红星资本局5月24日消息，香港廉政公署官网5月21日通报称，廉政公署近日展开代号"战鼓"的执法行动，侦破一宗涉及观塘一个住宅发展项目建筑地盘的贪 污造假案。 据报道，该地盘为观塘安达臣道首置盘地盘，由李嘉诚旗下的长实集团（01113.HK）在2020年5月以49.5亿港元投得，项目共有6座大厦，提供近3000个住 宅。 香港廉政公署表示，廉署早前接获贪污投诉后展开调查，发现有钢筋工程分判商为赚取更多利润，在施工过程中偏离获屋宇署批准的工程图则（即"获批图 则"）设计以节省成本，并通过行贿负责监管工程的总承建商员工及顾问公司驻地盘监督工程人员，换取对方宽松监管钢筋工程并容许工程在不符合获批图 则要求的情况下继续进行。 涉案钢筋工程分判商涉嫌多次向总承建商员工及顾问公司的驻地盘监督工程人员提供"甜头"，包括贿款、礼物及代付奢华消遣开支等。 廉署调查发现，地盘多处钢筋工程出现不同程度偏离获批图则设计的情况，涉及钢筋数目、间距、粗细及位置等。调查还发现，有分判商使用的钢筋材料及 扎铁工人数量均有减少。 廉署表示，调查仍在进行，不排除采取进一步执法行动。 据报道，对此，长实集团回应称，高度关注此案，支持廉署行动，正与香 ...

智通财经APP获悉，5月23日，李嘉诚旗下的长实集团(01113)因楼盘偷工减料问题被香港廉政公署调 查。日前，香港廉政公署展开代号"战鼓"的执法行动，侦破一宗涉及观塘一个住宅发展项目建筑地盘的 贪污造假案，当中涉及地盘分判商涉嫌行贿工程监督人员，换取宽松监管钢筋工程。 据悉，本案涉及的建筑地盘为观塘安达臣道首置盘地盘，由李嘉诚旗下的长实集团在2020年5月以49.5 亿港元投得，项目共有6座大厦，提供2926个住宅，当中最少1000个住宅以市价八折出售予合资格香港 居民，呎价4.546港元。 香港廉政公署执行处首席调查主任郑础明公布案情指出，香港廉政公署怀疑涉案钢筋工程分判商为提高 利润，未有跟随香港屋宇署批准的工程图则施工，从而节省成本，并透过贪污、贿赂等手段给予监督工 程的人员"甜头"，以换取宽松监管有关钢筋工程，以及容许工程在不合乎获批准图则要求的情况下继续 进行。 地盘分判商涉嫌行贿工程监督的总承办商即"大判"员工、工程顾问公司的驻地盘监督员工，换取宽松监 管分判商进行的钢筋札铁工程，容许不符合工程图则的工程质量。 香港廉政公署执行处总调查主任雷家聪表示，廉署较早前接获贪污投诉，起初只涉及屋苑6座大 ...

金十期货5月13日讯，据马来西亚独立检验机构AmSpec，马来西亚5月1-10日棕榈油出口量为302908 吨，较上月同期出口的301113吨减少0.6%。 ...

應對挑戰 基礎穩固 （於開曼群島註冊成立之有限公司） 股份代號 : 1113 CK ASSET HOLDINGS LIMITED 長江實業集團有限公司 2024 年報 集團架構 發展物業 投資物業 基建及實用 資產業務 酒店及 服務套房 英式酒館 業務 匯賢產業信託 （於香港上市， 股份代號：87001） 置富產業信託 （於香港上市， 股份代號：778） 泓富產業信託 （於香港上市， 股份代號：808） 長江實業集團有限公司 （於香港註冊及上市之開曼群島有限公司） 股份代號：1113 17.67% 34.91% 25.78% CK William集團 75% 100% 100% 65% 24% 27% 40% 22% 100% 20% 100% 20% 66% 100% 100% | 目錄 | | --- | | 2 五年財務概要 | | 3 全年概覽 | | 10 主席報告 | | 16 管理層討論及分析 | | 28 董事個人資料 | | 32 集團要員資料 | | 41 董事會報告 | | 56 企業管治報告 | | 100 發展物業概覽 | | 110 投資物業概覽 | | 116 酒店及服務套房概覽 ...

