Core Viewpoint - Zhongze Feng (01282.HK) announced the sale of a property for a total consideration of HKD 35.854 million, with proceeds intended for general working capital [1] Group 1 - The seller, Super Glory Investment Limited, is a wholly-owned subsidiary of the company [1] - The buyer is Kaizhong Electric Motor Commutator Limited [1] - The transaction is set to be completed on September 10, 2025 [1]

Financial Performance - CSI achieved approximately HK$896 million in sales for 1H FY2023 to maintain a healthy cash flow [12] - Gross revenue from property business increased by 132% from HK$100 million in 1H FY2022 to HK$231 million in 1H FY2023 [15] - Gross profit increased by 137% from HK$53 million in 1H FY2022 to HK$125 million in 1H FY2023 [15] - Profit from property joint ventures/associates increased by 167% from a loss of HK$230 million in 1H FY2022 to a profit of HK$154 million in 1H FY2023 [15] - Profit attributable to equity holders decreased by 52% from HK$128 million in 1H FY2022 to HK$62 million in 1H FY2023 [15] Balance Sheet and Credit Metrics - The company has properties and related assets worth HK$24420 million as of September 30, 2022 [16] - Cash and bank balances amounted to HK$2622 million [16] - Net debt to total assets ratio was 33% as of 1H FY2023, compared to 27% in FY2022 [18] - EBITDA to interest expenses was 15x in 1H FY2023 [18] Strategies and Portfolio - The company focuses on high-quality residential and commercial real estate portfolio [58] - The company is managing disposal pipeline to recycle capital and crystalize profit [58] - The company maintains prudent financing with strong asset coverage and liquidity [58]

Financial Performance & Sales - CSI Properties achieved approximately HK$2,377 million in sales for FY2023, including Joint Ventures and Associates, to ensure strong cash flow[12] - The company's gross revenue from property business increased by 91% from HK$420 million in FY2022 to HK$804 million in FY2023, with property sales contributing HK$546 million and rental income HK$258 million[15] - Gross profit saw a significant increase of 1,203%, rising from HK$31 million in FY2022 to HK$404 million in FY2023[15] - Profit attributable to equity holders decreased by 71% from HK$1,156 million in FY2022 to HK$336 million in FY2023, mainly due to one-off gains in FY2022 from the sale of a 49% interest in Novotel Hotel[15] Balance Sheet & Credit Metrics - The company maintains a strong balance sheet with properties and related assets valued at HK$23,628 million as of March 31, 2023[16] - Cash and bank balances, including cash held by securities brokers, amounted to HK$3,162 million as of March 31, 2023[16] - Net debt to total assets ratio increased from 27% in FY2022 to 28.8% in FY2023[18] - EBITDA to interest expenses ratio decreased from 2.4x in FY2022 to 1.4x in FY2023[18] Strategies & Portfolio - The company focuses on prime Hong Kong properties and manages a high-quality residential and commercial real estate portfolio[15, 57] - CSI Properties is actively managing its disposal pipeline to recycle capital and crystallize profit, with completed sales accounting for over HK$2,376 million in FY2023[57, 66] - The company has a diversified funding sources, including equity and debt, and well-managed bank borrowings, with total bank borrowings at HK$10,080 million[39, 40]