SINO LAND(00083)2022-09-22 10:43Financial Performance - Revenue for 2022 was HKD 15,554,174,570, a decrease from HKD 24,545,345,720 in 2021[4] - Basic operating profit for 2022 was HKD 6,530,663,998, down from HKD 10,315,827,756 in 2021[4] - Profit attributable to shareholders in 2022 was HKD 5,735,396,549, compared to HKD 9,646,036,990 in 2021[4] - Basic earnings per share for 2022 were 86.58 HK cents, down from 142.92 HK cents in 2021[4] - Total assets in 2022 were HKD 163,879,257,131, slightly up from HKD 163,749,469,139 in 2021[6] - Total equity attributable to shareholders in 2022 was HKD 157,397,300,099, compared to HKD 155,159,697,028 in 2021[6] - Interim dividend for 2022 was 15.0 HK cents per share, up from 14.0 HK cents in 2021[4] - Final dividend for 2022 was 42.0 HK cents per share, up from 41.0 HK cents in 2021[4] - The group's basic profit attributable to shareholders, excluding investment property revaluation, was HKD 6.53 billion, a decrease from HKD 10.32 billion in the previous year[11] - The group's net profit attributable to shareholders, including investment property revaluation losses, was HKD 5.74 billion, down from HKD 9.65 billion in the previous year[11] - The board proposed a final dividend of 42 HK cents per share, bringing the total dividend for the fiscal year to 57 HK cents per share[12] Property Sales and Development - Property sales accounted for 65.8% of the group's revenue, while property leasing contributed 29.3%[8] - Property sales revenue attributable to the group was HKD 10.84 billion, a decrease from HKD 18.6 billion in the previous year[14] - The group sold 48.9% of units in the Capri Peak I & II project in Tseung Kwan O and 89.9% of units in the Parkland I & II project in Yuen Long[15] - The group plans to launch new residential projects, including Capri Peak III in Tseung Kwan O and ONE CENTRAL PLACE in Central, pending pre-sale consent[17] - As of June 30, 2022, the group's land reserve totaled 20.4 million square feet, with 45.7% allocated for commercial use and 29.9% for residential use[18] - The group acquired a 20% interest in a mixed-use development site in Singapore, with a total gross floor area of approximately 1.07 million square feet[18] - The company acquired a 25% interest in Golden Mile Complex at 5001 Beach Road, Singapore, with a total gross floor area of approximately 609,791 square feet[19] - The company increased its stake in the Victoria Harbour residential project in Southwest Kowloon from 22.5% to 29.25%, with a corresponding gross floor area of 288,935 square feet[21] - The company completed the Yat Lung Bay 8 residential project in Hong Kong with 100% ownership and a gross floor area of 412,530 square feet[22] - The company completed the Xinyu • Yulong Tianxia Phase 3 residential and commercial project in Zhangzhou, China, with 100% ownership and a gross floor area of 322,734 square feet[23] - The company completed the Xinyu • Yulongshan Phase 3A2 and 3B1 residential and commercial project in Chengdu, China, with 20% ownership and a gross floor area of 565,673 square feet[23] - The company's land reserve as of June 30, 2022, totals 20.43 million square feet, with a balanced portfolio: 45.7% commercial, 29.9% residential, 10.8% industrial, 7.7% parking, and 5.9% hotel[52] - The company acquired a 20% stake in a mixed-use development site in Singapore with a total gross floor area of 1.07 million square feet and a 25% stake in Golden Mile Complex in Singapore with a total gross floor area of 609,791 square feet[53] - The company's investment properties and hotels, primarily held for long-term investment, generated stable recurring income, with a total area of 12.17 million square feet, accounting for 59.5% of the total land reserve[53] - The company's properties under development total 6.78 million square feet, representing 33.2% of the total land reserve, with prime locations and convenient transportation access[53] - The company's completed properties for sale total 1.49 million square feet, accounting for 7.3% of the total land reserve[53] - Total land reserve area as of June 30, 2022, is 20,430,962 square feet, with 22.6% located in Mainland China, 30.1% in the New Territories, 29.0% in Kowloon, 12.4% on Hong Kong Island, 5.0% in Singapore, and 0.9% in Sydney, Australia[54] - The company has 23 ongoing development projects in Hong Kong, Mainland China, and Singapore, with a total attributable gross floor area of 6.8 million square feet[57] - In the fiscal year 2022, the company sold approximately 99.2% of the units in the YOHO Hub 8 project, generating a total property sales revenue of HKD 5.7 billion[58] - The company expects to obtain pre-sale consents for three additional residential projects in the 2022/2023 fiscal year, including the second phase of Parkland in Yuen Long, the fourth phase of Wong Chuk Hang Station property development, and the Yau Tong Ventilation Building property development[57] - The Hong Kong Fullerton Ocean Park Hotel, with 425 rooms, commenced trial operations in July 2022 and is expected to officially open in late 2022[59] - The third phase of the Xinhe Yulong Tianxia project in Zhangzhou, Fujian, includes a residential area of approximately 1.2 million square feet, providing 1,268 units, and a commercial area of 72,041 square feet[60] - As of June 30, 2022, the company has 16 ongoing