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0.033 Tc 0.075 Tw 0 -1.292 Td
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/T1_0 1 Tf
0.059 Tc 0.07 Tw 0 -2.583 Td
[(The)12.8 ( Audit)12.7 ( Committee)12.7 ( has)12.7 ( discussed)12.7 ( with)12.7 ( the)12.8 ( Company\222s)12.8 ( management)12.7 ( and)12.7 ( independent)34.1 ( )]TJ
0.042 Tc 0 -1.292 Td
[(a)0.5 (u)0.5 (d)0.6 (i)0.5 (t)0.5 (o)0.5 (r)13.1 ( )0.5 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (h)0.5 (a)0.6 (s)13 ( )0.5 (r)0.5 (e)0.6 (v)0.5 (i)0.5 (e)0.5 (w)0.6 (e)0.5 (d)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (a)0.5 (n)0.5 (n)0.5 (u)0.6 (a)0.5 (l)13 ( )0.5 (r)0.6 (e)0.5 (s)0.5 (u)0.5 (l)0.6 (t)0.5 (s)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.6 (f)0.5 (o)0.5 (r)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (y)0.5 (e)0.5 (a)0.6 (r)13 ( )0.5 (e)0.6 (n)0.5 (d)0.5 (e)0.5 (d)13 ( )0.6 (3)13 (1)13 ( )0.5 (D)0.6 (e)0.5 (c)0.5 (e)0.6 (m)0.5 (b)0.5 (e)0.6 (r)17 ( )]TJ
0.065 Tc 0 -1.292 Td
[(2)12.6 (0)12.7 (2)12.7 (2)12.6 ( together)12.7 ( with)12.7 ( the)12.7 ( accounting)12.6 ( standards)12.7 ( and)12.7 ( practices)12.7 ( adopted)12.7 ( by)12.6 ( the)12.7 ( Group.)12.7 ( The)40 ( )]TJ
0.047 Tc 0 -1.292 Td
[(Audit)12.1 ( Committee)12.1 ( has)12.2 ( agreed)12.1 ( with)12.1 ( the)12.1 ( management)12.1 ( of)12.1 ( the)12.1 ( Company)12.1 ( on)12.1 ( the)12.1 ( annual)12.1 ( results)22 ( )]TJ
0.041 Tc 0 -1.292 Td
[(of)12.1 ( the)12.1 ( Group)12.1 ( for)12.1 ( the)12.1 ( year)12.1 ( ended)12.1 ( 3)12.1 (1)12.1 ( December)12.1 ( 2)12.1 (0)12.1 (2)12.1 (2)12.1 (.)12.1 ( The)12.2 ( figures)12.1 ( in)12.1 ( respect)12.1 ( of)12.1 ( the)12.1 ( Group\222s)16 ( )]TJ
0.025 Tc 0.022 Tw 0 -1.292 Td
[(consolidated statement of financial position, )0.5 (consolidated )0.5 (statement of profit or loss and other )]TJ
0.053 Tw 0 -1.292 Td
(comprehensive income and the related notes thereto for the year ended 31\ December 2022 as )Tj
0 -1.292 Td
(set out in this announcement have been agreed by the Company\222s indepe\ndent auditor, Prism )Tj
0 Tw 0 -1.292 Td
(Hong Kong and Shanghai Limited.)Tj
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(\226 35 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(Delisting of the August 2023 Notes)Tj
/T1_0 1 Tf
0.023 Tw 0 -2.583 Td
(References are made to the announcements of the Company dated 13 August \2021, 18 August )Tj
0.061 Tw 0 -1.292 Td
(2021, 19 August 2021, 21 March 2022, 4 April 2022, 20 February 2023 and \18 August 2023 )Tj
0.023 Tc 0 Tw 0 -1.292 Td
[(in )0.5 (rela)0.5 (tio)0.5 (n to )0.5 (the )0.5 (12% )0.5 (sen)0.5 (ior n)0.5 (ote)0.5 (s due)0.5 ( 20)0.5 (23 in )0.5 (the)0.5 ( pri)0.5 (ncip)0.5 (al a)0.5 (moun)0.5 (t of)0.5 ( US$)0.5 (200,0)0.5 (00,00)0.5 (0 is)0.5 (sue)0.5 (d)-2 ( )]TJ
0.041 Tc 0.07 Tw 0 -1.292 Td
[(by)12.8 ( the)12.8 ( Company)12.8 ( \(the)12.9 ( \223)]TJ
/T1_1 1 Tf
-0.041 Tw (August)Tj
/T1_0 1 Tf
0 Tc 0 Tw 13.482 0 Td
( )Tj
/T1_1 1 Tf
0.028 Tc 0.083 Tw 0.361 0 Td
[(2023 N)-12.6 (o)-12.7 (t)-12.7 (e)-12.7 (s)]TJ
/T1_0 1 Tf
0.041 Tc 0.07 Tw 5.065 0 Td
[(\224\).)12.9 ( The)12.8 ( ISIN)12.8 ( and)12.8 ( Common)12.8 ( Code)12.8 ( for)12.8 ( the)12.8 ( August)16 ( )]TJ
0.025 Tc 0 Tw -18.908 -1.292 Td
(2023 Notes are XS2369849745 and 236984974, respectively.)Tj
0.054 Tc 0.07 Tw 0 -2.667 Td
[(The)12.9 ( princ)0.5 (ipal)12.9 ( amount)12.9 ( of)12.9 ( the)12.9 ( A)0.5 (ug)0.5 (ust)12.9 ( 2)12.9 (0)12.9 (2)12.9 (3)12.9 ( Notes)12.9 ( of)12.9 ( U)0.5 (S$)12.9 (2)12.9 (0)12.9 (0)12.9 (,)12.9 (0)12.8 (0)13 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 ( and)12.9 ( its)12.9 ( accr)0.5 (ue)0.5 (d)12.9 ( and)29 ( )]TJ
0.025 Tc 0.065 Tw 0 -1.333 Td
(unpaid interest thereon became due and payable in April 2022. The August\ 2023 Notes were )Tj
0 Tw 0 -1.333 Td
(delisted from the Stock Exchange on 18 August 2023 upon its maturity.)Tj
0.028 Tw 0 -2.667 Td
(As of the date of this announcement, the aforementioned principal and in\terests of the August )Tj
0 Tw 0 -1.333 Td
(2023 Notes remain outstanding.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Proposed Offshore Restructuring)Tj
/T1_0 1 Tf
0.042 Tc 0.07 Tw 0 -2.667 Td
[(Over)12.4 ( the)12.4 ( past)12.3 ( year,)12.3 ( the)12.3 ( Company)12.4 ( has)12.4 ( faced)12.4 ( challenges)12.3 ( from)12.4 ( various)12.3 ( factors,)12.4 ( including)12.3 ( the)17.1 ( )]TJ
0.025 Tc 0.079 Tw 0 -1.333 Td
(macroeconomy, the credit environment, the COVID-19 pandemic and the resu\lting tightened )Tj
-0.025 Tw 0 -1.333 Td
(liquidity.)Tj
0.029 Tc 0.079 Tw 0 -2.667 Td
[(As)4 ( )0.5 (stated)4 ( )0.5 (in)4 ( )0.5 (the)4 ( )0.6 (Company\222s)4 ( )0.5 (announcement)4 ( )0.5 (dated)4 ( )0.5 (2)4 (0)4 ( )0.5 (February)4 ( )0.5 (2)4 (0)4 (2)4 (3)4 ( )0.5 (\(the)4 ( )0.5 (\223)]TJ
/T1_1 1 Tf
-0.029 Tw (Announcement)Tj
/T1_0 1 Tf
[(\224\),)4 ( )]TJ
0.049 Tc 0.07 Tw 0 -1.333 Td
[(to)12.2 ( improve)12.2 ( its)12.2 ( financial)12.2 ( stability)12.2 ( and)12.2 ( sustainability,)12.3 ( the)12.3 ( Group)12.2 ( is)12.3 ( launching)12.2 ( the)12.3 ( proposed)24.1 ( )]TJ
0.051 Tc 0 -1.333 Td
[(restructuring)12.2 ( of)12.3 ( the)12.2 ( Transaction)12.3 ( Notes)12.2 ( \(as)12.2 ( defined)12.3 ( in)12.3 ( the)12.3 ( Announcement\).)12.2 ( The)12.3 ( Company)26 ( )]TJ
0.042 Tc 0 -1.333 Td
[(e)0.5 (x)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.5 (s)13 ( )0.5 (t)0.5 (o)13 ( )0.6 (c)0.5 (o)0.5 (m)0.5 (m)0.5 (e)0.5 (n)0.6 (c)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (c)0.5 (e)0.6 (s)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (i)0.6 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.6 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (r)0.5 (e)0.5 (s)0.5 (t)0.5 (r)0.5 (u)0.6 (c)0.5 (t)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (o)0.5 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (t)0.6 (e)0.5 (r)0.5 (m)0.5 (s)13 ( )0.5 (s)0.6 (e)0.5 (t)13 ( )0.5 (f)0.5 (o)0.5 (r)0.6 (t)0.5 (h)17 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.333 Td
[(in)10 ( )0.5 (the)10 ( )0.5 (creditor)10 ( )0.5 (support)10 ( )0.6 (agreement)9.9 ( )0.5 (as)10 ( )0.5 (soon)10 ( )0.5 (as)10 ( )0.5 (possible)10 ( )0.5 (and)10 ( )0.6 (will)10 ( )0.6 (update)10 ( )0.5 (the)10 ( )0.6 (Shareholders)10 ( )0.5 (and)10 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(potential investors by way of announcement if there is any material deve\lopment on this.)Tj
/T1_1 1 Tf
0 -2.667 Td
(The Completion of the 2022 Notes Restructuring)Tj
/T1_0 1 Tf
0.023 Tc 0 -2.667 Td
[(In March 2023, the Company and its subsidiary, Shinsun Property Group Co\., Ltd, commenced)-2 ( )]TJ
0.049 Tc 0.07 Tw 0 -1.333 Td
[(the)12.3 ( extension)12.3 ( offer)12.3 ( to)12.4 ( the)12.4 ( bonds)12.4 ( with)12.3 ( a)12.3 ( principal)12.3 ( amount)12.3 ( of)12.4 ( RMB)12.4 (5)12.3 (0)12.4 (0)12.3 (,)12.4 (0)12.3 (0)12.4 (0)12.3 (,)12.3 (0)12.4 (0)12.3 (0)12.4 ( \(the)12.3 ( \223)]TJ
/T1_1 1 Tf
0.037 Tc -0.037 Tw 38.048 0 Td
[(2020)12 ( )]TJ
0.025 Tc -0.025 Tw -38.048 -1.333 Td
(Bonds)Tj
/T1_0 1 Tf
(\224\).)Tj
0.072 Tw 0 -2.625 Td
[(In April 2023, the Group has obtained )0.5 (approval )0.5 (from the bondholders )0.5 (of )0.5 (the 2020 Bonds for )]TJ
0.029 Tc 0.079 Tw 0 -1.292 Td
[(e)0.5 (xt)0.5 (e)0.5 (ns)0.5 (io)0.5 (n)4 ( )0.5 (o)0.5 (f)4 ( )0.5 (th)0.5 (e)4 ( )0.5 (m)0.5 (a)0.5 (tu)0.5 (ri)0.5 (t)0.5 (y)4 ( )0.5 (da)0.5 (t)0.5 (e)4 ( )0.5 (to)4 ( )0.6 (Ma)0.5 (r)0.5 (ch)4 ( )0.5 (2)4 (0)4 (2)4 (6)4.1 ( )0.5 (wi)0.5 (t)0.5 (h)4 ( )0.5 (ad)0.5 (d)0.5 (it)0.5 (io)0.5 (na)0.5 (l)4 ( )0.5 (l)0.5 (a)0.5 (nd)4 ( )0.5 (u)0.5 (s)0.5 (e)4 ( )0.5 (ri)0.5 (gh)0.5 (t)4 ( )0.5 (a)0.5 (nd)4 ( )0.6 (pr)0.5 (op)0.5 (e)0.5 (rt)0.5 (y)4 ( )0.5 (o)0.5 (f)4 ( )]TJ
0.025 Tc 0.082 Tw 0 -1.292 Td
[(the )0.5 (Group\222s )0.6 (subsidiaries )0.5 (as )0.6 (collateral. )0.6 (Furthermore, )0.5 (the )0.6 (interest )0.5 (rate )0.5 (of )0.6 (2020 )0.6 (Bonds )0.5 (has )0.6 (been )]TJ
0 Tw 0 -1.292 Td
(adjusted to 5.5% per annum.)Tj
0.024 Tc 0 -2.583 Td
[(Save as disclosed above, as at the date of this announcement, the Group \did not have any other)-1 ( )]TJ
0.025 Tc 0 -1.292 Td
(significant event subsequent to 31 December 2022.)Tj
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/CS0 cs 0 0 0 1 scn
/Perceptual ri
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12 0 0 12 282.6378 18.7502 Tm
(\226 34 \226)Tj
/T1_1 1 Tf
0.025 Tc 0.075 Tw -18.829 63.041 Td
(COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY )Tj
-0.025 Tw 0 -1.292 Td
(DIRECTORS)Tj
/T1_0 1 Tf
0.042 Tw 0 -2.583 Td
(The Company has adopted the Model Code for Securities Transactions by Di\rectors of Listed )Tj
0.037 Tw 0 -1.292 Td
(Issuers as contained in Appendix 10 \(which has been renumbered to Appen\dix C3 with effect )Tj
0.029 Tc 0.079 Tw 0 -1.292 Td
[(from)4.1 ( )0.5 (3)4 (1)4 ( )0.5 (December)4 ( )0.5 (2)4 (0)4.1 (2)4 (3)4 (\))4 ( )0.5 (to)4 ( )0.5 (the)4.1 ( )0.5 (Listing)4 ( )0.5 (Rules)4 ( )0.5 (\(the)4 ( )0.5 (\223)]TJ
/T1_1 1 Tf
[(Model)4 ( )0.5 (Code)]TJ
/T1_0 1 Tf
[(\224\))4 ( )0.5 (as)4.1 ( )0.5 (the)4 ( )0.5 (guidelines)4.1 ( )0.5 (for)4 ( )0.5 (the)4 ( )]TJ
0.042 Tc 0.07 Tw 0 -1.292 Td
[(Directors\222)12.1 ( dealings)12.1 ( in)12.1 ( the)12.1 ( securities)12 ( of)12.1 ( the)12.1 ( Company)12.1 ( since)12 ( the)12.1 ( Listing.)12.1 ( Following)12 ( specific)17.1 ( )]TJ
0.025 Tc 0.046 Tw 0 -1.292 Td
(enquiries to each of the Directors, all the Directors have confirmed the\ir compliance with the )Tj
0 Tw 0 -1.292 Td
(required standards set out in the Model Code for the year ended 31 Decem\ber 2022.)Tj
/T1_1 1 Tf
0.021 Tc 0 -2.542 Td
(PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY)Tj
0.025 Tc 0 -2.5 Td
(US$300,000,000 12.50% Senior Notes Due 2022)Tj
/T1_0 1 Tf
0.053 Tc 0.07 Tw 0 -2.5 Td
[(Reference)12.2 ( is)12.2 ( made)12.2 ( to)12.2 ( the)12.2 ( 1)12.2 (2)12.2 (.)12.2 (5)12.2 (0)12.2 (%)12.2 ( senior)12.3 ( notes)12.2 ( due)12.2 ( 2)12.2 (3)12.2 ( January)12.2 ( 2)12.2 (0)12.2 (2)12.2 (2)12.2 ( \(the)12.2 ( \223)]TJ
/T1_1 1 Tf
-0.053 Tw (January)Tj
/T1_0 1 Tf
0 Tc 0 Tw 37.662 0 Td
( )Tj
/T1_1 1 Tf
0.041 Tc -0.041 Tw 0.373 0 Td
[(2022)16 ( )]TJ
0.025 Tc -0.025 Tw -38.035 -1.25 Td
(Notes)Tj
/T1_0 1 Tf
0.052 Tw (\224\) issued by Xiang Sheng Holding Limited \()Tj
/C0_0 1 Tf
-0.025 Tw <0B42035B0A9B067003DE082202AE0321>Tj
/T1_0 1 Tf
0.052 Tw (\) on 23 January 2020 in )Tj
0.029 Tw 0 -1.25 Td
[(an )0.5 (aggregate )0.5 (principal amount )0.5 (of )0.5 (US$300,000,000. )0.5 (The )0.5 (ISIN and )0.5 (Common )0.5 (Code )0.5 (for )0.5 (the )0.5 (2022 )]TJ
0 Tw 0 -1.25 Td
(Notes are XS2069303811 and 206930381, respectively.)Tj
0.064 Tc 0.07 Tw 0 -2.5 Td
[(On)12.6 ( 1)12.6 (8)12.6 ( January)12.7 ( 2)12.6 (0)12.6 (2)12.6 (2)12.7 (,)12.6 ( all)12.6 ( conditions)12.6 ( precedent)12.7 ( to)12.6 ( Xiang)12.6 ( Sheng)12.7 ( Overseas)12.6 ( Limited\222s)12.7 ( and)39 ( )]TJ
0.047 Tc 0 -1.25 Td
