雅居乐集团(03383) - 2024 - 中期财报

Corporate Information This section provides details on the company's governance structure, professional partners, and contact information Board of Directors and Company Secretary This section lists the board members, company secretary, and authorized representatives of Agile Group Holdings Limited - The Board comprises 9 members, including 3 Executive Directors, 2 Non-executive Directors, and 4 Independent Non-executive Directors[6] - Ms Ko Tsz San was appointed as Company Secretary and Authorized Representative on 26 July 2024, following the resignation of Mr Ng Wai Hung on the same day[6] Board Committees This section details the composition of the company's various board committees - The chairmen are Mr Kwong Che Keung for the Audit Committee, Dr Cheng Hon Kwan for the Remuneration Committee, Mr Hui Chiu Chung for the Nomination Committee, and Mr Huang Fengchao for the Risk Management Committee[6] Professional Advisors and Principal Bankers This section lists the company's auditor, legal advisors, and principal bankers - Ernst & Young serves as the company's auditor[6] - Principal bankers include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank[6] Offices and Investor Relations This section provides the company's registered office, principal offices, and investor relations contact details - The company's registered office is in the Cayman Islands, and its principal office in China is at Agile Center, Tianhe District, Guangzhou[6][7] - The Investor Relations department can be reached at ir@agile.com.cn or (852) 2847 3383[7] Listing Information This section outlines the equity and debt securities of Agile Group and its subsidiaries listed on various stock exchanges - The company's ordinary shares (Stock Code: 3383) and A-Living Smart City Services Co, Ltd's H shares (Stock Code: 3319) are listed on the Main Board of the Hong Kong Stock Exchange[8] - The company has multiple USD senior notes listed on the Singapore Exchange with maturity dates between 2025 and 2026[9] - An indirect wholly-owned subsidiary, Panyu Agile, redeemed RMB 1.45 billion of its domestic corporate bonds listed on the Shanghai Stock Exchange on 9 April 2024[9] - The company has several USD senior perpetual capital securities listed on the Singapore Exchange with initial distribution rates from 6.875% to 8.375%[10] Financial Highlights This section presents a summary of the company's financial performance and position Condensed Consolidated Statement of Profit or Loss Highlights For the six months ended 30 June 2024, revenue grew by 5.7% year-on-year, but the company recorded a gross loss and a significant increase in net loss Condensed Consolidated Statement of Profit or Loss Highlights (For the six months ended 30 June) | Indicator (RMB in millions) | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | 21,137 | 20,002 | +5.7% | | Gross (Loss)/Profit | (1,870) | 2,007 | -193.2% | | Gross (Loss)/Profit Margin | (8.8%) | 10.0% | -18.8 p.p. | | Loss for the Period | (8,900) | (3,611) | +146.5% | | Loss Attributable to Shareholders of the Company | (9,674) | (4,475) | +116.2% | | Basic Loss Per Share (RMB) | (1.917) | (0.963) | +99.1% | Condensed Consolidated Statement of Financial Position Highlights As of 30 June 2024, total assets and shareholders' equity declined, while a sharp decrease in cash and a significant increase in short-term borrowings led to a higher net gearing ratio Condensed Consolidated Statement of Financial Position Highlights (As of 30 June) | Indicator (RMB in millions) | 30 June 2024 | 31 December 2023 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 219,421 | 241,808 | -9.3% | | Cash and Cash Equivalents | 4,148 | 8,637 | -52.0% | | Restricted Cash | 4,671 | 3,916 | +19.3% | | Short-term Borrowings | 42,384 | 25,869 | +63.8% | | Long-term Borrowings | 8,802 | 27,684 | -68.2% | | Shareholders' Equity | 17,798 | 27,442 | -35.1% | | Return on Equity | -106.8% | -50.3% | -56.5 p.p. | | Total Borrowings/Total Assets | 23.3% | 22.1% | +1.2 p.p. | | Net Gearing/Total Equity | 80.3% | 65.8% | +14.5 p.p. | Chairman's Statement This section provides the chairman's perspective on the business review and future outlook Business Review The Group's revenue was approximately RMB 21.14 billion, but it recorded a gross loss of RMB 1.87 billion due to the downturn in China's property market, with pre-selling value down 68.1% Business Overview for H1 2024 | Indicator | Amount (RMB) | | :--- | :--- | | Overall Revenue | 21.137 billion | | Property Development Revenue | 12.466 billion | | Property Management Revenue | 6.856 billion | | Other Businesses Revenue | 1.815 billion | | Overall Gross Loss | 1.870 billion | | Overall Gross Loss Margin | 8.8% | | Total Pre-selling Value | 8.99 billion | | Total Pre-selling GFA | 0.647 million sqm | | Average Pre-selling Price | 13,905/sqm | - Pre-selling value decreased by 68.1% year-on-year[15] - A total of over 18,800 units were delivered, with approximately 15% delivered ahead of schedule, covering 50 projects in 32 cities[15] Outlook and Appreciation The Group will continue to focus on key city clusters and is actively seeking a holistic solution for its offshore debt to improve its financial position - The Group will continue to focus on key city clusters such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, and accelerate property pre-sales and cash collection[16] Land Bank Distribution (As of 30 June 2024) | Region | Land Bank (million sqm) | % of Total Land Bank | | :--- | :--- | :--- | | Overall | 32.49 | 100% | | Guangdong-Hong Kong-Macao Greater Bay Area | 8.29 | 25% | | Yangtze River Delta | 2.38 | 7% | - The Group has engaged offshore financial and legal advisors to facilitate constructive dialogue with offshore creditors and formulate a holistic solution for its offshore debt[17] Management's Discussion and Analysis This section provides a detailed analysis of the Group's operational and financial performance Overall Performance The Group's revenue grew 5.7% year-on-year, but operating loss and net loss attributable to shareholders widened significantly due to market challenges and asset impairments Overall Financial Performance for H1 2024 | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 21.137 billion | 20.002 billion | +5.7% | | Operating Loss | 4.855 billion | 1.568 billion | +209.6% | | Loss for the Period | 8.900 billion | 3.611 billion | +146.5% | | Loss Attributable to Shareholders | 9.674 billion | 4.475 billion | +116.2% | | Basic Loss Per Share | 1.917 | 0.963 | +99.1% | - The loss was mainly due to the challenging property market leading