绿地香港2025 中期报告

CONTENTS 30Condensed Consolidated Statement of Profitor Loss and Other Comprehensive Income32Condensed Consolidated Statement ofFinancial Position34Condensed Consolidated Statement ofChanges in Equity35Condensed Consolidated Statement ofCash Flows36Notes to the Condensed ConsolidatedFinancial Statements63Glossary 2Corporate Information4Results Highlights6Management Discussion and Analysis20Corporate Governance andOther Information CORPORATE INFORMATION DIRECTORSExecutive Directors Mr. Luo Weifeng(Chairman)Mr. Wang Weixian(Honorary Chairman)Mr. Wu ZhengkuiMs. Wang XulingDr. Li WeiMr. Li Yongqiang Independent Non-Executive Directors Mr. Fong Wo, Felix, JPMr. Kwan Kai CheongMr. Kwok Tun Ho Chester AUDIT COMMITTEE Mr. Kwan Kai Cheong(Chairman)Mr. Fong Wo, Felix, JPMr. Kwok Tun Ho Chester REMUNERATION COMMITTEE Mr. Kwan Kai Cheong(Chairman)Mr. Luo WeifengMs. Wang XulingMr. Fong Wo, Felix, JPMr. Kwok Tun Ho Chester NOMINATION COMMITTEE Mr. Luo Weifeng(Chairman)Mr. Li YongqiangMr. Fong Wo, Felix, JPMr. Kwan Kai CheongMr. Kwok Tun Ho Chester COMPANY SECRETARY Ms. Fung Wai Sum CORPORATE INFORMATION(Continued) REGISTERED OFFICE Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands HEADQUARTERS No. 193 Xiehe RoadChangning DistrictShanghai, China 193 PRINCIPAL PLACE OF BUSINESSIN HONG KONG Room 5711, 57th FloorThe Center99 Queen’s Road CentralHong Kong 99575711 WEBSITEhttp://www.greenlandhk.com http://www.greenlandhk.com AUDITORDeloitte Touche TohmatsuRegistered Public Interest Entity Auditors • LEGAL ADVISERSAs to Hong Kong law: Derek Tsang Law OfficeAs to PRC law: Shanghai City Development Law Firm BRANCH SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 RESULTS HIGHLIGHTS MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY REVIEW In 2025, the global economy grew slowly, while China’s economywitnessed a stable start from the beginning of the year, maintaining itsgrowth resilience amid fluctuations. The real estate industry continued toundergo a critical phase of deep adjustment and transformation. Despitenumerous challenges, it gradually explored new development pathwaysthrough sustained policy support and market self-regulation. In the firstquarter of 2025, China’s GDP grew by 5.1% year-on-year, and the stablegrowth of economy has provided confidence to the real estate market. Asproperty policies from both central and local governments are thoroughlyimplemented, the intensity of relaxation of regulatory measures havecontinued to be increased. With the precise implementation of demand-side incentive policies, coupled with initiatives such as the optimization ofhousing transaction taxes and fees, the industry has shown more signs ofstabilization. 2025GDP5.1% According to relevant data for 2025 released by the National Bureau ofStatistics, although the absolute value of the real estate industry in economicaccounting still experienced a decline, the rate of decrease narrowedcompared to that of 2024. In the first quarter, the adjustment trend atthe end of 2024 continued and enterprises were still under pressure inproperty sales, yet the downward rate obviously reduced. After the SpringFestival, driven by policies such as lowering the interest rate and thereserve requirement ratio and “replacing old with new”, the customer flowsat sales venues of new projects and visits and transactions of secondary-market properties in key cities had a significant quarter-to-quarter increase,as witnessed by a short-lived resurgence in core areas of first-tier citiessuch as Beijing and Shanghai, and the house purchase confidence hasbeen recovering. In the second quarter, the room for policy relaxation hasbeen further released. The complete lifting of purchase restrictions in first-tier and popular second-tier cities, and a basket of policies including housepurchase subsidies and preferential interest rates introduced in certain cities,have facilitated a more significant recovery trend in the market. MANAGEMENT DISCUSSION AND ANALYSIS(Continued) INDUSTRY REVIEW(CONTINUED) In respect of real estate policies, the keynote of relaxed policies remainedunchanged with increased support by policies. At the central governmentlevel, during the first half of the year, the central government continuedto actively express their commitment to promote the market to stop furtherdecline and to stabilize. However, most policies were focused on the supplyside, while support on the demand side remained relatively conservativeand within expectations. The Politburo meeting set the tone of “new phaseof stabilizing the market”, deploying three major tasks, namely urbanrenewal, high-quality transformation, and inventory optimization. The StateCouncil Executive Meeting emphasized the construct