[(t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (\222)0.5 (s)13 ( )0.6 (o)0.5 (f)0.5 (f)0.5 (e)0.5 (r)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (e)0.5 (x)0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (e)13 ( )0.6 (a)0.5 (n)0.5 (y)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (a)0.5 (l)0.5 (l)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (o)0.5 (u)0.6 (t)0.5 (s)0.5 (t)0.5 (a)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (J)0.5 (a)0.5 (n)0.5 (u)0.5 (a)0.5 (r)0.5 (y)13 ( )0.5 (2)13 (0)13 (2)13 (2)13 ( )0.5 (N)0.5 (o)0.5 (t)0.5 (e)0.5 (s)13 ( )0.6 (\()0.5 (t)0.5 (he)22.1 ( )]TJ
0 Tc 0 Tw 0 -1.25 Td
(\223)Tj
/T1_1 1 Tf
0.068 Tc 0.07 Tw 0.511 0 Td
[(E)0.5 (x)0.6 (c)0.5 (h)0.6 (a)0.5 (n)0.6 (g)0.5 (e)13.1 ( )0.5 (O)0.5 (f)0.6 (f)0.5 (e)0.6 (r)]TJ
/T1_0 1 Tf
7.751 0 Td
[(\224)0.5 (\))13.1 ( )0.6 (h)0.5 (a)0.5 (v)0.6 (e)13 ( )0.6 (b)0.5 (e)0.6 (e)0.5 (n)13 ( )0.6 (f)0.5 (u)0.6 (l)0.5 (f)0.6 (i)0.5 (l)0.5 (l)0.6 (e)0.5 (d)0.6 (,)13 ( )0.6 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (E)0.5 (x)0.6 (c)0.5 (h)0.6 (a)0.5 (n)0.6 (g)0.5 (e)13 ( )0.6 (O)0.6 (f)0.5 (f)0.5 (e)0.6 (r)13 ( )0.6 (h)0.5 (a)0.6 (s)13 ( )0.6 (b)0.5 (e)0.6 (e)0.5 (n)13 ( )0.6 (c)0.5 (o)0.6 (m)0.5 (p)0.6 (l)0.5 (e)0.6 (t)0.5 (e)0.6 (d)0.5 (.)43 ( )]TJ
0.047 Tc 0.082 Tw -8.262 -1.25 Td
[(U)-12 (S)-12 ($)0.5 (1)0.5 (3)0.5 (4)0.5 (,)0.5 (4)0.5 (72)0.5 (,)0.5 (5)0.5 (0)0.5 (0)0.5 ( S)-12 (e)-12 (r)-12 (i)-12 (e)-12 (s)0.5 ( A)0.5 ( N)-12 (e)-12 (w)0.5 ( N)-12 (o)-12 (t)-12 (e)-12 (s)0.5 ( d)-12 (u)-12 (e)0.5 ( J)-12 (a)-12 (n)-12 (u)-12 (a)-12 (r)-12 (y)0.5 ( 2)0.5 (0)0.5 (2)0.5 (3)0.5 ( \()-12 (\223)]TJ
/T1_1 1 Tf
0.059 Tc 0.07 Tw 26.908 0 Td
[(January)12.5 ( 2)12.5 (0)12.5 (2)12.5 (3)12.6 ( Notes)12.5 ( A)]TJ
/T1_0 1 Tf
[(\224,)12.5 ( the)34 ( )]TJ
0.054 Tc -26.908 -1.25 Td
[(ISIN)12.5 ( and)12.5 ( Common)12.5 ( Code)12.5 ( of)12.5 ( which)12.5 ( are)12.5 ( XS)12.5 (2)12.5 (4)12.5 (3)12.5 (4)12.5 (1)12.5 (9)12.5 (1)12.5 (0)12.5 (7)12.5 (3)12.5 ( and)12.5 ( 2)12.4 (4)12.6 (3)12.5 (4)12.5 (1)12.5 (9)12.5 (1)12.5 (0)12.5 (7)12.5 (,)12.5 ( respectively\))12.5 ( and)29 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.25 Td
[(US$)9 (8)9 (6)9 (,)9 (2)9 (0)9 (0)9 (,)9 (0)9 (0)9 (0)9 ( )0.5 (Series)9 ( )0.5 (B)9 ( )0.5 (New)9 ( )0.5 (Notes)9 ( )0.5 (due)9 ( )0.5 (January)9 ( )0.5 (2)9 (0)9 (2)9 (3)9 ( )0.5 (\(\223)]TJ
/T1_1 1 Tf
[(January)9 ( )0.5 (2)9 (0)9 (2)9 (3)9 ( )0.5 (Notes)9 ( )0.5 (B)]TJ
/T1_0 1 Tf
[(\224,)8.9 ( )0.6 (the)9 ( )0.5 (ISIN)9 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.25 Td
[(and)8 ( )0.5 (Common)8 ( )0.5 (Code)8 ( )0.5 (of)8.1 ( )0.5 (which)8 ( )0.5 (are)8 ( )0.5 (XS)8 (2)8 (4)8 (3)8 (4)8 (1)8 (9)8 (1)8 (1)8.1 (5)8 (6)8 ( )0.5 (and)8 ( )0.5 (2)8 (4)8 (3)8 (4)8 (1)8 (9)8 (1)8 (1)8 (5)8 (,)8 ( )0.5 (respectively\))8 ( )0.5 (were)8 ( )0.5 (issued.)8 ( )]TJ
0.046 Tc 0.07 Tw 0 -1.25 Td
[(As)12.5 ( a)12.5 ( result,)12.5 ( the)12.5 ( January)12.5 ( 2)12.5 (0)12.5 (2)12.5 (2)12.5 ( Notes)12.5 ( validly)12.5 ( tendered)12.5 ( for)12.5 ( exchange)12.5 ( and)12.5 ( accepted)12.5 ( pursuant)21 ( )]TJ
0.043 Tc 0 -1.25 Td
[(to)12.3 ( the)12.2 ( Exchange)12.3 ( Offer)12.3 ( have)12.3 ( been)12.2 ( cancelled.)12.3 ( The)12.3 ( remaining)12.3 ( aggregate)12.3 ( principal)12.3 ( amount)12.3 ( of)18 ( )]TJ
0.025 Tc 0 Tw 0 -1.25 Td
(US$19,470,000 of the January 2022 Notes remains outstanding.)Tj
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[(by)10 ( )0.5 (PRC)10 ( )0.5 (regulations,)10 ( )0.5 (the)10 ( )0.5 (Group)10.1 ( )0.5 (makes)10 ( )0.5 (contributions)10 ( )0.6 (to)10 ( )0.5 (mandatory)10 ( )0.5 (housing)10 ( )0.5 (funds)10 ( )0.5 (and)10 ( )0.5 (social)10 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(insurance funds.)Tj
0.083 Tw 0 -2.667 Td
[(The )0.5 (Group )0.5 (has also )0.5 (incorporated )0.5 (mentorship, )0.5 (assessment, )0.5 (feedback )0.5 (and )0.5 (evaluation )0.5 (processes )]TJ
0.031 Tc 0.077 Tw 0 -1.333 Td
[(into)6 ( )0.5 (its)6 ( )0.5 (various)6 ( )0.5 (training)6 ( )0.5 (programs,)6 ( )0.5 (which)6 ( )0.5 (the)6.1 ( )0.5 (Group)6 ( )0.5 (believes)6.1 ( )0.5 (will)6.1 ( )0.5 (facilitate)6 ( )0.5 (its)6 ( )0.5 (employees)6.1 ( )0.5 (to)6 ( )]TJ
0.025 Tc 0.081 Tw 0 -1.333 Td
(better learn and grow. The Group believes that its training programs, co\mbined with on-the-)Tj
0 Tw 0 -1.333 Td
(job learning, facilitate advancement of its employees.)Tj
0.004 Tw 0 -2.667 Td
(The Group has a labor union which represents the interests of its employ\ees and works closely )Tj
0.028 Tc 0.08 Tw 0 -1.333 Td
[(wi)0.5 (th)3 ( )0.5 (its)3 ( )0.5 (ma)0.5 (nag)0.5 (eme)0.5 (nt)3 ( )0.5 (on)3 ( )0.5 (lab)0.5 (or-)0.5 (rela)0.5 (ted)3 ( )0.5 (i)0.5 (ssue)0.5 (s.)3 ( )0.5 (As)3 ( )0.5 (a)0.5 (t)3 ( )0.5 (3)3 (1)3 ( )0.5 (De)0.5 (cemb)0.5 (er)3 ( )0.5 (2)3 (0)3 (2)3 (2)3 (,)3 ( )0.5 (no)3 ( )0.5 (la)0.5 (bor)3 ( )0.5 (d)0.5 (isput)0.5 (e)3 ( )0.5 (had)3 ( )]TJ
0.025 Tc 0.022 Tw 0 -1.333 Td
(occurred which materially and adversely affected or was likely to have a\ material and adverse )Tj
0 Tw 0 -1.333 Td
(effect on the Group\222s operations.)Tj
/T1_1 1 Tf
0 -2.667 Td
(COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE)Tj
/T1_0 1 Tf
0.021 Tw 0 -2.667 Td
(The Group is committed to achieving high standards of corporate governan\ce to safeguard the )Tj
0 Tw 0 -1.333 Td
(interests of the holders \(the \223)Tj
/T1_1 1 Tf
-0.025 Tw (Shareholders)Tj
/T1_0 1 Tf
0 Tw (\224\) of the shares of the Company \(the \223)Tj
/T1_1 1 Tf
-0.025 Tw (Shares)Tj
/T1_0 1 Tf
0 Tw (\224\) and )Tj
0 -1.333 Td
(to enhance corporate value and accountability.)Tj
0.056 Tc 0.07 Tw 0 -2.667 Td
[(The)12.2 ( Company)12.2 ( has)12.1 ( adopted)12.1 ( and)12.2 ( applied)12.2 ( the)12.1 ( corporate)12.2 ( governance)12.2 ( code)12.2 ( \(the)12.1 ( \223)]TJ
/T1_1 1 Tf
-0.056 Tw [(Corporate)31 ( )]TJ
0.025 Tc 0.054 Tw 0 -1.333 Td
(Governance Code)Tj
/T1_0 1 Tf
(\224\) contained in Appendix 14 \(which has been renumbered to Appendix \C1 )Tj
0.076 Tw 0 -1.333 Td
[(with )0.5 (effect )0.5 (from 31 )0.5 (December )0.5 (2023\) )0.5 (to )0.5 (the )0.5 (Rules )0.5 (Governing )0.5 (the )0.5 (Listing )0.5 (of )0.5 (Securities )0.5 (on the )]TJ
0.033 Tc 0.075 Tw 0 -1.333 Td
[(Stock)8 ( )0.5 (Exchange)8 ( )0.5 (\(the)8 ( )0.5 (\223)]TJ
/T1_1 1 Tf
[(Listing)8 ( )0.5 (Rules)]TJ
/T1_0 1 Tf
[(\224\))8 ( )0.5 (as)8 ( )0.5 (its)8 ( )0.5 (own)8 ( )0.5 (code)8.1 ( )0.5 (on)8 ( )0.5 (corporate)8 ( )0.5 (governance)8 ( )0.5 (and,)8.1 ( )0.5 (to)8 ( )0.5 (the)8 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.333 Td
[(best)11 ( )0.5 (knowledge)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (Directors,)11 ( )0.5 (the)11 ( )0.5 (Company)11 ( )0.5 (had)11 ( )0.5 (complied)11 ( )0.5 (with)11 ( )0.5 (the)11 ( )0.5 (then)11.1 ( )0.5 (applicable)11.1 ( )0.5 (code)11 ( )]TJ
0.041 Tc 0.07 Tw 0 -1.333 Td
[(provisions)12.5 ( under)12.5 ( Part)12.4 ( 2)12.5 ( of)12.5 ( the)12.5 ( Corporate)12.5 ( Governance)12.5 ( Code)12.5 ( in)12.5 ( force)12.5 ( during)12.5 ( the)12.5 ( year)12.5 ( ended)16 ( )]TJ
0.052 Tc 0 -1.333 Td
[(3)12.4 (1)12.4 ( December)12.4 ( 2)12.5 (0)12.4 (2)12.4 (2)12.4 (.)12.4 ( Further)12.4 ( information)12.4 ( about)12.5 ( the)12.5 ( corporate)12.4 ( governance)12.4 ( practices)12.4 ( of)12.5 ( the)27.1 ( )]TJ
0.025 Tc 0.018 Tw 0 -1.333 Td
(Company will be set out in the annual report of the Company for the year\ ended 31 December )Tj
-0.025 Tw 0 -1.333 Td
(2022.)Tj
ET
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BT
/CS0 cs 0 0 0 1 scn
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
12 0 0 12 282.6378 18.7502 Tm
(\226 32 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(KEY FINANCIAL RATIOS)Tj
0 -2.667 Td
(Current Ratio)Tj
/T1_0 1 Tf
0.046 Tc 0.07 Tw 0 -2.667 Td
[(As)12.8 ( at)12.7 ( 3)12.8 (1)12.8 ( December)12.8 ( 2)12.8 (0)12.8 (2)12.8 (2)12.8 (,)12.7 ( the)12.8 ( current)12.7 ( ratio)12.7 ( of)12.8 ( the)12.8 ( Group)12.8 ( was)12.8 ( approximately)12.8 ( 1)12.8 (.)12.8 (1)12.7 ( times)12.8 ( \()12.8 (3)12.8 (1)21 ( )]TJ
0.025 Tc 0.009 Tw 0 -1.333 Td
(December 2021: approximately 1.2 times\). The Group\222s current ratio w\as relatively stable and )Tj
0 Tw 0 -1.333 Td
(the decrease was mainly due to the decrease in current assets.)Tj
0.056 Tc 0.07 Tw 0 -2.667 Td
[(Current)12.7 ( ratio)12.6 ( is)12.7 ( calculated)12.7 ( based)12.6 ( on)12.6 ( the)12.7 ( total)12.7 ( current)12.7 ( assets)12.6 ( divided)12.6 ( by)12.6 ( the)12.7 ( total)12.6 ( current)31 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(liabilities as at the respective dates and multiplied by 100%.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Gearing Ratio)Tj
/T1_0 1 Tf
0.043 Tc 0.07 Tw 0 -2.667 Td
[(As)12.1 ( at)12.1 ( 3)12.1 (1)12.1 ( December)12.1 ( 2)12.1 (0)12.1 (2)12.1 (2)12.1 (,)12.1 ( the)12.1 ( gearing)12.1 ( ratio)12.1 ( of)12.1 ( the)12.1 ( Group)12.1 ( was)12.1 ( approximately)12.1 ( 9)12.1 (3)12.1 (.)12.1 (8)12.1 (%)12.1 ( \()12.1 (2)12.1 (0)12.1 (2)12.1 (1)12.1 (:)18 ( )]TJ
0.025 Tc 0.074 Tw 0 -1.333 Td
(approximately 88.4%\), mainly due to the decrease in net assets as a res\ult of losses incurred )Tj
0.044 Tc 0.07 Tw 0 -1.333 Td
[(dur)0.5 (ing)12.9 ( )0.5 (the)12.9 ( R)0.5 (ele)0.5 (vant)13 ( Ye)0.5 (ar.)12.9 ( )0.5 (This)13 ( rat)0.5 (io)12.9 ( i)0.5 (s)12.9 ( ca)0.5 (lcu)0.5 (late)0.5 (d)12.9 ( as)13 ( tot)0.5 (al)12.9 ( d)0.5 (ebts)13 ( divi)0.5 (ded)12.9 ( )0.5 (by)12.9 ( t)0.5 (otal)12.9 ( )0.5 (ass)0.5 (ets)12.9 ( )0.5 (as)19 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(shown in the consolidated balance sheet.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Net gearing ratio)Tj
/T1_0 1 Tf
0.036 Tw 0 -2.667 Td
(As at 31 December 2022, the Group\222s net gearing ratio increased to 3.\3 as compared with the )Tj
0 Tw 0 -1.333 Td
(net gearing ratio of 1.5 as at 31 December 2021 \(which was calculated b\ased on total bank and )Tj
0.001 Tw 0 -1.333 Td
(other borrowings, asset-backed securities, corporate bonds and senior no\tes less cash and bank )Tj
0.032 Tc 0.076 Tw 0 -1.333 Td
[(balances)7 ( )0.5 (divided)7 ( )0.6 (by)7 ( )0.5 (total)6.9 ( )0.6 (equity)6.9 ( )0.5 (as)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (respective)7 ( )0.5 (dates\),)7 ( )0.5 (which)7 ( )0.5 (was)7 ( )0.6 (primarily)7 ( )0.5 (due)7 ( )0.5 (to)7 ( )0.5 (the)7 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(decrease in net assets as a result of losses incurred during the Relevan\t Year.)Tj
/T1_1 1 Tf
0 -2.667 Td
(OFF-BALANCE SHEET COMMITMENTS AND ARRANGEMENTS)Tj
/T1_0 1 Tf
0.074 Tw 0 -2.667 Td
(Except for the contingent liabilities disclosed above, the Group has not\ entered into any off- )Tj
0.016 Tw 0 -1.333 Td
(balance sheet arrangements or commitments to guarantee the payment oblig\ations of any third )Tj
0.054 Tw 0 -1.333 Td
(parties and related parties. The Group does not have any variable intere\st in any uncombined )Tj
0 Tw 0 -1.333 Td
(entity that provides financing, liquidity, market risk or credit support\ to the Group.)Tj
/T1_1 1 Tf
0 -2.667 Td
