Property Development and Leasing - The Group's completed project "Le Paysage" in Shenzhen has a total saleable area of 96,953 m² and an attributable interest of 100%[10] - The ongoing project "The Landale" in Chaohu has a site area of 122,363 m² with a total saleable area of 82,974 m², also with 100% interest attributable to the Group[10] - The Group's property leasing business includes the "Gang Long City Shopping Centre" in Shenzhen, which has a leasable area of 64,397 m²[11] - The Group's portfolio includes a mix of residential, commercial, and other properties, reflecting a diversified investment strategy[10] - The property development segment delivered residential units with a Gross Floor Area (GFA) of approximately 621 m² in 2019, down from 2,981 m² in 2018, resulting in revenue decreasing by approximately RMB158.5 million to RMB18.9 million[33] - Revenue from property leasing decreased from RMB52.6 million in 2018 to approximately RMB44.8 million in 2019, attributed to a drop in occupancy rate from 67% to 60%[33] - The property leasing business reported a leasable area of 64,397 square meters with an occupancy rate of 60% for the year ended December 31, 2019, down from 67% in 2018[82] Financial Performance - Total revenue for 2019 was RMB 611,827,000, a decrease of 22.8% from RMB 792,643,000 in 2018[18] - The Group recorded a loss attributable to owners of the Company of RMB1,484.3 million in 2019, slightly increasing from RMB1,458.5 million in 2018[33] - Total comprehensive income for the year was a loss of RMB (1,463,730,000), slightly worsening from a loss of RMB (1,453,250,000) in 2018[18] - The company reported a loss before taxation of RMB (1,495,053,000) in 2019, compared to a loss of RMB (1,378,012,000) in 2018[18] - Gross profit decreased by 57.8% to RMB99.9 million, primarily due to a decrease in revenue from the sale of properties[89] - The Group's financial position remains strong, with a focus on sustainable growth and profitability in the property sector[17] Strategic Outlook and Growth - The Group's Chairman's statement emphasizes the commitment to expanding the property portfolio and enhancing shareholder value[2] - Future outlook includes potential market expansion and new project developments in key regions[2] - The Group's management discussion highlights the importance of strategic partnerships and acquisitions to drive growth[4] - The Group is exploring opportunities in other Asian countries, including Vietnam, Korea, Japan, the Philippines, and Myanmar[81] - The Group aims to build an integrated tourism and entertainment platform with equity investments in integrated resorts and provide tourism-related services in Asia[94] Investments and Acquisitions - The Group acquired approximately 24.68% of Summit Ascent's issued share capital for HK$717,812,540, increasing its interest from approximately 3.29% to 27.97%[39] - The Group disposed of its equity interest in Sun Metro Real Estate Company Limited for RMB20,000,000 (approximately HK$23,000,000)[39] - The Group recognized a loss on deemed disposal of subsidiaries of approximately RMB152.0 million due to the SunTrust Acquisition, which resulted in the derecognition of assets and liabilities of approximately RMB115.4 million[41] - The Group acquired 51% equity interests in MSRD Corporation Limited for a consideration of US$9,588,000, with an additional advance of US$12,990,566 to repay a shareholder's loan, completing the transaction on September 2, 2019[70] - The Group's investment strategy includes significant acquisitions and disposals to enhance its portfolio and market position[70] Market Conditions and Challenges - The company emphasized the importance of health and safety measures during the coronavirus pandemic, which significantly impacted global markets and consumer confidence[23] - The grand opening of HOIANA was delayed due to uncertainties brought by the coronavirus pandemic[27] - The Landale project is currently suspended due to changes in scenic area policies, with the Chaohu Government intending to reclaim land use rights for approximately 183.54 Chinese Mu (equivalent to approximately 122,360 m²) with compensation yet to be determined[78] - Improved infrastructure in the Greater Bay Area is expected to drive demand for travel and hotels despite short-term uncertainties[89] Shareholder Information and Corporate Governance - The Directors do not recommend the payment of a final dividend for the year ended December 31, 2019 (2018: nil)[119] - The Company had no reserves available for distribution to shareholders as of December 31, 2019 (December 31, 2018: nil)[123] - The Company acts as an investment holding company, with principal activities detailed in note 48 to the consolidated financial statements[118] - The Company has no service contracts with executive Directors, while independent non-executive Directors have contracts subject to re-election[139] - The total number of shares issued as of December 31, 2019, is 6,666,972,746 shares[146]
LET GROUP(01383) - 2019 - 年度财报