarded "Quality Delivery Enterprise" in 2022-2023 by China Online Real Estate[32] - Mr. Lin Zhong, the founder and Chairman, has 33 years of experience in the real estate industry and holds multiple leadership roles in the Group and its subsidiaries[150][151] - Mr. Lin Wei, the Vice-chairman, has 28 years of experience in the real estate industry and is a key figure in the Group's development[152][153] - Mr. Ru Hailin, the CEO, joined the Group in 2011 and has extensive administrative experience in the real estate industry, holding multiple academic and professional qualifications[154] - Mr. RU Hailin was appointed as the Chief Executive Officer of the Company on 30 November 2023, bringing extensive experience in real estate business management[155] - Mr. YANG Xin has served as the Chief Financial Officer of the Group since 30 March 2019, with a strong background in banking and finance[156][157] - Mr. GE Ming, appointed as Director on 30 November 2023, oversees human resources, digital technology, and administration, with over a decade of experience in the Group[158][159] - Mr. ZHANG Yongyue, an independent non-executive Director since 2012, is a tenured professor and Dean of Shanghai E-house China R&D Institute[161][162] - Mr. TAN Wee Seng, an independent non-executive Director since 2012, has over 40 years of experience in financial management and corporate strategy[163][164] - Ms. LIN Caiyi, aged 58, is the independent non-executive Director with over 34 years of experience in macroeconomics analysis and industry research[165][166] - Mr. ZHU Gaoming, aged 59, is the Vice President and President of Overseas Business, joining the Group in October 2022 with extensive experience in banking and finance[168][169] - Mr. LI Yang, aged 45, is the Assistant President and General Manager of Operation Center, joining the Group in October 2012 with a background in regional management and building engineering[168][170] - Mr. YU Nengjiang, aged 38, is the General Manager of Sales Center, joining the Group in June 2012 with experience in regional sales and marketing[168][171] - Mr. LI Su, aged 42, is the Assistant President and General Manager of Audit and Supervision Department, joining the Group in August 2019 with a strong background in risk management and compliance[172][173] - Mr. LIANG Xuming, aged 49, is the General Manager of Capital Markets and Investor Relations, joining the Group in June 2013 with extensive experience in investor relations and investment banking[174] - The Board of Directors consists of eight members, including five executive Directors and three independent non-executive Directors, ensuring compliance with the Listing Rules regarding the appointment of independent non-executive Directors[185][187] - The Board has delegated authority to the management, consisting of executive Directors and senior executives, to implement strategies and handle day-to-day operations, with regular reviews to ensure alignment with the Group's needs[192] - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the Code during the year ended 31 December 2023[194] - The Group adheres to its corporate mission of "building for a better life" through four core pillars: "quality life", "green life", "wonderful life", and "harmonious life", supported by "sustainable development" and "compliance management"[181][183] - The Board oversees major matters of the Group, including policy formulation, overall strategies, internal control, and risk management systems, ensuring decisions are made objectively in the interests of the Group[189][190] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for securities dealings, with all directors confirming compliance for the year ended 31 December 2023[195] - The directors acknowledge their responsibilities for preparing and timely publishing the Group's financial statements in accordance with statutory requirements and applicable accounting standards[196] - A material uncertainty exists regarding the Group's ability to continue as a going concern, as indicated in the Independent Auditor's Report and consolidated financial statements[197] - The Board has reviewed cash flow projections covering at least 12 months from 31 December 2023 and believes the Group has sufficient working capital to meet financial obligations[199] - Independent non-executive directors play a crucial role in providing unbiased opinions on the company's strategy, performance, and monitoring[200] Market and Industry Challenges - The area of newly commenced real estate projects in China in 2023 was 954 million sq.m., a year-on-year decrease of 20.4%, with residential projects at 693 million sq.m., down 20.9%[40] - The Group's financial position and business operations rely heavily on domestic sales and cash collection, with ongoing efforts to accelerate these processes[51] - Policy support in 2023 included increased provident fund loan ratios, relaxed purchase restrictions, and lower down payment requirements, particularly in first- and second-tier cities[43] - The real estate industry faced challenges in 2023, including weak sales, liquidity risks, and a decline in new project commencements, with prices in some cities returning to 2017 levels[40] - Financing conditions for real estate enterprises remained challenging in 2023, with limited recovery in financing capabilities due to weak market confidence and credit risks[45] Sustainability and Corporate Social Responsibility - CIFI's green office advocacy campaign in 2023, themed "Green Office for a Better Carbon Future," was launched in four phases: Energy Conservation and Environmental Protection, Recycle and Reuse, Low-carbon Travel, and Resource Co-creation[65] - The company's green building projects, including a gymnasium and swimming complex for Jian'ou No. 1 and No. 2 Middle Schools, were certified as national two-star green buildings and recognized as a "2023 Outstanding Corporate Social Responsibility Project"[65]
旭辉控股集团(00884) - 2023 - 年度财报