(NET PROCEEDS FROM THE INITIAL PUBLIC OFFERING)Tj
/T1_0 1 Tf
0.019 Tc 0 -2.667 Td
[(T)0.5 (h)0.6 (e)0.5 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.5 (y)0.5 ( )0.6 (w)0.5 (a)0.6 (s)0.5 ( )0.5 (l)0.6 (i)0.5 (s)0.5 (t)0.5 (e)0.6 (d)0.5 ( )0.6 (o)0.5 (n)0.5 ( )0.5 (t)0.6 (h)0.5 (e)0.5 ( )0.6 (M)0.5 (a)0.5 (i)0.6 (n)0.5 ( )0.5 (B)0.6 (o)0.5 (a)0.5 (r)0.6 (d)0.5 ( )0.5 (o)0.5 (f)0.6 ( )0.5 (T)0.5 (h)0.6 (e)0.5 ( )0.5 (S)0.6 (t)0.5 (o)0.5 (c)0.6 (k)0.5 ( )0.5 (E)0.6 (x)0.5 (c)0.5 (h)0.6 (a)0.5 (n)0.5 (g)0.6 (e)0.5 ( )0.5 (o)0.6 (f)0.5 ( )0.5 (H)0.6 (o)0.5 (n)0.5 (g)0.5 ( )0.6 (K)0.5 (o)0.6 (n)0.5 (g)0.5 ( )0.5 (L)0.6 (i)0.5 (m)0.5 (i)0.5 (t)0.6 (e)0.5 (d)0.6 ( )0.5 (\()0.5 (t)0.5 (h)0.6 (e)-6 ( )]TJ
0 Tc 0 -1.333 Td
(\223)Tj
/T1_1 1 Tf
0.025 Tc 0.029 Tw 0.469 0 Td
(Stock Exchange)Tj
/T1_0 1 Tf
(\224\) on 18 November 2020 \(the \223)Tj
/T1_1 1 Tf
-0.025 Tw (Listing)Tj
/T1_0 1 Tf
0.029 Tw (\224\). The net proceeds from the Listing )Tj
0.039 Tc 0.07 Tw -0.469 -1.333 Td
[(\(including)12.7 ( the)12.7 ( full)12.7 ( exercise)12.7 ( of)12.7 ( the)12.7 ( over-allotment)12.7 ( option\),)12.7 ( after)12.7 ( deducting)12.7 ( the)12.7 ( underwriting)14 ( )]TJ
0.025 Tc 0.054 Tw 0 -1.333 Td
(commission and other estimated expenses in connection with the Listing w\hich the Company )Tj
0.023 Tw 0 -1.333 Td
(received amounted to approximately HK$3,514.0 million. The Group intends\ to utilise the net )Tj
0.067 Tw 0 -1.333 Td
(proceeds raised from the Listing according to the plans set out in the s\ection headed \223Future )Tj
0 Tw 0 -1.333 Td
(Plans and Use of Proceeds\224 in the Prospectus.)Tj
0.002 Tw 0 -2.667 Td
(Further details on the utilisation of the net proceeds for the year ende\d 31 December 2022 will )Tj
0 Tw 0 -1.333 Td
(be disclosed in the annual report of the Company for the year ended 31 D\ecember 2022.)Tj
ET
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/Perceptual ri
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12 0 0 12 282.6378 18.7502 Tm
(\226 31 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(CONTINGENT LIABILITIES)Tj
0 -2.667 Td
(Mortgage guarantees)Tj
/T1_0 1 Tf
0.048 Tc 0.07 Tw 0 -2.667 Td
[(In)12.2 ( line)12.2 ( with)12.2 ( market)12.2 ( practice)12.2 ( in)12.2 ( the)12.2 ( PRC,)12.2 ( the)12.2 ( Group)12.2 ( has)12.2 ( arrangements)12.2 ( with)12.2 ( various)12.2 ( banks)23 ( )]TJ
0.054 Tc 0 -1.333 Td
[(for)12.2 ( the)12.3 ( provision)12.2 ( of)12.2 ( mortgage)12.3 ( financing)12.2 ( and)12.3 ( where)12.2 ( required,)12.2 ( provide)12.3 ( its)12.2 ( customers)12.2 ( with)29 ( )]TJ
0.025 Tc 0.003 Tw 0 -1.333 Td
(guarantees as security for mortgage loans. The terms of such guarantees \typically last until the )Tj
0.036 Tw 0 -1.333 Td
(issuance of the real estate ownership certificate upon the completion of\ guarantee registration )Tj
0.045 Tw 0 -1.333 Td
(or satisfaction of mortgage loan by the purchaser. As a guarantor, if th\e purchaser defaults in )Tj
0.024 Tc 0 Tw 0 -1.333 Td
[(payment, the Group is obligated to repay all outstanding amounts owed by\ the purchaser to the)-1 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.333 Td
[(m)0.5 (o)0.5 (r)0.5 (t)0.5 (ga)0.6 (ge)0.5 (e)2.1 ( b)0.5 (a)0.5 (n)0.5 (k)2 ( )0.5 (u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)1.9 ( )0.5 (t)0.5 (h)0.5 (e)2 ( )0.5 (l)0.5 (o)0.5 (a)0.5 (n)2 ( )0.5 (a)0.5 (n)0.5 (d)2 ( h)0.5 (a)0.5 (v)0.5 (e)2 ( )0.5 (t)0.5 (h)0.5 (e)2 ( )0.5 (r)0.5 (i)0.5 (g)0.5 (ht)2 ( )0.5 (t)0.5 (o)2 ( )0.5 (c)0.5 (l)0.5 (a)0.5 (i)0.5 (m)2 ( s)0.5 (u)0.5 (c)0.5 (h)2 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)2 ( f)0.5 (r)0.5 (o)0.5 (m)2 ( )0.5 (t)0.5 (h)0.5 (e)2 ( )0.5 (d)0.5 (e)0.5 (f)0.5 (a)0.5 (ul)0.5 (t)0.5 (i)0.5 (n)0.5 (g)2 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.333 Td
(purchaser.)Tj
0.045 Tw 0 -2.667 Td
(The total outstanding mortgage guarantee amounts provided by the Group t\o banks amounted )Tj
0.071 Tc 0.07 Tw 0 -1.333 Td
[(to)12.8 ( approximately)12.7 ( RMB)12.7 (1)12.8 (7)12.7 (,)12.8 (7)12.7 (6)12.7 (7)12.8 (.)12.7 (1)12.8 ( million)12.7 ( as)12.8 ( at)12.7 ( 3)12.7 (1)12.8 ( December)12.7 ( 2)12.7 (0)12.8 (2)12.7 (2)12.8 ( \()12.8 (3)12.7 (1)12.7 ( December)12.7 ( 2)12.7 (0)12.7 (2)12.8 (1)12.7 (:)46 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(approximately RMB22,250.9 million\).)Tj
0.062 Tc 0.07 Tw 0 -2.667 Td
[(The)12.6 ( Group)12.6 ( did)12.5 ( not)12.6 ( incur)12.5 ( any)12.5 ( material)12.5 ( losses)12.5 ( during)12.5 ( the)12.5 ( year)12.5 ( ended)12.6 ( 3)12.5 (1)12.5 ( December)12.5 ( 2)12.5 (0)12.5 (2)12.5 (2)37 ( )]TJ
0.05 Tc 0 -1.333 Td
[(in)12.6 ( respect)12.6 ( of)12.5 ( the)12.5 ( guarantees)12.6 ( provided)12.5 ( for)12.5 ( mortgage)12.6 ( facilities)12.6 ( granted)12.6 ( to)12.5 ( purchasers)12.6 ( of)12.5 ( its)25 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(completed properties held for sale.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Financial guarantees)Tj
/T1_0 1 Tf
0.024 Tc 0 -2.667 Td
[(As at 31 December 2022, the Group guaranteed certain of the bank and oth\er borrowings made)-1 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.333 Td
[(to)6 ( )0.5 (its)6 ( )0.5 (related)6 ( )0.5 (companies)6 ( )0.5 (up)6 ( )0.5 (to)6 ( )0.5 (approximately)6 ( )0.5 (RMB)6 (3)6 (2)6 (0)6 (.)6 (9)6 (8)6 ( )0.5 (million)6 ( )0.5 (\(as)6 ( )0.5 (at)6.1 ( )0.5 (3)6 (1)6 ( )0.5 (December)6 ( )0.6 (2)6 (0)6 (2)6 (1)6 (,)6 ( )]TJ
0.025 Tc 0.042 Tw 0 -1.333 Td
(the Group guaranteed certain of the bank and other borrowings made to it\s related companies )Tj
0 Tw 0 -1.333 Td
(up to approximately RMB1,287.5 million\). )Tj
/T1_1 1 Tf
0 -2.667 Td
(Legal contingents)Tj
/T1_0 1 Tf
0.055 Tc 0.07 Tw 0 -2.667 Td
[(The)12.3 ( Group)12.3 ( may)12.3 ( be)12.3 ( involved)12.3 ( in)12.3 ( lawsuits)12.3 ( and)12.3 ( other)12.3 ( proceedings)12.3 ( in)12.3 ( its)12.3 ( ordinary)12.3 ( course)12.3 ( of)30 ( )]TJ
0.025 Tc 0.081 Tw 0 -1.333 Td
(business from time to time. Save as disclosed in this announcement, the \Group believes that )Tj
0.029 Tc 0.079 Tw 0 -1.333 Td
[(no)4 ( )0.5 (liabilities)4 ( )0.5 (resulting)4 ( )0.5 (from)4 ( )0.5 (these)4 ( )0.5 (proceedings)4 ( )0.5 (will)4 ( )0.5 (have)4.1 ( )0.5 (a)4 ( )0.5 (material)4 ( )0.5 (and)4 ( )0.5 (adverse)4 ( )0.5 (effect)4 ( )0.5 (on)4.1 ( )0.5 (its)4 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(business, financial condition or operating results.)Tj
/T1_1 1 Tf
-0.025 Tw 0 -2.667 Td
(COMMITMENTS)Tj
/T1_0 1 Tf
0.049 Tw 0 -2.667 Td
(As at 31 December 2022, the Group had capital commitment of approximatel\y RMB21,699.1 )Tj
0.031 Tc 0.077 Tw 0 -1.333 Td
[(million)6 ( )0.5 (in)6 ( )0.5 (relation)6 ( )0.5 (to)6 ( )0.5 (the)6.1 ( )0.5 (signing)6.1 ( )0.5 (of)6.1 ( )0.5 (a)6 ( )0.5 (construction)6 ( )0.5 (contract)6 ( )0.5 (or)6 ( )0.5 (land)6 ( )0.5 (contract)6 ( )0.5 (that)6 ( )0.5 (is)6 ( )0.5 (being)6 ( )0.5 (or)6 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(will be performed \(31 December 2021: approximately RMB29,611.2 million\)\.)Tj
ET
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/CS0 cs 0 0 0 1 scn
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12 0 0 12 282.6378 18.7502 Tm
(\226 30 \226)Tj
/T1_1 1 Tf
0.025 Tc 0.007 Tw -18.829 63.041 Td
(Disposal of 50% equity interest in Anji Sante Tianye Pastoral Tourism De\velopment Co., )Tj
0 Tw 0 -1.333 Td
(Ltd. and accounts receivables and related interests)Tj
/T1_0 1 Tf
0.04 Tc 0.07 Tw 0 -2.667 Td
[(On)12.4 ( 1)12.4 (7)12.4 ( November)12.4 ( 2)12.4 (0)12.4 (2)12.5 (2)12.4 (,)12.5 ( Zhejiang)12.4 ( Xiangjing)12.4 ( Tourism)12.4 ( Development)12.5 ( Co.,)12.4 ( Ltd.*)12.4 ( \()]TJ
/C0_0 1 Tf
0.028 Tc -0.028 Tw 35.047 0 Td
[<090F>0.5 <03EA0B420C7B>0.5 <08DA>]TJ
0.025 Tc -0.025 Tw -35.047 -1.333 Td
<0F370B2A0E380CEF089D03DE082202AE0321>Tj
/T1_0 1 Tf
0.083 Tw [(\) \()-12.9 (\223)]TJ
/T1_1 1 Tf
0.038 Tc 0.07 Tw 10.797 0 Td
[(Xiangjing)12.6 ( Tourism)]TJ
/T1_0 1 Tf
[(\224\),)12.6 ( an)12.6 ( indirect)12.6 ( wholly-owned)12.6 ( subsidiary)12.6 ( of)12.6 ( the)13 ( )]TJ
0.032 Tc 0.076 Tw -10.797 -1.333 Td
[(Company,)7 ( )0.5 (and)7 ( )0.5 (Hangzhou)7 ( )0.5 (Jinglu)7 ( )0.5 (Enterprise)7 ( )0.5 (Management)7 ( )0.5 (Partnership)7 ( )0.5 (\(Limited)7 ( )0.5 (Partnership\)*)7 ( )]TJ
0 Tc 0 Tw 0 -1.333 Td
(\()Tj
/C0_0 1 Tf
0.035 Tc -0.035 Tw 0.368 0 Td
[<060403C80C7B0BD403860E38104D0B2303A50FAB03860E38>400.1 <008003DE082203A50FAB>]TJ
/T1_0 1 Tf
0.048 Tc 0.07 Tw [(\))0.6 (\))13 ( )0.6 (\()0.5 (\223)]TJ
/T1_1 1 Tf
19.182 0 Td
[(H)0.5 (a)0.6 (n)0.5 (g)0.6 (z)0.5 (h)0.6 (o)0.5 (u)13.1 ( )0.5 (J)0.6 (i)0.5 (n)0.6 (g)0.5 (l)0.6 (u)]TJ
/T1_0 1 Tf
8.077 0 Td
[(\224)0.5 (\))13.1 ( )0.6 (e)0.5 (n)0.6 (t)0.5 (e)0.6 (r)0.5 (e)0.6 (d)13.1 ( )0.5 (i)0.5 (n)0.6 (t)0.5 (o)13.1 ( )0.5 (\()0.6 (i)0.6 (\))13 ( )0.6 (a)0.5 (n)13.1 ( )0.5 (e)0.6 (q)0.5 (u)0.6 (i)0.5 (t)0.6 (y)23 ( )]TJ
0.055 Tc -27.627 -1.333 Td
[(t)0.5 (ra)0.5 (ns)0.5 (f)0.5 (er)13 ( a)0.5 (g)0.5 (re)0.5 (e)0.5 (me)0.5 (nt)13 ( )0.5 (to)13 ( d)0.5 (is)0.5 (p)0.5 (os)0.5 (e)12.9 ( )0.5 (5)13 (0)12.9 (%)13 ( o)0.5 (f)12.9 ( )0.5 (t)0.5 (he)13 ( e)0.5 (q)0.5 (ui)0.5 (ty)13 ( i)0.5 (nt)0.5 (e)0.5 (re)0.5 (s)0.5 (ts)13 ( i)0.5 (n)12.9 ( )0.5 (A)0.5 (nj)0.5 (i)12.9 ( )0.5 (Sa)0.5 (n)0.5 (te)13 ( T)0.5 (i)0.5 (an)0.5 (ye)13 ( )0.5 (Pa)0.5 (st)0.5 (o)0.5 (ra)0.5 (l)30 ( )]TJ
0.056 Tc 0 -1.333 Td
[(Tourism)12.6 ( Development)12.6 ( Co.,)12.6 ( Ltd.*)12.6 ( \()]TJ
/C0_0 1 Tf
0.044 Tc -0.044 Tw 15.924 0 Td
[<03C4>0.6 <039B>0.5 <0267>0.5 <0924>0.6 <035E>0.5 <0BC9>0.6 <0649>0.5 <1002>0.5 <08DA>0.6 <0F37>0.5 <0D9A>0.6 <0CEF>0.5 <03DE>0.6 <0822>0.5 <02AE>0.5 <0321>]TJ
/T1_0 1 Tf
0.082 Tw 16.695 0 Td
[(\))0.5 ( \()-12 (\223)]TJ
/T1_1 1 Tf
0.056 Tc -0.056 Tw 1.641 0 Td
(Anji)Tj
/T1_0 1 Tf
0.07 Tw [(\224\))12.6 ( at)12.5 ( the)31 ( )]TJ
0.042 Tc -34.261 -1.333 Td
[(consideration)12.5 ( of)12.6 ( RMB)12.6 (2)12.5 (2)12.6 (,)12.5 (9)12.6 (6)12.5 (3)12.6 (,)12.5 (1)12.6 (1)12.5 (0)12.6 (.)12.5 (4)12.6 (5)12.5 (;)12.6 ( and)12.5 ( \(ii\))12.6 ( a)12.6 ( transfer)12.5 ( agreement)12.6 ( to)12.5 ( dispose)12.6 ( the)12.6 ( accounts)17.1 ( )]TJ
0.052 Tc 0 -1.333 Td
[(receivable)12.2 ( and)12.2 ( related)12.2 ( interests)12.2 ( of)12.2 ( Xiangjing)12.1 ( Tourism)12.1 ( against)12.2 ( Anji)12.2 ( with)12.1 ( a)12.2 ( book)12.2 ( value)12.2 ( of)27 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(RMB78,198,700 as at 30 June 2022 at a consideration of RMB69,486,283.54.\)Tj
0.043 Tc 0.07 Tw 0 -2.667 Td
[(For)12.6 ( further)12.5 ( details,)12.5 ( please)12.5 ( refer)12.5 ( to)12.5 ( the)12.5 ( announcement)12.5 ( of)12.5 ( the)12.5 ( Company)12.5 ( dated)12.5 ( 1)12.5 (7)12.5 ( November)18.1 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.333 Td
(2022.)Tj
/T1_1 1 Tf
0.032 Tc 0.076 Tw 0 -2.667 Td
[(Disposal)7 ( )0.5 (of)7 ( )0.5 (5)7 (5)7 (%)7 ( )0.5 (equity)7 ( )0.5 (interest)7 ( )0.5 (in)7 ( )0.5 (Hangzhou)7 ( )0.5 (Chunyuan)7 ( )0.5 (Health)7 ( )0.5 (Elderly)7 ( )0.5 (Care)7 ( )0.5 (Co.,)7 ( )0.5 (Ltd.)7 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(and accounts receivables and related interests)Tj