to lower selling prices and gross profit margins, increased losses from the disposal of joint ventures/associates, and impairments on property projects and other assets[18] Land Bank As of 30 June 2024, the Group held a land bank with a total GFA of 32.49 million sqm in 78 cities, featuring a competitive average land cost - As of 30 June 2024, the Group had a land bank with an estimated total GFA of 32.49 million sqm in 78 cities[19] - The land bank is distributed across South China, East China, West China, Central China, Hainan, Yunnan, Northeast China, North China, Hong Kong, and overseas regions[19] - The average land cost was RMB 2,712 per sqm, indicating a competitive cost advantage[19] Property Development and Sales During the review period, recognized sales revenue from property development increased by 22.6% year-on-year, driven by a 53.0% rise in recognized GFA sold Property Development and Sales Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Recognized Sales Revenue | RMB 12.466 billion | RMB 10.166 billion | +22.6% | | Recognized GFA Sold | 1.17 million sqm | 0.76 million sqm | +53.0% | Diversified Businesses The Group's diversified businesses include property management and other operations, with the former showing resilience while the latter experienced a significant revenue decline Property Management Property management revenue slightly decreased by 2.9%, but the total GFA under management grew by 0.2% to 576.7 million sqm, reflecting business resilience Property Management Key Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Property Management Revenue | RMB 6.856 billion | RMB 7.062 billion | -2.9% | | Total GFA Under Management | 576.7 million sqm | 575.4 million sqm | +0.2% | Other Businesses Other businesses, including property construction and environmental services, saw revenue decrease by 34.6% year-on-year during the review period Other Businesses Revenue | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Other Revenue | RMB 1.815 billion | RMB 2.774 billion | -34.6% | Cost of Sales Cost of sales increased by 27.9% year-on-year, primarily due to a 53.0% increase in recognized GFA sold and an 8.2% rise in average cost of sales Cost of Sales Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | RMB 23.007 billion | RMB 17.995 billion | +27.9% | | Recognized GFA Sold | 1.17 million sqm | 0.76 million sqm | +53.0% | | Average Cost of Sales | +8.2% | - | +8.2% | - The increase in cost of sales was mainly driven by higher recognized GFA sold and a rise in the average cost of sales, attributed to increased average land cost and capitalized interest[23] Gross (Loss)/Profit The Group's gross profit turned into a gross loss of RMB 1.87 billion with a gross loss margin of 8.8%, mainly due to declining property selling prices and rising costs Gross Profit/Loss Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Gross (Loss)/Profit | (RMB 1.870 billion) | RMB 2.007 billion | -193.2% | | Gross (Loss)/Profit Margin | (8.8%) | 10.0% | -18.8 p.p. | | Average Recognized Selling Price | - | - | -19.8% | | Average Cost | - | - | +8.2% | - The shift from gross profit to gross loss was primarily caused by the continuous decline in average property selling prices, while average costs such as land and capitalized interest increased[24] Other Income and Gains, Net Net other income and gains decreased by 44.6% year-on-year to RMB 259 million, mainly due to lower interest income and foreign exchange gains Other Income and Gains, Net | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Other Income and Gains, Net | 0.259 billion | 0.467 billion | -44.6% | | Interest Income | 0.075 billion | 0.162 billion | -0.087 billion | | Foreign Exchange Gains | 0.036 billion | 0.212 billion | -0.176 billion | Selling and Marketing Costs Selling and marketing costs decreased by 9.8% year-on-year to RMB 664 million, reflecting the Group's effective cost control measures Selling and Marketing Costs | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Costs | 0.664 billion | 0.736 billion | -9.8% | Administrative Expenses Administrative expenses decreased by 35.6% year-on-year to RMB 925 million, primarily due to the Group's stringent cost control measures Administrative Expenses | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 0.925 billion | 1.437 billion | -35.6% | Other Expenses Other expenses increased by 31.9% year-on-year to RMB 1.571 billion, mainly due to higher losses on the disposal of joint ventures and associates Other Expenses | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Other Expenses | 1.571 billion | 1.191 billion | +31.9% | Finance Costs, Net Net finance costs decreased by 53.4% year-on-year to RMB 498 million, mainly due to a significant reduction in foreign exchange losses on borrowings Finance Costs, Net | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs, Net | 0.498 billion | 1.069 billion | -53.4% | | Foreign Exchange Loss on Borrowings | 0.190 billion | 0.958 billion | -0.768 billion | Share of Profits and Losses of Investments Accounted for Using the Equity Method The share of losses from investments accounted for using the equity method decreased by 21.2% year-on-year to RMB 266 million Share of Profits and Losses of Investments Accounted for Using the Equity Method | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Share of Losses | 0.266 billion | 0.337 billion | -21.2% | Loss Attributable to Shareholders For the six months ended 30 June 2024, the loss attributable to shareholders of the Company was RMB 9.674 billion, an increase of 116.2% from the same period last year Loss Attributable to Shareholders | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Shareholders | 9.674 billion | 4.475 billion | +116.2% | Liquidity, Financial and Capital Resources The Group faces liquidity pressure with decreased cash balances and increased short-term borrowings, leading to higher gearing ratios and defaults on certain loan payments Cash Position and Available Funds As of 30 June 2024, the Group's total cash and bank deposits stood at RMB 8.82 billion, a decrease of approximately 29.8% from the end of 2023 Cash Position and Available Funds | Indicator (RMB in millions) | 30 June 2024 | 31 December 2023 | Change | | :--- | :--- | :--- | :--- | | Total Cash and Bank Deposits | 8,820 | 12,553 | -29.8% | | Cash and Cash Equivalents | 4,148 | 8,637 | -52.0% | | Restricted Cash | 4,672 | 3,916 | +19.3% | Borrowings As of 30 June 2024, the Group's total borrowings were RMB 51.19 billion, with a significant shift from long-term to short-term debt and defaults on some payments Borrowing Repayment