Cai Jing Wang·2024-03-28 09:45Core Insights - The company reported a revenue of RMB 202.52 billion for the year 2023, representing a year-on-year increase of 12.3% [1] - The profit attributable to shareholders was RMB 25.61 billion, up 10.1% year-on-year, while the core profit attributable to shareholders was RMB 23.65 billion [1] - The company achieved contract property sales of RMB 309.81 billion, a 5.1% increase year-on-year, despite a 3.7% decrease in sales area [1] Financial Performance - Revenue for commercial properties reached RMB 6.36 billion, marking a 20.9% increase year-on-year [1] - The profit attributable to shareholders, excluding the revaluation gains from investment properties after tax, was RMB 22.58 billion, reflecting a 12.1% increase year-on-year [1] Land Acquisition and Holdings - The company acquired 43 new land parcels in 23 cities across mainland China and Hong Kong, with a total gross floor area of 7.64 million square meters, and an equity land cost of RMB 122.66 billion, which is a 42.0% increase year-on-year [1] - As of the end of 2023, the total land reserve amounted to 54.03 million square meters [1] Debt and Liquidity - The total borrowings of the company stood at RMB 257.66 billion, with bank balances and cash amounting to RMB 105.63 billion [1] - The net gearing ratio was reported at 38.7%, with a weighted average cost of financing at 3.55% [1]