Chinese Estates Holdings Limited

Equities

127 BMG2108M2182

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-05-10 am EDT			5-day change	1st Jan Change
1.13 ^HKD	+2.73%		+0.89%	-7.38%

Mar. 15	Chinese Estates' Profit Falls in 2023 on Lower Revenue	MT
Mar. 15	Chinese Estates Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Chinese Estates : Interim Report for the Six Months Ended 30th June, 2019

September 18, 2019 at 06:02 am EDT

( )

CONTENTS	目錄
Corporate Information	公司資料	1
Results	業績
Condensed Consolidated Statement of Comprehensive Income	簡明綜合全面收益報表	3
Condensed Consolidated Statement of Financial Position	簡明綜合財務狀況報表	5
Condensed Consolidated Statement of Changes in Equity	簡明綜合股本權益變動表	7
Condensed Consolidated Statement of Cash Flows	簡明綜合現金流量表	10
Notes to the Condensed Consolidated Financial Statements	簡明綜合財務報表附註	11
Interim Dividend	中期股息	45
Closure of Register of Members	暫停辦理股東登記手續	45
Financial Operation Review	財務業務回顧	46
Business Review	業務回顧	65
Other Information and Events After the Reporting Period	其他資料及報告期末後事項	67
Prospects	展望	68
Directors' and Chief Executives' Interests in the Securities	董事及最高行政人員於本公司及	69
of the Company and Associated Corporations	相聯法團之證券權益
Substantial Shareholders' Interests in the Securities of	主要股東於本公司之證券權益	72
the Company
Disclosure Pursuant to Rule 13.21 of the Listing Rules	根據上巿規則第13.21 條進行的披露	73
Share Award Scheme	股份獎勵計劃	74
Audit Committee Review	審核委員會審閱	74
Corporate Governance	企業管治	74
Model Code for Securities Transactions	證券交易之標準守則	75
Purchase, Sale or Redemption of the Company's	購買、出售或贖回本公司之上市證券	75
Listed Securities
Appreciation	致謝	75

Should there be any discrepancy between the English and Chinese versions, the English version shall prevail.
- 中英文版本出現歧義，概以英文版本為準。

Date of this report: 2nd August, 2019

本報告日期：二零一九年八月二日

CORPORATE INFORMATION

Directors

Executive Directors:

Chan, Sze-wan (Chief Executive Officer)

Chan, Hoi-wan

Chan, Lok-wan

Lam, Kwong-wai

Non-executive Directors:

Lau, Ming-wai(Chairman)

Amy Lau, Yuk-wai

Independent Non-executive Directors:

Chan, Kwok-wai

Phillis Loh, Lai-ping

Ma, Tsz-chun

Audit Committee

Chan, Kwok-wai(Chairman)

Phillis Loh, Lai-ping

Ma, Tsz-chun

Investment Committee

Chan, Sze-wan(Chairman)

Lam, Kwong-wai (Chief Investment Officer)

Chan, Kwok-wai

Ma, Tsz-chun

Nomination Committee

Phillis Loh, Lai-ping(Chairman)

Chan, Kwok-wai

Ma, Tsz-chun

Remuneration Committee

Chan, Kwok-wai(Chairman)

Phillis Loh, Lai-ping

Ma, Tsz-chun

Company Secretary

Lam, Kwong-wai

Authorised Representatives

Chan, Sze-wan

Lam, Kwong-wai

Solicitors

(Listed in alphabetical order) S.Y. Wong & Co.

Sit, Fung, Kwong & Shum

Auditors

HLB Hodgson Impey Cheng Limited

Bankers

(Listed in alphabetical order)

China Construction Bank (Asia) Corporation Limited Deutsche Bank AG, Singapore Branch

OCBC Wing Hang Bank Limited Oversea-Chinese Banking Corporation Limited The Bank of East Asia, Limited, London Branch

公司資料

董事

執行董事：

陳詩韻（行政總裁）陳凱韻

陳諾韻

林光蔚

非執行董事：劉鳴煒（主席）劉玉慧

獨立非執行董事：陳國偉

羅麗萍

馬時俊

審核委員會

陳國偉（主席）羅麗萍

馬時俊

投資委員會

陳詩韻（主席）

林光蔚（投資總監）陳國偉

馬時俊

提名委員會

羅麗萍（主席）陳國偉

馬時俊

薪酬委員會陳國偉（主席）羅麗萍

馬時俊

公司秘書

林光蔚

授權代表

陳詩韻

林光蔚

律師

（按字母順序排列）黃倩儀律師事務所薛馮鄺岑律師行

核數師

國衛會計師事務所有限公司

往來銀行

（按字母順序排列）

中國建設銀行（亞洲）股份有限公司 Deutsche Bank AG, Singapore Branch

華僑永亨銀行有限公司

Oversea-Chinese Banking Corporation Limited

東亞銀行有限公司（倫敦分行）

CORPORATE INFORMATION (continued)

Place of Incorporation

Bermuda

Registered Office Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda

Principal Office in Hong Kong

26th Floor, China Evergrande Centre

38 Gloucester Road

Wanchai, Hong Kong

Principal Registrar and Transfer Office MUFG Fund Services (Bermuda) Limited 4th Floor North, Cedar House

41 Cedar Avenue

Hamilton HM 12 Bermuda

Branch Registrar and Transfer Office in Hong Kong

Computershare Hong Kong Investor Services Limited

Shops 1712-1716

17th Floor, Hopewell Centre

183 Queen's Road East

Wanchai, Hong Kong

Tel: (852) 2862 8555

Fax: (852) 2865 0990/(852) 2529 6087

Office in the People's Republic of China Room 1003, 10th Floor, Oriental Place

No. 9 East Dongfang Road

North Dongsanhuan Road

Chaoyang District, Beijing, PRC

Post Code: 100027

Tel: (8610) 6466 0638

Fax: (8610) 6466 0238

Website

http://www.chineseestates.com

Stock Code 127

Board Lot 500 shares

Investor Relations

For enquiries relating to investor relations, please contact:

Tel: (852) 2866 6999

Fax: (852) 2866 2822/(852) 2866 2833

E-mail: investor.relations@chineseestates.com

公司資料（續）

註冊成立地點百慕達

註冊辦事處

Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda

香港主要辦事處香港灣仔

告士打道38 號

中國恆大中心26 樓

主要過戶登記處

MUFG Fund Services (Bermuda) Limited 4th Floor North, Cedar House

41 Cedar Avenue

Hamilton HM 12 Bermuda

香港過戶登記分處

香港中央證券登記有限公司香港灣仔

皇后大道東183 號合和中心17 樓

1712 至1716 號舖

電話： (852) 2862 8555

傳真： (852) 2865 0990/(852) 2529 6087

中華人民共和國辦事處中國北京市朝陽區東三環北路

東方東路9 號

東方國際大廈10 樓1003 室郵編： 100027

電話： (8610) 6466 0638

傳真： (8610) 6466 0238

網址

http://www.chineseestates.com

股份代號

127

買賣單位

500 股

投資者關係

有關投資者關係之查詢，請聯絡：電話： (852) 2866 6999

傳真： (852) 2866 2822/(852) 2866 2833

電郵： investor.relations@chineseestates.com

RESULTS		業績
The board of directors (the "Board") of Chinese Estates Holdings	Chinese Estates Holdings Limited（「本公司」）之
Limited (the "Company") would like to announce the unaudited	董事會（「董事會」）謹此公布本公司及其附屬
consolidated interim results of the Company and its subsidiaries	公司（統稱「本集團」）截至二零一九年六月三
(together, the "Group") for the six months	ended 30th June,	十日止六個月（「本期間」）之未經審核綜合中
2019 (the "Period") together with the comparative figures for the	期業績，連同二零一八年同期之比較數字：-
corresponding period in 2018:-
CONDENSED CONSOLIDATED STATEMENT OF	簡明綜合全面收益報表
COMPREHENSIVE INCOME		截至二零一九年六月三十日止六個月
For the six months ended 30th June, 2019
				Six months ended 30th June,
				截至六月三十日止六個月
				2019		2018
				二零一九年	二零一八年
			Notes	HK$'000	HK$'000
			附註	千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
Revenue	收入	3	269,865		559,741
Cost of sales	銷售成本		(14,788)	(108,719)
Gross profit	毛利		255,077		451,022
Other income	其他收入	5	30,080		51,931
Investment income (expenses), net	投資收入（開支）淨額	6	1,253,385		(540,830)
Administrative expenses	行政開支		(137,072)	(132,115)
Gain on disposals of equipment	出售設備之收益		-	1,106
Fair value changes on investment properties	投資物業之公平值變動	(427,132)	(22,755)
Finance costs	財務費用	7	(192,625)	(156,166)
Other gains and losses	其他收益及虧損		(694)	(1)
Share of results of investments accounted	攤佔以權益法入賬投資之
for using the equity method	業績		95,209		94,293
Profit (loss) before tax	除稅前溢利（虧損）		876,228		(253,515)
Income tax expense	所得稅開支	8	(29,870)	(65,220)

Profit (loss) for the period	本期間溢利（虧損）	9	846,358		(318,735)
Other comprehensive expenses	其他全面支出
Items that will not be reclassified to	不會重新分類至損益之
profit or loss	項目
Gains and losses on investments in	通過其他全面收益以
	equity instruments measured	反映公平值計量之
	at fair value through other	股本工具投資之
	comprehensive income	收益及虧損		(1,012,299)	(5,815,551)
Share of other comprehensive income	攤佔以權益法入賬投資
	of investments accounted	之其他全面收益
	for using the equity method			4		79
				(1,012,295)	(5,815,472)

CONDENSED CONSOLIDATED STATEMENT OF	簡明綜合全面收益報表（續）
COMPREHENSIVE INCOME (continued)	截至二零一九年六月三十日止六個月
For the six months ended 30th June, 2019
				Six months ended 30th June,
				截至六月三十日止六個月
				2019		2018
				二零一九年	二零一八年
			Notes	HK$'000	HK$'000
			附註	千港元	千港元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
Other comprehensive expenses	其他全面支出（續）
(continued)	隨後可能重新分類至損益
Items that may be reclassified
subsequently to profit or loss	之項目
Exchange differences on translation	境外業務所產生之
of foreign operations	匯兌差額			(6,260)	(105,340)
Share of other comprehensive expenses	攤佔以權益法入賬投資
of investments accounted	之其他全面支出
for using the equity method				(673)	(2,462)

				(6,933)	(107,802)
Other comprehensive expenses	本期間其他全面支出
for the period (net of tax)	（除稅後）			(1,019,228)	(5,923,274)
Total comprehensive expenses	本期間全面支出總額
for the period				(172,870)	(6,242,009)
Profit (loss) for the period	應佔本期間溢利（虧損）：

attributable to:
Owners of the Company	本公司擁有人			844,917		(363,534)
Non-controlling interests	非控股權益			1,441		44,799
				846,358		(318,735)
Total comprehensive expenses	應佔本期間全面支出總額：

for the period attributable to:
Owners of the Company	本公司擁有人			(174,311)	(6,286,808)
Non-controlling interests	非控股權益			1,441		44,799
				(172,870)	(6,242,009)
Earnings (loss) per share (HK$)	每股盈利（虧損）（港元）	11


Basic and diluted	基本及攤薄			0.443		(0.191)

