Company Overview - Central China Real Estate Limited (CCRE) was incorporated on November 15, 2007, and listed on the Hong Kong Stock Exchange on June 6, 2008[12]. - As of December 31, 2022, the company had 3,039,126,090 shares outstanding with a nominal value of HK$0.10 per share[10]. - On July 21, 2022, Henan Railway Construction & Investment Group acquired 29.01% of CCRE's issued shares, becoming the second largest shareholder[12]. - CCRE has been committed to the real estate business and the development of branded properties as its principal activity for over 31 years[13]. - The registered office is located in Grand Cayman, while the principal place of business in the PRC is in Zhengzhou City, Henan Province[6]. Financial Performance - The company reported a loss attributable to equity holders of RMB 7.8 billion for the year 2022, with nearly 80% of losses arising from non-operating factors such as inventory write-downs and disposals of loss-making subsidiaries[35][38]. - In 2022, the company recorded a revenue of RMB 24,082 million, a decrease of 42.6% compared to RMB 41,959 million in 2021[67]. - The gross profit for 2022 was RMB 1,901 million, down 72.1% from RMB 6,811 million in 2021, resulting in a gross profit margin of 7.9%[67]. - The net loss attributable to equity shareholders for 2022 was approximately RMB 7,561 million, compared to a profit of RMB 605 million in 2021[72]. - The total assets of the company as of December 31, 2022, were RMB 138,957 million, a decrease of 4.7% from RMB 145,807 million in 2021[67]. - The total equity attributable to equity shareholders decreased by 73.9% to RMB 3,328 million as of December 31, 2022, from RMB 12,743 million in 2021[67]. Market Conditions - The real estate industry faced significant challenges in 2022, with key operating data such as sales and investment continuing to decline year-on-year[34]. - The GDP of Henan province reached RMB 6.13 trillion in 2022, representing a year-on-year increase of 3.1%, providing a solid foundation for economic contributions[30]. - The property market in China saw a significant decline in 2022, with the gross floor area of properties sold decreasing by 24.3% to 1,358.37 million sq.m., and property sales dropping by 26.7% to RMB 13,330.8 billion[127][129]. - The company's outlook for 2023 indicates a belief that the property market has bottomed out, with expectations for gradual recovery and continued government support for the industry[131][132]. Strategic Focus - The company has identified a strategic focus on high-end and high-medium end product lines, including "Modern Wisdom" and "Oriental Elegance," to enhance customer experience[17]. - The company aims to construct a "Jianye+" mega service eco-regime by integrating resources across property, education, hotel, commerce, and cultural tourism[17]. - The company plans to continue focusing on construction and delivery to secure market confidence and promote sales and cash collection in 2023[54]. - The company has implemented a business strategy of "focused management, collective breakthrough" to overcome existing challenges and enhance operational efficiency[52]. Project Development - As of December 31, 2022, the company delivered development projects with an accumulated gross floor area (GFA) of approximately 56.64 million square meters and owned 184 projects under development, totaling a GFA of approximately 28.33 million square meters[22]. - The company delivered a total of 63 projects with a total GFA of approximately 5.74 million square meters in 2022, stabilizing market confidence and laying a foundation for sales and cash collection[45]. - The company has a total of 3,200,000 sq.m. of residential properties under development across various cities, including Hebi, Xinxiang, and Puyang[159]. - The company is expanding its presence in Hainan with 3 projects currently under development[151]. Employee and Corporate Culture - As of December 31, 2022, the company had 2,188 employees, a decrease from 2,976 in 2021, with a remuneration policy in place to reward performance[121][124]. - The company emphasizes a corporate culture of honesty, responsibility, and integrity, aiming for a high level of integration between economic and social benefits[22]. Hotel Operations - Total investment in hotels reached RMB 4.94 billion, with 16 hotels invested in Henan[179]. - Five high-end hotel projects in operation include Le Méridien Zhengzhou, Pullman Kaifeng Jianye, Holiday Inn Nanyang, Four Points by Sheraton Luohe, and Aloft Zhengzhou Shangjie, opened between 2011 and 2015[179]. - The hotels are strategically located near major transportation hubs, enhancing accessibility for guests[182]. Challenges and Risks - The company does not currently use derivatives to hedge against interest rate risk, which may increase costs due to floating interest rates on a portion of its loans[120][123]. - Foreign exchange risk is present due to non-RMB assets and liabilities, with the company monitoring exposure and considering hedging instruments as necessary[119][122].
建业地产(00832) - 2022 - 年度财报