Financial Data and Key Metrics Changes - The company recorded a profit of RMB 183 million in the first half of 2024, with profit attributable to shareholders at RMB 72 million, reflecting a significant year-on-year decline primarily due to a lack of residential property completions [7][18] - Total revenue was RMB 2 billion, down 68% year-on-year, largely due to lower property sales, which totaled RMB 143 million [14][16] - Rental income increased by 11% year-on-year to RMB 1.75 billion, supported by new property openings [15][18] Business Line Data and Key Metrics Changes - The company did not launch any major new residential projects in the first half, resulting in recognized property sales of RMB 1.69 billion [32] - The commercial portfolio saw a rental income increase of 16% year-on-year, reaching RMB 1.76 billion, driven by strong performance from new projects [44] Market Data and Key Metrics Changes - The Shanghai residential market showed resilience, with primary sales of housing units priced above RMB 10 million increasing by 57% in the first half of 2024 compared to the same period in 2023 [36][39] - Despite challenges in the office market, the occupancy rate for mature office properties remained stable at 91% [46] Company Strategy and Development Direction - The company aims to leverage strengths in urban regeneration and implement a best-in-class product strategy to reinforce its leadership position in Shanghai [37] - A focus on sustainability and innovative solutions is emphasized to attract reputable tenants and maintain occupancy rates [49] Management Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook on the China real estate market, anticipating a slow recovery due to ongoing economic uncertainties and challenges within the sector [11][12] - The company plans to preserve cash and adopt appropriate debt management strategies to ensure sustainability [12][27] Other Important Information - The company has repaid over RMB 40 billion of offshore debt since 2021, reducing reliance on offshore financing from approximately 80% to about 47% [26][29] - No interim dividend was declared for the first half of 2024 [18] Q&A Session Summary Question: What are the company's plans for new residential projects? - The company plans to launch more residential projects in the second half, including Riverview and Lakeview Phase 6, with approximately 240,000 square meters available for sale [33][40] Question: How is the company addressing the challenges in the office market? - The company is focusing on maintaining occupancy rates and attracting large, reputable tenants through innovative service offerings [51][52]

Financial Data and Key Metrics Changes - The company recorded a revenue of RMB9.75 billion and a net profit of RMB1.4 billion for 2023, with profit attributable to shareholders amounting to RMB810 million [10][21] - Total rental and related income increased to RMB3.24 billion, representing a growth of 16% year on year [11][47] - The net gearing ratio increased slightly to 52%, while cash and bank deposits totaled RMB8.9 billion [11][27] Business Line Data and Key Metrics Changes - Property sales amounted to RMB5.9 billion, primarily from the Panlong Qiandi project, with total contract sales of RMB11.4 billion [21][33] - Rental income increased by 16% year on year to RMB2.4 billion, driven by successful openings of commercial projects [21][47] - The company maintained a stable management area of 9 million square meters in property management [48] Market Data and Key Metrics Changes - The residential market showed a slow recovery, with a significant drop in residential sales area and record high national housing inventory [14] - In Shanghai, prime retail property vacancy rates and rents remained stable, with a slight 0.2% drop in rental rates year on year [15] - The office market faced challenges with a 27% drop in grade A office rents in Shanghai, leading to higher vacancy rates [16] Company Strategy and Development Direction - The company will continue to adopt a prudent capital management strategy and maintain an asset-light approach, focusing on Tier one cities in the Yangtze River Delta and Greater Bay Area [6][17] - Emphasis on urban regeneration and mixed-use developments to capture unique market opportunities [18][44] - The company aims to strengthen its brand and enhance product quality in high-quality mixed-use communities [45] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing economic challenges, including geopolitical tensions, high interest rates, and sluggish market recovery [5][7] - Future market recovery is expected to be slow, with continued consolidation in the property sector [7][14] - The company remains optimistic about the Shanghai market, citing stable demand and opportunities for growth [7][43] Other Important Information - The company successfully issued the largest private green mortgage-backed onshore CMBS in April 2023 [12] - The Board recommended a final dividend of $0.58 per share, with a total full-year dividend of $0.90 per share [13][21] - Significant progress in sustainability efforts, with improved ESG ratings and over 96% of existing assets certified as green or healthy buildings [19] Q&A Session Summary Question: What are the company's views on the current market conditions? - The company noted that the property sector is experiencing a downturn, with divergent performance among cities and regions, but top-tier cities are showing resilience [43][44] Question: How does the company plan to navigate the challenges in the office market? - The company aims to maintain high occupancy rates and focus on acquiring large tenants while enhancing service offerings [52][56] Question: What are the future plans for property development? - The company plans to launch several premium residential projects in Shanghai and continue to explore urban renewal opportunities [36][40][45]

Financial Data and Key Metrics Changes - The Group revenue increased by 46% to RMB 6.4 billion in the first half of 2023 compared to the same period in 2022 [7] - Profit for the period rose by 17% year on year to RMB 913 million, while profit attributable to shareholders increased by 37% year on year to RMB 618 million [7][24] - The net gearing ratio increased slightly to 50% as of June 30, 2023, compared to 45% at the end of 2022 [9][25] Business Line Data and Key Metrics Changes - Property sales in the first half increased by 90% to RMB 4.6 billion, primarily driven by the Panlong Tiendi project in Shanghai [8][19] - Total rental and related income was RMB 1.5 billion, representing a growth of 3% year on year [8] - The recognized property sales for the first half amounted to RMB 34.7 billion when including joint ventures and associates [12][20] Market Data and Key Metrics Changes - The retail portfolio occupancy averaged 91% as of June 30, with rental reversions remaining positive [13] - The office portfolio maintained an average occupancy rate of 88%, with Shanghai achieving an average occupancy of 92% [13][45] - The K-shaped market trend was noted, with solid demand in top-tier cities and quality products remaining high in demand [11][32] Company Strategy and Development Direction - The company aims to maintain prudent but proactive capital management to ensure strong liquidity and explore additional onshore financing channels [15] - Long-term expansion plans focus on Shanghai and other first-tier cities, emphasizing urban regeneration projects [15][39] - The company is well-positioned to capitalize on urban renewal opportunities, particularly in Shanghai, supported by recent government policies [39][40] Management's Comments on Operating Environment and Future Outlook - The management highlighted challenges such as geopolitical tensions, high inflation, and a poor economic outlook affecting consumer spending [4][5] - Despite these challenges, the company has seen an increase in profit and stable occupancy rates, indicating resilience [6][11] - The management expressed cautious optimism regarding urban regeneration policies that could provide new opportunities [5][39] Other Important Information - The company successfully issued the largest private green mortgage-backed onshore CMBS in April, valued at RMB 4.4 billion [9][29] - The interim dividend for 2023 was recommended at $0.32 per share, reflecting the group's financial performance [10] Q&A Session Summary Question: What are the company's strategies in the current market? - The company will continue to adopt flexible leasing strategies and enhance service quality to improve occupancy rates [50] - There is a focus on strengthening competitive advantages in community products and urban retreat offerings [50] Question: How is the company addressing the challenges in the property market? - The company is leveraging its strong brand and track record in urban regeneration to navigate the current market correction [39] - The management noted the importance of maintaining a balanced portfolio and proactive asset management [45]