CONDENSED CONSOLIDATED STATEMENT OF		簡明綜合財務狀況報表
FINANCIAL POSITION			於二零一九年六月三十日
At 30th June, 2019
					30th June,	31st December,
					2019		2018
					二零一九年	二零一八年
					六月三十日十二月三十一日
				Notes	HK$'000	HK$'000
				附註	千港元	千港元
					(Unaudited)	(Audited)
					（未經審核）	（經審核）
Non-current assets	非流動資產		14,840,174
Investment properties	投資物業	12		15,280,848
Property, plant and equipment	物業、廠房及設備		35,271		36,654
Right-of-use assets	使用權資產		38,654		-
Intangible assets	無形資產		-	-
Goodwill	商譽			13	322,938		322,938
Investments accounted for using	以權益法入賬之投資	14	2,321,877		2,276,177
the equity method
Advances to associates	墊付聯營公司款項	15	49,802		49,259
Advance to a joint venture	墊付	一	間合資公司款項	16	154,218		154,218
Financial assets measured at fair value	通過損	益以反映公平值		1,623,249
through profit or loss	計量	之金融資產	17		1,350,090
Financial assets measured at fair value	通過其	他全面收益以
through other comprehensive income	反映	公平值計量之	18	20,355,008		21,367,307
	金融	資產
Advances to investee companies	墊付接	受投資公司款項		264,141		652,304
Advance to a non-controlling shareholder	墊付一	間非控股股東		11,170		11,170
	款項
Deferred tax assets	遞延稅項資產		1,642		1,899
Pledged deposits	抵押存款		85,227		83,203
					40,103,371		41,586,067
Current assets	流動資產			228,223
Stock of properties	物業存貨			228,799
Financial assets measured at fair value	通過損益以反映公平值		6,875,305
through profit or loss	計量之金融資產	17		5,415,827
Inventories	存貨				2,395		3,187
Debtors, deposits, other receivables and	應收賬項、按金、其他		341,661
prepayments	應收賬項及預付款項	19		517,562
Securities trading receivables and	應收證券交易賬項及		21,909
deposits	存款				22,497
Tax recoverable	可收回稅款		31,775		15,670
Pledged deposits	抵押存款		158,632		154,195
Time deposits, bank balances and cash	定期存款、銀行結餘及		870,895		714,572
Sales proceeds held by stakeholders	現金
保管人所持銷售所得		32,339		32,327
	款項
					8,563,134		7,104,636

CONDENSED CONSOLIDATED STATEMENT OF	簡明綜合財務狀況報表（續）
FINANCIAL POSITION (continued)		於二零一九年六月三十日
At 30th June, 2019
				30th June,	31st December,
				2019			2018
				二零一九年	二零一八年
				六月三十日十二月三十一日
			Notes	HK$'000	HK$'000
			附註	千港元	千港元
				(Unaudited)	(Audited)
				（未經審核）	（經審核）
Current liabilities	流動負債			142,101
Creditors and accruals	應付賬項及應計款項	20			247,187
Securities trading and margin payable	應付證券交易賬項及		31,855			22,295
	保證金
Deposits and receipts in advance	按金及預收款項		216,209			218,633
Lease liabilities	租賃負債			15,065			-
Tax liabilities	稅項負債			42,825			62,656
Borrowings	借貸		21	9,873,923			9,303,688
Derivative financial instrument	衍生金融工具		377			-
				10,322,355			9,854,459
Net current liabilities	流動負債淨值		(1,759,221)		(2,749,823)
Total assets less current liabilities	資產總額減流動負債		38,344,150			38,836,244
Equity attributable to owners of	本公司擁有人應佔

the Company	股本權益			190,762
Share capital	股本		22			190,762
Financial assets measured at fair value	通過其他	全面收益以
through other comprehensive income	反映公	平值計量之		6,004,072
reserve	金融資產之儲備				7,016,367
Statutory reserve	法定儲備			668			668
Special reserve	特別儲備			2,499,685			2,499,685
Capital redemption reserve	資本贖回儲備		138,062			138,062
Translation reserve	匯兌儲備			(600,141)		(593,208)
Retained profits	保留溢利			19,076			190,762
- declared/proposed dividend	- 宣派╱擬派股息
- others	- 其他			25,445,111			24,619,270
	非控股權益			33,697,295			34,062,368
Non-controlling interests			32,642			81,201
Total equity	股本權益總額		33,729,937			34,143,569
Non-current liabilities	非流動負債			4,347,760
Borrowings	借貸		21			4,443,987
Amounts due to associates	欠負聯營公司款項	23	187,319			171,619
Amount due to a non-controlling	欠負一間非控股股東		253
shareholder	款項		23			24,177
Lease liabilities	租賃負債			23,151			-
Deferred tax liabilities	遞延稅項負債		55,730			52,892
				4,614,213			4,692,675
				38,344,150			38,836,244

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

簡明綜合股本權益變動表

For the six months ended 30th June, 2019

截至二零一九年六月三十日止六個月

Attributable to owners of the Company

本公司擁有人應佔股本權益

								Financial assets
								measured
								at fair value
								through other
						Share		comprehensive	Statutory
						capital		income reserve	reserve
								通過其他
							全面收益以反映
								公平值計量之
						股本金融資產之儲備	法定儲備
						HK$'000		HK$'000	HK$'000
						千港元		千港元	千港元
								(note (i))	(note (ii))
								（附註(i)）	（附註(ii)）
At 1st January, 2018	於二零	一八	年一月一	日
(audited)	（經審核）			190,762	10,204,417		668
Loss for the period	本期間虧損				-		-	-
Other comprehensive expenses	本期間其他全面支出
for the period						-	(5,815,472)	-
Total comprehensive expenses	本期間全面支出總額

for the period						-	(5,815,472)	-
Final dividend for 2017 paid	已付二	零一	七年末期股息	-		-	-
Unclaimed dividends forfeited	沒收未被領取之股息
(note (iv))	（附註(iv)）			-		-	-
At 30th June, 2018	於二零	一八	年六月三	十日
(unaudited)	（未經審核）			190,762	4,388,945		668
Profit for the period	本期間溢利				-		-	-
Other comprehensive income	本期間其他全面收益
for the period						-	2,968,157		-
Total comprehensive income	本期間全面收益總額

for the period						-	2,968,157		-
Transfer of reserve upon disposal of	於出售通過其他全面收益
the investment in an equity instrument	以反映公平值計量之
measured at fair value through	股本工具投資時轉撥之
other comprehensive income	儲備					-	(340,735)	-
Dividends paid to non-controlling	已付非控股股東股息
shareholders						-		-	-
Interim dividend for 2018 paid	已付二零一八年中期股息	-		-		-
At 31st December, 2018	於二零一八年十二月三十一日	190,762		7,016,367		668
(audited)	（經審核）
Profit for the period	本期間溢利				-		-	-
Other comprehensive expenses	本期間其他全面支出			-	(1,012,295)	-
for the period
Total comprehensive expenses	本期間全面支出總額
		-	(1,012,295)	-
for the period
Dividend paid to a non-controlling	已付一間非控股股東股息	-		-	-
shareholder
Final dividend for 2018 paid	已付二零一八年末期股息	-		-	-
At 30th June, 2019	於二零一九年六月三	十日
(unaudited)	（未經審核）			190,762	6,004,072		668

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

簡明綜合股本權益變動表（續）

For the six months ended 30th June, 2019

截至二零一九年六月三十日止六個月

Attributable to owners of the Company

本公司擁有人應佔股本權益

			Capital							Non-
	Special	redemption	Translation	Retained			controlling
	reserve	reserve	reserve	profits	Total	interests	Total equity
			資本									股本權益
	特別儲備	贖回儲備	匯兌儲備	保留溢利	總額	非控股權益	總額
	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元
	(note (iii))
	（附註(iii)）
2,499,685		138,062		(308,253)	23,660,575		36,385,916		107,086		36,493,002
	-	-	-	(363,534)	(363,534)	44,799		(318,735)
	-	-	(107,802)	-	(5,923,274)	-	(5,923,274)

	-	-	(107,802)	(363,534)	(6,286,808)	44,799		(6,242,009)
	-	-	-	(190,762)	(190,762)	-	(190,762)
	-	-	-	3,270		3,270		-	3,270

	2,499,685		138,062		(416,055)	23,109,549		29,911,616		151,885		30,063,501
	-	-	-	1,378,824		1,378,824		(276)	1,378,548
	-	-	(177,153)	-	2,791,004		-	2,791,004

	-	-	(177,153)	1,378,824		4,169,828		(276)	4,169,552
	-	-	-	340,735		-	-	-
	-	-	-	-	-	(70,408)	(70,408)
	-	-	-	(19,076)	(19,076)	-	(19,076)

	2,499,685		138,062		(593,208)	24,810,032		34,062,368		81,201		34,143,569
	-	-	-	844,917		844,917		1,441		846,358
	-	-	(6,933)	-	(1,019,228)	-	(1,019,228)

	-	-	(6,933)	844,917		(174,311)	1,441		(172,870)
	-	-	-	-	-	(50,000)	(50,000)
	-	-	-	(190,762)	(190,762)	-	(190,762)

	2,499,685		138,062		(600,141)	25,464,187		33,697,295		32,642		33,729,937

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

For the six months ended 30th June, 2019

Notes:

The cumulative amount of the gain on a listed equity investment classified as financial assets measured at fair value through other comprehensive income ("FVTOCI") was approximately HK$5,238,043,000 as at 30th June, 2019 (31st December, 2018: HK$6,571,043,000).

簡明綜合股本權益變動表（續）

截至二零一九年六月三十日止六個月

附註：

於二零一九年六月三十日，上市股本投資分類為通過其他全面收益以反映公平值（「通過其他全面收益以反映公平值」）計量之金融資產之累計收益金額約為5,238,043,000 港元（二零一八年十二月三十一日：6,571,043,000 港元）。

	During the Period, the unrealised loss on fair value change from holding		於本期間，通過其他全面收益以反映公平值
	shares of China Evergrande Group (stock code: 3333) ("Evergrande		計量之金融資產之儲備中錄得來自持有中國
	Shares") of HK$1,333,000,000 (2018: HK$5,959,910,000) was		恆大集團（股份代號：3333）股份（「恆大股份」）
	recorded in financial assets measured at FVTOCI reserve.		之公平值變動之未變現虧損1,333,000,000 港
			元（二零一八年：5,959,910,000 港元）。
(ii)	The statutory reserve of the Group refers to the People's Republic of	(ii)	本集團的法定儲備指中華人民共和國（「中國」）
	China ("PRC") statutory reserve fund. Appropriations to such reserve		法定儲備基金。向該儲備基金作出的撥款乃
	fund are made out of profit after tax as recorded in the statutory financial		撥自中國附屬公司法定財務報表的除稅後溢
	statements of the PRC subsidiaries. The amount should not be less		利。所撥金額不得低於法定財務報表所錄得
	than 10% of the profit after tax as recorded in the statutory financial		之除稅後溢利之10%，除非總額超過中國附
	statements unless the aggregate amount exceeds 50% of the registered		屬公司註冊資本之50%。法定儲備乃於填補
	capital of the PRC subsidiaries. The statutory reserve can be used to		過往年度虧損（如有）後作出，並可透過資本
	make up prior year losses, if any, and can be applied in conversion		化發行應用以兌換為中國附屬公司之資本。
	into the PRC subsidiaries' capital by means of capitalisation issue.
(iii)	Special reserve represented the difference arising from the aggregate	(iii)	特別儲備乃指前控股公司與本公司於一九八
	of the share capital and premium amount of the former holding		九年遷冊該控股公司為百慕達公司時之股本
	company and the Company upon redomicile of the holding company		及溢價賬總額產生之差額及為不可分配。
	as a Bermuda Company in 1989 and is non-distributable.
(iv)	Unclaimed dividends forfeited represented dividends declared by the	(iv)	沒收未被領取之股息乃指本公司於二零一一
	Company on or before 17th August, 2011 remaining unclaimed by		年八月十七日或之前宣派而本公司之股東於
	shareholders of the Company on 28th February, 2018. During the six		二零一八年二月二十八日仍未領取之股息。
	months ended 30th June, 2018, unclaimed dividends amounted to		於截至二零一八年六月三十日止六個月內，
	approximately HK$3,270,000 were forfeited and transferred to retained		仍未被領取之股息金額約為3,270,000 港元已
	profits.		被沒收並轉撥至保留溢利。

CONDENSED CONSOLIDATED STATEMENT OF	簡明綜合現金流量表
CASH FLOWS		截至二零一九年六月三十日止六個月
For the six months ended 30th June, 2019
					Six months ended 30th June,
					截至六月三十日止六個月
			2019		2018
					二零一九年	二零一八年
					HK$'000	HK$'000
					千港元	千港元
					(Unaudited)	(Unaudited)
					（未經審核）	（未經審核）
Net cash (used in) generated from	（用於）來自經營業務之
operating activities	現金淨額	(551,947)	2,761,355
Net cash generated from investing activities	來自投資業務之現金淨額

Increase in pledged deposits	抵押存款之增加	(4,521)	(33,056)
Repayments from an investee company	一	間接受投資公司還款	512,750		15,000
Other investing activities	其他投資業務	230,510		154,155
			738,739		136,099
Net cash generated from (used in)	來自（用於）融資業務之
financing activities	現金淨額
New bank and other borrowings	新增（償還）銀行及其他

raised (repaid), net		借貸淨額	488,257		(551,556)
Repayments of loans from a director	償還董事貸款			-	(1,835,500)
Principal elements of lease payments	租賃付款之本金部分	(3,446)	-
Interest elements of lease payments	租賃付款之利息部分	(304)	-
Dividend paid	已付股息	(190,762)	(190,762)
Other financing activities	其他融資業務	(266,422)	(156,616)
				27,323		(2,734,434)
Net increase in cash and cash equivalents	現金及現金等值項目之增加淨額		214,115		163,020
Cash and cash equivalents at 1st January	於一月一日之現金及現金等值
	項目	605,872		570,578
Effect of foreign exchange rate changes	匯率變動之影響	(1,982)	860
Cash and cash equivalents at 30th June	於六月三十日之現金及現金等值
	項目	818,005		734,458
Analysis of the balances of cash and	現金及現金等值項目結餘分析

cash equivalents
Time deposits, bank balances and cash	定期存款、銀行結餘及現金	870,895		913,208
Less: Time deposits with maturity greater	減：存款期多於三個月之
than three months		定期存款		(52,890)	(178,750)
				818,005		734,458

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30th June, 2019

1. Basis of Preparation

These unaudited condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").

