万城控股2024中期报告

(Incorporated in the Cayman Islands with limited liability)Stock code: 2892 2024中期報告INTERIM REPORT 2Corporate Information4Chairman’s Statement7Financial Highlights8Management Discussion and Analysis18Other Information27Review Report29Consolidated Statement of Profit or Loss30Consolidated Statement of Profit or Loss andOther Comprehensive Income31Consolidated Statement of Financial Position33Consolidated Statement of Changes in Equity34Condensed Consolidated Statement of Cash Flows36Notes to the Unaudited Interim Financial Report59Glossary Corporate Information BOARD OF DIRECTORS BBS, JPBBS, MH, JP Executive Directors Mr. Wong Ting ChungBBS, JP(Chairman)Mr. Lau Ka KeungBBS, MH, JP(Chief Executive Officer)Mr. Li Wa Tat, Benedict GBS, JPBBS, MH, JP Independent non-executive Directors Mr. Ip Shu Kwan, StephenGBS, JPMr. Li YinquanMr. Chan Hiu Fung, NicholasBBS, MH, JP BOARD COMMITTEES GBS, JPBBS, MH, JP Audit CommitteeMr. Li Yinquan(Chairman)Mr. Ip Shu Kwan, StephenGBS, JPMr. Chan Hiu Fung, NicholasBBS, MH, JP Remuneration Committee BBS, MH, JPBBS, JPBBS, MH, JPGBS, JP Mr. Chan Hiu Fung, NicholasBBS, MH, 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, JPBBS, MH, JP Mr. Ip Shu Kwan, StephenGBS, JP(Chairman)Mr. Wong Ting ChungBBS, JPMr. Lau Ka KeungBBS, MH, JPMr. Li YinquanMr. Chan Hiu Fung, NicholasBBS, MH, 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 REPRESENTATIVES Mr. Lau Ka KeungBBS, MH, JPMr. Li Wa Tat, Benedict REGISTERED OFFICE INTHE CAYMAN 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 BANKERSHang 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, 2024630 On behalf of the Board, I hereby present the interim report ofthe Group for the six months ended 30 June 2024. MARKET REVIEW 20245.0% The recovery of the global economy in the first half of 2024remained sluggish due to a number of factors, including highinterest rates and geopolitics. Although China’s economy wasconfronted with negative factors, such as the severe externalenvironmentand the lack of investment and consumptionmomentum, the overall macro-economy still showed a stableand forward-looking trend, with the gross domestic product ofthePRC experienced a solid growth rate by approximately5.0% year-on-year. 202420244.7919.5%25.3%4.7120245.2510.3% China’s real estate sector remained in an adjustment cycle inthe first half of 2024, with the real estate sector still facing thechallenges of insufficient market demand and deleveraging, andtheoverall downtrend of the market remained unchanged.Buyers’ confidence and expectations in the market were low,with cautious purchasing behaviour and a strong wait-and-seesentiment,resulting in a year-on-year decline in contractedsales area and amount. In the first half of 2024, the total salesareaof commercial housing amounted to approximately 479million sq.m., representing a decrease of approximately 19.5%ascompared with that of the corresponding period of theprevious year. In terms of monetary value, the sales volume ofcommercialhousing decreased by approximately 25.3%year-on-yearto approximately RMB4.71 trillion.Besides,thetotalinvestment in the real estate sector in the first half of2024 amounted to approximately RMB5.25 trillion, representingayear-on-year decrease of approximately 10.3%.Statisticsshowthat investment sentiment in the real estate marketremains weak amidst falling prices and volume. The central government has stepped up its stimulus policies inthe real estate sector, including