development projects in Hong Kong, with an attributable gross floor area of approximately 3.6 million square feet[61] - The Landmark South project in Wong Chuk Hang, with a total attributable area of approximately 141,698 square feet, is expected to obtain the "Occupation Permit" in the 2022/2023 fiscal year[62] - Silversands project has sold approximately 71.3% of its units, generating a total property sales revenue of HKD 1.2 billion[65] - St. George's Mansions project has sold approximately 8.6% of its units, generating a total property sales revenue of HKD 2.1 billion[67] - The Victoria Harbour project has sold approximately 54.7% of its units, generating a total property sales revenue of HKD 11.2 billion[70] - The "Marini" project at The Southside has sold approximately 82.7% of its units, generating a total property sales revenue of HKD 12.1 billion[71] - ONE SOHO project has sold approximately 59.3% of its units, generating a total property sales revenue of HKD 1.3 billion[72] - The Silversands project is expected to obtain the "Occupancy Permit" and "Certificate of Compliance" in the 2022/2023 fiscal year[65] - The Victoria Harbour project is expected to obtain the "Occupancy Permit" and "Certificate of Compliance" in the 2022/2023 fiscal year[70] - The "Marini" project at The Southside is expected to obtain the "Transfer Consent" in the 2023/2024 fiscal year[71] - ONE CENTRAL PLACE project is expected to obtain the "Occupancy Permit" and "Certificate of Compliance" in the 2023/2024 and 2024/2025 fiscal years, respectively[73] - The Victoria Harbour project has a total residential area of 987,812 sq. ft., providing 1,437 units, with the company's attributable area being 288,935 sq. ft.[70] - The joint venture project at Kam Sheung Road Station has a total site area of 448,719 square feet and will provide approximately 2,200 residential units upon completion. The company holds a 33.33% interest, equating to 412,247 square feet of residential area. Phase 1A and 1B have achieved 89.9% sales, generating HK5.2 billion in revenue[75] - The Yau Tong Ventilation Building project has a total site area of 43,379 square feet and will provide 792 residential units. The company holds an 80% interest, equating to 260,274 square feet of residential area. The project is currently in the foundation stage[75] - The Wong Chuk Hang Station Phase 4 project has a total site area of 65,015 square feet and will provide approximately 800 residential units. The company holds a 25% interest, equating to 159,576 square feet of residential area. The project is currently in the superstructure construction stage[76] - The Lohas Park Phase 13 project has a total site area of 130,675 square feet and will provide approximately 2,550 residential units. The company holds a 25% interest, equating to 386,681 square feet of residential area. The project is currently under construction[76] - The company has approximately 2.8 million square feet of development projects in Mainland China, including two projects in the Greater Bay Area and three in other regions[77] - The Xiamen Xinhe Yulong Tianxia project in Zhangzhou has a total area of 4.4 million square feet, with 4.2 million square feet designated for residential use, providing 3,856 units. Approximately 96% of the 2,821 units released for sale have been sold[77] - The first phase of the Xiamen Xinhe Yulong Tianxia project was completed in the 2013/2014 fiscal year, providing 602 residential units and 25,919 square feet of commercial space[78] - The second phase of the Xiamen Xinhe Yulong Tianxia project was completed in the 2017/2018 fiscal year, providing 1,047 residential units and 47,095 square feet of commercial space[78] - The third phase of the Xiamen Xinhe Yulong Tianxia project includes 1,268 residential units and 72,041 square feet of commercial space, with two out of seven buildings completed in the current fiscal year[78] - The company acquired a 50% interest in the T102-0262 plot in Shenzhen, with a site area of approximately 80,485 square feet and a total commercial area of 495,144 square feet upon completion in 2022[79] - The company holds a 30% interest in the T102-0261 plot in Shenzhen, with a site area of approximately 183,842 square feet and a total area of 861,120 square feet upon completion in 2024, with 90% designated for office use[80] - The company acquired a 20% interest in the Land Parcel 950 in Singapore, with a total gross floor area of approximately 1,070,026 square feet, offering residential, serviced apartments, retail, dining, and office spaces[81] - The company acquired a 25% interest in the Golden Mile Complex in Singapore, with a total gross floor area of approximately 609,791 square feet, redeveloping it into a mixed-use project[82] Investment Properties and Hotels - The company's total rental income (including share of associates and joint ventures) for the fiscal year was HK$3.5461 billion, a year-on-year decrease of 3.2%[26] - The company's investment property portfolio achieved an average occupancy rate of 90.8%, a slight increase from 89.8% in the previous fiscal year[26] - The company's retail property portfolio achieved an average occupancy rate of 92.9%, an improvement from 90.4% in the previous fiscal year[27] - The company's office property portfolio achieved an average occupancy rate of 89.7%, a decrease from 91% in the