Debt Restructuring - The Group announced an offshore debt restructuring due to serious liquidity constraints caused by a large amount of unpaid accounts receivables, with the proposed scheme sanctioned by the Grand Court of the Cayman Islands on November 9, 2022[34]. - The restructuring was expected to be completed by December 14, 2022, but did not become effective due to the continued industry downturn and inability to recover substantial outstanding accounts receivables[34]. - The Company continues to engage with stakeholders to formulate a restructuring plan that considers all interests involved[34]. Digital Solutions and Innovation - The Company aims to build a digital solution platform ecosystem based on real estate big data, enhancing its brand influence and data assets[31]. - The focus will be on providing comprehensive and customized digital solutions for residential property development, adhering to the principle that houses are for living in, not for speculation[31]. - The Group plans to explore digital innovation in real estate business models, including digital asset management for existing real estate and non-performing assets[31]. - The Company is committed to reinforcing competitive barriers and achieving innovation in the digital age[31]. - The digital service strategy aims to support clients in achieving effective development and excellent performance in their businesses[31]. Financial Performance - The financial highlights and performance metrics for 2022 are detailed in the annual report, indicating the overall financial health of the Company[35]. - In 2022, the total revenue of E-House (China) Enterprise Holdings Limited was RMB 5,033.3 million[49]. - The real estate agency services revenue significantly declined due to decreased sales and liquidity constraints faced by developers[45]. - Total revenue for the reporting period amounted to RMB 5,033.3 million[158]. - The total gross transaction value (GTV) for real estate agency services during the reporting period was RMB 83.1 billion[156]. - The company reported a loss of RMB 4,968.5 million for the year, with total comprehensive expenses amounting to RMB 4,974.6 million[157]. Market Challenges - The real estate industry in China faced unprecedented challenges in 2022, largely due to COVID-19 disruptions[44]. - The Group focused on cost control and collection of receivables amidst challenging market conditions[45]. - The Group aims to position itself for market recovery through its strategic initiatives and operational adjustments[45]. Strategic Initiatives - The construction of the Tmall Haofang real estate transaction platform was fully initiated in 2022, marking a strategic shift towards digital marketing[50]. - The first store-aggregated house rental transaction platform in China was launched on July 26, 2022, as part of the real estate transaction platform development[51]. - E-House plans to continue promoting the full-chain platform for online and offline real estate transactions in 2023[51]. - The Group's strategy includes collaboration with Alibaba to enhance its online real estate marketing platform[45]. Connected Transactions - Leju is considered a "connected person" under the Listing Rules due to its association with E-House (China) Holdings, a substantial shareholder[82]. - The proposed annual cap for continuing connected transactions in 2022 was RMB 15 million, with actual transaction amounts being RMB 1 million for Leju-SINA transactions and RMB 84 million for Leju-Tencent transactions[84]. - The advertising inventory sale agency agreement with SINA allows Leju to sell advertising on SINA's non-real estate websites, with Leju entitled to approximately 85% of the revenues generated[93]. - The offshore transitional services agreement with E-House Holdings provides various corporate support services to Leju, with costs based on actual direct and indirect expenses incurred[99]. - The continuing connected transactions are exempt from independent shareholders' approval requirements under Chapter 14A of the Listing Rules, subject to annual review and reporting[88]. Financial Management - The operating loss for the year was RMB 3,332.5 million in 2022, compared to an operating loss of RMB 10,427.4 million in 2021, resulting in an operating loss margin of 66.2%[184]. - Finance costs decreased by 12.4% from RMB 538.8 million in 2021 to RMB 471.8 million in 2022, primarily due to a decrease in the weighted average balances of interest-bearing loans[177]. - The income tax credit recorded in 2022 was RMB 39.0 million, compared to an income tax expense of RMB 360.9 million in 2021, primarily due to the loss before taxation[178]. - The loss for the year amounted to RMB 4,968.5 million in 2022, a significant reduction from a loss of RMB 12,264.7 million in 2021[179]. - EBITDA loss for the year was RMB 3,998.2 million in 2022, a decrease of 63.4% from RMB 10,929.6 million in 2021[185]. Compliance and Regulatory Matters - The company is actively managing operations to qualify for acquiring the entire shareholding in its Onshore Holdcos when regulations allow foreign investment in restricted businesses[138]. - The PRC Legal Adviser believes the company has taken all reasonable steps towards fulfilling the Qualification Requirements, subject to the discretion of the competent authority[138]. - The company must comply with annual review and disclosure requirements for ongoing transactions as per the Listing Rules[120]. - The company plans to maintain good financial and business standards and practices, obtaining all necessary government licenses and permits[167].
易居企业控股(02048) - 2022 - 年度财报