Schedule (RMB in millions) | Borrowing Type | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Bank and Other Borrowings | 31,553 | 32,695 | | Senior Notes | 12,427 | 12,339 | | Domestic Corporate Bonds, etc | 7,206 | 8,520 | | Total | 51,186 | 53,554 | - As of 30 June 2024, principal and interest on certain bank borrowings, other borrowings, and senior notes were not repaid on their scheduled dates, which may trigger demands for accelerated repayment from creditors[35] Currency Risk The Group primarily operates in RMB but has exposure to HKD, USD, MOP, and MYR through its bank deposits and borrowings, with no foreign currency forward contracts in place - The Group's main operations are conducted in RMB, but some financial instruments are denominated in HKD, USD, MOP, and MYR[36] - As of 30 June 2024, the Group had not entered into any foreign currency forward contracts[36] Cost of Borrowing Total borrowing costs decreased by 5.0% year-on-year to RMB 2.17 billion due to a lower average borrowing balance, though the effective interest rate rose to 7.96% Cost of Borrowing Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Cost of Borrowing | RMB 2.169 billion | RMB 2.284 billion | -5.0% | | Effective Interest Rate | 7.96% | 7.28% | +0.68 p.p. | Contingent Liabilities and Financial Guarantees As of 30 June 2024, outstanding mortgage guarantees for property buyers increased to RMB 55.14 billion, and guarantees for loans of associates, joint ventures, and third parties also rose significantly Contingent Liabilities and Financial Guarantees (RMB in millions) | Guarantee Type | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Mortgage Guarantees for Property Buyers | 55,135 | 50,592 | | Guarantees for Loans of Associates | 873 | 1,698 | | Guarantees for Loans of Joint Ventures | 11,441 | 3,180 | | Guarantees for Loans of Independent Third Parties | 6,498 | 3,350 | - The Group has not made any provision for mortgage guarantees, as management believes the net realizable value of the related properties is sufficient to cover potential defaults[39] Commitments As of 30 June 2024, the Group had capital commitments of RMB 15.10 billion for property development activities and RMB 3.46 billion for land acquisition premiums Capital Commitments (RMB in millions) | Commitment Type | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Property Development Activities | 15,099 | 17,833 | | Land Acquisition Premiums | 3,460 | 3,410 | | Purchase of Property, Plant and Equipment | 83 | 161 | | Acquisition of Additional Equity in Non-controlling Interests | 80 | 136 | Material Investments, Acquisitions and Disposals, and Future Plans In February 2024, the Group completed a series of equity and debt transfer agreements involving two trading companies to optimize its asset structure - On 7 February 2024, Nantong Yaxin sold its 40% equity interest and related shareholder's loan in Qidong Xierme Trading Co, Ltd to Xinghe Investment for a net consideration of RMB 76,596,000[40][41] - On the same day, Xinghe Investment sold its 20% equity interest and related shareholder's loan in Qidong Boerme Trading Co, Ltd to Nantong Yaxin[41] - Apart from the above transactions, there were no other material investments, acquisitions, or disposals during the period, nor any plans for significant capital asset additions[41] Holistic Debt Management Facing liquidity pressure, the Company defaulted on interest payments for certain senior notes and is actively engaging with creditors to seek a holistic solution for its offshore debt - The Company failed to pay the interest on its USD 483 million 6.05% senior notes due 2025 and does not expect to be able to meet all its offshore debt payment obligations[42] - The Company has engaged external financial and legal advisors to assist in assessing its capital structure and liquidity and to seek a feasible holistic solution for its offshore debt[42] Events After the Reporting Period The Group had no other significant events after the reporting period - The Group had no other significant events after the reporting period[43] Employees and Remuneration Policy As of 30 June 2024, the Group had 92,395 employees, with total staff costs decreasing by 9.6% year-on-year to RMB 3.24 billion Employee and Remuneration Data | Indicator | 30 June 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Employees | 92,395 | - | - | | Total Staff Costs | RMB 3.243 billion | RMB 3.587 billion | -9.6% | - Remuneration policies are based on market levels, employee performance, and contributions, and include retirement plans, medical benefits, and training programs[43] Property Development Pre-selling During the review period, the total pre-selling value of the Group, together with its joint ventures and associates, amounted to RMB 8.99 billion Property Development Pre-selling Data | Indicator | H1 2024 | | :--- | :--- | | Total Pre-selling Value | RMB 8.99 billion | | Pre-selling GFA | 0.647 million sqm | | Average Pre-selling Price | RMB 13,905/sqm | Property Management (Management Discussion) The property management business continues to adjust its strategy, focusing on core operations, service quality, and cash collection to maintain resilience - The property management business continues to deepen its strategic adjustments, solidifying its core operations and enhancing service quality[45] - It emphasizes the stability of existing projects and pursues quality expansion to maintain its business scale[45] - The business actively strengthens cash collection through various means, demonstrating resilience in its sustainable operations[45] Outlook (Management Discussion) The Group anticipates more supportive government policies and will continue to accelerate property pre-sales while actively negotiating a holistic debt solution with offshore creditors - The Group expects more central government policies to de-stock and stabilize the market and will continue to accelerate property pre-sales and cash collection[46] - With a prudent and proactive strategy, the Group will continue to focus on key city clusters like the Greater Bay Area and the Yangtze River Delta[46] - The Group has engaged offshore financial and legal advisors to facilitate constructive negotiations with offshore creditors to formulate a holistic solution for its offshore debt situation[46] Interim Condensed Consolidated Statement of Profit or Loss This section presents the Group's detailed income statement for the period Key Profit or Loss Data For the six months ended 30 June 2024, the Group's revenue was RMB 21.14 billion, but a significant increase in cost of sales led to a gross