金融界4月14日消息，上证指数高开高走，中证港股通地产指数 (港股通地产，931025)报1415.63点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入相应的行业主题指数中。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通地产指数十大权重分别为：新鸿基地产（13.54%）、华润置地 （12.87%）、长实集团（8.6%）、中国海外发展（8.19%）、信和置业（4.62%）、九龙仓置业 （4.34%）、恒基地产（4.09%）、龙湖集团（3.83%）、华润万象生活（3.39%）、九龙仓集团 （2.92%）。 从中证港股通地产指数持仓的市场板块来看 ...

金融界4月14日消息，上证指数高开高走，中证香港上市可交易香港地产指数 (HKT香港地产，H11142) 报408.98点。 数据统计显示，中证香港上市可交易香港地产指数近一个月下跌12.35%，近三个月下跌3.38%，年至今 下跌7.04%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证香港上市可交易主题指数系列包括HKT香港地产、HKT内地消费和HKT内地银行等3条指 数，以反映香港证券市场同时具备高流动性、易于借券卖空等特征的相关主题类证券的整体表现。该指 数以2007年12月31日为基日，以1000.0点为基点。 本文源自：金融界 从指数持仓来看，中证香港上市可交易香港地产指数十大权重分别为：新鸿基地产（25.79%）、领展 房产基金（22.71%）、长实集团（16.38%）、九龙仓 ...

智通财经4月10日电，据马来西亚独立检验机构AmSpec，马来西亚4月1-10日棕榈油出口量为301113 吨，较上月同期出口的197070吨增加52.79%。 ...

Core Viewpoint - The Chengdu Nancheng Duhui project, previously owned by Li Ka-shing's Cheung Kong Group, has faced significant delays and legal issues, with over 5,000 residential units still under construction and a recent announcement of 1,100 units set for sale without completed renovations [1][2][4]. Group 1: Project Background - The Nancheng Duhui project was acquired by Cheung Kong in 2004 for approximately 2.135 billion yuan, with initial development slow to start [2]. - By 2020, only six of the planned eight phases had been developed, with the average selling price of residential units reaching 24,000 yuan per square meter [2]. - Cheung Kong sold the project in 2020 for about 7.847 billion yuan, despite significant unsold inventory remaining [2][3]. Group 2: Financial and Legal Issues - The project has been embroiled in debt disputes, with Cheung Kong taking legal action against RZ Company and Shunhong Chengdu for unpaid debts totaling approximately 3.8 billion yuan [7]. - RZ Company, which is partially owned by Yuzhou Group, has faced multiple financial challenges, including loans from various entities that have not been repaid [7][8]. - The project has been subject to court-ordered asset seizures, with the Chengdu High-tech Zone's land use rights and buildings being frozen until June 2026 [8]. Group 3: Current Developments - Recent reports indicate that 1,100 units are set to be sold, but suppliers like Sichuan Yijia Construction have not received contracts for renovation work, raising concerns about project viability [1][5]. - A new agreement involving multiple parties aims to facilitate the project's debt restructuring and construction resumption, although the legitimacy of this agreement is questioned by some stakeholders [9][10]. - Legal representatives have warned suppliers to verify the authenticity of agreements before making financial commitments, highlighting ongoing uncertainties in the project's management [12].