As at 30th June, 2019, the Group's current liabilities exceeded its current assets by approximately HK$1,759,221,000 (31st December, 2018: HK$2,749,823,000). Notwithstanding the above result, these unaudited condensed consolidated financial statements have been prepared on a going concern basis.

The management closely monitors the Group's financial performance and liquidity position. The validity of the going concern basis depends upon the success of the Group's future operations, its ability to generate adequate cash flows in order to meet its financial obligations as and when they fall due, and its ability to refinance or restructure its borrowings such that the Group can meet its future working capital and financing requirements.

As at 30th June, 2019, the Group had unutilised bank facilities. Based on the latest communications with the banks, the directors of the Company ("Directors") are not aware of any intention of the principal banks to withdraw their bank facilities or require early repayment of the borrowings, and the Directors believe that the existing bank facilities will be renewed or roll-overed when their current terms expire given the good track records and relationships the Group has with the banks. Further, the Group has unutilised loan facility from a Director. In addition, the Group held a portfolio of listed securities investments and treasury products presented as non-current assets as at 30th June, 2019 in aggregate of approximately HK$20,385,099,000 (31st December, 2018: HK$21,438,609,000) (Notes 17 and 18), which could be realised into cash, if necessary.

The Directors have reviewed the Group's cash flow projections prepared by the management. The cash flow projections cover a period of not less than twelve months from 30th June, 2019. Based on the cash flow projections, the Group will have sufficient financial resources to meet its financial obligations as and when they fall due in the coming twelve months from 30th June, 2019. The management has made key assumptions on the projections with regard to the anticipated cash flows from the Group's operations, capital expenditures and the continuous availability of bank facilities. The Group's ability to achieve the projected cash flows depends on the continuous availability of bank facilities from the banks.

In view of the above, the Directors are of the opinion that there will be sufficient financial resources available to the Group to enable it to meet its liabilities as and when they fall due and to continue as a going concern. Accordingly, the Directors have prepared these unaudited condensed consolidated financial statements on a going concern basis.

簡明綜合財務報表附註

截至二零一九年六月三十日止六個月

1. 編製基準

本未經審核簡明綜合財務報表乃按照香港聯合交易所有限公司證券上市規則附錄16 之適用披露規定及香港會計師公會（「香港會計師公會」）頒布之香港會計準則（「香港會計準則」）第34 號「中期財務報告」編製。

於二零一九年六月三十日，本集團之流動負債超逾其流動資產約1,759,221,000 港元（二零一八年十二月三十一日：2,749,823,000 港元）。儘管以上所述，本未經審核簡明綜合財務報表乃按持續經營基準編製。

管理層密切監察本集團之財務表現及流動資金狀況。持續經營基準之有效性取決於本集團未來營運之成果、其產生足夠現金流量以履行其到期財務責任之能力、以及其再融資或重組其借貸之能力，以滿足本集團對未來營運資金及融資之需要。

於二零一九年六月三十日，本集團擁有未動用之銀行信貸額。根據與銀行近期溝通，本公司之董事（「董事」）並無知悉其主要銀行有任何意向撤回彼等之銀行信貸額或要求提早償還借貸。董事相信，以本集團良好的過往記錄及與銀行之關係，現有銀行信貸額將於彼等現有條款期滿時獲續期或滾存。此外，本集團擁有來自一位董事之未動用貸款額。另外，於二零一九年六月三十日，本集團持有呈列為非流動資產之上市證券投資及財資產品組合合共約為20,385,099,000 港元（二零一八年十二月三十一日：21,438,609,000港元）（附註17 及18），可於需要時變現為現金。

董事已審閱管理層編製之本集團現金流量預測。該等現金流量預測涵蓋自二零一九年六月三十日起不少於十二個月之期間。根據該等現金流量預測，本集團將具備足夠財務資源以履行其自二零一九年六月三十日起十二個月內到期之財務責任。在該等預測中，管理層就有關本集團營運所得之預計現金流量、資本開支及持續可動用之銀行信貸額作出關鍵假設。本集團能否取得預測現金流量取決於能否持續取得銀行授予可動用之銀行信貸額。

鑑於上文所述，董事認為本集團將具備足夠財務資源以償還其到期負債，並能繼續持續經營。據此，董事已按持續經營基準編製本未經審核簡明綜合財務報表。

1. Basis of Preparation (continued)

1. 編製基準（續）

These unaudited condensed consolidated financial statements have been prepared under the historical cost basis, except for certain properties and financial instruments, which are measured at their fair values.

本未經審核簡明綜合財務報表乃按歷史成本法編製，惟按公平值計量之若干物業及金融工具除外。

2. Principal Accounting Policies

The accounting policies adopted in these unaudited condensed consolidated financial statements for the Period are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended 31st December, 2018 except as described below.

In the current period, the Group has applied, for the first time, the following new Hong Kong Financial Reporting Standards ("HKFRSs"), new interpretation and amendments to existing HKFRSs ("2019 new HKFRSs") issued by the HKICPA, which are effective for the current accounting period of the Group. The 2019 new HKFRSs adopted by the Group in these unaudited condensed consolidated financial statements are set out below:

HKFRSs (Amendments)	Annual Improvements to HKFRSs
		2015-2017 Cycle
HKFRS 9 (Amendments)	Prepayment Features with Negative
		Compensation
HKFRS 16	Leases
HKAS 19 (Amendments)	Plan Amendment, Curtailment or
		Settlement
HKAS 28 (Amendments)	Long-term Interests in Associates and
		Joint Ventures
HK(IFRIC) - Int 23	Uncertainty over Income Tax
		Treatments

HKFRS 16 Leases

Accounting policies applied from 1st January, 2019

HKFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. HKFRS 16 superseded HKAS 17 "Leases" and the related interpretations when it became effective. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for most leases under a single lessee accounting model. It distinguishes leases and service contracts on the basis of whether an identified asset is controlled by a customer. In addition, HKFRS 16 requires sales and leaseback transactions to be determined based on the requirements of HKFRS 15 "Revenue from Contracts with Customers" as to whether the transfer of the relevant asset should be accounted as a sale. HKFRS 16 also includes requirements relating to subleases and lease modifications.

2. 主要會計政策

除下述者外，本期間之未經審核簡明綜合財務報表所採納之會計政策與編製本集團截至二零一八年十二月三十一日止年度之綜合財務報表所依循者一致。

於本期間，本集團已首次應用下列由香港會計師公會頒布並於本集團現行會計期間生效之新訂香港財務報告準則（「香港財務報告準則」）、新訂詮釋及對現有香港財務報告準則之修訂（「二零一九年新訂香港財務報告準則」）。本集團於本未經審核簡明綜合財務報表所採納之二零一九年新訂香港財務報告準則載列如下：

香港財務報告準則	2015 年至2017 年週期
（修訂本）	頒布之香港財務報告
	準則年度改進

香港財務報告準則具有負補償特性之

- 9 號（修訂本）預付款項
港財務報告準則租賃
- 16 號

香港會計準則	計劃修訂、縮減或結算
第19 號（修訂本）
香港會計準則	於聯營公司及合資公司

- 28 號（修訂本）之長期權益
港（國際財務報告所得稅處理之不確定性
詮釋委員會）
- 詮釋第23 號
港財務報告準則第16 號 - 租賃
零一九年一月一日起應用之會計政策
港財務報告準則第16 號為出租人及承租人識別其租賃安排及會計處理引入一個全面的模式。香港財務報告準則第16 號於生效時取代香港會計準則第17號「租賃」及有關之詮釋。該準則載列確認、計量、呈列及披露租賃的原則，並要求承租人將大多數租賃以單一承租人會計模式入賬。該模式乃根據客戶對已識別資產控制權來分辨租約及服務合約。此外，香港財務報告準則第16 號規定銷售及回租交易須根據香港財務報告準則第15 號「與客戶合約之收入」之規定而釐定有關資產之轉讓是否應作為銷售入賬。香港財務報告準則第16號亦包括有關轉租及租賃修訂之規定。

2. Principal Accounting Policies (continued) HKFRS 16 Leases (continued)

Accounting policies applied from 1st January, 2019 (continued)

Subject to limited exceptions for short-term leases and low-value assets, distinctions of operating and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognised for all leases by lessees. However, the standard does not significantly change the accounting of lessors.

The Group adopted HKFRS 16 using the modified retrospective method of adoption with the date of initial application of 1st January, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application and the comparative information for 2018 was not restated. The Group elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying HKAS 17 and HK(IFRIC)

Int 4 "Determining whether an Arrangement contains a Lease" at the date of initial application.

Nature of the effect of adoption of HKFRS 16

The Group has lease contracts for office premises and equipment. As a lessee, the Group previously classified leases as operating leases. Under HKFRS 16, the Group applies a single approach to recognise and measure right-of-use assets and lease liabilities for all leases, except for two elective exemptions for leases of low-value assets (elected on a lease-by-lease basis) and short-term leases (elected by class of underlying asset). The Group has elected not to recognise right- of-use assets and lease liabilities for (i) leases of low-value assets; and (ii) leases, that at the commencement date, have a lease term of twelve months or less. Accordingly, the Group recognises the lease payments associated with those leases as an expense on a straight-line basis over the lease term. In addition, lease payments in relation to lease liability are allocated into a principal and an interest portion which are presented as financing cash flows in the unaudited condensed consolidated statement of cash flows by the Group.

Impacts on transition

In accordance with the transitional provision under HKFRS 16, the Group applied the simplified transition approach on 1st January, 2019. Lease liabilities were recognised at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at the date of initial application. All right-of-use assets were measured at the amount of lease liabilities on adoption (adjusted for any prepaid or accrued lease expenses, if any).

In applying HKFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:

applied the short-term lease recognition exemption to leases with lease term that ends within twelve months at the date of initial application; and
excluded the initial direct costs from the measurement of the right-of-use assets at the date of initial application.