loss of RMB 1.87 billion and a net loss of RMB 8.90 billion Interim Condensed Consolidated Statement of Profit or Loss (For the six months ended 30 June) | Indicator (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 21,136,953 | 20,001,877 | | Cost of sales | (23,007,033) | (17,995,014) | | Gross (loss)/profit | (1,870,080) | 2,006,863 | | Loss for the period | (8,900,289) | (3,610,924) | | Loss attributable to shareholders of the Company | (9,673,862) | (4,475,392) | | Basic loss per share (RMB) | (1.917) | (0.963) | Interim Condensed Consolidated Statement of Comprehensive Income This section details the Group's total comprehensive income, including items not recognized in profit or loss Key Comprehensive Income Data For the six months ended 30 June 2024, the Group's loss for the period was RMB 8.90 billion, resulting in a total comprehensive loss of RMB 8.73 billion Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended 30 June) | Indicator (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Loss for the period | (8,900,289) | (3,610,924) | | Other comprehensive income for the period | 169,502 | 22,487 | | Total comprehensive loss for the period | (8,730,787) | (3,588,437) | | Total comprehensive loss attributable to shareholders of the Company | (9,560,184) | (4,449,400) | - Revaluation gains on transfer from property, plant and equipment to investment properties, net of tax, amounted to RMB 142,905 thousand[48] Interim Condensed Consolidated Statement of Financial Position This section presents the Group's assets, liabilities, and equity at the end of the reporting period Assets As of 30 June 2024, the Group's total assets were RMB 219.42 billion, a decrease of 9.3% from year-end 2023, with declines in both non-current and current assets Asset Overview (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Non-current assets | 83,363,196 | 90,991,166 | | Current assets | 136,057,995 | 150,816,986 | | Total assets | 219,421,191 | 241,808,152 | - Cash and cash equivalents decreased by 52.0% from RMB 8,637,126 thousand to RMB 4,148,084 thousand[12][49] Equity and Liabilities As of 30 June 2024, total equity decreased by 15.4% to RMB 52.76 billion, while total liabilities fell by 7.1% to RMB 166.66 billion, marked by a shift from long-term to short-term debt Equity and Liabilities Overview (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total equity | 52,760,858 | 62,356,811 | | Non-current liabilities | 17,233,767 | 36,289,847 | | Current liabilities | 149,426,566 | 143,161,494 | | Total liabilities | 166,660,333 | 179,451,341 | - Equity and reserves attributable to shareholders of the Company decreased by 35.1% from RMB 27,441,768 thousand to RMB 17,798,095 thousand[12][50] - Non-current borrowings decreased significantly from RMB 27,684,144 thousand to RMB 8,802,054 thousand, while current borrowings rose sharply from RMB 25,869,427 thousand to RMB 42,383,517 thousand[12][50] Interim Condensed Consolidated Statement of Changes in Equity This section details the movements in the Group's equity components during the period Equity Movement Overview For the six months ended 30 June 2024, a net loss of RMB 9.67 billion attributable to shareholders led to a decrease in total equity attributable to them Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended 30 June) | Indicator (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Opening balance (Attributable to shareholders of the Company) | 27,441,768 | 75,726,863 | | (Loss)/profit for the period (Attributable to shareholders of the Company) | (9,673,862) | (4,475,392) | | Total other comprehensive (loss)/income | 113,678 | 26,000 | | Profit attributable to perpetual capital securities holders | 524,828 | 511,636 | | Total comprehensive (loss)/income attributable to non-controlling interests | 304,569 | 349,327 | | Closing balance (Attributable to shareholders of the Company) | 17,798,095 | 71,886,210 | - As of 30 June 2024, the total equity attributable to shareholders of the Company was RMB 17,798,095 thousand[51] Interim Condensed Consolidated Statement of Cash Flows This section outlines the Group's cash inflows and outflows from its operating, investing, and financing activities Cash Flow Overview For the six months ended 30 June 2024, the Group experienced net cash outflows from operating and financing activities, resulting in a net decrease in cash of RMB 4.49 billion Interim Condensed Consolidated Statement of Cash Flows (For the six months ended 30 June) | Cash Flow Type (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net cash (used in)/from operating activities | (1,414,008) | 5,507,344 | | Net cash from/(used in) investing activities | 459,498 | (1,614,186) | | Net cash used in financing activities | (3,532,416) | (5,320,768) | | Net decrease in cash and cash equivalents | (4,486,926) | (1,427,610) | | Cash and cash equivalents at end of period | 4,148,084 | 7,029,557 | - Operating cash flow shifted from a net inflow to a net outflow, primarily due to increased interest and income tax paid[54] - The net cash outflow from financing activities was mainly driven by the repayment of borrowings, repayment of cash advances from related parties, and dividends paid to non-controlling interests[55] Notes to the Interim Condensed Consolidated Financial Information This section provides detailed explanations and supplementary information for the financial statements 1 General Information Agile Group Holdings Limited, incorporated in the Cayman Islands in 2005, is an investment holding company primarily engaged in property development and management in Mainland China - The Company was incorporated in the Cayman Islands on 14 July 2005 and is principally engaged in investment holding[56] - The Group is principally engaged in property development and property management in the People's Republic of China[56] - This interim condensed consolidated financial information was approved by the Board of Directors on 30 August 2024[56] 2.1 Basis of Preparation The financial information is prepared on a going concern basis, despite material uncertainties such as net losses and loan defaults, based on measures taken by the directors to improve liquidity - For the six months ended 30 June 2024, the Group recorded a net loss of RMB 8,900,289,000[57] - As of 30 June 2024, the Group had cash and bank balances of RMB 8,819,527,000 (including restricted cash) and short-term borrowings of RMB 42,383,517,000[57] - The Board has implemented several measures to improve liquidity, including appointing financial advisors, seeking refinancing, accelerating pre-sales, controlling