Financial Performance - For the year ended December 31, 2024, the group's profit before property revaluation was HKD 11,688 million, a decrease of 15.1% from HKD 14,014 million in 2023[4]. - Shareholders' profit for the year was HKD 13,657 million, down 20.0% from HKD 17,340 million in 2023, with earnings per share of HKD 3.89 compared to HKD 4.86 in the previous year[5]. - The total revenue for the year was HKD 47.2 billion, compared to HKD 46.35 billion in 2023[39]. - Group revenue for the year ended December 31, 2024, was HKD 45,529 million, a decrease of 3.6% from HKD 47,243 million in 2023[76]. - Total comprehensive income for 2024 was HKD 10,430 million, a decrease of 36.1% compared to HKD 16,354 million in 2023[77]. - The company's operating costs for 2024 were HKD 37,479 million, an increase from HKD 36,900 million in 2023[76]. - The group's financial costs increased to HKD 4,392 million in 2024 from HKD 3,956 million in 2023[83]. - The group's profit attributable to shareholders for 2024 was HKD 13,657 million, down 21.5% from HKD 17,340 million in 2023[83]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 1.35 per share, resulting in a total annual dividend of HKD 1.74, a decrease of 15.1% from HKD 2.05 in 2023[6]. - Proposed final dividend for 2024 is HKD 1.35 per share, down from HKD 1.62 per share in 2023, reflecting a reduction of 16.7%[76]. - The group repurchased a total of 48,906,000 shares at a total cost of HKD 1,545,564,825.00 (excluding expenses) during the year[61]. - The group repurchased 48,906,000 shares at a total cost of HKD 1,546 million during the year[84]. Investments and Acquisitions - The group engaged in multiple investments and acquisitions in 2024, including expanding its social infrastructure portfolio and acquiring elderly care assets in Germany, as well as farmland in Australia for carbon sequestration[8]. - The group completed several acquisitions, including a 40% indirect interest in the Northern Ireland gas network operator and a 20% indirect interest in a UK renewable energy asset operator[16]. - The company completed the acquisition of Phoenix Energy Holdings Limited for approximately £312 million (around HKD 3.049 billion) in March 2024[30]. - The acquisition of Powerlink Renewable Assets Limited was finalized in May 2024 for about £88 million (approximately HKD 859 million)[30]. - In August 2024, the company acquired a portfolio of onshore wind assets in the UK for approximately £329 million (around HKD 3.44 billion)[30]. Revenue Streams - Property sales revenue for 2024 decreased compared to 2023, but the group successfully launched several residential projects in Hong Kong and other regions, adapting to market demand[9]. - The company reported property sales revenue of HKD 9.962 billion for the year, a decrease from HKD 13.153 billion in 2023[32]. - The company's rental income for the year was HKD 6.135 billion, an increase from HKD 5.909 billion in 2023[37]. - The group's hotel and serviced suite business revenue for the year was HKD 4.39 billion, slightly up from HKD 4.38 billion in 2023, with average occupancy rates of 82% and 91% respectively[42]. - Revenue from the English pub business increased to HKD 24,425 million in 2024, up 5.2% from HKD 23,217 million in 2023[81]. Economic Environment - The group achieved a 5% year-on-year growth in GDP for mainland China in 2024, maintaining stable economic performance[20]. - Hong Kong's economy recorded a moderate growth of 2.5% in real GDP for 2024, supported by government measures to enhance competitiveness[20]. Sustainability and Future Plans - The group received independent certification from the Science Based Targets initiative (SBTi) for its short-term and net-zero emissions targets, marking a significant milestone in sustainability efforts[17]. - The group is investing in carbon sequestration farmland as part of its commitment to innovative sustainable development measures[18]. - The group plans to establish a consultation group in 2024 to enhance stakeholder communication regarding sustainability strategies[17]. - The group continues to explore investment opportunities globally, with a focus on sustainable returns and high liquidity projects[21]. Financial Health and Ratios - The group's net debt to total capital ratio is approximately 4.0%, reflecting strong financial discipline[21]. - The group has received "A/stable" and "A2 stable" credit ratings from S&P and Moody's, respectively, indicating robust financial health[21]. - The total bank and other borrowings of the group amounted to HKD 52.7 billion, a decrease of HKD 2.2 billion compared to December 31, 2023[54]. - The net debt to total equity ratio of the group is approximately 4% as of the year-end[54]. - The group employed approximately 55,000 employees, with related employee costs (excluding directors' remuneration) amounting to HKD 13.44 billion[60]. Asset Management - Non-current assets as of December 31, 2024, totaled HKD 325,864 million, slightly down from HKD 326,419 million in 2023[79]. - The company reported a net asset value of HKD 400,200 million as of December 31, 2024, compared to HKD 399,436 million in 2023, indicating a marginal increase[79]. - The fair value of the investment property portfolio increased by HKD 1.349 billion, compared to an increase of HKD 3.238 billion in 2023[40]. - The fair value of the group's investments in the Prosperity Industrial Trust and Hung Fook Industrial Trust decreased by HKD 551 million (2023: decreased by HKD 890 million) as of December 31, 2024[53].