/T1_0 1 Tf
0.06 Tc 0.07 Tw 0 -2.667 Td
[(On)12.6 ( 1)12.6 (7)12.5 ( November)12.5 ( 2)12.5 (0)12.5 (2)12.6 (2)12.5 (,)12.5 ( \(i\))12.6 ( Hangzhou)12.5 ( Langjun)12.5 ( Enterprise)12.5 ( Management)12.6 ( Consulting)12.6 ( Co.,)35 ( )]TJ
0.075 Tc 0 -1.333 Td
[(Ltd.*)12.5 ( \()]TJ
/C0_0 1 Tf
0.063 Tc -0.063 Tw 3.292 0 Td
[<0604>0.5 <03C8>0.6 <08E6>0.5 <14BA>0.5 <0386>0.6 <0E38>0.5 <104D>0.5 <0B23>0.6 <1354>0.5 <0F14>0.5 <03DE>0.6 <0822>0.5 <02AE>0.5 <0321>]TJ
/T1_0 1 Tf
0.082 Tw 14.875 0 Td
[(\))0.5 ( \()-12 (\223)]TJ
/T1_1 1 Tf
0.075 Tc 0.07 Tw 1.717 0 Td
[(Hangzhou)12.5 ( Langjun)]TJ
/T1_0 1 Tf
[(\224\),)12.6 ( an)12.6 ( indirect)12.5 ( wholly-)]TJ
0.025 Tc 0.037 Tw -19.884 -1.333 Td
[(owned subsidiary of )0.5 (the )0.5 (Company, )0.5 (entered into the transfer )0.5 (agreement with Hangzhou Jinglu, )]TJ
0.031 Tc 0.077 Tw 0 -1.333 Td
[(pursuant)6.1 ( )0.5 (to)6 ( )0.5 (which)6 ( )0.5 (Hangzhou)6.1 ( Langjun)6 ( )0.5 (agreed)6 ( )0.5 (to)6 ( )0.5 (sell)6 ( )0.5 (and)6 ( )0.5 (Hangzhou)6.1 ( )0.5 (Jinglu)6.1 ( )0.5 (agreed)6 ( )0.5 (to)6 ( )0.5 (acquire)6 ( )]TJ
0.046 Tc 0.07 Tw 0 -1.333 Td
[(5)12.9 (5)12.8 (%)12.9 ( equity)12.9 ( interests)12.9 ( in)12.9 ( Hangzhou)12.9 ( Chunyuan)12.8 ( Health)12.9 ( Elderly)12.8 ( Care)12.8 ( Co.,)12.8 ( Ltd.*)12.9 ( \()]TJ
/C0_0 1 Tf
0.033 Tc -0.033 Tw 35.025 0 Td
<060403C807460DE40A04>Tj
0.036 Tc -0.036 Tw -35.025 -1.333 Td
<0A70126E03FC06020A1503DE082202AE0321>Tj
/T1_0 1 Tf
0.082 Tw [(\) \()-12.1 (\223)]TJ
/T1_1 1 Tf
0.048 Tc -0.048 Tw 10.931 0 Td
(Chunyuan)Tj
/T1_0 1 Tf
0.07 Tw [(\224\))12.4 ( at)12.4 ( the)12.4 ( consideration)12.4 ( of)12.4 ( RMB)12.3 (1)12.4 (3)12.4 (,)12.3 (4)12.4 (3)12.4 (2)12.3 (,)12.4 (2)12.4 (2)12.3 (4)12.4 (.)12.4 (0)12.3 (2)12.4 (;)12.3 ( and)12.3 ( \(ii\))23 ( )]TJ
0.058 Tc -10.931 -1.333 Td
[(Hangzhou)12.2 ( Langjun)12.2 ( and)12.2 ( Shinsun)12.1 ( Property,)12.2 ( each)12.2 ( an)12.1 ( indirect)12.1 ( wholly-owned)12.2 ( subsidiary)12.2 ( of)33 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.333 Td
[(th)0.5 (e)12 ( )0.5 (Comp)0.5 (any)0.5 (,)12 ( )0.5 (ent)0.5 (ere)0.5 (d)12 ( )0.5 (into)12 ( )0.5 (t)0.5 (he)12 ( )0.5 (tr)0.5 (ans)0.5 (fer)12.1 ( )0.5 (agre)0.5 (eme)0.5 (nt)12 ( )0.5 (w)0.5 (ith)12 ( )0.5 (H)0.5 (angz)0.5 (hou)12 ( )0.5 (J)0.5 (ingl)0.5 (u)12 ( )0.5 (pur)0.5 (sua)0.5 (nt)12 ( )0.5 (to)12 ( )0.5 (wh)0.5 (ich)12 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.333 Td
[(H)0.5 (an)0.5 (gzh)0.5 (ou)10 ( )0.5 (L)0.5 (an)0.5 (gj)0.5 (un)10 ( )0.5 (a)0.5 (nd)10 ( )0.5 (Sh)0.5 (in)0.5 (sun)10.1 ( )0.5 (Pr)0.5 (ope)0.5 (rt)0.5 (y)10 ( )0.5 (ag)0.5 (re)0.5 (ed)10 ( )0.5 (t)0.5 (o)10 ( )0.5 (di)0.5 (sp)0.5 (ose)10.1 ( )0.5 (of)10 ( )0.5 (a)0.5 (nd)10 ( )0.5 (H)0.5 (an)0.5 (gz)0.5 (hou)10 ( )0.5 (J)0.5 (in)0.5 (gl)0.5 (u)10 ( )0.5 (agr)0.5 (e)0.5 (ed)10 ( )]TJ
0.04 Tc 0.07 Tw 0 -1.333 Td
[(to)12.6 ( acquire)12.6 ( the)12.6 ( accounts)12.6 ( receivable)12.6 ( and)12.5 ( related)12.6 ( interests)12.5 ( of)12.6 ( Hangzhou)12.6 ( Langjun)12.5 ( and)12.5 ( Shinsun)15 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.333 Td
[(Property)2 ( )0.5 (against)2 ( )0.5 (Chunyuan)2 ( with)2 ( )0.5 (an)2 ( )0.5 (aggregate)2 ( )0.5 (book)2 ( )0.5 (value)2 ( )0.5 (of)2 ( )0.5 (RMB)2 (1)2 (2)1.9 (2)2 (,)2 (8)2 (0)2 (0)2 (,)2 (0)2 (0)2 (0)2 ( )0.5 (as)2 ( )0.5 (at)2 ( 3)2 (0)2 ( )0.5 (June)2 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(2022 at the consideration of RMB109,118,382.00.)Tj
0.043 Tc 0.07 Tw 0 -2.667 Td
[(For)12.6 ( further)12.5 ( details,)12.5 ( please)12.5 ( refer)12.5 ( to)12.5 ( the)12.5 ( announcement)12.5 ( of)12.5 ( the)12.5 ( Company)12.5 ( dated)12.5 ( 1)12.5 (7)12.5 ( November)18.1 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.333 Td
(2022.)Tj
0.036 Tc 0.072 Tw 0 -2.667 Td
[(Save)11.1 ( as)11 ( )0.6 (disclosed)11 ( )0.5 (above,)11 ( )0.5 (the)11.1 ( )0.5 (Group)11 ( )0.5 (had)11 ( )0.5 (no)11 ( )0.5 (significant)11 ( )0.5 (investments)11 ( )0.5 (or)11 ( )0.5 (material)11 ( )0.5 (acquisitions)11 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
[(a)0.5 (n)0.6 (d)0.5 ( )0.5 (d)0.5 (i)0.5 (s)0.6 (p)0.5 (o)0.5 (s)0.5 (a)0.6 (l)0.5 (s)0.5 ( )0.5 (o)0.6 (f)0.5 ( )0.5 (s)0.6 (u)0.5 (b)0.5 (s)0.5 (i)0.6 (d)0.5 (i)0.5 (a)0.5 (r)0.6 (i)0.5 (e)0.5 (s)0.6 (,)0.5 ( )0.5 (a)0.5 (s)0.6 (s)0.5 (o)0.5 (c)0.6 (i)0.5 (a)0.5 (t)0.5 (e)0.6 (s)0.5 ( )0.5 (a)0.6 (n)0.5 (d)0.5 ( )0.5 (j)0.5 (o)0.6 (i)0.5 (n)0.5 (t)0.5 ( )0.5 (v)0.6 (e)0.5 (n)0.5 (t)0.6 (u)0.5 (r)0.5 (e)0.5 (s)0.6 ( )0.5 (d)0.5 (u)0.5 (r)0.6 (i)0.5 (n)0.5 (g)0.5 ( )0.5 (t)0.6 (h)0.5 (e)0.5 ( )0.6 (y)0.5 (e)0.5 (a)0.5 (r)0.6 ( )0.5 (e)0.5 (n)0.6 (d)0.5 (e)0.5 (d)0.5 ( )0.5 (3)0.6 (1)0.5 ( )0.5 (D)0.6 (e)0.5 (c)0.5 (e)0.6 (m)0.5 (b)0.5 (e)0.5 (r )]TJ
-0.025 Tw 0 -1.333 Td
(2022.)Tj
ET
endstreamendobj82 0 obj<>stream
BT
/CS0 cs 0 0 0 1 scn
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
12 0 0 12 282.6378 18.7502 Tm
(\226 29 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(Disposal of 58.5% equity interest in Linhai Ziyuan Yintong Real Estate C\o., Ltd)Tj
/T1_0 1 Tf
0.008 Tw 0 -2.667 Td
(On 18 March 2022, Shinsun Property Group Co., Ltd. \(\223)Tj
/T1_1 1 Tf
(Shinsun Property)Tj
/T1_0 1 Tf
(\224\), a wholly-owned )Tj
0.046 Tc 0.07 Tw 0 -1.333 Td
[(subsidiary)12.8 ( of)12.7 ( the)12.8 ( Company,)12.7 ( entered)12.7 ( into)12.7 ( an)12.8 ( equity)12.7 ( transfer)12.8 ( agreement)12.7 ( with)12.8 ( Zhuji)12.8 ( Guoyue)21.1 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.333 Td
[(Enterprise)2 ( )0.5 (Management)1.9 ( )0.5 (Consulting)2 ( )0.5 (Co.,)2 ( )0.5 (Ltd.)2 ( )0.5 (\(\223)]TJ
/T1_1 1 Tf
[(Zhuji)2 ( Guoyue)]TJ
/T1_0 1 Tf
[(\224\),)2 ( under)2 ( )0.5 (which)2 ( )0.5 (Zhuji)1.9 ( )0.5 (Guoyue)2 ( )]TJ
0.025 Tc 0.038 Tw 0 -1.333 Td
(agreed to acquire and Shinsun Property agreed to sell, 58.5% equity inte\rest in Linhai Ziyuan )Tj
0.032 Tc 0.076 Tw 0 -1.333 Td
[(Yintong)7 ( )0.5 (Real)7 ( )0.5 (Estate)7.1 ( )0.5 (Co.,)7 ( )0.5 (Ltd.)7 ( )0.5 (\(a)7 ( )0.5 (company)7 ( )0.5 (principally)7 ( )0.6 (engaged)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (business)7 ( )0.5 (of)7 ( )0.5 (properties)7 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(development\) at a consideration of RMB272,000,000 in cash.)Tj
0 -2.667 Td
(For further details, please refer to the announcement of the Company dat\ed 18 March 2022.)Tj
/T1_1 1 Tf
0.03 Tc 0.078 Tw 0 -2.667 Td
[(Disposal)5 ( )0.5 (of)5 ( )0.5 (5)5 (0)5 (%)5 ( )0.5 (equity)5 ( )0.5 (interest)5 ( )0.5 (in)5 ( )0.5 (and)5 ( )0.5 (debt)5 ( )0.5 (assignment)5 ( )0.5 (to)5 ( )0.5 (Huzhou)5 ( )0.5 (Jiaotou)4.9 ( )0.5 (Xiangsheng)5 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(Real Estate Development Co., Ltd.)Tj
/T1_0 1 Tf
0.076 Tw 0 -2.667 Td
(On 3 June 2022, Shinsun Property, a wholly-owned subsidiary of the Compa\ny, entered into )Tj
0.04 Tc 0.07 Tw 0 -1.333 Td
[(an)12.1 ( equity)12.2 ( transfer)12.1 ( agreement)12.1 ( with)12.1 ( Zhejiang)12.1 ( Jiaotou)12.2 ( Holding)12.1 ( Group)12.1 ( Co.,)12.1 ( Ltd.,)12.1 ( under)12.1 ( which)15 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.333 Td
[(Zhejiang)2 ( )0.5 (Jiaotou)2 ( )0.5 (Holding)2 ( )0.5 (Group)2 ( )0.5 (Co.,)2 ( )0.5 (Ltd.)2 ( )0.5 (agreed)2 ( )0.5 (to)2 ( )0.5 (acquire)2 ( )0.5 (and)2.1 ( Shinsun)2 ( )0.5 (Property)2 ( )0.5 (agreed)2 ( )0.5 (to)2 ( )]TJ
0.026 Tc 0.082 Tw 0 -1.333 Td
[(sell,)1 ( )0.6 (5)1 (0)1 (%)1 ( )0.5 (equity)1 ( )0.5 (interests)1 ( )0.5 (in)1 ( )0.5 (Huzhou)1 ( )0.5 (Jiaotou)1 ( )0.5 (Xiangsheng)1 ( )0.5 (Real)1 ( )0.5 (Estate)1 ( )0.5 (Development)1 ( )0.5 (Co.,)1 ( )0.5 (Ltd.)1 ( )]TJ
0.028 Tc -0.028 Tw 0 -1.333 Td
(\(\223)Tj
/T1_1 1 Tf
0.08 Tw [(Huzhou)3 ( )0.5 (Jiaotou)]TJ
/T1_0 1 Tf
[(\224\))3 ( )0.5 (at)3 ( )0.5 (a)3 ( )0.5 (cash)3 ( )0.5 (consideration)3 ( )0.5 (of)3 ( )0.5 (RMB)3 (9)3 (2)3 (,)3 (5)3 (0)3 (0)3 (,)3 (0)3 (0)3 (0)3 (.)3 ( )0.5 (Simultaneously)3 ( )0.5 (to)3.1 ( )0.5 (entering)3 ( )]TJ
0.049 Tc 0.07 Tw 0 -1.333 Td
[(of)12.2 ( the)12.3 ( equity)12.2 ( transfer)12.2 ( agreement,)12.3 ( Shinsun)12.3 ( Property,)12.3 ( Huzhou)12.2 ( Wuxing)12.3 ( Jiaotou)12.2 ( Xiangsheng)23.9 ( )]TJ
0.025 Tc 0.042 Tw 0 -1.333 Td
(Real Estate Co., Ltd. and Huzhou Jiaotou entered into a debt assignment \agreement, pursuant )Tj
0.042 Tc 0.07 Tw 0 -1.333 Td
[(to)12.4 ( which,)12.4 ( Shinsun)12.4 ( Property)12.4 ( assigned)12.3 ( its)12.4 ( debt)12.4 ( of)12.4 ( RMB)12.4 (2)12.4 (4)12.4 (,)12.4 (7)12.3 (5)12.4 (0)12.4 (,)12.4 (0)12.3 (0)12.4 (0)12.4 ( owed)12.3 ( to)12.4 ( Huzhou)12.3 ( Wuxing)17 ( )]TJ
0.025 Tc 0.011 Tw 0 -1.333 Td
(Jiaotou Xiangsheng Real Estate Co., Ltd. to Huzhou Jiaotou to offset the\ same amount of debt )Tj
0 Tw 0 -1.333 Td
(owed by Huzhou Jiaotou to Shinsun Property.)Tj
0 -2.667 Td
(For further details, please refer to the announcement of the Company dat\ed 5 June 2022.)Tj
/T1_1 1 Tf
0.023 Tc 0 -2.667 Td
[(Disposal of 100% equity interest in Shaoxing Shinsun Hongxing Real Estat\e Development)-2 ( )]TJ
0.025 Tc 0 -1.333 Td
(Co., Ltd.)Tj
/T1_0 1 Tf
0.073 Tc 0.07 Tw 0 -2.667 Td
[(On)12.4 ( 1)12.4 (2)12.4 ( July)12.3 ( 2)12.4 (0)12.4 (2)12.3 (2)12.5 (,)12.4 ( Hangzhou)12.4 ( Yaoyang)12.4 ( Enterprise)12.5 ( Management)12.4 ( Co.,)12.4 ( Ltd.)12.4 ( \(\223)]TJ
/T1_1 1 Tf
-0.073 Tw [(Hangzhou)48 ( )]TJ
0.047 Tc -0.047 Tw 0 -1.333 Td
(Yaoyang)Tj
/T1_0 1 Tf
0.07 Tw [(\224\),)12.5 ( an)12.5 ( indirect)12.5 ( wholly-owned)12.6 ( subsidiary)12.5 ( of)12.5 ( the)12.6 ( Company,)12.6 ( entered)12.6 ( into)12.6 ( an)12.5 ( equity)22 ( )]TJ
0.072 Tc 0 -1.333 Td
[(transfer)12.5 ( agreement)12.4 ( with)12.5 ( Hangzhou)12.4 ( Yuhang)12.5 ( Agile)12.6 ( Real)12.5 ( Estate)12.5 ( Development)12.5 ( Co.,)12.5 ( Ltd.)47 ( )]TJ
0.061 Tc -0.061 Tw 0 -1.333 Td
(\(\223)Tj
/T1_1 1 Tf
0.07 Tw [(Hangzhou)12.8 ( Yuhang)12.8 ( Agile)12.8 ( Real)12.8 ( Estate)]TJ
/T1_0 1 Tf
[(\224\),)12.8 ( under)12.8 ( which)12.8 ( Hangzhou)12.8 ( Yuhang)12.7 ( Agile)12.8 ( Real)35.9 ( )]TJ
0.026 Tc 0.082 Tw 0 -1.333 Td
[(Estate)1 ( )0.5 (agreed)1 ( )0.5 (to)1 ( )0.5 (acquire)1 ( )0.5 (and)1 ( )0.5 (Hangzhou)1 ( )0.5 (Yaoyang)1 ( )0.5 (agreed)1 ( )0.5 (to)1 ( )0.5 (sell,)1 ( )0.5 (the)1 ( )0.5 (sale)1 ( )0.5 (shares,)1 ( )0.5 (representing)1 ( )]TJ
0.025 Tc 0.068 Tw 0 -1.333 Td
(100% of the registered capital of Shaoxing Shinsun Hongxing Real Estate \Development Co., )Tj
0.045 Tc 0.07 Tw 0 -1.333 Td
[(Ltd.)12.8 ( \(\223)]TJ
/T1_1 1 Tf
[(Shaoxing)12.8 ( Shinsun)]TJ
/T1_0 1 Tf
[(\224\))12.8 ( at)12.8 ( a)12.8 ( cash)12.8 ( consideration)12.7 ( of)12.7 ( RMB)12.8 (3)12.8 (3)12.7 (9)12.8 (,)12.8 (7)12.7 (3)12.8 (4)12.8 (,)12.7 (5)12.8 (5)12.7 (9)12.8 (.)12.8 (8)12.7 (5)12.8 ( \(equivalent)12.7 ( to)20 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(approximately HK$397,490,000\).)Tj
0 -2.667 Td
(For further details, please refer to the announcement of the Company dat\ed 12 July 2022.)Tj