2. 主要會計政策（續）

香港財務報告準則第16 號 - 租賃（續）

二零一九年一月一日起應用之會計政策（續）

除短期租賃及低價值資產之有限例外情況下，承租人之會計處理剔除營業租賃與融資租賃之分辨，並以承租人對所有租賃確認使用權資產及相關負債的模式取代。然而，該準則對出租人之會計處理並無重大改變。

本集團採納香港財務報告準則第16 號時使用經修改追溯法，首次應用日期為二零一九年一月一日。根據該方法，已追溯應用該準則，並於首次應用日期確認首次應用該準則之累計影響，且不會重列二零一八年之比較資料。本集團選擇使用過渡性的實際權宜方法，以允許該準則僅應用於首次應用日期前已根據香港會計準則第17 號及香港（國際財務報告詮釋委員會）- 詮釋第4 號「釐定安排是否包含租賃」識別為租賃之合約。

採納香港財務報告準則第16 號之影響性質

本集團擁有寫字樓物業及設備之租賃合約。作為承租人，本集團先前將租賃分類為營業租賃。根據香港財務報告準則第16 號，本集團應用單一方法確認及計量所有租賃的使用權資產及租賃負債，惟低價值資產租賃（按個別租賃基準選擇）及短期租賃（按相關資產類別選擇）之兩項選擇性豁免除外。本集團已選擇不就(i) 低價值資產租賃；及(ii) 於開始日期起計租期為十二個月或以下之租賃確認使用權資產及租賃負債。因此，本集團於租期內以直線法確認與該等租賃相關之租賃付款為開支。另外，有關租賃負債之租賃付款被分配至本金及利息部分，並於本集團之未經審核簡明綜合現金流量表呈列為融資現金流量。

過渡影響

根據香港財務報告準則第16 號之過渡性條文，本集團於二零一九年一月一日應用簡化過渡法。租賃負債乃按於首次應用日期承租人之遞增借貸利率貼現剩餘租賃付款之現值予以確認。所有使用權資產按採納時之租賃負債金額計量（根據預付或應計租賃開支進行調整（如有））。

於首次應用香港財務報告準則第16 號時，本集團已使用下列該準則所允許之實際權宜方法：

對租期於首次應用日期起計十二個月內結束之租賃應用短期租賃確認豁免；
及
於首次應用日期計量使用權資產時撇除初步直接成本。

2. Principal Accounting Policies (continued)	2. 主要會計政策（續）
HKFRS 16 Leases (continued)		香港財務報告準則第16 號 - 租賃（續）
Accounting policies applied from 1st January, 2019 (continued)	二零一九年一月一日起應用之會計政策（續）
Impacts on transition (continued)		過渡影響（續）
The impacts arising from the adoption of HKFRS 16 as at 1st January,	於二零一九年一月一日採納香港財務報告準
2019 are as follows:		則第16 號所產生之影響如下：
			HK$'000
			千港元
Assets	資產
Increase in right-of-use assets	使用權資產增加		7,825

Properties	物業		6,593
Equipment	設備		1,232
Liabilities	負債
Increase in lease liabilities	租賃負債增加		7,825

Non-current portion	非流動部分		4,588
Current portion	流動部分		3,237
The weighted average discount rate applied to the lease liabilities on 1st	於二零一九年一月一日應用於租賃負債之加
January, 2019 was 2.73%. The lease liabilities as at 1st January, 2019	權平均貼現率為2.73 厘。於二零一九年一月
reconciled to the operating lease commitments as at 31st December,	一日之租賃負債及於二零一八年十二月三十
2018 is as follows:		一日之營業租賃承擔之對賬如下：
			HK$'000
			千港元
Operating lease commitments as at	於二零一八年十二月三十一日之
31st December, 2018	營業租賃承擔		20,138
Less: Commitments relating to short-term leases	減：有關短期租賃之承擔	(1,688)
Leases not yet commenced on 1st January, 2019	於二零一九年一月一日尚未開始之租賃	(10,375)
			8,075
Discounted operating lease commitments, lease	於二零一九年一月一日確認之租賃負債
liabilities recognised as at 1st January, 2019	（已貼現營業租賃承擔）	7,825

Summary of new accounting policies

As a result of the adoption of HKFRS 16, the new accounting policies of the Group which have been applied from the date of initial application are set out below:

Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date which the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, estimated costs to be incurred by the lessee in restoring the underlying asset to the condition required by the terms and conditions of the lease, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight- line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

新會計政策概要

因採納香港財務報告準則第16 號，本集團由首次應用日期起所應用之新會計政策載列如下：

使用權資產

本集團於租賃開始日期（即相關資產可供使用日期）確認使用權資產。使用權資產按成本減任何累計折舊及減值虧損計量，並就任何重新計量租賃負債作出調整。使用權資產成本包括已確認租賃負債金額、已產生初步直接成本、承租人將相關資產還原至租賃條款及條件要求之狀況所產生之估計成本以及於開始日期或之前作出之租賃付款減任何已收租賃優惠。除非本集團合理地確定於租期結束時取得租賃資產擁有權，否則已確認使用權資產於其估計可使用年期及租期（以較短者為準）按直線法計算折舊。使用權資產須予以減值。

2. Principal Accounting Policies (continued) HKFRS 16 Leases (continued)

Accounting policies applied from 1st January, 2019 (continued) Summary of new accounting policies (continued)

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments).

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification (i.e. a change in future lease payments arising from change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset).

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to short- term leases of assets (i.e. those leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered as low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight- line basis over the lease term.

Significant judgment in determining the lease term of contracts with termination option

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has the option, under some of its leases, to terminate the lease with prior written notice without any compensation. The Group applies judgment in evaluating whether it is reasonably certain to exercise the option to terminate. That is, the Group considers all relevant factors that create an economic incentive for it to exercise the termination option. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option.

2. 主要會計政策（續）

香港財務報告準則第16 號 - 租賃（續）

二零一九年一月一日起應用之會計政策（續）

新會計政策概要（續）

租賃負債

於租賃開始日期，本集團確認於租期內作出之租賃付款現值計量之租賃負債。租賃付款包括定額付款（含實質定額付款）。

於計算租賃付款之現值時，倘租賃之隱含利率不易釐定，則本集團使用租賃開始日期之遞增借貸利率計算。於開始日期後，租賃負債金額之增加反映利息之增加，其減少則為租賃付款所致。此外，倘有任何修改（即指數或利率變化引致未來租賃付款出現變動、租期之變動、實質定額租賃付款或購買相關資產之評估之變動）則重新計量租賃負債之賬面值。

短期租賃及低價值資產租賃

本集團將短期租賃確認豁免應用於短期租賃之資產（即該等自租賃開始日期起計租期為十二個月或以下且不包含購買選擇權之租賃）。本集團亦將低價值資產租賃確認豁免應用於被認為低價值之辦公室設備租賃。短期租賃及低價值資產租賃之租賃付款於租期內以直線法確認為開支。

釐定具終止選擇權的合約中之租期作出之重大判斷

本集團將租期釐定為不可撤銷之租賃期限，倘能合理地確定將不會行使終止租賃之選擇權時，租期還應包括該選擇權所涵蓋的任何期間。本集團根據其部分租賃，在預先書面通知下，可選擇無償終止租賃。本集團運用判斷評估行使終止選擇權是否合理確定。換言之，本集團考慮到所有能形成經濟誘因而促使其行使終止選擇權之相關因素。自開始日期後，倘若在本集團控制範圍內有重大事件或環境變化而影響本集團行使（或不行使）該選擇權之能力，本集團會重新評估租期。

2. Principal Accounting Policies (continued) HKFRS 16 Leases (continued)

Accounting policies applied from 1st January, 2019 (continued)

Amounts recognised in unaudited condensed consolidated financial statements

The carrying amounts of the Group's right-of-use assets and lease liabilities and the movements during the Period are as follows:

2. 主要會計政策（續）

香港財務報告準則第16 號 - 租賃（續）
零一九年一月一日起應用之會計政策（續）於未經審核簡明綜合財務報表中確認之金額

本集團之使用權資產及租賃負債之賬面值及於本期間之變動如下：

Right-of-use	Lease
assets	liabilities
使用權資產	租賃負債

				HK$'000	HK$'000
				千港元	千港元
At 1st January, 2019	於二	零一	九年一月一日	7,825		7,825
Additions	添置			36,537		33,837
Depreciation (Note 9)	折舊（附註9）	(5,708)	-
Interest expense (Note 7)	利息開支（附註7）	-	304
Lease payments	租賃付款		-	(3,750)
At 30th June, 2019	於二	零一	九年六月三十日	38,654		38,216
Analysed for reporting purpose as:	作報	告用	途之分析：

Non-current	非	流動	性質	38,654		23,151
Current	流動性質	-	15,065
				38,654		38,216

The Group recognised rental expenses from short-term leases of approximately HK$19,195,000 (Note 9) during the Period.

Save as disclosed above, the application of the 2019 new HKFRSs had no material effect on how the results and financial position for the current or prior accounting periods are prepared and presented. Accordingly, no prior period adjustment has been required.

The Group has not early adopted the following new HKFRS and amendments to existing HKFRSs ("new and amended HKFRSs") that have been issued but are not yet effective.

HKFRS 3 (Amendments)	Definition of a Business1
HKFRS 10 and HKAS 28	Sale or Contribution of Assets between
(Amendments)		an Investor and its Associate or Joint
		Venture3
HKFRS 17	Insurance Contracts2
HKAS 1 and HKAS 8	Definition of Material1
(Amendments)

Effective for annual periods beginning on or after 1st January, 2020
Effective for annual periods beginning on or after 1st January, 2021
Effective for annual periods beginning on or after a date to be determined

於本期間，本集團確認短期租賃之租金開支

19,195,000 港元（附註9）。

除上文所披露者外，應用二零一九年新訂香港財務報告準則不會對本會計期間或過往會計期間之業績及財務狀況之編製及呈列方式構成重大影響，故毋須作出過往期間調整。

本集團並未提早採納下列已頒布但仍未生效之新訂香港財務報告準則及對現有香港財務報告準則之修訂（「新訂及經修訂香港財務報告準則」）。

香港財務報告準則業務之定義1

第3 號（修訂本）
港財務報告準則投資者與其聯營公司或

第10 號及香港	合資公司之間的資產
會計準則第28 號	出售或注資3
（修訂本）

香港財務報告準則保險合同2

- 17 號
港會計準則第1 號重大之定義1 及香港會計準則
- 8 號（修訂本）

於二零二零年一月一日或之後開始之
- 度期間生效
於二零二一年一月一日或之後開始之
- 度期間生效
尚待釐定之日期或之後開始之年度期間生效

2. Principal Accounting Policies (continued)

2. 主要會計政策（續）

The Directors are in the process of assessing the potential impact of the new and amended HKFRSs but are not yet in a position to determine whether the new and amended HKFRSs will have a significant impact on how the Group's results of operations and financial position are prepared and presented. The new and amended HKFRSs may result in changes in the future as to how the results and financial position are prepared and presented.

董事現正評估該等新訂及經修訂香港財務報告準則之潛在影響，惟尚未釐定該等新訂及經修訂香港財務報告準則對本集團之經營業績及財務狀況之編製及呈列方式會否構成重大影響。該等新訂及經修訂香港財務報告準則或會導致日後業績及財務狀況之編製及呈列方式出現變動。

3. Revenue

3. 收入

Revenue represents the aggregate amounts of sales of properties held for sale, commission from brokerage, settlement charges from brokerage, cosmetic goods sold less returns and amounts received and receivable from property rental income, are analysed as follows:

收入乃指持作出售物業之銷售、經紀佣金、經紀服務之交易費用、扣除退貨後之化妝品銷售以及已收及應收之物業租金收入之合計金額，分析如下：

Six months ended 30th June,

截至六月三十日止六個月

20192018 二零一九年二零一八年

HK$'000 HK$'000

千港元千港元

Revenue from contracts with customers:	與客戶合約之收入：
Recognised at a point in time	於某一時點確認
Sales of properties held for sale	持作出售物業之銷售		-		273,989
Brokerage and cosmetic income	經紀服務及化妝品銷售收入	8,103		10,730
			8,103			284,719
Revenue from other source:	其他來源之收入：
Property rental income	物業租金收入		261,762			275,022
			269,865			559,741

4. Operating Segments	4.	營運分類
The Group determines its operating segments based on the reports	本集團根據主要營運決策者用於作出策略決
reviewed by the chief operating decision-makers that are used to make	定時審閱之報告以釐定營運分類。
strategic decisions.
The Group has six reportable segments - (i) property development	本集團擁有六項可呈報分類 - (i) 物業發展及
and trading; (ii) property leasing for retail; (iii) property leasing for non-	買賣、(ii) 零售物業租賃、(iii) 非零售物業租
retail; (iv) listed equity investments at FVTOCI; (v) listed investments	賃、(iv) 通過其他全面收益以反映公平值之
and treasury products at fair value through profit or loss ("FVTPL");	上市股本投資、(v)通過損益以反映公平值（「通
and (vi) unlisted investments, investment holding and brokerage. The	過損益以反映公平值」）之上市投資及財資產
segmentations are based on the information about the operation of	品以及(vi) 非上市投資、投資控股及經紀服
the Group that management of the Group uses to make decisions.	務。上述分類方式乃基於本集團之營運資料
		以供本集團管理層作出決策之用。

4. Operating Segments (continued)

Principal activities are as follows:

Property development and	- Property development and sales
	trading		of trading properties
Property leasing
	- Retail	- Property leasing from retail
			properties
	- Non-retail	- Property leasing from non-retail
			properties
Listed equity investments	- Listed equity securities at FVTOCI
	at FVTOCI
Listed investments and	- Listed securities investments in
	treasury products at		investments held-for-trading,
	FVTPL		over-the-counter trading and
			structured products
Unlisted investments,	- Unlisted securities investments,
	investment holding and		trading and brokerage
	brokerage

The Group evaluates performance on the basis of profit or loss from operations after tax expense and non-controlling interests but not including the major non-cash items. The major non-cash items are unrealised fair value changes on investment properties and other properties together with their, if applicable, respective deferred tax. No intersegment revenue is accounted for as the intersegment revenue is mainly the rental income for administrative purpose.