costs, and disposing of non-core businesses[57] - The Group's ability to continue as a going concern depends on accelerating property pre-sales, successfully renewing or extending borrowings, reaching agreements with lenders not to demand accelerated repayment, and successfully completing debt restructuring[59] 2.2 Changes in Accounting Policies and Disclosures The Group adopted several amended HKFRSs during the period, which had no material impact on its financial position or performance - The amendment to HKFRS 16 regarding lease liability measurement in sale and leaseback transactions had no impact on the Group[61] - The amendment to HKAS 1 clarifying the classification of liabilities as current or non-current did not change the Group's liability classification[61] - Amendments to HKAS 7 and HKFRS 7 requiring additional disclosures on supplier finance arrangements had no impact on the Group[61] 3 Segment Information The Group operates in three segments: property development, property management, and others, with the majority of its revenue and assets located in Mainland China - The Group is organized into three business segments: property development, property management, and others[62] Segment Results (For the six months ended 30 June 2024, RMB in thousands) | Segment | Sales to External Customers | Operating (Loss)/Profit | | :--- | :--- | :--- | | Property development | 12,466,227 | (5,246,095) | | Property management | 6,856,366 | 722,909 | | Others | 1,814,360 | (332,242) | | The Group | 21,136,953 | (4,855,428) | - The majority of the Group's consolidated revenue and results are derived from the Mainland China market, and most of its non-current assets are located there[63][71] 4 Revenue, Other Income and Gains, Net The Group's revenue for the first half of 2024 was RMB 21.14 billion, while net other income and gains decreased by 44.6% due to lower interest income and exchange gains Revenue, Other Income and Gains, Net (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 21,136,953 | 20,001,877 | | Sales of properties | 12,466,227 | 10,166,120 | | Property management services | 6,856,366 | 7,061,654 | | Total other income and gains, net | 258,515 | 466,524 | | Interest income | 70,023 | 141,565 | | Net foreign exchange gains | 35,766 | 211,887 | - Revenue from sales of properties increased by 22.6% year-on-year, while revenue from property management services decreased by 2.9%[73] 5 Other Expenses Other expenses for the first half of 2024 increased by 31.9% to RMB 1.57 billion, mainly due to losses on financial instruments and disposals of joint ventures Analysis of Other Expenses (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total other expenses | 1,571,027 | 1,190,873 | | Net fair value loss on financial assets/liabilities at FVTPL | 443,755 | 670,380 | | Loss on disposal of joint ventures and associates | 649,174 | 272,617 | | Fair value loss on investment properties | 76,571 | 7,922 | 6 Loss Before Income Tax The Group's loss before income tax for the first half of 2024 was RMB 5.62 billion, with major expenses including cost of properties sold and impairment provisions Components of Loss Before Income Tax (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Cost of properties sold | 14,993,227 | 8,596,889 | | Total employee benefit expenses | 3,243,344 | 3,586,904 | | Provision for impairment of properties under development and completed properties held for sale | 760,633 | 862,594 | | Net impairment losses on financial and contract assets | 83,867 | 677,521 | | Loss on disposal of joint ventures and associates | 649,174 | 272,617 | - The provision for impairment of properties is related to the decrease in the estimated market value of the properties and is included in "Cost of sales" in the consolidated statement of profit or loss[79] 7 Finance Costs, Net Net finance costs for the first half of 2024 decreased significantly by 53.4% to RMB 498 million, mainly due to capitalized interest and lower exchange losses on borrowings Analysis of Finance Costs, Net (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total interest expense | 2,368,523 | 3,250,044 | | Less: Capitalization of interest and exchange losses | (1,869,081) | (2,155,553) | | Total net finance costs | 497,781 | 1,069,030 | - Exchange losses on borrowings decreased from RMB 957,545 thousand to RMB 189,738 thousand[81] 8 Income Tax Expense The Group's income tax expense for the first half of 2024 increased substantially to RMB 3.28 billion, primarily comprising corporate and land appreciation taxes in Mainland China Analysis of Income Tax Expense (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total current income tax | 2,140,814 | 1,728,664 | | Corporate income tax | 752,919 | 1,184,529 | | Mainland China land appreciation tax | 1,387,895 | 544,135 | | Deferred income tax | 1,140,436 | (1,092,106) | | Total income tax expense | 3,281,250 | 636,558 | - Certain subsidiaries benefit from a preferential corporate income tax rate of 15%, including high-tech enterprises and companies in western cities and the Hainan Free Trade Port[82][83] 9 Dividends The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2024 and 2023 - The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2024 and 2023[85] 10 Loss Per Share For the six months ended 30 June 2024, the basic and diluted loss per share attributable to shareholders was RMB 1.917, an increase from RMB 0.963 in the prior year period Calculation of Loss Per Share | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Loss attributable to shareholders of the Company (RMB in thousands) | (9,673,862) | (4,475,392) | | Weighted average number of ordinary shares in issue (thousands) | 5,046,048 | 4,644,989 | | Basic and diluted loss per share (RMB per share) | (1.917) | (0.963) | - The Group had no potential ordinary shares with a dilutive effect outstanding during the six months ended 30 June 2024 and 2023[87] 11 Property, Plant and Equipment During the first half of 2024, the Group added property, plant and equipment costing RMB 693 million and recognized a revaluation surplus of RMB 191 million from a transfer to investment properties Cost of Additions to Property, Plant and Equipment (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Cost of assets added | 692,547 | 645,852 | - During the six months ended 30 June 2024, an office building with a carrying amount of RMB 460 million was transferred to investment properties, generating a revaluation surplus of RMB 191 million (RMB 143 million after tax)[88] 12 Investment Properties As of 30 June 2024, the Group's investment properties had