Financial Performance - The total assets of the company reached HK$235.7 billion, while the turnover was HK$36.5 billion[22]. - The Group recorded a profit attributable to shareholders of HK$2,481 million for the year, representing a year-on-year increase of 32.0%[27]. - For the year ended December 31, 2021, the Group recorded a revenue of HK$36,513 million, representing an increase of 16.7% compared to the previous year[75]. - Profit attributable to shareholders amounted to HK$2,481 million, reflecting a year-on-year increase of 32.0%[75]. - Basic and diluted earnings per share were HK67.35 cents, representing increases of 31.2% and 31.3% year-on-year, respectively[75]. - The group's revenue for the year ended December 31, 2021, was HKD 36.513 billion, an increase of 16.7% compared to HKD 31.281 billion in 2020[78]. - Shareholders' profit for the year was HKD 2.481 billion, reflecting a year-on-year growth of 32.0% from HKD 1.880 billion in 2020[78]. Market Environment - In 2021, China's economy grew by 8.1%, maintaining its leading position globally despite various challenges[23]. - The real estate industry in China faced significant pressures due to policies like the "three red lines" and centralized land supply, leading to a decline in the performance of major property developers[24]. - The completion rate of sales targets for major property developers has generally declined, indicating a challenging market environment[24]. - The Central Economic Work Conference outlined a development direction for 2022 focusing on promoting growth while maintaining stability, with coordinated fiscal and monetary policies[38]. - The real estate control policy will continue to emphasize "no speculation of residential properties," aiming to meet reasonable demands for property development and investment[39]. Development Strategy - The company operates in 30 major cities, including Shanghai, Hong Kong, and Guangzhou, focusing on both residential and commercial property development[19]. - The company aims to enhance architectural quality and commercial value by integrating cultural substance into its projects[7]. - The company is focused on professionalism, market-orientation, and internationalism in its development strategy[7]. - The Group aims to achieve significant growth in contracted sales and maintain high quality in equity and collection ratios[44]. - The Company plans to seek breakthroughs in financing channels and optimize average funding costs[44]. - Poly Property will focus on promoting the reform of its professional talent system to enhance operational performance[44]. - The Company intends to extend property management services to public spaces and third-party properties while increasing the proportion of asset-light operations[44]. Sales and Contracts - Contracted sales amounted to RMB56.6 billion, reflecting a year-on-year increase of 9%, with a sales collection of RMB53.4 billion and a collection rate of 94%[28]. - The average selling price of contracted sales was RMB18,038 per square meter, with the mainland market average at RMB17,469 per square meter, maintaining a similar level to the previous year[28]. - The total contracted area sold amounted to approximately 3,138,000 square meters, with 106 continual launches and 24 debut launches during the year[77]. - The total completed GFA by the end of 2021 reached 13,086,000 square meters[126]. - The average selling price for recognized sales was approximately RMB 14,589 per square meter[128]. - Ordinary residential properties accounted for 83% of total sales value, while villas, retail shops, offices, and parking spaces accounted for 8%, 5%, 1%, and 3% respectively[138]. Land Acquisition and Reserves - The Group acquired 19 development projects during the year, with over 80% of investments made in the second half, focusing on high-turnover cities like Shenzhen, Shanghai, and Ningbo[32]. - The proportion of attributable land reserves in first-tier and second-tier cities reached 83%, a year-on-year increase of 3 percentage points, while the Yangtze River Delta and Greater Bay Area accounted for 40%, up 6 percentage points[31]. - The cost of land for new reserves was considered reasonable, indicating a strategic approach to land acquisition[85]. - The company is expanding its presence in emerging residential areas with projects like the Suzhou Sheng Pu and Kunshan Huangpu River Road[116]. Financial Health - The average funding cost was reduced by 0.20 percentage points to 4.52% through innovative financing channels[34]. - Total debts decreased slightly, with the proportion of trust loans dropping by 3 percentage points to 12% and short-term debts due within one year reduced by 5 percentage points to 27%[35]. - The Group's cash-to-short-term debt ratio was 1.58, indicating sufficient liquidity and solvency[35]. - As of December 31, 2021, total equity attributable to shareholders amounted to HK$38,415,644,000, an increase from HK$35,444,032,000 in 2020, with a net asset value per share of HK$10.35 compared to HK$9.68 in 2020[181]. - The Group's gearing ratio was 80.3% as of December 31, 2021, slightly down from 80.9% in 2020[181]. Project Development and Locations - The total GFA under construction was approximately 12,692,000 square meters, with an attributable area of approximately 9,708,000 square meters[116]. - The company has a significant presence in the Yangtze River Delta Region, with completed GFA of 164,000 square meters in the Shanghai Jiading Affordable Housing Project[125]. - The company is committed to delivering residential projects that are strategically located near metro lines, which is expected to drive future sales growth[150]. - The company is actively developing projects like Wonderful Times and Above The Clouds, both located near significant transportation infrastructure[150]. - The company is focusing on expanding its market presence in the Pearl River Delta region with multiple ongoing and planned projects[156]. Employee and Governance - The Group employed approximately 9,700 employees with total remuneration of about HK$1,781 million for the year[195]. - The Company has complied with most provisions of the Corporate Governance Code, with some deviations explained in the report[199]. - The Board collectively reviews and approves the structure, size, and composition of the Board, rather than establishing a separate nomination committee[200].
保利置业集团(00119) - 2021 - 年度财报