Property Investments and Developments - The group completed a rental review for the Lido House, resulting in a rental increase of 3.1% over 234,000 square feet[8]. - The group invested HKD 839 million to acquire a 32% stake in a property project at 15 Shoushan Mountain Road, consisting of 15 luxury houses with a total area of approximately 88,000 square feet[8]. - Two independent houses from the Shoushan Mountain project were sold for approximately HKD 870 million and HKD 435 million, translating to HKD 108,000 and HKD 92,000 per square foot respectively[8]. - The group continues to advance major development projects in central London, which are expected to generate significant revenue in the second half of 2022 and beyond[8]. - The Thames City project is expected to include 1,500 luxury residential units with a total saleable area of approximately 1.7 million square feet upon completion[17]. - The Thames City project is expected to provide approximately 680,000 square feet of area, with two main buildings anticipated to be completed by the end of 2022 and another by mid-2023[18]. - The Whiteley shopping center redevelopment project will offer around 603,000 square feet, including 139 luxury residential apartments and a hotel with 110 rooms, with completion expected by the end of 2023[19]. - The Whiteley project has pre-sold 39 residential units for a total of £226.7 million, with the project having a 46% equity stake held by the company[19]. - The Kai Tak project in Hong Kong has a total saleable area of approximately 795,000 square feet, with 66% of the building leased as of June 30, 2022[20]. - The Chongqing Bishan project will include 7.0 million square feet of commercial, retail, and residential space, with completion expected in Q4 2022[23]. - The Jiangsu Yancheng project has a planned total investment of RMB 496 million, with a saleable area of approximately 1.56 million square feet, expected to be completed by the end of 2023[24]. Financial Performance - Total revenue for the period was HKD 264.6 million, down 23% from HKD 343.5 million in the same period last year[10]. - The investment property portfolio generated revenue of HKD 261.8 million, a decrease of 2% year-on-year due to a 7% depreciation of GBP against HKD[10]. - The financial investment segment recorded a fair value loss of HKD 115.1 million, compared to a fair value gain of HKD 129.6 million in the previous year[10]. - Net profit attributable to shareholders increased by 4.5% to HKD 240.9 million, with basic earnings per share rising to HKD 6.21 from HKD 5.94[10]. - The group’s total income, including other income and gains, was HKD 264,639,000 for the first half of 2022, down from HKD 343,484,000 in the same period of 2021[77]. - The company’s profit before tax for the six months ended June 30, 2022, was HKD 19,884,000, slightly up from HKD 19,872,000 in the same period of 2021, representing a growth of 0.06%[79]. - Basic earnings attributable to equity holders of the parent for the six months ended June 30, 2022, were HKD 240,935,000, up from HKD 230,576,000 in 2021, reflecting a growth of 4.9%[84]. Market Conditions - The London office market showed signs of recovery, with increased demand for premium office spaces due to tenant relocations and expansions[8]. - The residential market in London is recovering, with rising average house prices driven by strong demand and a shortage of available homes[8]. - Economic activities in Hong Kong are expected to rebound, positively impacting the real estate sector[9]. Joint Ventures and Investments - The group will focus on managing the performance of existing joint venture projects in China[9]. - The total investment in joint venture projects increased from HKD 8.7 billion to HKD 9.3 billion, mainly due to the acquisition of the Shoushan Mountain project[15]. - The group's share of profits from joint ventures increased by HKD 312 million to HKD 398 million, primarily due to contributions from the Whiteley project and a bargain purchase gain from the acquisition of the 32% stake in the Shoushan Mountain project[10]. - The group has provided guarantees totaling HKD 3,014 million for loans granted to joint ventures, an increase from HKD 2,509 million as of December 31, 2021[37]. Cash Flow and Liquidity - As of June 30, 2022, the group's cash on hand was HKD 3.1 billion, with an additional HKD 1 billion available under credit facilities[35]. - The net cash flow from operating activities for the six months ended June 30, 2022, was negative HKD 60,535 thousand, compared to positive HKD 102,376 thousand for the same period in 2021[70]. - The cash and cash equivalents at the end of the period were HKD 2,729,534 thousand, down from HKD 4,856,972 thousand at the end of June 30, 2021[70]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as per the Listing Rules during the six months ending June 30, 2022[50]. - The company’s directors confirmed compliance with the standards set out in the Corporate Governance Code during the reporting period[50]. Shareholder Information - As of June 30, 2022, the company’s major shareholder, Windsor Dynasty, holds 2,724,239,906 shares, representing approximately 70.17% of the total issued share capital[43]. - The company declared a final dividend of HKD 0.02 per share for the year ended December 31, 2021, totaling HKD 77,647,000, with no interim dividend declared for the six months ended June 30, 2022[82].
中渝置地(01224) - 2022 - 中期财报