Unallocated corporate assets mainly comprised leasehold land and building for own use, right-of-use assets, advance to a non-controlling shareholder, deferred tax assets and tax recoverable (31st December, 2018: also included derivative financial instrument).

Unallocated corporate liabilities mainly comprised tax liabilities, bank borrowings, amounts due to associates, amount due to a non-controlling shareholder, lease liabilities, deferred tax liabilities and derivative financial instrument.

The Group's measurement methods used to determine reported segment profit or loss remain unchanged from 2018.

The Group's reportable segments are strategic business units that operate different activities. They are managed separately because each business unit has different markets and requires different marketing strategies.

Further, the business units are also managed to operate in different countries separately. Revenue and results are attributed to countries on the basis of the property or asset location.

There was(were) one (2018: two) major customer(s) who individually accounted for 10% or more of the Group's revenue. Revenue of approximately HK$88,166,000 was derived from a customer in non-retail property leasing segment in the United Kingdom (2018: HK$273,989,000 was derived from a customer in property development and trading segment in Hong Kong and HK$93,623,000 was derived from a customer in non-retail property leasing segment in the United Kingdom).

4. 營運分類（續）

主要業務活動如下：

物業發展及買賣	-	物業發展及買賣
		物業銷售
物業租賃
- 零售	-	來自零售物業租賃
- 非零售	-	來自非零售物業
		租賃
通過其他全面收益 -	通過其他全面收益
以反映公平值之		以反映公平值之
上市股本投資		上市股本證券
通過損益以反映	-	於持作買賣之上市
公平值之上市		證券投資、
投資及財資產品		場外交易及
		結構性產品
非上市投資、投資 -	非上市證券投資、
控股及經紀服務		買賣及經紀服務

本集團以扣除稅項開支及非控股權益後來自經營之損益（惟不包括主要非現金項目）為基準評估表現。主要非現金項目為投資物業及其他物業之未變現公平值變動連同其相關之遞延稅項（如適用）。由於分類間之收入主要為就行政目的之租金收入，因此並無將分類間之收入入賬。

未分攤之公司資產主要包括自用之租賃土地及樓宇、使用權資產、墊付一間非控股股東款項、遞延稅項資產以及可收回稅款（二零一八年十二月三十一日：且包括衍生金融工具）。

未分攤之公司負債主要包括稅項負債、銀行借貸、欠負聯營公司款項、欠負一間非控股股東款項、租賃負債、遞延稅項負債以及衍生金融工具。

本集團用作釐定已呈報分類損益之計量方式與二零一八年維持不變。

本集團可呈報分類為營運不同活動之策略業務單元。由於各業務單元擁有不同市場，且要求不同市場策略，故彼等受個別管理。

此外，業務單元亦於不同國家受個別營運管理。各國應佔收入及業績乃按物業或資產所在地為基準。

一位（二零一八年：兩位）主要客戶之個別收入佔本集團收入之10% 或以上。一位來自英國非零售物業租賃分類之客戶所產生之收入約為88,166,000 港元（二零一八年：一位來自香港物業發展及買賣分類之客戶所產生之收入為273,989,000 港元，以及一位來自英國非零售物業租賃分類之客戶所產生之收入 93,623,000 港元）。

4. Operating Segments (continued)

Operating segment information is presented below:

Condensed Consolidated Statement of Comprehensive Income For the six months ended 30th June, 2019

4. 營運分類（續）

營運分類資料呈列如下：

簡明綜合全面收益報表

截至二零一九年六月三十日止六個月

										Listed	Unlisted
				Property leasing			investments	investments,
		Property	物業租賃	Listed equity	and treasury	investment
		development					investments	products	holding and	All other

		and trading	Retail	Non-retail	at FVTOCI	at FVTPL	brokerage	segments	Consolidated
								通過其他全面	通過損益以	非上市投資、
		物業發展					收益以反映	反映公平值之	所有其他
		零售	非零售	公平值之	上市投資及	投資控股及	綜合
		及買賣	上市股本投資	財資產品	經紀服務	分類
		HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
		千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
Major cash items excluding in revenue	收入以外之主要現金項目	-	-	-	-	1,394,901		-	-	1,394,901
- Hong Kong	- 香港
- Other countries	- 其他國家	-		-		-		-		138,403		-		-	138,403

		-		-		-		-		1,533,304		-		-	1,533,304
Revenue	收入

Revenue from external customers	來自外部客戶之收入	-	20,849		68,033		-	-	3,060		5,043		96,985
- Hong Kong	- 香港
- United Kingdom	- 英國	-	17,432		155,134		-	-	-	-	172,566
- Mainland China	- 中國大陸	-		-		314		-		-		-	-	314
		-		38,281		223,481		-		-		3,060		5,043		269,865

Revenue from external customers	來自外部客戶之收入	-	38,281		223,481		-	-	3,060		5,043		269,865
Attributable rental revenue from associates/	應佔聯營公司╱合資公司╱
joint venture/investee company	接受投資公司租金收入	-	10,136		23,628		-	-	-	-	33,764
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-		26,109		3,919		-		-	-	-	30,028

		-		74,526		251,028		-		-	3,060		5,043		333,657
Result	業績

Segment result	分類業績	-	18,793		64,188		-	754,034		(1,598)	7,237		842,654
- Hong Kong	- 香港
- United Kingdom	- 英國	-	16,897		152,229		-	-	48		-	169,174
- Mainland China	- 中國大陸	-	-	144		-	-	1,567		-	1,711
- Other countries	- 其他國家	-		-		-		-	503,303		-	-	503,303

Share of results of investments accounted	攤佔以權益法入賬投資之	-		35,690		216,561		-	1,257,337		17	7,237		1,516,842

for using the equity method	業績
- Attributable gross income	- 應佔收入總額	-	9,658		23,483		-	-	-	1,103		34,244
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-	26,109		3,919		-	-	-	-	30,028
- Attributable operating cost	- 應佔營運成本	-	(399)	(3,591)	-	-	-	-	(3,990)
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-		(11,820)	(1,482)	-	-	-	-	(13,302)

		-		59,238		238,890		-	1,257,337		17	8,340		1,563,822
Other income	其他收入	6,462		-	-	-	-	-	-	6,462
Finance costs	財務費用	-	-	-	(62,713)	(49,318)	-	-	(112,031)
Other gains and losses	其他收益及虧損	(694)	-	-	-	-	-	-	(694)
Share of results of investments accounted	攤佔以權益法入賬投資之
for using the equity method	業績	682		(18,955)	(3,664)	-	-	-	(162)	(22,099)
- Income tax and others	- 所得稅及其他

		6,450		40,283		235,226		(62,713)	1,208,019		17	8,178		1,435,460
Unallocated items	未分攤項目															(121,834)

Unallocated corporate expenses, net	未分攤之公司開支淨額
Unallocated finance costs	未分攤之財務費用															(80,594)
Income tax expense	所得稅開支															(28,088)
Non-controlling interests	非控股權益															(1,441)
Operating profit for the period attributable to	本公司擁有人應佔本期間之
owners of the Company	經營溢利															1,203,503
Major non-cash items	主要非現金項目
- Unrealised fair value changes on investment properties	- 投資物業之未變現公平值變動
(including share of results of investments accounted	（包括攤佔以權益法入賬投資															(356,804)
for using the equity method)	之業績）
- Deferred tax expense	- 遞延稅項開支															(1,782)
Profit for the period attributable to	本公司擁有人應佔本期間之
owners of the Company	溢利															844,917
Core profit for the period attributable to	本公司擁有人應佔本期間之

owners of the Company	核心溢利															1,203,503

4. Operating Segments (continued)			4. 營運分類（續）
Condensed Consolidated Statement of Financial Position				簡明綜合財務狀況報表
At 30th June, 2019							於二零一九年六月三十日
														Listed			Unlisted
				Property leasing							investments			investments,
		Property	物業租賃				Listed equity			and treasury			investment
		development								investments			products			holding and	All other

		and trading	Retail			Non-retail				at FVTOCI			at FVTPL			brokerage	segments	Consolidated
											通過其他全面			通過損益以
											收益以反映			反映公平值之			非上市投資、
		物業發展								公平值之			上市投資及			投資控股及	所有其他
		及買賣	零售			非零售				上市股本投資			財資產品			經紀服務	分類	綜合
		HK$'000	HK$'000			HK$'000				HK$'000			HK$'000			HK$'000	HK$'000	HK$'000
		千港元	千港元			千港元				千港元			千港元			千港元	千港元	千港元
Assets	資產
Segment assets	分類資產	1,103,136		2,189,581	5,264,914	18,834,010	6,996,262	406,547		156,382		34,950,832
- Hong Kong	- 香港
- United Kingdom	- 英國	-	1,497,861	7,129,364				-			-			-	-	8,627,225
- Mainland China	- 中國大陸	261,489		-	29,050				-			-	6,850		-	297,389
- Other countries	- 其他國家	-	-			-				-	1,631,262	522,606		-	2,153,868
Investments accounted for using the equity method	以權益法入賬之投資	36,356		428,011	1,662,352				-			-	2,052		6,328		2,135,099
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-	140,906	45,872				-			-			-	-	186,778
Advances to associates and a joint venture	墊付聯營公司及一間合資公司款項	1,663		-	154,331				-			-	2		1,117		157,113
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-		35,389		11,518				-			-			-		-	46,907
Reportable segment assets	可呈報分類資產	1,402,644		4,291,748		14,297,401			18,834,010		8,627,524		938,057		163,827		48,555,211
Unallocated corporate assets	未分攤之公司資產																			111,294


Consolidated total assets	綜合資產總額																			48,666,505
Liabilities	負債

Segment liabilities	分類負債	66,639		21,192	70,108	4,003,519	3,391,458	26,484		6,586		7,585,986
- Hong Kong	- 香港
- United Kingdom	- 英國	-	14,757	171,904				-			-			-	-	186,661
- Mainland China	- 中國大陸	-	-	184				-			-			-	-	184
- Other countries	- 其他國家	-		-			-				-		534,489			-	-	534,489
Reportable segment liabilities	可呈報分類負債	66,639		35,949		242,196			4,003,519		3,925,947		26,484		6,586		8,307,320
Unallocated corporate liabilities	未分攤之公司負債																			6,629,248


Consolidated total liabilities	綜合負債總額																			14,936,568
Additions to non-current assets	非流動資產添置

(other than financial instruments and	（金融工具及遞延稅項資產除外）
deferred tax assets)		-	-	2,041				-			-	6	44

4. Operating Segments (continued)

營運分類（續）

Other Material Items

其他重大項目

For the six months ended 30th June, 2019

截至二零一九年六月三十日止六個月

Condensed

Adjustments

consolidated

for

for major

statement of

Reportable

unallocated

non-cash

comprehensive

segments

items

income

未分攤項目

主要非現金

簡明綜合

可呈報分類

之調整

項目之調整全面收益報表

HK$'000

千港元

Interest income

利息收入

355,641

Finance costs

財務費用

(112,031)

(80,594)

(192,625)

Net income

收入淨額

243,610

(80,594)

163,016

Depreciation - property, plant

折舊 - 物業、廠房

and equipment

及設備

(2,514)

Depreciation - right-of-use

折舊 - 使用權資產

assets

(5,708)

Fair value changes on

投資物業之公平值

investment properties

變動

(427,132)

Write-down of stock of

物業存貨之減值

properties

(694)

Share of results of

攤佔以權益法入賬

investments accounted

投資之業績

for using the equity method

24,881

70,328

95,209

Income tax expense

所得稅開支

(28,088)

(1,782)

(29,870)

Non-controlling interests

非控股權益

(1,441)