Financial Performance - Investment property revaluation profit before tax and non-controlling interests decreased by 9.5% to HKD 6,726 million in H1 2024 compared to HKD 7,576 million in H1 2023[6] - Profit attributable to shareholders decreased by 15.3% to HKD 8,603 million in H1 2024 from HKD 10,331 million in H1 2023[6] - Earnings per share decreased by 9.5% to HKD 1.91 in H1 2024 from HKD 2.11 in H1 2023[6] - Interim dividend per share decreased by 9.3% to HKD 0.39 in 2024 from HKD 0.43 in 2023[6] - Group revenue for the first half of 2024 was HKD 22,008 million, a decrease from HKD 24,605 million in the same period in 2023[110] - Profit attributable to shareholders for the first half of 2024 was HKD 8,603 million, down from HKD 10,331 million in 2023[110] - Earnings per share for the first half of 2024 were HKD 2.44, compared to HKD 2.88 in 2023[110] - Other comprehensive income for the first half of 2024 was a loss of HKD 231 million, compared to a gain of HKD 1,307 million in 2023[111] - Total comprehensive income for the period was 8,372 million HKD, compared to 11,803 million HKD in the same period last year[114] - Dividends paid to shareholders amounted to 5,688 million HKD for the 2023 final dividend[114] - Profit attributable to shareholders decreased to HKD 8,603 million in 2024 from HKD 10,331 million in 2023, a decline of 16.7%[122] - Interim dividend per share decreased to HKD 0.39 in 2024 from HKD 0.43 in 2023, a reduction of 9.3%[125] Property Development and Sales - Property sales revenue decreased compared to the same period in 2023, despite strong market response to the Blue Coast project in Wong Chuk Hang[10] - The Perfect Ten project in Singapore sold out, while sales progressed well for projects in Yau Tong and Tuen Mun[10] - The company maintains a prudent land bank policy and continues to seek quality land reserves for future development[10] - The Blue Coast residential project in Wong Chuk Hang has pre-sold HKD 10.8 billion worth of units since its launch in April 2024, with completion expected by the end of 2025[24] - Property sales revenue for the first half of 2024 was HKD 4.635 billion, a decrease from HKD 8.246 billion in the same period in 2023[22][23] - Property sales revenue decreased to HKD 4,635 million in 2024 from HKD 8,246 million in 2023, a decline of 43.8%[120] - Property development risks include rising construction costs, labor shortages, and potential delays in project completion, which could impact profitability and the ability to sell or lease properties[94] - The company may face penalties or sanctions if it fails to develop properties according to land use contracts, particularly in mainland China, where regulations on idle land are becoming more stringent[95] - Property investments are illiquid, which may limit the company's ability to sell properties quickly to raise cash[95] Property Leasing and Rental Income - Property leasing revenue increased compared to the same period in 2023, with stable rental income from the UK's Civitas social infrastructure portfolio due to inflation-linked rent adjustments[11] - Property rental income for the first half of 2024 was HKD 3.118 billion, an increase from HKD 2.862 billion in the same period in 2023[27] - Property rental revenue increased to HKD 3,118 million in 2024 from HKD 2,862 million in 2023, a growth of 8.9%[120] Hotel and Serviced Suite Business - Hotel and serviced suite business revenue and income increased in H1 2024 compared to the same period in 2023, driven by improved visitor traffic and stable occupancy rates[12] - Hotel and serviced suite business revenue increased by HKD 180 million to HKD 2.13 billion, with an average occupancy rate of 81% for hotels and 88% for serviced suites[30] - Hotel and serviced suite business revenue rose to HKD 2,130 million in 2024 from HKD 1,950 million in 2023, an increase of 9.2%[120] - Hotel industry recovery depends on global economic and tourism recovery, as well as consumer confidence, with potential impacts remaining unpredictable[97] Infrastructure and Utility Assets - Infrastructure and utility assets business recorded a revenue increase compared to the same period in 2023, supported by inflation-linked income and regulated asset bases[14] - Infrastructure and utility assets generated HKD 12.58 billion in revenue, with CK William JV contributing HKD 2.37 billion[37][39] - Infrastructure and utility assets revenue remained stable at HKD 12,576 million