Financial Performance - The Group's total revenue for the Year decreased by 75% to HK$28.0 million, down from HK$111.3 million in 2021[41]. - Loss before interest expense and tax (LBIT) for the Year was HK$948.2 million, compared to HK$4,321.8 million in 2021[41]. - Other net losses during the Year included an impairment of HK$575.1 million for the Hawaii Ko Olina No. 2 Land Project and a loss of HK$202.7 million on the disposal of the Hawaii Kapolei West Project[21]. - The consolidated loss attributable to shareholders for the year was HK$2,420.1 million, a decrease from HK$5,359.8 million in 2021, primarily due to a reduction in other net losses[98]. - Other net losses decreased to HK$782.2 million in 2022 from HK$4,210.6 million in 2021, although this was partially offset by a loss of HK$453.6 million related to deconsolidation of subsidiaries[98]. - Basic loss per share improved to HK14.99 cents from HK33.20 cents in 2021[98]. - The Group incurred a loss of HK$202.7 million from the disposal of the Hawaii Kapolei West Project during the year[54]. - The Group's financial investments segment recorded a loss as no financial investments were held to generate income[41]. Market Conditions - In 2022, the price of new residential properties in 70 large and medium cities in Mainland China decreased by 1.5% year-on-year, with newly completed residential properties in 55 cities also experiencing a decline[15]. - The real estate market in Mainland China remains sluggish, with a lack of interest from the public in purchasing new homes due to ongoing liquidity constraints[15]. - The real estate market in Mainland China continued to decline, with property prices falling for the seventh consecutive month by December 2022[90]. - The U.S. Federal Reserve raised interest rates nine times from 0.25% to 5% since mid-March 2022, leading to a 22.6% drop in existing-home sales in February 2023 compared to February 2022[17]. - The ongoing economic challenges include the impact of the Russia-Ukraine war, which has exacerbated global energy and food crises, affecting supply chains[13]. Strategic Initiatives - The company aims to optimize its assets and reduce debt levels in 2023 to enhance liquidity and operational capabilities[14]. - The company plans to further optimize its development strategy and business layout to drive growth and sustainability[14]. - The Group's strategy includes focusing on high-end luxury properties in prime locations in major U.S. cities[46]. - The Group aims to reduce interest-bearing liabilities and leverage, focusing on asset optimization and improving financial liquidity in 2023[70]. - The Group is actively negotiating with receivers and lenders to resolve current issues and has achieved some progress, including the completion of a land deal in Hawaii[13]. - The Group is negotiating with potential investors for project financing or joint development plans to resume construction of the LA project[58]. - The Group is exploring other cooperation opportunities, including the establishment of a joint venture to develop the LA project[59]. Project Developments - The LA Project is planned to be developed into a large-scale mixed-use urban commercial complex covering approximately 138,249 sqm[47]. - The total funds invested in the Los Angeles project as of December 31, 2022, amounted to approximately US$1,199.3 million (equivalent to approximately HK$9,350.6 million)[50]. - The LA project covers a total site area of approximately 18,662 square meters, with a planned gross floor area of approximately 138,249 square meters, including three high-end residential towers and a five-star luxury hotel[48]. - The construction of the LA project has been suspended since October 2020 due to the global pandemic and liquidity issues faced by the Group[57]. - Over 85% of electrical and mechanical works and over 60% of interior drywalls in towers 2 and 3 were completed before the suspension[57]. - The Group completed the disposal of land parcels in the Kapolei West of Hawaii in December 2022 as part of its asset optimization strategy[90]. - The Group is negotiating to dispose of the LA Project to repay loans and regain control over the Shanghai Properties[44]. Governance and Compliance - The Company has confirmed the independence of all independent non-executive directors as per the Listing Rules[142]. - There were no significant transactions or contracts involving the Group where any Director had a material interest during the year[142]. - The Group's compliance with applicable laws and regulations is detailed in the corporate governance report and the 2022 social responsibility report[162]. - The Group conducted connected transactions and continuing connected transactions during the Year, complying with Chapter 14A of the Listing Rules[191]. Employment and Remuneration - As of December 31, 2022, the Group employed 56 employees, with total staff remuneration costs amounting to HK$55.7 million, a decrease from HK$62.9 million in 2021[150]. - Total staff remuneration costs decreased by approximately 11.4% from the previous year[150].
中泛控股(00715) - 2022 - 年度财报