4. Operating Segments (continued)

Condensed Consolidated Statement of Comprehensive Income For the six months ended 30th June, 2018

4. 營運分類（續）

簡明綜合全面收益報表

至二零一八年六月三十日止六個月

										Listed	Unlisted
				Property leasing			investments	investments,
		Property	物業租賃	Listed equity	and treasury	investment
		development					investments	products	holding and	All other

		and trading	Retail	Non-retail	at FVTOCI	at FVTPL	brokerage	segments	Consolidated
								通過其他全面	通過損益以
								收益以反映	反映公平值之	非上市投資、
		物業發展					公平值之	上市投資及	投資控股及	所有其他
		及買賣	零售	非零售	上市股本投資	財資產品	經紀服務	分類	綜合
		HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
		千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
Major cash items excluding in revenue	收入以外之主要現金項目	-	-	-	-	4,674,329		-	-	4,674,329
- Hong Kong	- 香港
- Other countries	- 其他國家	-		-		-		-		443,255		-		-	443,255

		-		-		-		-		5,117,584		-		-	5,117,584
Revenue	收入

Revenue from external customers	來自外部客戶之收入	273,989		20,907		68,271		-	-	6,008		4,722		373,897
- Hong Kong	- 香港
- United Kingdom	- 英國	-		18,511		167,333		-		-		-		-	185,844
		273,989		39,418		235,604		-		-		6,008		4,722		559,741
Revenue from external customers after	來自扣除非控股權益後之

non-controlling interests	外部客戶收入	191,792		39,418		235,601		-	-	6,008		4,722		477,541
Attributable property sales from associates	應佔聯營公司物業銷售	2,908		-	-	-	-	-	-	2,908
- Hong Kong	- 香港
Attributable rental revenue from associates/	應佔聯營公司╱合資公司╱
joint venture/investee company	接受投資公司租金收入	-	10,138		20,327		-	-	-	-	30,465
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-		37,779		4,824		-		-	-	-	42,603

		194,700		87,335		260,752		-		-	6,008		4,722		553,517
Result	業績

Segment result	分類業績	179,149		17,235		67,024		575		(275,087)	12,857		9,557		11,310
- Hong Kong	- 香港
- United Kingdom	- 英國	-	17,967		163,972		-	-	52		-	181,991
- Mainland China	- 中國大陸	-	-	-	-	-	1,737		-	1,737
- Other countries	- 其他國家	-		-		-		-	(276,893)	-	-	(276,893)

Share of results of investments accounted	攤佔以權益法入賬投資之	179,149		35,202		230,996		575		(551,980)	14,646		9,557		(81,855)

for using the equity method	業績
- Attributable property sales, net	- 應佔物業銷售淨額	2,227		-	-	-	-	-	-	2,227
- Hong Kong	- 香港
- Attributable gross income	- 應佔收入總額	-	9,696		19,596		-	-	-	1,085		30,377
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-	37,779		4,824		-	-	-	-	42,603
- Attributable operating cost	- 應佔營運成本	-	(375)	(3,838)	-	-	-	-	(4,213)
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-	(14,311)	(1,551)	-	-	-	-	(15,862)
Non-controlling interests	非控股權益	(52,741)	-	(3)	-	-	-	-	(52,744)

		128,635		67,991		250,024		575		(551,980)	14,646		10,642		(79,467)
Finance costs	財務費用	-	-	-	(52,899)	(31,537)	-	-	(84,436)
Share of results of investments accounted	攤佔以權益法入賬投資之
for using the equity method	業績	8		(19,448)	(2,016)	-	-	-	(218)	(21,674)
- Income tax and others	- 所得稅及其他

		128,643		48,543		248,008		(52,324)	(583,517)	14,646		10,424		(185,577)
Unallocated items	未分攤項目

Unallocated corporate expenses, net	未分攤之公司開支淨額															(87,032)
Unallocated finance costs	未分攤之財務費用															(71,730)
Income tax expense	所得稅開支															(64,410)
Unallocated non-controlling interests	未分攤之非控股權益															7,945
Operating loss for the period attributable to	本公司擁有人應佔本期間之
owners of the Company	經營虧損															(400,804)
Major non-cash items	主要非現金項目
- Unrealised fair value changes on investment properties	- 投資物業之未變現公平值變動
(including share of results of investments accounted	（包括攤佔以權益法入賬投資
for using the equity method)	之業績）															38,080
- Deferred tax expense	- 遞延稅項開支															(810)
Loss for the period attributable to	本公司擁有人應佔本期間之
owners of the Company	虧損															(363,534)
Core loss for the period attributable to	本公司擁有人應佔本期間之

owners of the Company	核心虧損															(400,804)

4. Operating Segments (continued)			4. 營運分類（續）
Condensed Consolidated Statement of Financial Position				簡明綜合財務狀況報表
At 31st December, 2018							於二零一八年十二月三十一日
														Listed	Unlisted
				Property leasing							investments	investments,
		Property	物業租賃				Listed equity			and treasury	investment
		development								investments			products	holding and	All other
		and trading	Retail			Non-retail				at FVTOCI			at FVTPL	brokerage	segments	Consolidated
											通過其他全面			通過損益以
											收益以反映			反映公平值之	非上市投資、
		物業發展								公平值之			上市投資及	投資控股及	所有其他
		及買賣	零售			非零售				上市股本投資			財資產品	經紀服務	分類	綜合
		HK$'000	HK$'000			HK$'000				HK$'000			HK$'000	HK$'000	HK$'000	HK$'000
		千港元	千港元			千港元				千港元			千港元	千港元	千港元	千港元
Assets	資產
Segment assets	分類資產	1,651,525		1,948,679	5,253,665	20,167,010	5,499,322		420,325			76,278		35,016,804
- Hong Kong	- 香港
- United Kingdom	- 英國	-	1,632,210	7,433,806				-			-	-	-	9,066,016
- Mainland China	- 中國大陸	267,880		-	29,045				-			-	6,821			-	303,746
- Other countries	- 其他國家	-	-			-				-	1,272,109		493,267			-	1,765,376
Investments accounted for using the equity method	以權益法入賬之投資	68,750		424,507	1,582,710				-			-	2,167			6,549		2,084,683
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-	141,553	49,941				-			-	-	-	191,494
Advances to associates and a joint venture	墊付聯營公司及一間合資公司款項	1,000		-	154,306				-			-	2			1,160		156,468
- Hong Kong	- 香港
- Mainland China	- 中國大陸	-		34,751		12,258				-			-		-	-	47,009
Reportable segment assets	可呈報分類資產	1,989,155		4,181,700		14,515,731			20,167,010		6,771,431		922,582			83,987		48,631,596
Unallocated corporate assets	未分攤之公司資產																		59,107


Consolidated total assets	綜合資產總額																		48,690,703
Liabilities	負債

Segment liabilities	分類負債	165,431		20,593	69,688	3,809,914	3,091,361		35,868			8,452		7,201,307
- Hong Kong	- 香港
- United Kingdom	- 英國	-	16,464	167,234				-			-	-	-	183,698
- Mainland China	- 中國大陸	778		-	31				-			-	7		-	816
- Other countries	- 其他國家	-		-			-				-		432,759		9		-	432,768
Reportable segment liabilities	可呈報分類負債	166,209		37,057		236,953			3,809,914		3,524,120		35,884			8,452		7,818,589
Unallocated corporate liabilities	未分攤之公司負債																		6,728,545


Consolidated total liabilities	綜合負債總額																		14,547,134
Additions to non-current assets	非流動資產添置


(other than financial instruments and	（金融工具及遞延稅項資產除外）
deferred tax assets)		-	-	2,224				-			-	40			16

4. Operating Segments (continued)

Other Material Items

For the six months ended 30th June, 2018

4. 營運分類（續）

其他重大項目

至二零一八年六月三十日止六個月

			Condensed
	Adjustments	Adjustments	consolidated
	for	for major	statement of
Reportable	unallocated	non-cash	comprehensive
segments	items	items	income
	未分攤項目	主要非現金	簡明綜合
可呈報分類	之調整	項目之調整全面收益報表
HK$'000	HK$'000	HK$'000	HK$'000
千港元	千港元	千港元	千港元

Interest income	利息收入		316,816			-	-	316,816
Finance costs	財務費用		(84,436)		(71,730)		-	(156,166)
Net income	收入淨額	232,380			(71,730)		-	160,650
Depreciation - property, plant	折舊 - 物業、廠房
and equipment	及設備			-	(3,745)		-	(3,745)
Fair value changes on	投資物業之公平值
investment properties	變動			-	-	(22,755)		(22,755)
Share of results of	攤佔以權益法入賬
investments accounted	投資之業績
for using the equity method		33,458			-	60,835				94,293
Income tax expense	所得稅開支			-	(64,410)		(810)		(65,220)
Non-controlling interests	非控股權益		(52,744)		7,945			-	(44,799)

5. Other Income		5.		其他收入
										Six months ended 30th June,
										截至六月三十日止六個月
										2019		2018
										二零一九年	二零一八年
										HK$'000	HK$'000
										千港元	千港元
Included in other income are:		其他收入包括:

Building management fee income		樓宇管理費收入				14,056					18,897
Building management fee expenses	樓宇管理費開支				(7,974)			(10,944)
										6,082		7,953
Rental services income		租賃服務收入				2,561					3,536
Property management services,		物業管理服務、
leasing administration services and	租務行政服務及
property administration services income	物業行政服務收入				14,250					14,850
Advisory and consultancy services income	諮詢及顧問服務收入				18					15
Asset management and maintenance services	資產管理及保養服務收入
income										-	4
Overprovision of costs incurred in prior years	就一項發展項目所產生之成本
in respect of a development project	於過往年度超額撥備				6,462					-
Consultancy fee income		顧問費收入				-	13,354
Exchange gain, net		匯兌收益淨額				-	3,563
Reversal of impairment in respect of	撥回其他應收賬項之減值及
other receivable and interest thereon of	相關利息約2,192,000 港元
approximately HK$2,192,000										-	4,884

6. Investment Income (Expenses), Net	6. 投資收入（開支）淨額
			Six months ended 30th June,
			截至六月三十日止六個月
			2019		2018
			二零一九年		二零一八年
			HK$'000		HK$'000
			千港元		千港元
Financial assets measured at fair value	通過損益以反映公平值
through profit or loss:	計量之金融資產：
Unrealised gain (loss) arising from change	債券之公平值變動而產生之
810,665
in fair value of bonds	未變現收益（虧損）				(868,114)
Realised gain (loss) arising from change	債券之公平值變動而產生之
in fair value of bonds	已變現收益（虧損）
- Change in fair value	- 公平值變動		74,038			(9,850)
- Exchange component of change	- 匯兌部分變動		3,074			5,271
Net gain (loss) arising from change	債券之公平值變動而產生之
in fair value of bonds	收益（虧損）淨額		887,777		(872,693)
Unrealised (loss) gain arising from change in	會籍及公司債券之公平值變動而

fair value of club and corporate debentures	產生之未變現（虧損）收益	(6,160)	5,158
Realised loss arising from change in	會籍債券之公平值變動而
fair value of a club debenture	產生之已變現虧損		(171)		-
(Loss) gain arising from change in	會籍及公司債券之公平值變動而
fair value of club and corporate debentures	產生之（虧損）收益		(6,331)	5,158
Unrealised loss arising from change in	衍生金融工具之公平值變動而

fair value of derivative financial instrument	產生之未變現虧損		(377)		-
Realised loss arising from change in	衍生金融工具之公平值變動而
fair value of derivative financial instrument	產生之已變現虧損		(1,921)		-
Loss arising from change in	衍生金融工具之公平值變動而
fair value of derivative financial instruments	產生之虧損		(2,298)		-
Other investment income	其他投資收入		18,845		12,446
Interest income	利息收入		355,392			314,259
			1,253,385			(540,830)
Interest income mainly included interest income from bonds of
利息收入中主要包括債券利息收入約為
approximately HK$350,715,000 (2018: HK$308,842,000).	350,715,000 港元（二零一八年：308,842,000
		港元）。

7.	Finance Costs	7. 財務費用
				Six months ended 30th June,
				截至六月三十日止六個月
				2019			2018
				二零一九年	二零一八年
				HK$'000	HK$'000
				千港元	千港元
	Interest on:	利息：
	Bank borrowings	銀行借貸	78,180			67,087
	Other borrowings	其他借貸	114,958			86,178
	Lease liabilities	租賃負債	304			-
	Total interest	利息總額	193,442			153,265
	Exchange gain on translation of foreign currency	外幣銀行及其他借貸之
	bank and other borrowings, net	匯兌收益淨額	(4,446)		(1,742)
	Other finance costs	其他財務費用	3,629			4,643
				192,625			156,166
8.	Income Tax Expense	8. 所得稅開支

				Six months ended 30th June,
				截至六月三十日止六個月
				2019			2018
				二零一九年	二零一八年
				HK$'000	HK$'000
				千港元	千港元
	The charge comprises:	支出包括：
	Current tax:	當期稅項：
	Hong Kong Profits Tax	香港利得稅	5,357			34,639
	Other than Hong Kong	香港以外地區	21,155			23,621
				26,512			58,260
	Underprovision in prior years:	過往年度撥備不足：
	Hong Kong Profits Tax	香港利得稅	(30)		5,207
	Other than Hong Kong	香港以外地區	201			(2,418)
				171			2,789
	Deferred tax:	遞延稅項：
	Current period charge	本期間支出	3,187			4,171
				29,870			65,220

Under the two-tiered profits tax rates regime, the first HK$2,000,000 of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2,000,000 will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. The PRC Enterprise Income Tax for the PRC subsidiaries are calculated at the PRC Enterprise Income Tax rate of 25% (2018: 25%). Taxation arising from other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.