ET
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12 0 0 12 282.6378 18.7502 Tm
(\226 28 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS)Tj
/T1_0 1 Tf
0 -2.583 Td
(As at 31 December 2022, the Group has no plan for any material investmen\ts or capital assets.)Tj
/T1_1 1 Tf
0.121 Tc 0.07 Tw 0 -2.583 Td
[(SIGNIFICANT)12.5 ( INVESTMENTS)12.5 ( HELD,)12.5 ( MATERIAL)12.5 ( ACQUISITIONS)12.5 ( AND)96 ( )]TJ
0.025 Tc 0 Tw 0 -1.292 Td
(DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES)Tj
0.099 Tc 0.07 Tw 0 -2.583 Td
[(Disposal)12.6 ( of)12.5 ( 2)12.6 (3)12.5 (.)12.5 (8)12.5 (0)12.5 (9)12.5 (5)12.6 (%)12.5 ( equity)12.5 ( interest)12.5 ( in)12.5 ( Zhejiang)12.5 ( Sunflower)12.5 ( Health)12.5 ( Industry)74 ( )]TJ
0.025 Tc 0 Tw 0 -1.292 Td
(Development Co., Ltd.)Tj
/T1_0 1 Tf
0.047 Tw 0 -2.583 Td
[(On 7 )0.5 (January 2022, Shinsun Hong Kong Limited \(\223)]TJ
/T1_1 1 Tf
(Shinsun HK)Tj
/T1_0 1 Tf
(\224\), an indirect wholly-owned )Tj
0.03 Tc 0.078 Tw 0 -1.292 Td
[(subsidiary)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Company,)5 ( entered)5 ( )0.5 (into)5 ( )0.5 (an)5 ( )0.5 (equity)5 ( )0.5 (transfer)5 ( )0.5 (agreement)5 ( )0.5 (with)5 ( )0.5 (Zhuji)5 ( )0.5 (Tiancheng)5.1 ( )]TJ
0.052 Tc 0.07 Tw 0 -1.292 Td
[(Hongwei)12.7 ( Property)12.7 ( Co.,)12.7 ( Ltd.)12.7 ( \(\223)]TJ
/T1_1 1 Tf
[(Zhuji)12.7 ( Tiancheng)]TJ
/T1_0 1 Tf
[(\224\),)12.6 ( under)12.6 ( which)12.7 ( Zhuji)12.7 ( Tiancheng)12.7 ( agreed)27.1 ( )]TJ
0.038 Tc 0 -1.292 Td
[(to)12.5 ( acquire)12.5 ( and)12.5 ( Shinsun)12.5 ( HK)12.5 ( agreed)12.4 ( to)12.5 ( sell,)12.4 ( 2)12.5 (3)12.5 (.)12.4 (8)12.5 (0)12.5 (9)12.5 (5)12.4 (%)12.5 ( equity)12.5 ( interest)12.5 ( in)12.5 ( Zhejiang)12.5 ( Sunflower)13 ( )]TJ
0.04 Tc 0 -1.292 Td
[(Health)12.5 ( Industry)12.4 ( Development)12.4 ( Co.,)12.4 ( Ltd.)12.4 ( \(a)12.5 ( company)12.4 ( principally)12.4 ( engaged)12.5 ( in)12.4 ( the)12.5 ( business)12.4 ( of)15 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.292 Td
[(elderly)6 ( )0.5 (care)6 ( )0.5 (services,)6 ( )0.5 (health)6 ( )0.5 (and)6 ( )0.5 (sports)6 ( )0.5 (related)6 ( )0.5 (consulting)6.1 ( )0.5 (services)6 ( )0.5 (\(excluding)6 ( )0.5 (diagnosis)6 ( )0.5 (and)6 ( )]TJ
0.044 Tc 0.07 Tw 0 -1.292 Td
[(treatment)12.4 ( services\),)12.3 ( hospital)12.4 ( management,)12.4 ( property)12.4 ( management,)12.4 ( hotel)12.4 ( management,)12.4 ( park)19 ( )]TJ
0.025 Tc 0.014 Tw 0 -1.292 Td
(management services\) at a consideration of RMB336,990,471.75 \(equivale\nt to approximately )Tj
0 Tw 0 -1.292 Td
(HK$410,963,989.939\) in cash.)Tj
0 -2.583 Td
(For further details, please refer to the announcement of the Company dat\ed 7 January 2022.)Tj
/T1_1 1 Tf
0 -2.583 Td
(Disposal of 51% equity interest in Hangzhou Bintuo Enterprise Management\ Co., Ltd)Tj
/T1_0 1 Tf
0.062 Tc 0.07 Tw 0 -2.583 Td
[(On)12.7 ( 1)12.8 (7)12.7 ( January)12.8 ( 2)12.8 (0)12.8 (2)12.7 (2)12.8 (,)12.8 ( Hangzhou)12.8 ( Binwang)12.7 ( Enterprise)12.8 ( Management)12.7 ( Consulting)12.7 ( Co.,)12.8 ( Ltd.)37 ( )]TJ
0.027 Tc -0.027 Tw 0 -1.292 Td
(\(\223)Tj
/T1_1 1 Tf
0.081 Tw [(Hangzhou)2 ( )0.5 (Binwang)]TJ
/T1_0 1 Tf
[(\224\),)1.9 ( )0.5 (an)2 ( )0.5 (indirect)2 ( wholly-owned)2 ( )0.5 (subsidiary)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (Company,)2 ( )0.5 (entered)2 ( )0.5 (into)2 ( )]TJ
0.025 Tc 0.045 Tw 0 -1.292 Td
(an equity transfer agreement with Zhelvzhanjing Real Estate Co., Ltd. \(\\223)Tj
/T1_1 1 Tf
(Zhelvzhanjing Real )Tj
0.031 Tc -0.031 Tw 0 -1.292 Td
(Estate)Tj
/T1_0 1 Tf
0.077 Tw [(\224\),)6 ( )0.5 (under)6 ( )0.5 (which)6 ( )0.5 (Zhelvzhanjing)6 ( )0.5 (Real)6 ( )0.5 (Estate)6 ( )0.5 (agreed)6 ( )0.5 (to)6 ( )0.5 (acquire)6 ( )0.5 (and)6 ( )0.5 (Hangzhou)6 ( )0.6 (Binwang)6 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.292 Td
[(agreed)4 ( )0.6 (to)4 ( )0.5 (sell,)4 ( )0.5 (5)4 (1)4 (%)4 ( )0.5 (equity)4 ( )0.5 (interest)4 ( )0.5 (in)4 ( )0.5 (Hangzhou)4 ( )0.5 (Bintuo)4 ( )0.5 (Enterprise)4 ( )0.6 (Management)4 ( )0.5 (Co.,)4 ( )0.5 (Ltd.)4 ( )0.5 (\(a)4 ( )]TJ
0.025 Tc 0.036 Tw 0 -1.292 Td
[(company )0.5 (principally )0.5 (engaged )0.5 (in )0.5 (the )0.5 (business )0.5 (of )0.5 (enterprise )0.5 (management )0.5 (consulting, )0.5 (marketing )]TJ
0 Tw 0 -1.292 Td
(planning, and related services\) at a consideration of RMB487,036,040.11\ in cash.)Tj
0 -2.583 Td
(For further details, please refer to the announcement of the Company dat\ed 17 January 2022.)Tj
/T1_1 1 Tf
0.043 Tc 0.07 Tw 0 -2.583 Td
[(Acquisition)12.2 ( of)12.2 ( 7)12.2 (.)12.1 (3)12.2 (2)12.1 (5)12.2 (8)12.1 (%)12.2 ( equity)12.1 ( interest)12.2 ( in)12.1 ( Hangzhou)12.2 ( Didang)12.2 ( Investment)12.2 ( Management)18 ( )]TJ
0.025 Tc 0 Tw 0 -1.292 Td
(Partnership \(Limited Partnership\))Tj
/T1_0 1 Tf
0.058 Tc 0.07 Tw 0 -2.583 Td
[(O)0.5 (n)13 ( )0.5 (1)13 (7)13 ( )0.5 (J)0.6 (a)0.5 (n)0.5 (u)0.5 (a)0.5 (r)0.5 (y)13 ( )0.5 (2)13 (0)13 (2)13 (2)13 (,)13 ( )0.5 (H)0.5 (a)0.5 (n)0.6 (g)0.5 (z)0.5 (h)0.5 (o)0.5 (u)13 ( )0.5 (D)0.5 (o)0.5 (n)0.5 (g)0.5 (y)0.5 (u)13 ( )0.5 (E)0.5 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (p)0.5 (r)0.5 (i)0.5 (s)0.5 (e)13 ( )0.5 (M)0.5 (a)0.5 (n)0.5 (a)0.5 (g)0.5 (e)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (C)0.5 (o)0.5 (.)0.5 (,)13 ( )0.5 (L)0.5 (t)0.5 (d)0.5 (.)13 ( )0.5 (\()0.5 (\223)]TJ
/T1_1 1 Tf
-0.058 Tw 35.365 0 Td
[(H)0.5 (a)0.5 (n)0.5 (g)0.5 (z)0.5 (h)0.5 (o)0.5 (u)33 ( )]TJ
-35.365 -1.292 Td
(Dongyu)Tj
/T1_0 1 Tf
0.07 Tw [(\224\),)12.2 ( an)12.2 ( indirect)12.2 ( wholly-owned)12.2 ( subsidiary)12.2 ( of)12.2 ( the)12.2 ( Company,)12.2 ( entered)12.2 ( into)12.2 ( an)12.2 ( share)33 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.292 Td
[(transfer)11 ( )0.5 (agreement)11 ( )0.5 (with)11 ( )0.5 (Zhelvzhanjing)11 ( )0.5 (Real)11 ( )0.5 (Estate,)11 ( )0.5 (under)11 ( )0.5 (which)11 ( )0.5 (Hangzhou)11 ( )0.5 (Dongyu)10.9 ( )0.5 (agreed)11 ( )]TJ
0.025 Tc 0.044 Tw 0 -1.292 Td
(to acquire and Zhelvzhanjing Real Estate agreed to sell, 7.3258% of the \interest in Hangzhou )Tj
0.027 Tc 0.081 Tw 0 -1.292 Td
[(Didang)2 ( )0.5 (Investment)2 ( )0.5 (Management)2 ( )0.5 (Partnership)2 ( \(Limited)2 ( )0.5 (Partnership\))2 ( )0.5 (\(a)2 ( )0.5 (partnership)2 ( )0.5 (principally)2 ( )]TJ
0.043 Tc 0.07 Tw 0 -1.292 Td
[(enga)0.5 (ged)12.9 ( in)12.9 ( the)12.9 ( bus)0.5 (in)0.5 (ess)12.9 ( of)12.9 ( equ)0.5 (it)0.5 (y)12.9 ( investment\))13 ( at)12.9 ( the)12.9 ( con)0.5 (sideration)12.9 ( of)13 ( RMB)12.9 (1)12.9 (6)12.9 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 ( in)18 ( )]TJ
0.038 Tc 0 -1.292 Td
[(cash)12.3 ( and)12.2 ( the)12.2 ( debt)12.2 ( owed)12.2 ( by)12.2 ( the)12.2 ( Shaoxing)12.2 ( Xiangsheng)12.2 ( Hongsheng)12.2 ( Real)12.2 ( Estate)12.2 ( Development)13 ( )]TJ
0.025 Tc 0.057 Tw 0 -1.292 Td
(Co., Ltd. to Zhelvzhanjing Real Estate in the principal amount of RMB398\,868,517.15 at the )Tj
0 Tw 0 -1.292 Td
(consideration of RMB398,868,517.15.)Tj
0 -2.583 Td
(For further details, please refer to the announcement of the Company dat\ed 17 January 2022.)Tj
ET
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/CS0 cs 0 0 0 1 scn
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12 0 0 12 282.6378 18.7502 Tm
(\226 27 \226)Tj
0.042 Tc 0.07 Tw -18.829 63.041 Td
[(million)12.2 ( in)12.2 ( currency)12.2 ( funds,)12.3 ( primarily)12.2 ( due)12.2 ( to)12.2 ( the)12.2 ( repayment)12.2 ( of)12.2 ( borrowings)12.3 ( and)12.3 ( the)12.2 ( payment)17 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.25 Td
[(of)5 ( )0.6 (construction)5 ( )0.5 (costs;)5 ( )0.5 (\(ii\))5 ( )0.5 (the)5 ( )0.5 (decrease)5 ( )0.5 (of)5 ( )0.5 (approximately)5 ( )0.5 (RMB)5 (1)5 (9)5 (,)5 (0)5 (0)5 (3)5 (.)5 (0)5 ( )0.5 (million)5 ( )0.5 (in)5 ( )0.5 (properties)5 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.25 Td
[(under)8 ( )0.5 (development)8 ( )0.5 (and)8 ( )0.5 (completed)8.1 ( )0.5 (pr)0.5 (oper)0.5 (tie)0.5 (s)8 ( )0.5 (held)8 ( )0.5 (for)8 ( )0.5 (sale,)8 ( )0.5 (primarily)8 ( )0.5 (due)8 ( )0.5 (to)8 ( )0.5 (the)8 ( )0.5 (dec)0.5 (rease)8 ( )0.5 (in)8 ( )]TJ
0.025 Tc 0.009 Tw 0 -1.25 Td
[(the number of newly acquired projects )0.5 (during )0.5 (the year; and )0.5 (\(iii\) the decrease of approximately )]TJ
0.077 Tw 0 -1.25 Td
[(RMB10,822.0 million )0.5 (in )0.5 (contract )0.5 (liabilities, )0.5 (primarily )0.5 (due to )0.5 (the )0.5 (impact )0.5 (of )0.5 (the epidemic )0.5 (and )]TJ
0.075 Tw 0 -1.25 Td
[(the downturn in )0.5 (the market which )0.5 (had led to )0.5 (the decrease )0.5 (in actual amount )0.5 (of )0.5 (property sales )]TJ
0 Tw 0 -1.25 Td
(proceeds received.)Tj
/T1_1 1 Tf
0 -2.5 Td
(Pledge of assets)Tj
/T1_0 1 Tf
0.048 Tc 0.07 Tw 0 -2.5 Td
[(As)12.3 ( at)12.3 ( 3)12.2 (1)12.2 ( December)12.2 ( 2)12.3 (0)12.2 (2)12.2 (2)12.2 (,)12.3 ( the)12.3 ( Group\222s)12.2 ( borrowings)12.2 ( were)12.2 ( secured)12.2 ( by)12.3 ( the)12.3 ( Group\222s)12.2 ( assets)12.2 ( of)23 ( )]TJ
0.025 Tc 0.042 Tw 0 -1.25 Td
(approximately RMB32,024.5 million which include property, plant and equi\pment, properties )Tj
0.036 Tc 0.072 Tw 0 -1.25 Td
[(under)11 ( )0.5 (development)11 ( )0.5 (and)11 ( )0.5 (pledged)11 ( )0.5 (deposits)11 ( )0.5 (\()11 (3)11 (1)11 ( )0.5 (December)11 ( 2)11 (0)11 (2)11 (1)11 (:)11 ( )0.5 (approximately)11 ( )0.5 (RMB)11 (3)11 (8)11 (,)11 (9)11 (6)11 (4)11 (.)11 (8)11 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.25 Td
[(million\).)3 ( )0.5 (The)3.1 ( )0.5 (decrease)3 ( )0.5 (in)3 ( )0.5 (pledged)3 ( )0.5 (assets)3.1 ( )0.5 (was)3 ( )0.5 (primarily)3 ( )0.5 (due)3 ( )0.5 (to)3 ( )0.5 (the)3 ( )0.5 (decrease)3 ( )0.5 (in)3 ( )0.5 (the)3.1 ( )0.5 (amount)3 ( )0.5 (of)3 ( )]TJ
0.025 Tc 0 Tw 0 -1.25 Td
(the Group\222s loans.)Tj
/T1_1 1 Tf
0 -2.5 Td
(Financial risks)Tj
/T1_0 1 Tf
0.03 Tc 0.078 Tw 0 -2.5 Td
[(T)0.5 (h)0.5 (e)5 ( )0.5 (m)0.6 (a)0.5 (i)0.5 (n)5 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)0.5 (s)5 ( )0.5 (a)0.6 (r)0.5 (i)0.5 (s)0.5 (i)0.5 (n)0.5 (g)5 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)5 ( )0.6 (th)0.6 (e)5 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222)0.6 (s)5 ( )0.5 (a)0.5 (c)0.5 (t)0.5 (i)0.5 (v)0.5 (i)0.5 (t)0.5 (i)0.6 (e)0.5 (s)5 ( )0.5 (a)0.5 (r)0.5 (e)0.5 (:)5 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (e)0.5 (s)0.5 (t)5 ( )0.5 (r)0.6 (a)0.5 (t)0.5 (e)5 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)0.5 (,)5 ( )0.5 (c)0.6 (r)0.5 (e)0.5 (d)0.5 (i)0.5 (t)5 ( )0.5 (r)0.5 (i)0.5 (s)0.6 (k)0.5 (,)5 ( )0.5 (f)0.5 (o)0.5 (r)0.5 (e)0.5 (i)0.5 (g)0.5 (n)5 ( )]TJ
0.025 Tc 0.024 Tw 0 -1.25 Td
(currency risk and liquidity risk. Generally, the Group introduces conser\vative strategies on its )Tj
0.071 Tw 0 -1.25 Td
(risk management. To keep the Group\222s exposure to these risks to a min\imum, the Group has )Tj
0.006 Tw 0 -1.25 Td
(not used any derivatives and other instruments for hedging purposes. The\ Group does not hold )Tj
0 Tw 0 -1.25 Td
