万城控股2023中期报告

CONTENTS Corporate Information2Chairman’s Statement4Financial Highlights7Management Discussion and Analysis8Other Information18Review Report27Consolidated Statement of Profit or Loss29Consolidated Statement of Profit or Loss andOther Comprehensive Income30Consolidated Statement of Financial Position31Consolidated Statement of Changes in Equity33Condensed Consolidated Statement of Cash Flows34Notes to the Unaudited Interim Financial Report36Glossary63 Corporate Information BOARD OF DIRECTORSExecutive Directors Mr. Wong Ting ChungBBS, JP(Chairman)Mr. Lau Ka KeungBBS, MH, JP(Chief Executive Officer)Mr. Li Wa Tat, Benedict BBS, JPBBS, MH, JP GBS, JPMH, JP Independent non-executive Directors Mr. Ip Shu Kwan, StephenGBS, JPMr. Li YinquanMr. Chan Hiu Fung, NicholasMH, JP GBS, JPMH, JP BOARD COMMITTEESAudit Committee Mr. Li Yinquan(Chairman)Mr. Ip Shu Kwan, StephenGBS, JPMr. Chan Hiu Fung, NicholasMH, JP Remuneration Committee MH, JPBBS, JPBBS, MH, JPGBS, JP Mr. Chan Hiu Fung, NicholasMH, JP(Chairman)Mr. Wong Ting ChungBBS, JPMr. Lau Ka KeungBBS, MH, JPMr. Li YinquanMr. Ip Shu Kwan, StephenGBS, JP Nomination Committee GBS, JPBBS, JPBBS, MH, JPMH, JP Mr. Ip Shu Kwan, StephenGBS, JP(Chairman)Mr. Wong Ting ChungBBS, JPMr. Lau Ka KeungBBS, MH, JPMr. Li YinquanMr. Chan Hiu Fung, NicholasMH, JP Executive Committee BBS, MH, JPBBS, JP Mr. Lau Ka KeungBBS, MH, JP(Chairman)Mr. Wong Ting ChungBBS, JPMr. Li Wa Tat, Benedict COMPANY SECRETARYMr. Li Wa Tat, Benedict BBS, MH, JP AUTHORISED REPRESENTATIVESMr. Lau Ka KeungBBS, MH, JPMr. Li Wa Tat, Benedict Corporate Information(Continued) REGISTERED OFFICE IN THECAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands 5721D HEADQUARTER AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG Unit D, 21/F., Block 1Tai Ping Industrial Centre57 Ting Kok RoadTai Po, New TerritoriesHong Kong Conyers Trust Company (Cayman) Limited CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681, Grand CaymanKY1-1111, Cayman Islands 183171712–1716 HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong AUDITOR 108 KPMGPublic Interest Entity Auditor registered in accordance withthe Financial Reporting Council Ordinance8/F, Prince’s Building10 Chater RoadCentral, Hong Kong 140 LEGAL ADVISER Chiu & Partners40/F, Jardine House1 Connaught PlaceHong Kong PRINCIPAL BANKERS Hang Seng Bank LimitedThe Bank of East Asia, Limited 2892 STOCK CODE2892 http://www.millioncities.com.cn WEBSITE OF THE COMPANYhttp://www.millioncities.com.cn Chairman’s Statement Dear shareholders, 2023630 On behalf of the Board, I hereby present the interim report ofthe Group for the six months ended 30 June 2023. MARKET REVIEW 202320235.5% Inthe first half of 2023,as pandemic prevention measureswererelaxed,there was a gradual rebound in economy.However,persistent global inflation and a sustained high-interest rate environment have impacted both consumer andbusinessconfidence.Moreover,the risks associated withgeopolitical tensions and trade conflicts have casted a shadowover the macro-economic prospects. Nevertheless, the centralgovernmentcontinued to implement steadfast fiscal andmonetary policies to facilitate high-quality development, boostdomestic demand, stabilise economic recovery and stimulateeconomic growth. As a result, the gross domestic product ofthe PRC experienced a healthy growth rate by approximately5.5% year-on-year in the first half of 2023 when compared withthat of the corresponding period of the previous year. 20235.9513.6%6.314.5%20235.8514.3% Thereal estate market nationwide has faced significantchallenges caused by liquidity risks and diminishing demand.This has led to a sharp downturn in commercial housing sales,erodingconfidence in future market development of the realestate sector. According to the data released by the NationalBureau of Statistics of the PRC, in the first half of 2023, thetotalsales area of commercial housing amounted toapproximately595 million sq.m.,representing a decrease ofapproximately13.6%as compared with that of thecorrespondingperiod of the previous year.In terms ofmonetaryvalue,the sales volume of commercial housingdecreased by approximately 4.5% to approximately RMB6.31trillion, as compared with that of the corresponding period oftheprevious year.Besides,the total investment in the realestatesector in the first half of 2023 amounted toapproximatelyRMB5.85 trillion,representing a year-on-yeardecrease of approximately 14.3%. The data illustrated that thesales and investment performan