a closing balance of RMB 9.97 billion, with a fair value loss of RMB 76.6 million recorded during the period Closing Balance and Fair Value Loss of Investment Properties (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 30 June 2023 (Unaudited) | | :--- | :--- | :--- | | Closing balance | 9,969,181 | 9,466,081 | | Fair value loss | (76,571) | (7,922) | - The fair value of investment properties is measured using the income capitalization approach or direct comparison approach, utilizing significant unobservable inputs (Level 3)[91] - As of 30 June 2024, investment properties with a value of RMB 5.924 billion were pledged as collateral for the Group's bank borrowings[92] 13 Investments Accounted for Using the Equity Method As of 30 June 2024, the Group's investments accounted for using the equity method totaled RMB 25.25 billion, with a net loss of RMB 649 million recognized from disposals during the period Investments Accounted for Using the Equity Method (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Share of net assets | 25,946,161 | 26,070,454 | | Less: Impairment | (696,818) | (696,818) | | Total | 25,249,343 | 25,373,636 | - During the period, the Group disposed of certain joint ventures and associates, recording a net loss of RMB 649,174 thousand[94] - The Group's share of unrecognized losses from certain associates and joint ventures amounted to RMB 2,408,572 thousand[95] 14 Properties Under Development As of 30 June 2024, the Group's properties under development totaled RMB 70.98 billion, with an impairment provision balance of RMB 5.58 billion Composition of Properties Under Development (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total | 70,980,628 | 76,597,826 | | Land use rights | 45,495,689 | 49,668,767 | | Construction costs and capitalized expenses | 16,277,720 | 18,114,326 | | Capitalized interest | 9,207,219 | 8,814,733 | - As of 30 June 2024, the balance of the provision for impairment of properties under development was RMB 5,578,947 thousand[97] - Properties under development of approximately RMB 24,214,468 thousand were pledged as collateral for the Group's borrowings[97] 15 Completed Properties Held for Sale All of the Group's completed properties held for sale are located in China, with an impairment provision balance of RMB 2.04 billion as of 30 June 2024 - All completed properties held for sale are located in China, with land use rights lease terms ranging from 40 to 70 years[98] - As of 30 June 2024, the balance of the provision for impairment of completed properties held for sale was RMB 2,036,029 thousand[98] - Approximately RMB 1,344,733 thousand of completed properties held for sale were pledged as collateral for the Group's bank borrowings[98] 16 Prepayments for Acquisition of Land Use Rights This section describes advance payments for the acquisition of land use rights for property development, which will be reclassified upon obtaining contractual rights - These amounts represent advance payments for the acquisition of land use rights for property development[99] - The amounts will be transferred to properties under development in the consolidated statement of financial position upon the Group obtaining the contractual rights to the relevant land[99] 17 Trade and Other Receivables As of 30 June 2024, the Group's total trade receivables were RMB 10.26 billion and other receivables were RMB 42.84 billion, with significant impairment provisions for both Trade and Other Receivables (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total trade receivables | 10,261,953 | 10,054,870 | | Total other receivables | 42,843,199 | 50,913,426 | | Impairment provision for trade receivables | (1,336,199) | (1,807,666) | | Impairment provision for other receivables | (2,582,515) | (2,418,892) | - As of 30 June 2024, approximately RMB 1.254 billion of trade receivables were pledged as collateral for the Group's bank borrowings[101] 18 Restricted Cash The Group's restricted cash is primarily denominated in RMB and subject to China's foreign exchange controls, mainly consisting of guarantee deposits for mortgages and pre-sold properties - Restricted cash is mainly denominated in RMB and is subject to the foreign exchange control rules and regulations of China[105] - Restricted cash primarily includes guarantee deposits for mortgage loans, construction of pre-sold properties, and accident compensation[105] 19 Cash and Cash Equivalents As of 30 June 2024, the Group's cash and cash equivalents totaled RMB 4.15 billion, with the majority denominated in RMB Cash and Cash Equivalents (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total | 4,148,084 | 8,637,126 | | Denominated in RMB | 4,015,038 | 8,089,969 | | Denominated in other currencies | 133,046 | 547,157 | - RMB is not freely convertible into other currencies but can be exchanged through authorized banks[106] 20 Trade and Other Payables As of 30 June 2024, the Group's trade payables were RMB 23.08 billion and other payables were RMB 29.44 billion, with a significant portion of trade payables aged over one year Trade and Other Payables (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Trade payables | 23,077,807 | 25,012,538 | | Other payables | 29,436,660 | 33,437,230 | | Total trade and other payables | 52,514,430 | 58,506,578 | Ageing Analysis of Trade Payables (RMB in thousands) | Ageing | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Within 90 days | 3,370,578 | 7,723,154 | | Over 90 days and within 180 days | 6,438,051 | 5,711,604 | | Over 180 days and within 365 days | 4,590,071 | 3,983,982 | | Over 365 days | 8,679,107 | 7,593,798 | 21 Borrowings As of 30 June 2024, the Group's total borrowings were RMB 51.19 billion, with a significant shift from non-current to current debt and defaults on certain interest payments Total Borrowings and Classification (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Borrowings classified as non-current liabilities | 8,802,054 | 27,684,144 | | Borrowings classified as current liabilities | 42,383,517 | 25,869,427 | | Total borrowings | 51,185,571 | 53,553,571 | - The Company failed to pay interest on certain senior notes issued in 2020 and 2021, amounting to USD 14,611,000 and USD 21,010,000, respectively[112] - As of 30 June 2024, principal and interest on certain bank borrowings, other borrowings, and senior notes were not repaid on their scheduled dates, which may entitle creditors to demand repayment[116] - Multiple borrowings are secured by land use rights, properties, trade receivables, properties under development, investment properties, and shares in certain subsidiaries