(or issue derivative financial instruments for trading purposes.)Tj
/T1_2 1 Tf
0 -2.625 Td
(Interest rate risk)Tj
/T1_0 1 Tf
0.048 Tc 0.07 Tw 0 -2.667 Td
[(The)12.2 ( Group\222s)12.2 ( exposure)12.1 ( to)12.2 ( risk)12.1 ( for)12.1 ( changes)12.2 ( in)12.1 ( market)12.2 ( interest)12.1 ( rates)12.2 ( relates)12.1 ( primarily)12.2 ( to)12.1 ( its)23 ( )]TJ
0.049 Tc 0 -1.333 Td
[(interest-bearing)12.7 ( bank)12.7 ( and)12.7 ( other)12.7 ( borrowings.)12.7 ( The)12.7 ( Group)12.7 ( does)12.6 ( not)12.7 ( use)12.7 ( derivative)12.7 ( financial)24.1 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.333 Td
[(i)0.5 (ns)0.5 (tr)0.5 (um)0.5 (e)0.5 (nt)0.5 (s)4 ( )0.5 (t)0.5 (o)4 ( )0.5 (he)0.5 (dg)0.5 (e)4 ( )0.5 (i)0.5 (nt)0.5 (e)0.5 (re)0.5 (s)0.5 (t)4 ( )0.5 (ra)0.5 (t)0.5 (e)4 ( )0.5 (ri)0.5 (s)0.5 (ks)0.5 (.)4 ( )0.5 (T)0.5 (he)4 ( )0.5 (G)0.5 (r)0.5 (ou)0.5 (p)4 ( )0.5 (m)0.5 (an)0.5 (ag)0.5 (e)0.5 (s)4 ( )0.5 (it)0.5 (s)4 ( )0.5 (i)0.5 (nt)0.5 (e)0.5 (re)0.5 (st)4 ( )0.6 (co)0.5 (st)0.5 (s)4 ( )0.5 (u)0.5 (si)0.5 (ng)4 ( )0.6 (va)0.5 (ri)0.5 (a)0.5 (bl)0.5 (e)4 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(rate bank borrowings and other borrowings.)Tj
/T1_2 1 Tf
0 -2.667 Td
(Liquidity risk)Tj
/T1_0 1 Tf
0.005 Tw 0 -2.667 Td
(The Group aims to maintain sufficient cash through internally generated \sales proceeds and an )Tj
0.078 Tw 0 -1.333 Td
(adequate amount of committed credit facilities to meet its operation nee\ds and commitments )Tj
0.054 Tc 0.07 Tw 0 -1.333 Td
[(in)12.6 ( respect)12.5 ( of)12.5 ( property)12.6 ( projects.)12.5 ( The)12.5 ( Group\222s)12.5 ( objective)12.6 ( is)12.6 ( to)12.5 ( maintain)12.5 ( a)12.5 ( balance)12.5 ( between)29 ( )]TJ
0.056 Tc 0 -1.333 Td
[(continuity)12.6 ( of)12.6 ( funding)12.7 ( and)12.6 ( flexibility)12.6 ( through)12.6 ( the)12.7 ( use)12.6 ( of)12.6 ( interest-bearing)12.6 ( bank)12.7 ( and)12.6 ( other)31 ( )]TJ
0.025 Tc 0.017 Tw 0 -1.333 Td
(borrowings. The Group reviews its liquidity position on an ongoing basis\, including review of )Tj
0.022 Tw 0 -1.333 Td
[(the )0.5 (expected )0.5 (cash )0.5 (inflows )0.5 (and )0.5 (outflows, )0.5 (pre-sales/sales )0.5 (results, )0.5 (maturity )0.5 (of )0.5 (its )0.5 (borrowings )0.5 (and )]TJ
0.027 Tw 0 -1.333 Td
(the progress of the property projects in order to monitor its liquidity \requirements in the short )Tj
0 Tw 0 -1.333 Td
(and long terms.)Tj
0.002 Tw 0 -2.667 Td
(The Board reviews its risk management policy on a on-going basis and wou\ld take appropriate )Tj
0 Tw 0 -1.333 Td
(actions to contain its risk exposure.)Tj
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(2022. The June 2022 Notes were delisted from the Stock Exchange on 7 Jun\e 2022 upon its )Tj
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(Share of profits and losses of joint ventures)Tj
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[(2)2 (0)2 (2)2 (1)2 ( )0.5 (and)2 ( )0.5 (share)2 ( )0.5 (of)2 ( )0.5 (losses)2 ( )0.5 (of)2 ( )0.5 (joint)2 ( ventures)2 ( )0.5 (of)2 ( )0.5 (approximately)2 ( )0.5 (RMB)2 ( )0.5 (6)2 (3)2 (.)2 (5)2 ( million)2 ( )0.5 (in)2 ( )0.5 (2)2 (0)2 (2)2 (2)2 (.)2 ( )0.5 (The)2 ( )]TJ
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[(venture)6 ( )0.5 (projects)6 ( )0.5 (operated)6 ( )0.5 (by)6 ( )0.5 (joint)6 ( )0.5 (ventures)6 ( )0.5 (in)6 ( )0.5 (Nanjing,)6 ( )0.5 (Huzhou)6 ( )0.5 (and)6 ( )0.5 (other)6 ( )0.5 (cities.)6 ( )0.6 (The)6 ( )0.5 (Group)6 ( )]TJ
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(recorded share of losses of joint ventures in 2022 in relation to the lo\sses from joint venture )Tj
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(Share of profits and losses of associates)Tj
/T1_0 1 Tf
0.034 Tw 0 -2.583 Td
(The Group recorded share of profits of associates of approximately RMB95\.6 million in 2021 )Tj
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(mainly due to the profits from joint venture projects operated by associ\ated entities in Ningbo )Tj
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(and other cities.)Tj
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(Loss/profit before tax)Tj
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(2021.)Tj
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(Income tax expense)Tj
/T1_0 1 Tf
0.046 Tw 0 -2.583 Td
(The Group\222s income tax expense decreased from approximately RMB1,159.\2 million in 2021 )Tj
0.047 Tc 0.07 Tw 0 -1.292 Td
[(to)12.5 ( approximately)12.6 ( RMB)12.6 (6)12.6 (6)12.6 (9)12.5 (.)12.6 (5)12.6 ( million)12.6 ( in)12.6 ( 2)12.6 (0)12.6 (2)12.6 (2)12.5 (,)12.6 ( which)12.6 ( was)12.6 ( primarily)12.6 ( due)12.6 ( to)12.6 ( the)12.6 ( decrease)12.6 ( in)22 ( )]TJ
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(taxable profit before tax.)Tj
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[(substantial capital investments for land acquisition and property constr\uction. As at the date of)-1 ( )]TJ
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(this announcement, the Group has funded its operations, working capital,\ capital expenditure )Tj
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(including proceeds from the pre-sales and sales of properties, receipt o\f property lease income )Tj
0 Tw 0 -1.292 Td
(from its investment properties, management consulting service fees, and \property management )Tj
0.026 Tc 0.082 Tw 0 -1.292 Td
[(service)1 ( )0.5 (fees,)1 ( )0.5 (as)1 ( )0.5 (well)1 ( )0.5 (as)1 ( )0.5 (bank)1 ( )0.5 (and)1 ( )0.5 (other)1 ( )0.5 (borrowings,)1 ( )0.5 (asset-backed)1 ( )0.5 (securities)1 ( )0.5 (and)1 ( )0.5 (senior)1 ( )0.5 (notes.)1 ( )]TJ
0.024 Tc 0 Tw 0 -1.292 Td
[(The financing methods of the Grou)0.5 (p var)0.5 (y from )0.5 (proje)0.5 (ct to proje)0.5 (ct, and are subject to limitations)-1 ( )]TJ
0.025 Tc 0 -1.292 Td
(imposed by PRC regulations and monetary policies.)Tj
/T1_1 1 Tf
0 -2.583 Td
(Cash position)Tj
/T1_0 1 Tf
0.028 Tc 0.08 Tw 0 -2.583 Td
[(The)3 ( )0.5 (Group\222s)3 ( )0.5 (cash)3 ( )0.5 (and)3 ( )0.5 (bank)3 ( )0.5 (balances,)3 ( )0.5 (comprising)3 ( )0.5 (cash)3 ( )0.5 (and)3 ( )0.5 (cash)3 ( )0.5 (equivalents,)3 ( )0.5 (restricted)3 ( )0.5 (cash,)3 ( )]TJ
0.025 Tc 0.077 Tw 0 -1.292 Td
(time deposits and pledged deposits, amounted to approximately RMB4,645.2\ million in total )Tj
0.005 Tw 0 -1.292 Td
[(as )0.5 (at )0.5 (31 )0.5 (December )0.5 (2022, )0.5 (of )0.5 (which )0.5 (RMB4,644.9 )0.5 (million, )0.5 (RMB0.2 )0.5 (million )0.5 (and )0.5 (RMB0.1 )0.5 (million )]TJ
0.074 Tw 0 -1.292 Td
[(were )0.5 (denominated in )0.5 (RMB, HKD and )0.5 (USD, respectively \(31 )0.5 (December )0.5 (2021: )0.5 (approximately )]TJ
0.04 Tc 0.07 Tw 0 -1.292 Td
[(RMB)12.2 (8)12.3 (,)12.3 (4)12.3 (4)12.2 (8)12.3 (.)12.3 (1)12.3 ( million\),)12.2 ( representing)12.3 ( a)12.3 ( decrease)12.3 ( of)12.3 ( approximately)12.3 ( 4)12.2 (5)12.3 (%)12.3 ( as)12.2 ( compared)12.3 ( with)12.3 ( 3)12.2 (1)15 ( )]TJ
0.025 Tc 0 Tw 0 -1.292 Td
(December 2021.)Tj
ET
endstreamendobj90 0 obj<>stream
BT
/CS0 cs 0 0 0 1 scn
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
12 0 0 12 282.6378 18.7502 Tm
(\226 24 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(Other expenses)Tj
/T1_0 1 Tf
0.044 Tw 0 -2.667 Td
(The Group\222s other expenses primarily consist of \(i\) donations to no\n-profit organizations and )Tj
0.043 Tc 0.07 Tw 0 -1.333 Td
[(local)12.4 ( communities)12.4 ( for)12.4 ( purposes)12.4 ( of)12.4 ( poverty)12.4 ( elimination,)12.3 ( tuition)12.3 ( sponsorship,)12.3 ( infrastructure)18 ( )]TJ
0.058 Tc 0 -1.333 Td
[(construction,)12.7 ( disaster)12.6 ( relief)12.6 ( and)12.6 ( elderly)12.7 ( care;)12.7 ( \(ii\))12.7 ( compensation)12.7 ( for)12.7 ( delayed)12.6 ( delivery)12.6 ( of)33 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.333 Td
[(property)7 ( )0.5 (projects;)7 ( )0.5 (and)7 ( )0.5 (\(iii\))7 ( )0.6 (the)7 ( )0.5 (increase)7 ( )0.5 (in)7 ( )0.5 (late)7 ( )0.5 (payment)7 ( )0.5 (of)7 ( )0.5 (taxes)7 ( )0.5 (and)7 ( )0.5 (penalties)7 ( )0.5 (due)7 ( )0.5 (to)7 ( )0.5 (larger)7 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.333 Td
[(increase)3 ( )0.5 (in)3 ( )0.5 (penalties)3.1 ( )0.5 (related)3 ( )0.5 (to)3 ( )0.5 (construction)3 ( )0.5 (violations)3 ( )0.6 (and)3 ( )0.5 (losses)3.1 ( incurred)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )0.5 (disposal)2.9 ( )0.5 (of)3 ( )]TJ
0.041 Tc 0.07 Tw 0 -1.333 Td
[(subsidiaries.)12.3 ( For)12.3 ( the)12.3 ( year)12.4 ( ended)12.3 ( 3)12.3 (1)12.3 ( December)12.3 ( 2)12.3 (0)12.4 (2)12.3 (2)12.4 (,)12.3 ( the)12.4 ( Group\222s)12.3 ( other)12.4 ( expenses)12.4 ( increased)16 ( )]TJ
0 -1.333 Td
[(by)12.1 ( approximately)12.1 ( 1)12.1 (2)12.2 (1)12.1 (.)12.1 (3)12.1 (%)12.1 ( from)12.1 ( RMB)12.1 (3)12.1 (0)12.1 (6)12.2 (.)12.1 (7)12.1 ( million)12.1 ( to)12.1 ( approximately)12.2 ( RMB)12.1 (6)12.2 (7)12.1 (8)12.1 (.)12.1 (7)12.1 ( million)12.2 ( as)16 ( )]TJ
0.047 Tc 0 -1.333 Td
[(compared)12.4 ( with)12.4 ( the)12.4 ( corresponding)12.4 ( period)12.4 ( in)12.3 ( the)12.4 ( previous)12.4 ( year,)12.4 ( primary)12.4 ( due)12.4 ( to)12.3 ( the)12.3 ( loss)12.4 ( on)22 ( )]TJ
0.04 Tc 0 -1.333 Td
[(disposal)12.2 ( of)12.3 ( subsidiaries)12.3 ( and)12.3 ( the)12.3 ( provision)12.3 ( for)12.2 ( impairment)12.3 ( of)12.3 ( investments)12.3 ( in)12.2 ( associates)12.2 ( and)15 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(joint ventures.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Fair value losses/gains on investment properties)Tj
/T1_0 1 Tf
0.032 Tc 0.076 Tw 0 -2.667 Td
[(The)7 ( )0.5 (Group\222s)7 ( )0.5 (fair)7 ( )0.5 (value)7 ( )0.5 (loss)7 ( )0.5 (on)7 ( )0.5 (investment)7 ( )0.5 (properties)7 ( )0.5 (for)7.1 ( )0.5 (the)7 ( )0.5 (year)7 ( )0.5 (ended)7 ( )0.5 (3)7 (1)7 ( )0.5 (December)7 ( )0.5 (2)7 (0)7 (2)7 (2)7 ( )]TJ
0.025 Tc 0.017 Tw 0 -1.333 Td
(amounted to approximately RMB46.4 million, representing a turnaround fro\m fair value gains )Tj
0.082 Tw 0 -1.333 Td
(on investment properties of approximately RMB17.7 million for the corres\ponding period in )Tj
0.03 Tc 0.078 Tw 0 -1.333 Td
[(2)5 (0)5 (2)5 (1)5 (,)5 ( )0.5 (wh)0.5 (ic)0.5 (h)5 ( )0.5 (wa)0.5 (s)5 ( )0.5 (ma)0.5 (inl)0.5 (y)5 ( )0.5 (du)0.5 (e)5 ( )0.5 (to)5 ( )0.5 (a)5 ( )0.5 (s)0.5 (te)0.5 (ad)0.5 (y)5 ( )0.5 (to)5 ( )0.5 (mo)0.5 (de)0.5 (ra)0.5 (te)5 ( )0.5 (d)0.5 (ec)0.5 (lin)0.5 (e)5 ( )0.5 (in)5 ( )0.5 (c)0.5 (om)0.5 (mer)0.5 (ci)0.5 (al)5 ( )0.5 (p)0.5 (ro)0.5 (per)0.5 (ty)5 ( )0.5 (v)0.5 (al)0.5 (ues)5.1 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.333 Td
[(resulted)12 ( )0.5 (from)12 ( )0.5 (the)12 ( )0.5 (weaker)12.1 ( )0.5 (than)12 ( )0.5 (expected)12 ( )0.5 (recovery)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (property)12 ( )0.5 (market)12 ( )0.5 (and)12 ( )0.5 (the)12 ( )0.5 (remaining)12 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(weakness in the commercial property market on both the supply and demand\ sides.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Loss on forfeited land development projects)Tj