in 2024, compared to HKD 11,740 million in 2023[120] - Regulated infrastructure investments face challenges from lower permitted profits, energy price caps, and stricter regulatory attitudes, impacting returns[103] - Extreme weather, climate events, or geopolitical conflicts could disrupt utility networks, leading to significant repair costs and reputational risks[103] UK Pub Business - Greene King's sales revenue and income saw a slight increase compared to the same period in 2023, despite challenging market conditions in the UK[13] - UK pub business revenue rose by HKD 559 million to HKD 11.82 billion, driven by price adjustments to maintain profitability[34] - UK pub business profit increased to HKD 597 million, with the largest revenue contribution from the pub company segment at HKD 9.74 billion[35] - Revenue from the UK region increased to HKD 17,034 million in 2024 from HKD 15,737 million in 2023, a growth of 8.2%[121] - The UK pub industry faces challenges from inflation, rising costs (energy, labor, food), and geopolitical conflicts, negatively impacting consumer confidence and disposable income[98] - Supply chain disruptions due to sanctions, strikes, or pandemics could lead to revenue loss and increased costs for the company's pub business[99] - Rising operational costs, including energy, food prices, and wages, are pressuring the company's managed pubs, potentially reducing revenue and profitability[100] Share Repurchases and Acquisitions - The company repurchased 48,656,000 shares in H1 2024, with over HKD 3.5 billion used for share repurchases since 2023[9] - The company repurchased 48,656,000 shares at a total cost of HKD 1,538,294,825 from March to June 2024, and an additional 250,000 shares at HKD 7,270,000 in July 2024[21] - The company repurchased a total of 48,656,000 shares on the Hong Kong Stock Exchange for a total consideration of HKD 1,538,294,825.00 (excluding fees) during the six months ended June 30, 2024[76] - The company, along with Cheung Kong Infrastructure Holdings and Power Assets Holdings, acquired Phoenix Energy Holdings Limited for approximately GBP 312 million (HKD 3.049 billion) in March 2024[21] - The company, along with Cheung Kong Infrastructure Holdings and Power Assets Holdings, acquired UU Solar for approximately GBP 88 million (HKD 859 million) in May 2024[21] - The company, along with Cheung Kong Infrastructure Holdings and Power Assets Holdings, agreed to acquire a UK onshore wind portfolio for approximately GBP 350 million (HKD 3.506 billion) in August 2024[21] - CK William JV acquired Phoenix Energy for approximately HKD 3.05 billion, and UK Power Networks JV acquired UU Solar for approximately HKD 859 million[40] Sustainability and ESG Initiatives - The company aims to achieve BEAM Plus Platinum certification for all new commercial property projects by 2030 and has already secured LEED Platinum certifications for its properties[16] - The company is committed to achieving net-zero emissions under the Science-Based Targets initiative (SBTi) and has submitted short-term and net-zero emission reduction targets[16] - The Sustainability Committee, chaired by the Vice Chairman, oversees the Group's sustainability initiatives and provides advice on ESG-related policies and practices[74] - Climate change poses risks to the company's assets, operations, and supply chains, potentially leading to disruptions, financial losses, and regulatory challenges[89] - The company faces increasing pressure to transition to a low-carbon economy, which may lead to unpredictable changes in government policies, regulations, and consumer behavior, potentially impacting its financial condition and operational performance[90] Corporate Governance and Shareholding Structure - The company's net debt to total capital ratio was approximately 5.5% as of the interim settlement date, with credit ratings of "A/Stable" from S&P and "A2/Stable" from Moody's[18] - The company's directors and senior executives hold a combined total of 1,697,789,393 shares, representing 48.35% of the company's equity[58] - Li Ka-shing holds approximately 48.35% of the company's shares through direct and indirect interests, including trusts and family holdings[58] - The Li Ka-shing Unity Trust (UT1) holds 1,171,881,779 shares, representing a significant portion of the company's equity[60] - The Li Ka-shing Castle Trust (UT3) holds 72,387,720 shares, further consolidating the family's control over the