and joint ventures[115][116] 22 Share Capital As of 30 June 2024, the Company's issued and fully paid share capital consisted of 5,046,047,500 shares with a par value of HK$0.1 each Share Capital and Premium (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Share capital | 500,302 | 500,302 | | Share premium | 4,878,375 | 4,878,375 | | Number of ordinary shares in issue (thousands) | 5,046,048 | 5,046,048 | 23 Share Award Scheme The Company's share award scheme, adopted in 2013, has been terminated, and the employee share trust no longer holds any shares as of 30 June 2024 - The Company adopted a share award scheme on 10 December 2013 and established an employee share trust[118] - As of 30 June 2024, the employee share trustee held no shares under the share award scheme[118] - No related expenses were recognized in the consolidated statement of profit or loss, and no awarded shares vested as performance conditions were not met[118] 24 Reserves The Group's reserves include merger reserves and statutory funds, with other reserves decreasing by RMB 74.4 million due to the acquisition of additional equity in subsidiaries - The Group's merger reserve represents the difference between the share capital of subsidiaries acquired under the Reorganisation and the nominal value of the Company's shares[119] - Chinese subsidiaries are required to transfer a portion of their post-tax profits to a statutory reserve fund until it reaches 50% of their registered capital[119] - During the six months ended 30 June 2024, the acquisition of additional equity in subsidiaries resulted in a decrease in other reserves of RMB 74,387 thousand[119] 25 Perpetual Capital Securities The Company has issued a total of USD 1.9 billion in senior perpetual capital securities, with no maturity date and discretionary deferral of distributions, several of which have been deferred Movement of Perpetual Capital Securities (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 30 June 2023 (Unaudited) | | :--- | :--- | :--- | | Opening balance | 14,265,874 | 13,224,477 | | Profit attributable to holders | 524,828 | 511,636 | | Closing balance | 14,790,702 | 13,736,113 | - The Company has issued senior perpetual capital securities with a total principal amount of USD 1.9 billion, which have no maturity date and allow for discretionary deferral of distributions[121] - The Company has elected to defer multiple distributions originally scheduled between December 2022 and June 2024[121] 26 Subsidiaries with Material Non-controlling Interests A-Living Smart City Services Co, Ltd is the Group's subsidiary with material non-controlling interests, in which the Group holds a 53.05% stake - A-Living Smart City Services Co, Ltd is the Group's subsidiary with material non-controlling interests, in which the Group holds a 53.05% equity stake[122] A-Living Condensed Consolidated Statement of Financial Position (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Net current assets | 5,218,764 | 7,443,651 | | Net non-current assets | 7,658,249 | 7,005,480 | | Net assets | 12,877,013 | 14,449,131 | | Accumulated non-controlling interests | 9,105,651 | 8,731,535 | A-Living Condensed Consolidated Statement of Profit or Loss (RMB in thousands) | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 7,022,621 | 7,698,512 | | (Loss)/profit for the period | (1,532,313) | 951,506 | | Profit allocated to non-controlling interests | 356,107 | 553,507 | 27 Business Combinations During the first half of 2024, the Group acquired the remaining equity in several joint ventures and associates for RMB 108 million, resulting in a loss of RMB 14.7 million - The Group acquired the remaining equity interests in several joint ventures and associates for a total consideration of RMB 107,984 thousand[126] - Upon completion of the acquisitions, the relevant project companies became wholly-owned subsidiaries of the Group[126] - The Group remeasured the fair value of its previously held interests, resulting in a recognized loss of RMB 14,706 thousand[126] Net Cash Flow from Business Combinations (RMB in thousands) | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Cash inflow/(outflow) during the period | 9,452 | (32,100) | 28 Disposal of Subsidiaries In the first half of 2024, the Group disposed of interests in several subsidiaries to independent third parties, recording a loss on disposal of RMB 12.7 million - The Group sold certain equity interests in several subsidiaries to independent third parties, resulting in a loss of control over the disposed projects[130] Details of Disposal of Subsidiaries (RMB in thousands) | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Consideration for disposal | 32,944 | 306,416 | | (Loss)/gain on disposal | (12,655) | 1,852 | | Net cash inflow from disposal | 2,635 | 147,926 | 29 Contingent Liabilities and Financial Guarantees As of 30 June 2024, the Group's total contingent liabilities and financial guarantees increased significantly to RMB 73.95 billion, mainly comprising mortgage and loan guarantees Contingent Liabilities and Financial Guarantees (RMB in thousands) | Guarantee Type | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Guarantees for mortgage financing for certain buyers | 55,134,741 | 50,592,159 | | Guarantees for loans of associates | 872,558 | 1,698,040 | | Guarantees for loans of joint ventures | 11,441,361 | 3,179,580 | | Guarantees for loans of third parties | 6,497,606 | 3,349,859 | | Total | 73,946,266 | 58,819,638 | - The Group has not made any provision for mortgage guarantees, as management believes the net realizable value of the related properties is sufficient to cover potential defaults[134] 30 Commitments As of 30 June 2024, the Group's total capital contractual commitments amounted to RMB 18.72 billion, primarily for property development and land acquisition Capital Contractual Commitments (RMB in thousands) | Commitment Type | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Property development activities | 15,099,246 | 17,832,626 | | Acquisition of land use rights | 3,459,635 | 3,410,027 | | Property, plant and equipment | 83,152 | 161,116 | | Acquisition of additional equity in non-controlling interests | 80,406 | 136,508 | | Total | 18,722,439 | 21,540,277 | 31 Related Party Transactions The Group engages in transactions with various related parties, including its ultimate holding company and entities controlled by founding shareholders, involving services, loans, and construction - Related parties include the ultimate holding company, companies with significant influence from founding shareholders and their immediate