Financial Performance - For the first half of 2021, the company's revenue was HKD 14.074 billion, an increase of 8.4% compared to HKD 12.989 billion in the same period last year[7]. - Shareholders' profit for the same period was HKD 1.663 billion, up 100.8% from HKD 0.828 billion year-on-year[7]. - The company achieved a contract sales amount of RMB 31.3 billion, representing a 60% increase year-on-year, completing 50% of the annual sales target of RMB 62 billion[11]. - The total contracted sales amount for the first half of 2021 was RMB 31,262 million, with the Yangtze River Delta region contributing 30% of the total[12]. - The company reported a stable rental rate for its office buildings and shopping malls, with hotel operations continuing to recover[25]. - The group’s property management company achieved revenue of RMB 465 million in the first half of 2021, representing a 17.1% increase year-on-year, managing 248 properties with a total area of approximately 37.96 million square meters, up 7.6% from the previous year[27]. - The company reported a net profit for the period of HKD 1,758,608, up 52.3% from HKD 1,154,292 in the previous year[38]. - Total comprehensive income for the period reached HKD 2,194,193, significantly higher than HKD 808,243 in 2020[38]. - The profit attributable to the owners for the six months ended June 30, 2021, was HKD 1,663,180, compared to HKD 828,398 for the same period in 2020[62]. Asset and Equity Management - As of June 30, 2021, shareholders' equity was HKD 36.987 billion, a 4.4% increase from HKD 35.444 billion at the end of 2020[7]. - The group's total equity was HKD 36.99 billion, with a net asset value per share of HKD 10.10, compared to HKD 35.44 billion and HKD 9.68 per share as of December 31, 2020[28]. - The total assets as of June 30, 2021, were HKD 177,076,102, slightly down from HKD 178,430,596 at the end of 2020[39]. - The total liabilities as of June 30, 2021, were HKD 175,364,729, with segment liabilities in property investment and management at HKD 77,317,383[52]. - The group’s total liabilities decreased to HKD 15,500,375 as of June 30, 2021, from HKD 16,000,000 in the previous year, indicating a reduction of approximately 3.1%[42]. Project Development and Sales - The company launched over ten projects under the "Yue" product line and debuted the "Yuan" product line in Suzhou during the first half of 2021[8]. - The company has 112 projects on sale, with 14 new launches during the reporting period[11]. - The company plans to launch 10 new projects in the second half of 2021, including locations in Shanghai, Guangzhou, Nanning, and Wuhan[13]. - In the first half of 2021, the company commenced 12 new projects with a total construction area of approximately 1,173,000 square meters[14]. - The company added 4 new projects in the first half of 2021, with a total planned construction area of approximately 788,000 square meters[18]. Financial Management and Debt - The average funding cost for the company was 4.63%, maintaining a lower financing cost advantage in the industry[10]. - The group's debt-to-asset ratio was 80.8% as of June 30, 2021, slightly down from 80.9% at the end of 2020[28]. - The total outstanding bank and other borrowings amounted to HKD 85.80 billion, a decrease from HKD 86.59 billion at the end of 2020[28]. - The group had a total of HKD 43.24 billion in mortgaged assets as of June 30, 2021, down from HKD 46.68 billion at the end of 2020[32]. - The maximum guarantee amount provided to banks for property buyers was HKD 32.70 billion as of June 30, 2021, compared to HKD 26.98 billion at the end of 2020[34]. Operational Strategy - The company plans to enhance operational and financial management capabilities to improve asset utilization and resource allocation[10]. - The company is focusing on strategic resource allocation towards the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area[8]. - The company aims to achieve the goal of "recreating Poly Real Estate in the next five years" as part of its 14th Five-Year Plan[10]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer experience in the upcoming quarters[42]. Corporate Governance and Compliance - The company has adopted a code of conduct for directors regarding securities trading, which complies with the standards set out in the listing rules[112]. - As of June 30, 2021, the company confirmed compliance with the code of conduct by all directors during the reporting period[112]. - The company has adhered to the corporate governance code, except for specific provisions regarding the establishment of a nomination committee, which the board believes is in the best interest of the company[122]. - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group, approving the unaudited interim financial statements for the six months ending June 30, 2021[123].
保利置业集团(00119) - 2021 - 中期财报