company[61] - Li Ka-shing Unity Holdings Limited (Unity Holdco) owns all issued shares of TUT1, TDT1, and TDT2, with Li Ka-shing and Victor Li holding one-third and two-thirds respectively[61] - The Li Ka-shing Foundation holds 366,195,098 shares, with Victor Li potentially controlling over one-third of the voting rights[60] - Victor Li is a potential beneficiary of DT1, DT2, DT3, and DT4, which hold significant stakes in the company through various trusts[60][61] - Precise Result Global Limited, Jabrin Limited, and Mightycity Company Limited, all associated with Victor Li, hold 15, 2,000, and 168,375 shares respectively[59] - The company's shareholding structure is heavily influenced by the Li family, with multiple trusts and holding companies ensuring control over a substantial portion of the equity[58][59][60][61] - Li Ka-Shing and his son Li Tzar Kuoi (Victor Li) hold one-third and two-thirds of the issued share capital of Castle Holdco, respectively, which owns all issued shares of TUT3, TDT3, and TDT4[62] - TUT3 holds 84,427,246 shares of the company as the trustee of DT3[62] - Li Ka-Shing Unity Trustee Company Limited, as the trustee of The Li Ka-Shing Unity Trust, holds 1,171,881,779 ordinary shares, representing 33.37% of the company's equity[65] - Li Ka-Shing holds a total of 1,694,891,843 shares, representing 48.27% of the company's equity, including 366,195,098 shares held by the Li Ka-Shing Foundation[65][66] - The Li Ka-Shing Foundation holds 366,195,098 shares, representing 10.43% of the company's equity[65] - As of June 30, 2024, the company's issued share capital was 3,510,828,333 shares[66] - The company's board of directors consists of 9 independent non-executive directors, providing diverse expertise and perspectives[67] - The company adheres to high corporate governance standards, including anti-fraud, anti-bribery, and anti-money laundering policies[67] - The Board of Directors consists of 16 members, including 7 executive directors and 9 independent non-executive directors, with over half being independent non-executive directors as of June 30, 2024[68] - The Chairman and Managing Director roles are held by the same individual, and all major decisions are made after careful deliberation by the Board and relevant committees[68] - The company has established an internal audit mechanism to independently assess risk management and internal control systems, including ESG-related risks[70] - The Audit Committee, composed of 7 independent non-executive directors, reviewed the Group's interim report for the six months ended June 30, 2024[71] - The Remuneration Committee, chaired by an independent non-executive director, is responsible for recommending compensation policies for directors and management[72] - The Nomination Committee, primarily composed of independent non-executive directors, reviews the Board's structure, size, and diversity, and makes recommendations for director appointments[73] Financial Position and Debt Management - The company's net debt was HK$23.3 billion, with a net debt to total capital ratio of approximately 5.5%[42] - Total bank and other borrowings stood at HK$56.1 billion as of the interim reporting date, an increase of HK$1.2 billion from December 31, 2023[42] - The company redeemed HK$3.79 billion in notes due April 2024 and US$250 million in notes due June 2024[42] - 38% of the company's borrowings are in HKD or USD, while 62% are in other currencies including AUD, GBP, and CNY[43] - The company redeemed USD 250 million of 0.75% guaranteed senior fixed-rate notes due 2024 under its EUR 5 billion medium-term note program on June 30, 2024[76] - Total assets increased to 400,316 million HKD as of June 30, 2024, compared to 399,436 million HKD at the end of 2023[113] - Net current assets stood at 131,524 million HKD, slightly up from 130,666 million HKD at the end of 2023[113] - Shareholders' equity reached 386,985 million HKD, up from 385,844 million HKD at the end of 2023[113] - Cash and cash equivalents decreased to 31,419 million HKD from 40,986 million HKD at the beginning of 2024[116] - Investment properties increased to 150,186 million HKD from 147,223 million HKD at the end of 2023[113] - Bank and other borrowings under current liabilities decreased to 14,877 million HKD from 17,799 million HKD at the end of 2023[113] - Net cash outflow from investing activities was 1,306 million HKD, primarily due to investments in joint ventures and property