/T1_0 1 Tf
0.05 Tw 0 -2.667 Td
(Loss on forfeited land development projects mainly includes \(i\) the la\nd deposit which is not )Tj
0.048 Tw 0 -1.333 Td
(refundable when the land transfer contract is terminated; \(ii\) taxes r\elated to the performance )Tj
0 Tw 0 -1.333 Td
(of the land transfer contract; and \(iii\) the initial construction cost\.)Tj
0.024 Tc 0 -2.667 Td
[(The Group\222s loss on forfeited land development projects for the year \ended 31 December 2022)-1 ( )]TJ
0.025 Tc 0.032 Tw 0 -1.333 Td
[(amounted to approximately RMB1,643.6 million \(nil for )0.5 (the corresponding period in 2021\) )0.5 (in )]TJ
0 Tw 0 -1.333 Td
(relation to the Group\222s loss on operating projects in Hangzhou and Sh\aoxing.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Finance costs)Tj
/T1_0 1 Tf
0.051 Tc 0.07 Tw 0 -2.667 Td
[(Finance)12.4 ( costs)12.4 ( mainly)12.4 ( consist)12.4 ( of)12.4 ( \(i\))12.4 ( interest)12.4 ( on)12.4 ( loans)12.4 ( and)12.4 ( other)12.4 ( borrowings,)12.3 ( senior)12.4 ( notes,)26 ( )]TJ
0.025 Tc 0.077 Tw 0 -1.333 Td
(corporate bonds and lease liabilities; and \(ii\) interest expense arisi\ng from revenue contracts )Tj
0.062 Tc 0.07 Tw 0 -1.333 Td
[(which)12.9 ( represent)12.9 ( interest)12.9 ( expe)0.5 (nses)12.9 ( recognised)12.9 ( for)12.9 ( the)12.9 ( significant)12.9 ( financ)0.5 (ing)12.9 ( components)37 ( )]TJ
0.045 Tc 0 -1.333 Td
[(included)12.7 ( in)12.6 ( contract)12.7 ( liabilities)12.6 ( during)12.7 ( the)12.7 ( period)12.7 ( from)12.7 ( the)12.6 ( receipt)12.6 ( of)12.7 ( sales)12.7 ( proceeds)12.7 ( to)12.7 ( the)20.1 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(delivery of underlying properties, less capitalised interests.)Tj
0.048 Tc 0.07 Tw 0 -2.667 Td
[(The)12.8 ( Group\222s)12.8 ( finance)12.8 ( costs)12.8 ( increased)12.8 ( from)12.8 ( approximately)12.8 ( RMB)12.8 (1)12.8 (,)12.8 (2)12.8 (5)12.8 (7)12.8 (.)12.8 (3)12.8 ( million)12.8 ( in)12.8 ( 2)12.8 (0)12.8 (2)12.8 (1)12.8 ( to)23 ( )]TJ
0.044 Tc 0 -1.333 Td
[(approximately)12.2 ( RMB)12.3 (1)12.2 (,)12.3 (5)12.3 (4)12.2 (7)12.3 (.)12.2 (4)12.3 ( million)12.3 ( in)12.3 ( 2)12.3 (0)12.3 (2)12.2 (2)12.3 (,)12.2 ( which)12.2 ( was)12.3 ( mainly)12.2 ( due)12.3 ( to)12.3 ( the)12.2 ( decrease)12.3 ( in)12.2 ( the)19.1 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(capitalisable interest after project delivery.)Tj
ET
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BT
/CS0 cs 0 0 0 1 scn
/Perceptual ri
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12 0 0 12 282.6378 18.7502 Tm
(\226 23 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(Gross profit and gross profit margin)Tj
/T1_0 1 Tf
0.033 Tc 0.075 Tw 0 -2.667 Td
[(The)8 ( )0.5 (Group\222s)8.1 ( )0.5 (gross)8 ( )0.5 (profit)8 ( )0.5 (for)8 ( )0.5 (the)8 ( )0.5 (year)8 ( )0.5 (ended)8 ( )0.5 (3)8 (1)8 ( )0.5 (December)8 ( )0.5 (2)8 (0)8 (2)8 (2)8 ( )0.5 (amounted)8 ( )0.5 (to)8.1 ( )0.5 (approximately)8 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(RMB1,737.2 million, representing a year-on-year decrease of approximatel\y 63.1%.)Tj
0.053 Tw 0 -2.667 Td
(Gross profit margin for the year ended 31 December 2022 was 8.8%, repres\enting a decrease )Tj
0.072 Tw 0 -1.333 Td
(of 2 percentage points as compared to 10.8% for the same period of last \year, mainly due to )Tj
0.031 Tc 0.077 Tw 0 -1.333 Td
[(the)6 ( )0.5 (different)6 ( )0.5 (layout)6 ( )0.5 (of)6.1 ( )0.5 (properties)6 ( )0.5 (in)6 ( )0.5 (different)6 ( )0.5 (regions)5.9 ( )0.5 (and)5.9 ( )0.6 (the)6.1 ( )0.5 (difference)6.1 ( in)6.1 ( )0.5 (selling)6 ( )0.5 (price)6 ( )0.5 (and)6 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(gross profit margin levels resulted from the different structure of prop\erties sold. Furthermore, )Tj
0.042 Tw 0 -1.333 Td
(as continuously affected by the systemic risk of the real estate sector \in 2022, the Group sold )Tj
0.027 Tc 0.081 Tw 0 -1.333 Td
[(those)2 ( )0.5 (projects)2 ( )0.5 (located)2 ( )0.5 (in)2 ( )0.5 (third-tier)2.1 ( and)2 ( )0.5 (fourth-tier)2 ( )0.5 (cities)2 ( at)2 ( )0.5 (a)2 ( )0.5 (discount)2 ( in)2 ( )0.5 (order)2 ( )0.5 (to)2 ( )0.5 (improve)2 ( )0.5 (its)2 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(liquidity, resulting in a decrease in the overall gross profit margin fo\r the year.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Finance income)Tj
/T1_0 1 Tf
0 -2.667 Td
(Finance income primarily consists of interest income from bank deposits.\ The Group\222s finance )Tj
0.038 Tc 0.07 Tw 0 -1.333 Td
[(income)12.4 ( decreased)12.4 ( by)12.4 ( approximately)12.4 ( 8)12.4 (0)12.4 (.)12.3 (3)12.4 (%)12.4 ( from)12.4 ( approximately)12.4 ( RMB)12.3 (3)12.4 (0)12.4 (5)12.4 (.)12.4 (3)12.4 ( million)12.4 ( in)12.4 ( 2)12.3 (0)12.5 (2)12.3 (1)13 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.333 Td
[(to)11 ( )0.5 (approximately)11 ( )0.5 (RMB)11 (6)11 (0)11 (.)11 (0)11 ( )0.5 (million)11 ( )0.5 (in)11 ( )0.5 (2)11 (0)11 (2)10.9 (2)11 (,)11 ( )0.5 (which)11 ( )0.5 (was)11 ( )0.5 (mainly)11 ( )0.5 (due)11 ( )0.5 (to)11 ( )0.5 (the)11 ( )0.5 (decrease)11 ( )0.5 (in)11 ( )0.5 (bank)11 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(deposits as a result of the funding crunch.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Other income and gains)Tj
/T1_0 1 Tf
0.048 Tc 0.07 Tw 0 -2.667 Td
[(T)0.5 (h)0.5 (e)13 ( G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222s)13 ( )0.5 (o)0.5 (t)0.5 (he)0.5 (r)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (om)0.5 (e)13 ( )0.5 (a)0.5 (n)0.5 (d)12.9 ( )0.5 (o)0.5 (t)0.5 (h)0.5 (er)13 ( )0.5 (g)0.5 (a)0.5 (i)0.5 (n)0.5 (s)12.9 ( )0.5 (p)0.5 (r)0.5 (i)0.5 (ma)0.5 (r)0.5 (i)0.5 (l)0.5 (y)13 ( i)0.5 (n)0.5 (c)0.5 (l)0.5 (ud)0.5 (e)13 ( )0.5 (\()0.5 (i)0.5 (\))12.9 ( )0.5 (g)0.5 (a)0.5 (i)0.5 (n)13 ( o)0.5 (n)13 ( )0.5 (d)0.5 (is)0.5 (p)0.5 (o)0.5 (s)0.5 (a)0.5 (l)12.9 ( )0.5 (o)0.5 (f)13 ( )0.5 (j)0.5 (oi)0.5 (n)0.5 (t)23 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(ventures; \(ii\) subsidy income; and \(iii\) interest income.)Tj
0.049 Tc 0.07 Tw 0 -2.667 Td
[(The)12.1 ( Group\222s)12.2 ( other)12.1 ( income)12.1 ( and)12.2 ( gains)12.1 ( increased)12.2 ( by)12.2 ( 3)12.1 (2)12.2 (.)12.1 (8)12.1 (%)12.2 ( from)12.1 ( approximately)12.2 ( RMB)12.1 (4)12.2 (3)12.1 (6)12.1 (.)12.2 (4)24 ( )]TJ
0.024 Tc 0 Tw 0 -1.333 Td
[(million for the year ended 31 December 2021 to approximately RMB579.7 mi\llion for the year)-1 ( )]TJ
0.025 Tc 0.079 Tw 0 -1.333 Td
(ended 31 December 2022, which was mainly due to the increase in gain on \disposal of joint )Tj
0 Tw 0 -1.333 Td
(ventures in 2022.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Selling and distribution expenses)Tj
/T1_0 1 Tf
0.058 Tc 0.07 Tw 0 -2.667 Td
[(The)13 ( Gro)0.5 (up\222s)12.9 ( )0.5 (selli)0.5 (ng)12.9 ( an)0.5 (d)12.9 ( dist)0.5 (ributi)0.5 (on)12.9 ( e)0.5 (xpens)0.5 (es)12.9 ( d)0.5 (ecre)0.5 (ased)13 ( by)12.9 ( a)0.5 (pprox)0.5 (imate)0.5 (ly)12.9 ( 5)12.9 (0)12.9 (.)13 (6)12.9 (%)12.9 ( f)0.5 (rom)33 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.333 Td
[(approximately)7 ( )0.5 (RMB)7 (1)7 (,)7.1 (2)6.9 (6)7 (6)7 (.)7 (8)7 ( )0.5 (million)7 ( )0.5 (for)7 ( )0.5 (the)7.1 ( )0.5 (year)7 ( )0.6 (ended)7 ( )0.5 (3)7 (1)7 ( )0.5 (December)7 ( )0.5 (2)7 (0)7 (2)7 (1)7 ( )0.5 (to)7 ( )0.5 (approximately)7 ( )]TJ
0.043 Tc 0.07 Tw 0 -1.333 Td
[(RMB)12.2 (6)12.2 (2)12.2 (5)12.2 (.)12.2 (2)12.2 ( million)12.2 ( for)12.2 ( the)12.2 ( year)12.2 ( ended)12.2 ( 3)12.2 (1)12.2 ( December)12.2 ( 2)12.2 (0)12.2 (2)12.2 (2)12.2 (,)12.2 ( which)12.2 ( was)12.2 ( primarily)12.2 ( due)12.2 ( to)12.2 ( the)18 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(decrease in advertising and promotional charges and remuneration of sale\s staff.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Administrative expenses)Tj
/T1_0 1 Tf
0.063 Tw 0 -2.667 Td
(The Group\222s administrative expenses decreased by approximately 48.8% \from approximately )Tj
0.012 Tw 0 -1.333 Td
(RMB987.4 million for the year ended 31 December 2021 to approximately RM\B505.8 million )Tj
0 Tw 0 -1.333 Td
(for the year ended 31 December 2022, which was mainly due to the decreas\e in labour costs.)Tj
ET
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(\226 22 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(Revenue from property development and sales)Tj
/T1_0 1 Tf
0.058 Tc 0.07 Tw 0 -2.667 Td
[(The)12.7 ( following)12.7 ( table)12.7 ( sets)12.7 ( forth)12.7 ( the)12.7 ( details)12.6 ( of)12.6 ( revenue)12.7 ( and)12.7 ( GFA)12.7 ( recognised)12.7 ( for)12.7 ( the)12.6 ( years)33 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.333 Td
(indicated:)Tj
/T1_2 1 Tf
0 Tw 9 0 0 12 274.2874 695.2369 Tm
(For the year ended 31 December)Tj
-0.025 Tw -5.057 -1.333 Td
(2022)Tj
/T1_0 1 Tf
22.677 0 Td
(2021)Tj
/T1_2 1 Tf
-29.865 -2.667 Td
(Revenue)Tj
6.317 1.333 Td
(Recognised)Tj
2.897 -1.333 Td
(GFA)Tj
4.662 1.333 Td
(Recognised)Tj
3.119 -1.333 Td
(ASP)Tj
/T1_0 1 Tf
5.849 0 Td
(Revenue)Tj
6.317 1.333 Td
(Recognised)Tj
2.841 -1.333 Td
(GFA)Tj
4.718 1.333 Td
(Recognised)Tj
3.007 -1.333 Td
(ASP)Tj
/T1_1 1 Tf
-40.833 -1.333 Td
(\(RMB\222000\))Tj
9.498 0 Td
(\(sq.m.\))Tj
4.958 0 Td
(\(RMB/sq.m.\))Tj
/T1_3 1 Tf
8.389 0 Td
(\(RMB\222000\))Tj
9.386 0 Td
(\(sq.m.\))Tj
5.126 0 Td
(\(RMB/sq.m.\))Tj
/T1_0 1 Tf
-48.183 -2.667 Td
(Zhejiang)Tj
/T1_2 1 Tf
11.023 0 Td
(15,709,057)Tj
8.084 0 Td
(1,221,199)Tj
8.884 0 Td
(12,864)Tj
/T1_0 1 Tf
5.709 0 Td
(30,155,104)Tj
8.084 0 Td
(1,938,251)Tj
8.884 0 Td
(15,558)Tj
0 Tw -50.668 -1.333 Td
(Pan-Yangtze River )Tj
-0.025 Tw 0.945 -1.333 Td
(Delta)Tj
/T1_2 1 Tf
10.603 0 Td
(1,898,650)Tj
8.359 0 Td
(286,570)Tj
8.609 0 Td
(6,625)Tj
/T1_0 1 Tf
5.184 0 Td
(10,815,850)Tj
8.084 0 Td
(1,472,739)Tj
9.409 0 Td
(7,344)Tj
0 Tw -51.193 -1.333 Td
(Other regions)Tj
/T1_2 1 Tf
-0.025 Tw 11.548 0 Td
(1,969,366)Tj
8.359 0 Td
(272,101)Tj
8.609 0 Td
(7,238)Tj
/T1_0 1 Tf
5.709 0 Td
(2,589,636)Tj
8.359 0 Td
(365,763)Tj
8.609 0 Td
(7,080)Tj
ET
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0.5 w
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q 1 0 0 1 141.7322 546.4379 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
/T1_2 1 Tf
0 Tc 0 Tw 9 0 0 12 136.0629 548.2278 Tm
( )Tj
ET
/RelativeColorimetric ri
q 1 0 0 1 209.7637 546.4379 cm
0 0 m
56.693 0 l
S
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BT
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( )Tj
ET
/RelativeColorimetric ri
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0 0 m
56.693 0 l
S
Q
BT
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( )Tj
ET
/RelativeColorimetric ri
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0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
/T1_0 1 Tf
9 0 0 12 340.1574 548.2278 Tm
( )Tj
ET
/RelativeColorimetric ri
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0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