根據利得稅兩級制，合資格集團實體首 2,000,000 港元之溢利將按稅率8.25% 課稅，而超過2,000,000 港元之溢利將按稅率16.5% 課稅。不符合利得稅兩級制之集團實體之溢利將繼續按統一稅率16.5% 課稅。中國附屬公司之中國企業所得稅乃按中國企業所得稅

25%（二零一八年：25%）計算。其他司法權區產生之稅項乃按有關司法權區之現行稅
計算。

9. Profit (Loss) for the Period	9. 本期間溢利（虧損）
				Six months ended 30th June,
				截至六月三十日止六個月
				2019		2018
				二零一九年		二零一八年
				HK$'000		HK$'000
				千港元		千港元
Profit (loss) for the period has been arrived at	本期間溢利（虧損）已（扣除）計入：
after (charging) crediting:
Total staff costs:	僱員成本總額：
Staff costs, including Directors' emoluments	僱員成本（包括董事酬金）	(74,948)		(80,887)
Retirement benefit scheme contributions,	退休福利計劃供款，扣除已
net of forfeited contributions of approximately	沒收供款約171,000 港元
HK$171,000 (2018: HK$324,000)	（二零一八年：324,000 港元）	(4,099)		(4,108)
				(79,047)	(84,995)
Auditors' remuneration:	核數師酬金：
Auditors of the Company	本公司核數師
- Current period	- 本期間	(1,007)	(1,025)
Other auditors	其他核數師
- Current period	- 本期間	(131)	(249)
- Underprovision in prior years	- 過往年度撥備不足	(5)	(21)
Depreciation of:	折舊：
Property, plant and equipment	物業、廠房及設備	(2,514)		(3,745)
Right-of-use assets	使用權資產	(5,708)		-
				(8,222)	(3,745)
Exchange loss, net	匯兌虧損淨額	(718)		-
Rental expenses from short-term leases	短期租賃之租金開支	(19,195)		-
Cost of trading properties recognised	買賣物業成本確認	-	(71,064)
Cost of cosmetic products recognised	化妝品成本確認	(2,022)	(1,754)

Share of tax of associates	攤佔聯營公司稅項	(4,101)		(6,409)
Share of tax of a joint venture	攤佔一間合資公司稅項	(237)		(259)
Share of tax of investments accounted	攤佔以權益法入賬投資之稅項
for using the equity method	（已計入攤佔以權益法入賬
(included in share of results of investments	投資之業績）
accounted for using the equity method)			(4,338)	(6,668)

Gross rental income from investment properties	投資物業租金收入總額	261,762			275,022
Less: Direct operating expenses from investment	減：本期間產生租金收入之
	properties that generated rental income	投資物業直接經營開支
	during the period			(8,006)		(7,665)
Direct operating expenses from investment	本期間並無產生租金收入之
	properties that did not generate rental	投資物業直接經營開支
	income during the period			(1,505)		(1,159)
				252,251		266,198
Reversal of impairment loss recognised	就應收貿易賬項確認之減值虧損
in respect of trade receivables, net	撥回淨額	30		13
(Impairment loss) reversal of impairment loss	就其他應收賬項確認之（減值虧損）
recognised in respect of other receivables, net	減值虧損撥回淨額	(18)	2,445

10. Dividends	10.	股息
			Six months ended 30th June,
			截至六月三十日止六個月
			2019	2018
			二零一九年		二零一八年
			HK$'000		HK$'000
			千港元		千港元
Final dividend for 2018 paid on 12th June,	於二零一九年六月十二日已派付之
2019 of HK10 cents (2017: HK10 cents)	二零一八年末期股息每股10 港仙
per share	（二零一七年：每股10 港仙）	190,762		190,762
Interim dividend for 2019 of HK1 cent (2018: HK1 cent) per share
董事會於中期期末後宣派二零一九年中期股
has been declared by the Board after interim period end.	息每股1 港仙（二零一八年：每股1 港仙）。
11. Earnings (Loss) per Share	11. 每股盈利（虧損）
The calculation of the basic and diluted earnings (loss) per share	本公司擁有人應佔之每股基本及攤薄盈利（虧
attributable to owners of the Company is based on the following data:	損）乃根據以下數據計算：
			Six months ended 30th June,
			截至六月三十日止六個月
			2019	2018
			二零一九年		二零一八年
			HK$'000		HK$'000
			千港元		千港元
Earnings (loss):	盈利（虧損）︰
Earnings (loss) for the purposes of basic and	計算每股基本及攤薄盈利（虧損）之
diluted earnings (loss) per share	盈利（虧損）
Profit (loss) for the period attributable to	本公司擁有人應佔本期間之
owners of the Company	溢利（虧損）		844,917		(363,534)

			Number of shares
			股份數目
			Six months ended 30th June,
			截至六月三十日止六個月
			2019	2018
			二零一九年		二零一八年
Number of shares:	股份數目：
Weighted average number of ordinary shares	計算每股基本及攤薄盈利（虧損）之
for the purposes of basic and diluted	普通股加權平均數
earnings (loss) per share			1,907,619,079	1,907,619,079

Diluted earnings (loss) per share for the six months ended 30th June, 2019 and 2018 were the same as the basic earnings (loss) per share as there were no diluting events during both periods.

截至二零一九年及二零一八年六月三十日止六個月，由於並無攤薄事項，故上述兩個期間之每股攤薄盈利（虧損）與每股基本盈利（虧損）相同。

12. Investment Properties			12. 投資物業
				Completed
				properties
				落成物業
				HK$'000
				千港元
Fair value	公平值
At 1st January, 2018	於二	零一	八年一月一日	15,649,991
Exchange adjustments	匯兌	調整		(491,444)
Increase in fair value recognised in the consolidated	於綜	合全	面收益報表中確認之
statement of comprehensive income	公	平值	增加
- unrealised	- 未變現	122,301
At 31st December, 2018	於二	零一	八年十二月三十一日	15,280,848
Additions	添置			861
Exchange adjustments	匯兌調整		(14,403)
Decrease in fair value recognised in the condensed	於簡明綜	合全面收益報表中確認之
consolidated statement of comprehensive income	公平值	減少
- unrealised	- 未變現	(427,132)
Carrying amounts	賬面值
At 30th June, 2019	於二零一	九年六月三十日	14,840,174

All of the Group's property interests held under operating leases to earn rentals or for capital appreciation purposes are measured using the fair value model and are classified and accounted for as investment properties.

Property valuations as at 30th June, 2019 and 31st December, 2018 were carried out by B.I. Appraisals Limited ("B.I. Appraisals"), independent qualified professional valuer, in respect of the Group's investment properties in Hong Kong and Mainland China. For the investment properties in the United Kingdom, the property valuations as at 30th June, 2019 and 31st December, 2018 were carried out by Peak Vision Appraisals Limited ("Peak Vision Appraisals"), another independent qualified professional valuer. The valuers have recent relevant experience in the valuations of similar properties in the relevant locations.

At the end of the reporting period, the management of the Group discussed with the independent qualified professional valuers about the appropriate valuation techniques and key inputs for Level 3 fair value measurements.

The valuation reports for the investment properties as at 30th June, 2019 and 31st December, 2018 were signed by the respective director of B.I. Appraisals and Peak Vision Appraisals, who are members of The Hong Kong Institute of Surveyors and/or The Royal Institution of Chartered Surveyors. The valuations were performed in accordance with "The HKIS Valuation Standards 2017 Edition" published by The Hong Kong Institute of Surveyors and/or "The RICS Valuation - Global Standards 2017" published by The Royal Institution of Chartered Surveyors.

本集團所有持有營業租約以賺取租金或資本增值之物業權益乃採用公平值模式計量，並分類及列作投資物業入賬。

於二零一九年六月三十日及二零一八年十二月三十一日，本集團位於香港及中國大陸之投資物業由獨立合資格專業估值師保柏國際評估有限公司（「保柏國際評估」）進行物業估值。至於位於英國之投資物業，由另一獨立合資格專業估值師澋鋒評估有限公司（「澋鋒評估」）進行於二零一九年六月三十日及二零一八年十二月三十一日之物業估值。估值師近期亦有評估相關地點類似物業之經驗。

於報告期末，本集團之管理層與獨立合資格專業估值師討論有關合適之估值技術及第三級公平值計量之主要數據。

於二零一九年六月三十日及二零一八年十二月三十一日，投資物業之估值報告由保柏國際評估及澋鋒評估各自之董事（彼等為香港測量師學會會員及╱或皇家特許測量師學會會員）簽署。該等估值乃遵守香港測量師學會所頒布之「香港測量師學會評估準則二零一七年版本」及╱或皇家特許測量師學會所頒布之「皇家特許測量師學會估值 - 二零一七年全球準則」進行。

12. Investment Properties (continued)		12. 投資物業（續）
The fair value of each investment property is individually determined		每項投資物業之公平值於各報告期末根據其
at the end of each reporting period based on its market value and by		市值，並採納投資法及╱或直接比較法（按適
adopting investment method, and/or direct comparison method, as		用情況而定）而個別釐定。投資法乃依據資本
appropriate. The investment method relying on the capitalisation of		化租金收入，並以對各項物業未來業績之估
rental income is based upon estimates of future results and a set of		計及一系列特定假設為依據，以反映其租賃
assumptions specific to each property to reflect its tenancy status. The		狀況。每項投資物業之公平值反映（其中包括）
fair value of each investment property reflects, among other things,		現有租約期限之租金收入、租約期限之回報
rental income from current term leases, term yield rate, assumptions		率、基於現時市況對未來復歸租約所得租金
about rental income from future reversion leases in light of current		收入之假設、假設出租率及復歸回報率。於
market conditions, the assumed occupancy rate and reversionary yield		釐定主要估值因素（包括租約期限之回報率
rate. Judgment by the valuers is required to determine the principal		及復歸回報率）時須由估值師作出判斷。於採
valuation factors, including term yield rate and reversionary yield		納有關回報率時已考慮投資氣氛及市場對類
rate. Such yield rates were adopted after considering the investment		似性質物業之預期。直接比較法假設該等物
sentiments and market expectations of properties of similar nature.		業各自可以現況交吉出售及參照相關市場上
Direct comparison method assumes each of these properties is capable		可供比較之銷售證據。
of being sold in its existing state with the benefit of vacant possession
and by making reference to comparable sales evidence as available in
the relevant markets.
The following tables analysed the investment properties which are		下表為於報告期末以公平值計量之投資物業
measured at fair value at the end of the reporting period into the		之三級分級制（定義見香港財務報告準則第
three-level hierarchy as defined in HKFRS 13 "Fair Value Measurement"		13 號「公平值計量」）分析及於附註28 作進一
which is further elaborated in Note 28.			步詳述。
		Fair value		Level 1	Level 2		Level 3
		公平值		第一級	第二級		第三級
		HK$'000		HK$'000	HK$'000		HK$'000
		千港元		千港元	千港元		千港元
Recurring fair value	經常性公平值計量：
measurements:
Completed properties	落成物業
At 30th June, 2019	於二零一九年
	六月三十日	14,840,174		-	1,253,232	13,586,942
At 31st December, 2018	於二零一八年

	十二月三十一日 15,280,848		-	1,296,616	13,984,232

Certain investment properties located in Hong Kong and Mainland China		分類為第二級公平值計量之若干位於香港及
categorised as Level 2 fair value measurement are determined using		中國大陸之投資物業以直接比較法釐定，參
direct comparison method with reference to the recent selling prices		考可供比較物業之最近每平方呎售價，而售
of comparable properties on a price per square foot basis which are		價為經調整以反映有關物業之狀況及位置。
adjusted to reflect the conditions and locations of the related properties.