acquisitions[116] - Restricted bank deposits related to real estate development in mainland China amounted to 383 million HKD[117] Risks and Challenges - The company faces intense competition in its operating markets, including increased price competition and new market entrants, which may adversely affect market share and returns[104] - The company is expanding into new business areas and investment opportunities globally to enhance profit quality and strengthen fixed income sources, though success is not guaranteed[105] - The company may continue to pursue acquisitions if suitable opportunities arise, but faces risks such as hidden liabilities, regulatory approvals, and integration challenges[106] - The company operates through joint ventures and strategic alliances, which may face risks such as inconsistent economic interests or financial difficulties among partners[107] - Transactions with CK Hutchison Holdings Limited are considered connected transactions under Hong Kong listing rules, requiring independent shareholder approval and potentially increasing business risks[108] - The company's financial statements include forward-looking statements that involve risks and uncertainties, and actual results may differ significantly from expectations[109] - The company's business, financial condition, operating performance, and development prospects may be affected by risks such as trade protectionism, currency fluctuations, supply chain disruptions, high interest rates, inflation, geopolitical tensions, and climate risks[80] - The company operates in multiple countries and regions, including Hong Kong, Mainland China, Singapore, Europe, Australia, Canada, and the UK, exposing it to potential currency volatility risks[82] - The company uses currency swaps and maintains appropriate levels of local currency-denominated borrowings to hedge against currency risks in its investments[82] - The company's regulated businesses are subject to regulatory regimes that consider local interest rates when calculating regulated capital costs, which may affect permitted returns[81] - The company's financial and treasury income is particularly dependent on capital markets, interest rates, currency environments, and global economic and market conditions[81] - The company faces risks from local, national, and international regulations that could impact its operations, financial performance, and development prospects[83] - Economic sanctions imposed by governments and international organizations could disrupt the company's business operations, partnerships, and supply chains, potentially leading to financial losses[84] - The company is subject to data protection laws in various jurisdictions, and non-compliance could result in regulatory actions, legal costs, and reputational damage[85] - Cybersecurity risks, including fraud, attacks, and breaches, could significantly impact the company's operations, financial performance, and reputation[86] - Adoption of new or revised International Financial Reporting Standards (IFRS) may require changes to the company's accounting policies, potentially affecting its financial position and performance[87] - Social unrest, terrorist threats, and geopolitical tensions in regions where the company operates could adversely affect its business, financial condition, and performance[88] - The company's assets and operations are located in areas prone to natural disasters such as earthquakes, floods, and extreme weather, which could disrupt business and negatively affect financial performance[91] - The ongoing effects of the COVID-19 pandemic, including potential future outbreaks, could continue to impact the company's operations and financial performance, depending on the duration and severity of the pandemic[92] - Brexit has introduced significant uncertainties for the UK economy, including trade intensity, labor supply, and currency fluctuations, which may affect the company's UK-based property, infrastructure, and pub businesses[93] - Non-compliance with food safety, health regulations, or data protection laws could result in significant financial losses and reputational damage[101][102] Investments and Joint Ventures - The company invested in UK assets including Phoenix Energy Holdings Limited, UU Solar, and onshore wind power portfolio through joint ventures[9] - The company acquired 40% and 20% stakes in Phoenix Energy and UU Solar in April and May 2024, respectively, and agreed to acquire a 40