9 0 0 12 408.1889 548.2278 Tm
( )Tj
ET
/RelativeColorimetric ri
q 1 0 0 1 481.8897 546.4379 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
9 0 0 12 476.2204 548.2278 Tm
( )Tj
/T1_2 1 Tf
0.025 Tc -0.025 Tw -46.614 -2.667 Td
(Total)Tj
11.023 0 Td
(19,577,073)Tj
8.084 0 Td
(1,779,870)Tj
8.884 0 Td
(10,999)Tj
/T1_0 1 Tf
5.709 0 Td
(43,560,590)Tj
8.084 0 Td
(3,776,753)Tj
8.884 0 Td
(11,534)Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 141.7322 510.2743 cm
0 0 m
56.693 0 l
S
Q
0.835 w
q 1 0 0 1 141.7322 506.9418 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
/T1_2 1 Tf
0 Tc 0 Tw 9 0 0 12 136.0629 508.5643 Tm
( )Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 209.7637 510.2743 cm
0 0 m
56.693 0 l
S
Q
0.835 w
q 1 0 0 1 209.7637 506.9418 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
9 0 0 12 204.0944 508.5643 Tm
( )Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 277.7952 510.2743 cm
0 0 m
56.693 0 l
S
Q
0.835 w
q 1 0 0 1 277.7952 506.9418 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
9 0 0 12 272.1259 508.5643 Tm
( )Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 345.8267 510.2743 cm
0 0 m
56.693 0 l
S
Q
0.835 w
q 1 0 0 1 345.8267 506.9418 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
/T1_0 1 Tf
9 0 0 12 340.1574 508.5643 Tm
( )Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 413.8582 510.2743 cm
0 0 m
56.693 0 l
S
Q
0.835 w
q 1 0 0 1 413.8582 506.9418 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
9 0 0 12 408.1889 508.5643 Tm
( )Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 481.8896 510.2743 cm
0 0 m
56.693 0 l
S
Q
0.835 w
q 1 0 0 1 481.8897 506.9418 cm
0 0 m
56.693 0 l
S
Q
BT
/Perceptual ri
9 0 0 12 476.2204 508.5643 Tm
( )Tj
0.023 Tc 12 0 0 12 56.6928 478.6042 Tm
[(In 2022, the Group\222s revenue from property development and sales amou\nted to approximately)-2 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.333 Td
[(RMB)6 (1)6 (9)6 (,)6 (5)6 (7)6.1 (7)6 (.)6 (1)6 ( )0.5 (million,)6 ( )0.5 (representing)6 ( )0.5 (a)6 ( )0.5 (year-on-year)6 ( )0.5 (decrease)6 ( )0.5 (of)6 ( )0.5 (approximately)6 ( )0.5 (5)6 (5)6 (.)6 (1)6 (%,)6 ( )0.5 (which)6 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(was mainly due to the decrease in number of projects delivered.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Revenue from management consulting services)Tj
/T1_0 1 Tf
0.096 Tc 0.07 Tw 0 -2.667 Td
[(In)12.2 ( 2)12.2 (0)12.2 (2)12.2 (2)12.2 (,)12.2 ( the)12.3 ( Group\222s)12.2 ( revenue)12.2 ( from)12.2 ( management)12.2 ( consulting)12.2 ( services)12.2 ( amounted)12.3 ( to)71 ( )]TJ
0.025 Tc 0.009 Tw 0 -1.333 Td
(approximately RMB64.9 million, representing a year-on-year increase of a\pproximately 0.3%, )Tj
0 Tw 0 -1.333 Td
(which remained relatively stable as compared with the last year.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Revenue from property leasing)Tj
/T1_0 1 Tf
0.042 Tc 0.07 Tw 0 -2.667 Td
[(The)12.5 ( Group\222s)12.4 ( revenue)12.4 ( from)12.4 ( property)12.4 ( leasing)12.4 ( in)12.4 ( 2)12.4 (0)12.4 (2)12.4 (2)12.5 ( amounted)12.4 ( to)12.4 ( approximately)12.4 ( RMB)12.4 (3)12.5 (8)12.4 (.)12.4 (4)17 ( )]TJ
0.025 Tc 0.04 Tw 0 -1.333 Td
(million, representing a year-on-year decrease of approximately 49.8%, wh\ich was mainly due )Tj
0 Tw 0 -1.333 Td
(to the overall impact from the epidemic on entity businesses.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Revenue from property management services)Tj
/T1_0 1 Tf
0.029 Tw 0 -2.667 Td
(The Group\222s revenue from property management services in 2022 amounte\d to approximately )Tj
0.031 Tc 0.077 Tw 0 -1.333 Td
[(RMB)6 (2)6 (0)6.1 (.)6 (8)6 ( )0.5 (million,)6 ( )0.5 (representing)6 ( )0.5 (a)6 ( )0.5 (year-on-year)6 ( )0.5 (increase)6 ( )0.5 (of)6 ( )0.5 (approximately)6 ( )0.5 (1)6 (9)6 (.)6 (8)6 (%,)6 ( )0.5 (which)6 ( )0.5 (was)6 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(primarily due to the increase in property management income from Tiantai\ Commercial.)Tj
/T1_2 1 Tf
0 -2.667 Td
(Cost of sales)Tj
/T1_0 1 Tf
0.02 Tw 0 -2.667 Td
[(The Group )0.5 (incurred the )0.5 (vast majority of )0.5 (its cost of )0.5 (sales in )0.5 (its property development )0.5 (and )0.5 (sales )]TJ
0.033 Tc 0.075 Tw 0 -1.333 Td
[(business.)8 ( )0.5 (The)8.1 ( )0.5 (Group\222s)8 ( )0.5 (cost)8 ( )0.5 (of)8 ( )0.5 (sales)8 ( )0.5 (decreased)8.1 ( )0.5 (by)8 ( )0.5 (approximately)8 ( )0.5 (5)8 (4)8 (.)8 (0)8 (%)8 ( )0.5 (from)8.1 ( )0.5 (approximately)8 ( )]TJ
0.025 Tc 0.033 Tw 0 -1.333 Td
(RMB39,012.8 million in 2021 to approximately RMB17,963.8 million for 202\2. Cost of sales )Tj
0 Tw 0 -1.333 Td
(declined in line with the decline in property development income.)Tj
ET
endstreamendobj87 0 obj<>stream
BT
/CS0 cs 0 0 0 1 scn
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
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(\226 21 \226)Tj
/T1_1 1 Tf
0.025 Tc -18.829 63.041 Td
(Completed properties held for sale)Tj
/T1_0 1 Tf
0.03 Tc 0.078 Tw 0 -2.667 Td
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0.025 Tc 0.048 Tw 0 -1.333 Td
(end of each reporting period and are stated at the lower of cost and net\ realisable value. Cost )Tj
0.029 Tw 0 -1.333 Td
(of the completed properties held for sale refers to the related costs in\curred attributable to the )Tj
0 Tw 0 -1.333 Td
(unsold properties.)Tj
0.056 Tc 0.07 Tw 0 -2.667 Td
[(As)13 ( at)12.9 ( )0.5 (3)12.9 (1)12.9 ( De)0.5 (cem)0.5 (ber)12.9 ( )0.5 (2)12.9 (0)12.9 (2)12.9 (2)12.9 (,)13 ( the)13 ( Gro)0.5 (up)12.9 ( ha)0.5 (d)12.9 ( 1)12.9 (1)12.9 (7)13 ( comp)0.5 (lete)0.5 (d)12.9 ( pr)0.5 (opert)0.5 (y)12.9 ( pr)0.5 (oject)0.5 (s,)12.9 ( a)0.5 (nd)12.9 ( th)0.5 (e)12.9 ( to)0.5 (tal)31 ( )]TJ
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(completed GFA amounted to approximately 3.69 million sq.m., representing\ a decrease from )Tj
0 Tw 0 -1.333 Td
(approximately 4.05 million sq.m as at 31 December 2021.)Tj
/T1_1 1 Tf
0 -2.667 Td
(Projects under development)Tj
/T1_0 1 Tf
0.039 Tc 0.07 Tw 0 -2.667 Td
[(Properties)12.2 ( under)12.2 ( development)12.2 ( are)12.2 ( intended)12.2 ( to)12.1 ( be)12.2 ( held)12.1 ( for)12.1 ( sale)12.2 ( after)12.2 ( completion.)12.1 ( Properties)14 ( )]TJ
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[(under)4 ( )0.5 (development)4.1 ( )0.5 (are)4 ( )0.6 (stated)4 ( )0.5 (at)4 ( )0.5 (the)4 ( )0.5 (lower)4 ( )0.5 (of)4 ( )0.5 (cost,)4 ( )0.5 (which)4 ( )0.5 (comprises)4 ( )0.6 (land)4 ( )0.5 (costs,)4 ( )0.5 (construction)4 ( )]TJ
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[(c)0.5 (os)0.5 (ts)0.5 (,)13 ( c)0.5 (a)0.5 (pi)0.5 (ta)0.5 (li)0.5 (s)0.5 (ed)13 ( )0.5 (in)0.5 (te)0.5 (r)0.5 (es)0.5 (ts)13 ( )0.5 (an)0.5 (d)12.9 ( )0.5 (ot)0.5 (h)0.5 (er)13 ( )0.5 (co)0.5 (s)0.5 (ts)13 ( d)0.5 (ir)0.5 (e)0.5 (ct)0.5 (ly)13 ( )0.5 (at)0.5 (tr)0.5 (i)0.5 (bu)0.5 (ta)0.5 (b)0.5 (le)13 ( t)0.5 (o)12.9 ( )0.5 (s)0.5 (uc)0.5 (h)13 ( p)0.5 (ro)0.5 (pe)0.5 (r)0.5 (ti)0.5 (es)13 ( )0.5 (in)0.5 (cu)0.5 (r)0.5 (re)0.5 (d)17 ( )]TJ
0.025 Tc 0.063 Tw 0 -1.333 Td
[(during the development period, and net realisable value. Upon completion\, the )0.5 (properties are )]TJ
0 Tw 0 -1.333 Td
(transferred to completed properties held for sale.)Tj
0.043 Tc 0.07 Tw 0 -2.667 Td
[(As)12.7 ( at)12.6 ( 3)12.6 (1)12.6 ( December)12.6 ( 2)12.6 (0)12.6 (2)12.7 (2)12.6 (,)12.6 ( the)12.6 ( Group)12.6 ( had)12.6 ( 6)12.6 (5)12.7 ( property)12.7 ( projects)12.6 ( under)12.7 ( development,)12.6 ( and)12.6 ( the)18.1 ( )]TJ
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[(total)3 ( )0.5 (GFA)3 ( )0.5 (under)3.1 ( )0.5 (development)3 ( )0.5 (amounted)3 ( )0.5 (to)3 ( )0.5 (approxima)0.5 (te)0.5 (ly)2.9 ( )0.6 (7)3 (.)3 (6)3 (8)3 ( )0.5 (million)3 ( )0.5 (sq.m.,)3 ( )0.5 (representing)3 ( )0.5 (a)3 ( )]TJ
0.025 Tc 0 Tw 0 -1.333 Td
(decrease from approximately 13.10 million sq.m as at 31 December 2021.)Tj
/T1_1 1 Tf
0 -2.667 Td
(FINANCIAL REVIEW)Tj
-0.025 Tw 0 -2.667 Td
(Revenue)Tj
/T1_0 1 Tf
0.056 Tw 0 -2.667 Td
(During the Relevant Year, the Group derived its revenue from five busine\ss lines, namely \(i\) )Tj
0.03 Tc 0.078 Tw 0 -1.333 Td
[(property)5 ( )0.5 (development)5 ( )0.5 (and)5 ( )0.5 (sales;)5 ( )0.5 (\(ii\))5 ( )0.5 (management)5 ( )0.5 (consulting)5 ( )0.5 (services;)5 ( )0.5 (\(iii\))5 ( )0.5 (property)5 ( )0.5 (leasing;)5 ( )]TJ
0.044 Tc 0.07 Tw 0 -1.333 Td
[(\(iv\))12.9 ( hotel)12.9 ( services;)12.8 ( and)12.8 ( \(v\))12.9 ( property)12.9 ( management)12.8 ( services.)12.8 ( The)12.9 ( revenue)12.9 ( of)12.9 ( the)12.8 ( Group)12.8 ( was)19.1 ( )]TJ
0.025 Tc 0.083 Tw 0 -1.333 Td
[(primarily derived )0.5 (from )0.5 (the )0.5 (sales )0.5 (of )0.5 (properties )0.5 (in )0.5 (the )0.5 (PRC. )0.5 (The )0.5 (following )0.5 (table )0.5 (sets )0.5 (forth )0.5 (the )]TJ
0 Tw 0 -1.333 Td
(details of the Group\222s revenue recognised by business line for the ye\ars indicated:)Tj
/T1_1 1 Tf
10.8 0 0 12 328.2361 247.2369 Tm
(For the year ended )Tj
1.338 -1.333 Td
(31 December)Tj
13.577 1.333 Td
(Change in )Tj
-0.025 Tw -0.383 -1.333 Td
(Percentage)Tj
-12.878 -1.333 Td
(2022)Tj
/T1_0 1 Tf
7.874 0 Td
(2021)Tj
/T1_2 1 Tf
-10.721 -1.333 Td
(\(RMB\222000\))Tj
/T1_3 1 Tf
8.042 0 Td
(\(RMB\222000\))Tj
/T1_1 1 Tf
-31.991 -2.667 Td
(Revenue)Tj
/T1_0 1 Tf
0 Tw 0 -1.376 Td
(Property development and sales)Tj
/T1_1 1 Tf
-0.025 Tw 24.146 0.043 Td
(19,577,073)Tj
/T1_0 1 Tf
7.874 0 Td
(43,560,590)Tj
9.2 0 Td
(\(55.1\)%)Tj
0 Tw -41.22 -1.333 Td
(Management consulting services)Tj
/T1_1 1 Tf
-0.025 Tw 25.996 0 Td
(64,858)Tj
/T1_0 1 Tf
7.874 0 Td
(64,648)Tj
8.591 0 Td
(0.3%)Tj
0 Tw -42.461 -1.333 Td
(Property leasing)Tj
/T1_1 1 Tf
-0.025 Tw 25.996 0 Td
(38,357)Tj
/T1_0 1 Tf
7.874 0 Td
(76,467)Tj
7.35 0 Td
(\(49.8\)%)Tj
0 Tw -41.22 -1.333 Td
(Property management services)Tj
/T1_1 1 Tf
-0.025 Tw 25.996 0 Td
(20,752)Tj
/T1_0 1 Tf
7.874 0 Td
(17,323)Tj
8.066 0 Td
(19.8%)Tj
ET
/CS0 CS 0 0 0 1 SCN
0.5 w
/RelativeColorimetric ri
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0 0 m
73.701 0 l
S
Q
BT
/Perceptual ri
/T1_1 1 Tf
0 Tc 0 Tw 10.8 0 0 12 289.1339 100.2278 Tm
( )Tj
ET
/RelativeColorimetric ri
q 1 0 0 1 379.8425 98.4379 cm
0 0 m
73.701 0 l
S
Q
BT
/Perceptual ri
/T1_0 1 Tf
10.8 0 0 12 374.1732 100.2278 Tm
( )Tj
/T1_1 1 Tf
0.025 Tc -0.025 Tw -29.396 -2.667 Td
(Total)Tj
24.146 0 Td
(19,701,040)Tj
/T1_0 1 Tf
7.874 0 Td
(43,719,028)Tj
9.2 0 Td
(\(54.9\)%)Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 294.8032 62.2743 cm
0 0 m
73.701 0 l
S
Q
0.835 w
q 1 0 0 1 294.8032 58.9418 cm
0 0 m
73.701 0 l
S
Q
BT
/Perceptual ri
/T1_1 1 Tf
0 Tc 0 Tw 10.8 0 0 12 289.1339 60.5643 Tm
( )Tj
ET
2.5 w
/RelativeColorimetric ri
q 1 0 0 1 379.8425 62.2743 cm
0 0 m
73.701 0 l
S
Q
0.835 w
q 1 0 0 1 379.8425 58.9418 cm
0 0 m
73.701 0 l
S
Q
BT
/Perceptual ri
/T1_0 1 Tf
10.8 0 0 12 374.1732 60.5643 Tm
( )Tj
ET
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