Financial Performance - CSI made over HK$4.1 billion of sales and presales for FY 2022 [14] - Gross revenue from property business increased by 14% from HK$369 million in FY2021 to HK$420 million in FY2022 [20] - Profit attributable to equity holders increased by 250% from HK$331 million in FY2021 to HK$1,156 million in FY2022 [20] - The company aims to sell approximately HK$5-6 billion+ of prime assets annually to further drive EBITDA [21, 50] Balance Sheet and Liquidity - Cash and bank balances increased significantly from HK$1.501 billion in FY2021 to HK$3.479 billion in FY2022 [23] - Net debt / total assets (net gearing ratio) decreased from 36.4% in FY2021 to 27.0% in FY2022 [25] - The Group successfully raised a new US$300 million 4-year bond at an attractive rate of 5.45% in July 2021 [48, 53] Key Strategies - Management prioritizes annual asset sales to recycle capital & crystalize profit [85] - The company has a visible disposal pipeline to further drive EBITDA [21, 50, 89] - The company focuses on high-quality residential and commercial real estate portfolio [84] Projects and Redevelopments - Novotel Hotel Kowloon is undergoing redevelopment into a mixed commercial/residential tower with an expected completion in 2025 [59, 66] - The company is involved in a farmland conversion to residential development in Kwu Tong with a future attributable GFA of approximately one million sq ft [67, 70] - Lai Sun Yuen Long Centre is undergoing conversion to residential with a future attributable GFA of approximately 400,000 sq ft [71, 77]

Financial Performance Highlights - CSI made approximately HK$1,346 million in sales and had approximately HK$1,956 million of unrecognized contracted sales commitments for 1H FY2024[12] - Gross revenue from property business increased by 40% from HK$231 million in 1H FY2023 to HK$324 million in 1H FY2024[15] - Gross profit increased by 54% from HK$125 million in 1H FY2023 to HK$192 million in 1H FY2024[15] - Profit from property joint ventures/associates increased by 50% from HK$154 million in 1H FY2023 to HK$231 million in 1H FY2024[15] Balance Sheet and Credit Metrics - The company maintained a strong balance sheet with properties and related assets valued at HK$24,070 million as of September 30, 2023[16] - Cash and bank balances remained strong at HK$3,174 million as of September 30, 2023[16] - Net debt to total assets ratio was 269% as of 1H FY2024[18] - Net debt plus commitment to JVs /adjusted total assets plus JV assets was approximately 385% as of September 30, 2023[44] Strategies and Portfolio - The company focuses on managing a high-quality residential and commercial real estate portfolio[57] - The company aims to manage disposal pipeline to recycle capital & crystalize profit[57] - The company maintains prudent financing with strong asset coverage & liquidity[57] - Total bank borrowings amounted to HK$10,080 million, with 319% due within 1 year (HK$2,687 million) and 681% due between 1-5 years (HK$5,725 million)[40]

Financial Performance - CSI made sales of approximately HK$3,128 million and had approximately HK$794 million of unrecognized contracted sales commitment for FY2024[12] - Gross revenue from property business increased by 96% from HK$804 million in FY2023 to HK$1,579 million in FY2024[14] - The company reported a loss attributable to equity holders of HK$(426) million in FY2024, compared to a profit of HK$336 million in FY2023, mainly due to impairment loss in respect of amount due from a joint venture project[14] - The company's EBITDA decreased from 1.4x to 1.2x[18] Balance Sheet and Liquidity - The company maintains a strong balance sheet with properties and related assets valued at HK$22,870 million as of March 31, 2024[16] - Cash and bank balances, including cash held by securities brokers, amounted to HK$2,524 million[16] - Net debt to total assets ratio increased slightly from 28.8% in FY2023 to 29.2% in FY2024[18] - Total bank borrowings amounted to HK$7,882 million as of March 31, 2024, with 49.1% due within 1 year and 50.8% due between 1-5 years[40] Strategies and Outlook - Management's top priority is to focus on making continuing asset sales to recycle capital & crystalize profit[62] - The company has a solid pipeline of high-quality residential and commercial projects to provide ample liquidity and EBITDA[62] - The company estimates the current value of residential projects to be sold amounts to approximately HK$5 billion per CSI's stake[65]

《2024年阿联酋房地产市场住宅白皮书》 重磅发布！ 前 言 《2024 年阿联酋房地产市场住宅白皮书》由 CRIC 克而瑞研究中心撰写， Asia Bankers Club提供技术支 持。这份白皮书对阿联酋房地产住宅市场进行了全面剖析，涵盖阿联酋整体分析、重点市场分析、行业竞 争格局分析、高价值区域总结与建议以及趋势与风险等多方面内容，为投资者、从业者和关注者提供了极 具价值的市场洞察与决策依据。 在整体分析部分，深入探讨了阿联酋的经济、人口、购房政策法规及未来发展潜力。经济上，疫情后复苏 显著，2024 年 GDP 创下新高，经济多元化成果显现，非石油经济比重逐年增加，房地产业对 GDP 贡献 率也不断攀升。人口方面，规模高速增长，年轻群体消费力强，外籍人口占比近九成，宽松的投资移民政 策持续吸引海外高净值人群。购房政策法规以零税费为核心，对全球投资者极具吸引力，同时房地产相关 政策友好，保障了外籍投资者和租房人群权益。 重点市场分析聚焦迪拜和阿布扎比。迪拜作为国际化大都市，经济多元化发展，旅游和房地产业蓬勃发 展，城市发展规划明确，房地产市场新房和租赁市场活跃。阿布扎比是阿联酋的政治、经济和文化核心， ...