previous fiscal year[28] - The group's investment properties and hotels in mainland China, Hong Kong, Singapore, and Sydney cover a total area of approximately 12.1 million square feet, with commercial properties (shops and offices) accounting for 61.5%, industrial properties for 13.3%, parking lots for 12.9%, hotels for 9.6%, and residential properties for 2.7%[30] - The group's hotel operating income (including share of associates and joint ventures) for the fiscal year was HKD 582.7 million, compared to HKD 350.8 million last year, with an operating profit of HKD 92.9 million, compared to an operating loss of HKD 69.1 million last year[31] - The group's Hong Kong Fullerton Ocean Park Hotel, which opened in July 2022, offers 425 rooms and suites and is the first Fullerton hotel in Hong Kong, focusing on sustainability and luxury[32] - The group's hotel business in Singapore and Sydney showed effective recovery in the second half of the fiscal year following the relaxation of travel restrictions and the resumption of international travel[31] - The group's Hong Kong Conrad Hotel participated in the government's designated quarantine hotel program, exclusively hosting overseas travelers for mandatory quarantine starting June 1, 2022[31] - The group's Hong Kong Ovolo Hotel underwent renovation starting December 2021 and is planned to reopen in the fourth quarter of 2022 with new commercial and operational strategies[31] - As of June 30, 2022, the company's investment properties and hotels covered approximately 12.1 million square feet, with 61.5% allocated to office/retail use[83][84] - The company's flagship shopping malls, such as Tuen Mun Town Plaza Phase 1, saw improved foot traffic and tenant sales compared to the peak of the pandemic[85] - Tuen Mun Town Plaza Phase 1, a wholly-owned property, spans over 1.1 million square feet with more than 300 shops and restaurants[86] - Olympian City Phase 1 and 2, with over 650,000 square feet of retail space, maintained high occupancy rates during the fiscal year[87] - Olympian City Phase 3, with a 50% interest, offers approximately 118,000 square feet of retail space and maintained high occupancy rates[88] - The company's Asia Pacific Centre, a wholly-owned property in Hong Kong, spans 219,853 square feet and is located in a prime shopping district[89] - Zhonggang City occupies 673 guest rooms in the Royal Pacific Hotel and provides over 1.2 million square feet of office and retail space, with the group holding a 25% interest, equivalent to 308,308 square feet[91] - Tsim Sha Tsui Centre has a total area of 514,020 square feet, with the group holding a 45% interest, equivalent to 231,309 square feet, and maintains a high occupancy rate[92] - Grandtech Plaza has a total commercial area of 824,406 square feet, with the group holding a 50% interest, equivalent to 412,203 square feet, and maintains a high occupancy rate[93] - Citywalk provides approximately 245,000 square feet of retail space and maintains a high occupancy rate, with its vertical garden and garden plaza earning the highest "Platinum" rating from the HK-BEAM Society[94] - Citywalk Phase 2 offers approximately 180,000 square feet of retail space and is connected to Citywalk via a pedestrian bridge[95] - Central Plaza, one of Asia's tallest commercial buildings, provides approximately 1.4 million square feet of space, with the group holding a 10% interest, equivalent to 140,000 square feet, and maintains a high occupancy rate[96] - Electric Road 148 offers 197,400 square feet of commercial space[97] - Fuli Plaza provides 225,396 square feet of office space and is undergoing significant commercial and residential improvements in the Kwun Tong area[98] - Pacific Plaza offers 153,037 square feet of office space and 14,562 square feet of retail space, with the retail area undergoing major renovations expected to be completed by the end of the year[99] - The Hennessy provides 71,862 square feet of commercial space and maintains a high occupancy rate, featuring a 15-meter-high glass shopfront and a rooftop garden with panoramic views of Victoria Harbour[100] - Lee Tung Avenue has a total area of approximately 87,720 square feet and houses around 50 tenants offering a diverse mix of retail options[103] - Galaxy Bay has a total area of approximately 47,607 square feet, with residential space accounting for 32,400 square feet and retail space for 15,207 square feet, providing 50 residential units[104] - The Peak has a residential area of approximately 36,845 square feet, offering 54 residential units, with the property nearly fully leased[105] - Central Park occupies approximately 39,041 square feet, representing the company's 45% stake in the project, which has a total area of 86,758 square feet[108] - Fullerton Heritage in Singapore includes several historical buildings and offers a unique blend of dining, entertainment, and accommodation services[109] - Fullerton One provides over 80,000 square feet of commercial space and features a variety of high-end dining and entertainment options[110] - Fullerton Waterboat House has a total area of 21,743 square feet and is a historical landmark in Singapore[112] - Fullerton Pavilion is part of Fullerton Heritage and is located in the Marina Bay area, offering a prime location for dining and entertainment[113] - The Fullerton Hotel Singapore achieved