family members, associates, and joint ventures[136][137][138][139][140][141][142][143] Transactions with Related Parties (RMB in thousands) | Transaction Type | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Office service fees received from Atlas (China) | 1,855 | 24,931 | | Repayment of loans from related parties | 21,350 | 146,086 | | Loans to related parties | – | 19,242 | | Interest income | 5,057 | 20,503 | | Provision of construction services to | 240,942 | 550,665 | Balances with Related Parties (RMB in thousands) | Balance Type | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Trade receivables from related parties | 2,138,472 | 2,631,457 | | Other receivables from related parties | 21,456,741 | 18,725,134 | | Loans and interest receivable | 1,771,252 | 2,640,400 | | Other payables to related parties | 9,393,339 | 9,522,910 | | Contract liabilities from related parties | 94,928 | 59,927 | 32 Fair Value Measurement of Financial Instruments The carrying amounts of the Group's financial instruments approximate their fair values, which are measured using various valuation techniques based on observable and unobservable inputs - The carrying amounts of the Group's financial instruments approximate their fair values, and the fair value of short-term instruments is similar to their carrying amount[156] - Fair value is measured using significant unobservable inputs (Level 3), with valuation techniques including market approach, asset approach, guideline public company method, binomial option pricing model, and discounted cash flow method[157][159] Fair Value Hierarchy of Financial Instruments (As of 30 June 2024, RMB in thousands) | Type | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | Financial assets | 1,373 | – | 2,509,615 | 2,510,988 | | Financial liabilities | – | – | 1,130,553 | 1,130,553 | Corporate Governance This section outlines the company's adherence to corporate governance principles Compliance with the Corporate Governance Code The Company has complied with all code provisions of the Corporate Governance Code, except for the dual role of Chairman and Chief Executive Officer held by the same individual - The Company has complied with all code provisions of the Corporate Governance Code during the reporting period[171] - The roles of Chairman and Chief Executive Officer are both held by Mr Chan Cheuk Lam, which the Board believes provides strong and consistent leadership for the Group's development[171] - The Board believes that other Board members have sufficient authority to review and/or monitor the exercise of power by the Chairman and the President of the Company[171] Other Information This section provides supplementary disclosures required by listing rules Compliance with the Model Code for Securities Transactions by Directors The Company has adopted a code for directors' securities transactions on terms no less exacting than the required standard, with which all directors have complied - The Company has adopted a code for securities transactions by directors on terms no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules[173] - All directors have fully complied with the code for directors' securities transactions during the six months ended 30 June 2024[173] Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures As of 30 June 2024, several directors held long positions in the shares of the Company and its associated corporations, primarily as beneficiaries of family trusts Directors' Long Positions in the Company's Shares (As of 30 June 2024) | Director's Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Chan Cheuk Lam | Beneficiary of a trust | 2,453,096,250 | 51.48% | | | Beneficial owner | 88,274,000 | | | | Controlled corporation | 56,574,250 | | | Chan Cheuk Hung | Beneficiary of a trust | 2,453,096,250 | 48.61% | | Chan Cheuk Hay | Beneficiary of a trust | 2,453,096,250 | 48.77% | | | Beneficial owner | 7,875,000 | | | Chan Cheuk Nam | Beneficiary of a trust | 2,453,096,250 | 48.75% | | | Beneficial owner | 6,781,500 | | | Huang Fengchao | Beneficial owner | 1,400,000 | 0.03% | Directors' Long Positions in A-Living's Shares (As of 30 June 2024) | Director's Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Chan Cheuk Lam | Beneficiary of a trust | 666,736,750 | 46.95% | | Chan Cheuk Hung | Beneficiary of a trust | 666,736,750 | 46.95% | | Chan Cheuk Hay | Beneficiary of a trust | 666,736,750 | 46.95% | | Chan Cheuk Nam | Beneficiary of a trust | 666,736,750 | 46.95% | | Huang Fengchao | Controlled corporation | 12,288,972 | 0.87% | Directors' Short Positions in A-Living's Shares (As of 30 June 2024) | Director's Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Chan Cheuk Lam | Beneficiary of a trust | 93,793,638 | 6.61% | | Chan Cheuk Hung | Beneficiary of a trust | 93,793,638 | 6.61% | | Chan Cheuk Hay | Beneficiary of a trust | 93,793,638 | 6.61% | | Chan Cheuk Nam | Beneficiary of a trust | 93,793,638 | 6.61% | Substantial Shareholders' Interests and Short Positions As of 30 June 2024, several substantial shareholders held long positions in the Company's shares, primarily through trust beneficiary status or controlled corporations Substantial Shareholders' Long Positions in the Company's Shares (As of 30 June 2024) | Shareholder Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Fufeng Investment Limited | Trustee | 2,453,096,250 | 48.61% | | Top Coast Investment Limited | Beneficial owner | 2,453,096,250 | 48.61% | | Chan Cheuk Yin | Beneficiary of a trust | 2,453,096,250 | 48.93% | | | Controlled corporation | 15,687,500 | | | Luk Sin Fong, Fion | Beneficiary of a trust | 2,453,096,250 | 51.48% | | | Controlled corporation | 14,276,250 | | | | Spouse | 130,572,000 | | | Chan Sze Long | Beneficial owner | 95,942,993 | 6.09% | | | Controlled corporation | 211,489,507 | | - Fufeng Investment Limited and Top Coast Investment Limited hold shares in the Company through the Chan Family Trust[182] Interests of Any Other Persons As of 30 June 2024, no other persons had notified the Company of any disclosable interests or short positions in its shares - As of 30 June 2024, no other person had notified the Company of any disclosable interests or short positions in its shares[185] Purchase, Sale or Redemption of Listed Securities During the reporting period, the Group redeemed and cancelled portions of its domestic corporate bonds, with no other purchases, sales, or redemptions of its listed securities - Panyu Agile repurchased RMB 20,000,000 of its 5% public domestic corporate bonds due 2025 (Public Bond II) on 28 March 2024, which were cancelled by 12 April 2024[186] - Pany