中金发布研报称，4月全国新建商品房销售面积和金额同比降幅分别走阔至-2.1%和-6.7%(3月分别-0.9% 和-1.6%)；同期高频口径新房销售面积同比转负至-14%(3月同比+2%)，各口径新房销售数据均呈走弱态 势。估计4月一、二手房总销量同比增幅已降至个位数水平，叠加挂牌量持续上行(4月末130城二手住宅 挂牌套数较3月末+1.0%)带来的预期影响，挂牌价压力已开始向成交价传导，4月中金同质性二手住宅成 交价格指数环比跌幅走阔至-1.3%(此前6个月环比跌幅均不超过-0.5%)。 中金主要观点如下： 4月新房和二手房成交量均边际走弱，房价环比跌幅走阔 4月全国新建商品房销售面积和金额同比降幅分别走阔至-2.1%和-6.7%(3月分别-0.9%和-1.6%)；同期高 频口径新房销售面积同比转负至-14%(3月同比+2%)，各口径新房销售数据均呈走弱态势。二手房方 面，4月中介口径80城二手住宅成交量指数同比增幅收窄至+13%(3月同比+45%)，备案口径15城二手房 成交面积同比增幅也收窄至+17%(3月同比+32%)，整体上二手房交易量表现好于新房，但也已现边际走 弱态势。 中金估计，4月一、二手房总 ...

中金研报称，4月房地产投资和开工承压，需求走弱背景下关注前端土地市场温度变化。4月受销售回款 影响，房企到位资金同比跌幅走阔至-5.3%(3月-3.9%)，房地产投资同比跌11.3%(3月-10.0%)，新开工面 积同比跌22%(3月-18%)，竣工面积同比跌28%(3月-12%)，4月末施工面积同比跌9.7%(3月末为-9.5%)； 在新房销售疲弱背景下，企业投资意愿和能力的边际走弱符合我们此前预期。今年1-4月300城宅地成交 建面和金额分别同比增长5%和34%(2024年分别为-22%和-27%)，该表现与头部城市密集推地直接相 关；往前看，我们认为如需求端仍维持走弱态势，需关注土地市场温度边际变化，这对投资端指标有一 定前瞻意义。关注房地产及多元板块投资机会。近期房地产销售量价均边际走弱，但外部环境扰动影响 和需求端支持政策进展仍待观察。 ...

提醒：北京时间10:00将公布中国1-4月工业增加值、社会消费品零售、城镇固定资产投资、房地产投资 等月度经济数据。 ...

Core Insights - In April, local governments in China issued a total of 176.3 billion yuan in new special bonds, with 71.7 billion yuan directed towards real estate-related sectors, accounting for 40% of the total, an increase of 8 percentage points from March [1] - The specific allocation for real estate was 33.6 billion yuan, representing a month-on-month increase of 30% [1] - Cumulatively, from January to April, the total issuance of new special bonds reached 1.1 trillion yuan, with 389.1 billion yuan allocated to real estate-related sectors, making up 35% of the total, and 164.6 billion yuan specifically earmarked for real estate, which is 15% of the total [1]

Financial Performance - The company reported a profit of HK$7980 million for FY 2022 [9], a 12% increase compared to FY 2021's HK$7112 million [9] - Recurring profit for FY 2022 was HK$7176 million [9], a 9% decrease from FY 2021's HK$7143 million [9] - Underlying profit decreased by 1% to HK$8706 million in FY 2022 [9], compared to HK$9532 million in FY 2021 [9] - The company is aiming for mid-single-digit dividend growth [9], with a full year dividend per share of HK$1.00 [9], a 5% increase from HK$0.95 in 2021 [9] Portfolio Performance - Hong Kong office portfolio maintained a resilient performance with 96% overall occupancy [9] - Hong Kong retail portfolio is recovering, with almost fully let occupancy [9] - Chinese Mainland retail portfolio saw a 5% increase in attributable retail gross rental [9] - Chinese Mainland office portfolio demonstrated robust performance with overall occupancy between 94% and 99% [9] Investments and Developments - The company has committed close to 40% of its HK$100 billion investment plan [11] - The company expects 8.2 million sq ft of attributable GFA to be completed from 2023 onwards [19] - The company acquired the remaining 50% interest in Sino-Ocean Taikoo Li Chengdu for RMB 5.6 billion [34]

Group 1 - The annual Berkshire Hathaway shareholder meeting attracted a record attendance of approximately 19,700 shareholders, coinciding with Warren Buffett's 60th anniversary at the helm of the company [1] - Buffett expressed that even a 30% drop in Berkshire's stock price would be viewed as a "very good opportunity," emphasizing the importance of rational judgment over emotional reactions during critical times [1] - The company is adopting a cautious approach towards artificial intelligence, with Buffett stating that they will not place all bets on AI and have appointed Ajit Jain to oversee related decisions [1] Group 2 - Buffett highlighted the challenges of finding high returns due to the company's size, stating that it has become increasingly difficult to identify attractive investment opportunities [2] - In response to concerns about the large cash reserves, Buffett indicated that acting hastily could harm shareholder interests and expressed a willingness to reduce cash levels to $50 billion if better opportunities arise [2] - The meeting also marked a significant transition, as Buffett announced his intention to step down as CEO by the end of the year, with Greg Abel set to take over, signaling the end of an era for the company [2]