12. Investment Properties (continued)			12. 投資物業（續）
Details of valuation techniques used and key inputs to valuation on	於報告期末分類為第三級公平值計量之投資
investment properties which are categorised as Level 3 fair value	物業之估值所使用之技術及主要數據之詳情
measurement at the end of the reporting period are as follows:		如下：
								Significant
	Fair value		Valuation techniques	unobservable inputs	Range
	公平值		估值技術		重大非可觀察數據	範圍
	30th June, 31st December,
	2019		2018
	二零一九年	二零一八年
	六月三十日十二月三十一日
	HK$'000	HK$'000
	千港元	千港元
Properties held for investment	5,524,870		5,482,740		Combination of direct		(1)	Reversionary yield; and	2.50% to 4.75%
in Hong Kong						comparison method		復歸回報率；及	(31st December, 2018:
位於香港之持作投資物業						and investment method	(2)	Market rent per square	2.50% to 4.75%)
					直接比較法及投資法		foot	2.50 厘至4.75 厘
						之合併			每平方呎之市場租金	（二零一八年
										十二月三十一日：
										2.50 厘至4.75 厘）
Properties held for investment	8,062,072		8,501,492		Combination of direct		(1)	Reversionary yield; and	3.00% to 5.00%
in the United Kingdom						comparison method		復歸回報率；及	(31st December, 2018:
位於英國之持作投資物業						and investment method	(2)	Market rent per square	2.88% to 4.75%)
					直接比較法及投資法		foot	3.00 厘至5.00 厘
						之合併			每平方呎之市場租金	（二零一八年
										十二月三十一日：
										2.88 厘至4.75 厘）

Total	13,586,942	13,984,232
總額

Reversionary yield is the rate taking into account the capitalisation of potential rental income, nature of the property and prevailing market conditions. Market rent per square foot is the market rent taking into account the direct comparable market transactions to the related properties.

The fair value measurements are negatively correlated to the reversionary yield, while positively correlated to the market rent per square foot.

復歸回報率乃計及潛在租金收入資本化、物業性質及當時市況得出之比率。每平方呎之市場租金乃計及相關物業之市場可供直接比較交易得出之市場租金。

公平值計量與復歸回報率成反比，而與每平方呎之市場租金則成正比。

12. Investment Properties (continued)

Movements of investment properties which are categorised as Level 3 fair value measurement during the period/year are as follows:

12. 投資物業（續）

分類為第三級公平值計量之投資物業於期內╱年內之變動如下：

30th June, 31st December,

20192018

二零一九年二零一八年

六月三十日十二月三十一日

HK$'000	HK$'000
千港元	千港元

At the beginning of the period/year	於期初╱年初					13,984,232		14,248,322
Additions	添置					861		-
Exchange adjustments	匯兌調整					(14,297)	(490,024)
(Decrease) increase in fair value recognised in	於綜合全面收益報表中確認之
the consolidated statement of	公平值（減少）增加
comprehensive income
- unrealised	- 未變現					(383,854)	225,934
Carrying amounts	賬面值
At the end of the period/year	於期末╱年末						13,586,942		13,984,232

There were no transfers into or out of Level 3 fair value measurement	於期內╱年內，第三級公平值計量之投資物
during the period/year and no change in valuation techniques used in	業並無轉入或轉出，而所用之估值技術與過
prior years. In estimating the fair value of the properties, their current	往年度所用的亦無轉變。就估計物業之公平
use equates to the highest and best use of the properties.			值，物業之當前用途等同其最高及最佳用途。
13. Goodwill			13.	商譽
									HK$'000
									千港元
Cost	成本
At 1st January, 2018,	於二	零	一八年一月一	日、
31st December, 2018 and	二	零	一八年十二月	三十	一日及
30th June, 2019	二	零	一九年六月三	十日				370,686
Impairment	減值
At 1st January, 2018,	於二	零	一八年一月一	日、
31st December, 2018 and	二	零	一八年十二月	三十	一日及
30th June, 2019	二	零	一九年六月三	十日				47,748
Carrying amounts	賬面	值
At 30th June, 2019	於二	零	一九年六月三	十日				322,938

At 31st December, 2018	於二	零	一八年十二月	三十	一日	322,938

14. Investments Accounted for Using the Equity Method

14. 以權益法入賬之投資

30th June, 31st December,

20192018

二零一九年二零一八年

六月三十日十二月三十一日

HK$'000	HK$'000
千港元	千港元

Interests in associates:

Cost of investment in associates
- unlisted
Share of post-acquisition profits/losses
and other comprehensive income/
expenses net of dividends received

Interest in a joint venture:

Cost of investment in a joint venture
- unlisted
Share of post-acquisition profits

聯營公司權益：
投資聯營公司成本
- 非上市	1,204,736	1,204,736
攤佔收購後溢利╱虧損及
其他全面收益╱支出
扣除已收股息	1,103,316		1,067,815
	2,308,052	2,272,551
一間合資公司權益：
投資一間合資公司成本
- 非上市	150	150
攤佔收購後溢利	13,675		3,476
	13,825		3,626
	2,321,877	2,276,177

The Company provided corporate guarantees to secure bank borrowings granted to its associates in prior years and joint venture during the Period. The fair value of the financial guarantee contract at initial recognition was determined by Norton Appraisals Limited, independent qualified professional valuer, and was recognised as investments accounted for using the equity method and financial guarantee liabilities in the Group's unaudited condensed consolidated statement of financial position.

As at 30th June, 2019 and 31st December, 2018, the investment properties held by the Group's principal associates and joint venture were revalued by B.I. Appraisals. B.I. Appraisals continues to adopt investment method and/or direct comparison method as the valuation methodologies. The valuation methods and significant assumptions applied in determining the fair values of investment properties are detailed in Note 12.

本公司於過往年度為其聯營公司及於本期間為合資公司提供公司擔保作為獲授銀行借貸之抵押。財務擔保合約初步確認之公平值由獨立合資格專業估值師普敦國際評估有限公司釐定，並已於本集團之未經審核簡明綜合財務狀況報表內確認為以權益法入賬之投資及財務擔保負債。

於二零一九年六月三十日及二零一八年十二月三十一日，本集團主要聯營公司及合資公司持有之投資物業已由保柏國際評估進行重估。保柏國際評估持續採納投資法及╱或直接比較法為估值方法。應用於釐定投資物業公平值之估值方法及主要假設於附註12詳述。

15. Advances to Associates		15.	墊付聯營公司款項
						30th June,	31st December,
			2019		2018
						二零一九年	二零一八年
						六月三十日十二月三十一日
						HK$'000	HK$'000
						千港元	千港元
Interest-bearing advances to associates	墊付聯營公司之計息款項	48,000		48,147
Interest-free advances to associates	墊付聯營公司之免息款項		1,802		1,112
				49,802		49,259
The advances to associates are unsecured. The Group will not demand
	墊付聯營公司款項為無抵押。本集團不會要
for repayment within one year from the end of the reporting period and		求於報告期末起計一年內償還，故將該等款
the amounts are therefore shown as non-current. The interest-bearing		項列作非流動性質。墊付聯營公司之計息款
advances to associates bear interest at the prevailing market rates.		項以當時之市場借貸利率計息。
16. Advance to a Joint Venture		16.	墊付一間合資公司款項
The advance to a joint venture is unsecured and interest-free. The Group		墊付一間合資公司款項乃無抵押及免息。本
will not demand for repayment within one year from the end of the		集團不會要求於報告期末起計一年內償還，
reporting period and the amount is therefore shown as non-current.		故將該款項列作非流動性質。
17. Financial Assets Measured at Fair Value Through	17.	通過損益以反映公平值計量之金融資產
Profit or Loss
						30th June,	31st December,
			2019		2018
						二零一九年	二零一八年
						六月三十日十二月三十一日
						HK$'000	HK$'000
						千港元	千港元
Bonds	債券		8,426,404		6,685,515
Club and corporate debentures	會籍及公司債券		72,150		78,481
Derivative financial instrument	衍生金融工具					-	1,921
				8,498,554		6,765,917
Analysed for reporting purpose as:	作報告用途之分析：

Non-current	非流動性質		1,623,249		1,350,090
Current	流動性質			6,875,305		5,415,827
			8,498,554		6,765,917

17. Financial Assets Measured at Fair Value Through Profit or Loss (continued)

Major terms of the bonds denominated in United States dollar ("US$") and Pound Sterling ("GBP") are as follows:

Notional amount	Maturity
US$9,000,000	2021
US$49,000,000	2022
US$187,000,000	2023
US$267,000,000	2024
US$40,000,000	2025
US$9,000,000	2036
US$21,000,000	2046
US$464,365,000	Perpetual
GBP25,500,000	Perpetual

Included in non-current assets, there were financial assets measured at FVTPL of approximately HK$1,623,249,000 (31st December, 2018: HK$1,350,090,000). They were included in non-current assets according to their intended holding periods. Notwithstanding the presentation of the above assets as non-current assets, these financial assets to the extent of approximately HK$1,551,099,000 (31st December, 2018: HK$1,271,609,000) were treasury products and could be realised in the market at any time within twelve months from the end of the reporting period.

17. 通過損益以反映公平值計量之金融資產（續）

以美元（「美元」）及英鎊（「英鎊」）計值之債券之主要內容如下：

名義金額	到期日
9,000,000 美元	二零二一年
49,000,000 美元	二零二二年
187,000,000 美元	二零二三年
267,000,000 美元	二零二四年
40,000,000 美元	二零二五年
9,000,000 美元	二零三六年
21,000,000 美元	二零四六年
464,365,000 美元	永久
25,500,000 英鎊	永久

非流動資產中包括通過損益以反映公平值計量之金融資產約1,623,249,000 港元（二零一八年十二月三十一日：1,350,090,000 港元）。根據彼等之擬定持有期而計入非流動資產。儘管上述資產呈列為非流動資產，該等金融資產之金額約1,551,099,000 港元（二零一八年十二月三十一日：1,271,609,000 港元）為財資產品並可於報告期末起十二個月內任何時間於市場上變現。

18. Financial Assets Measured at Fair Value Through	18. 通過其他全面收益以反映公平值計量之
Other Comprehensive Income		金融資產
			30th June,		31st December,
			2019	2018
			二零一九年		二零一八年
			六月三十日十二月三十一日
			HK$'000		HK$'000
			千港元		千港元
Listed investment:	上市投資：
- Equity securities listed in Hong Kong	- 於香港上市股本證券
(note (i))	（附註(i)）		18,834,000	20,167,000
Unlisted equity securities:	非上市股本證券：
- Incorporated in Hong Kong (note (ii))	- 於香港註冊成立（附註(ii)）	998,909	707,542
- Incorporated elsewhere (note (iii))	- 於其他地區註冊成立（附註(iii)）	522,099		492,765
			20,355,008	21,367,307

18. Financial Assets Measured at Fair Value Through	18. 通過其他全面收益以反映公平值計量之
Other Comprehensive Income (continued)	金融資產（續）
Notes:	附註：
(i)	As at 30th June, 2019, the Group held certain Evergrande Shares.	(i)	於二零一九年六月三十日，本集團持有
	The unrealised loss on fair value change of the Evergrande Shares		若干恆大股份。於本期間，根據於活躍
	of HK$1,333,000,000 (during the year ended 31st December,		市場之買入報價而釐定恆大股份公平
	2018: HK$3,052,253,000), which was determined based on		值變動之未變現虧損1,333,000,000 港元
	quoted market bid price in active market, was recorded in		（於截至二零一八年十二月三十一日止
	financial assets measured at FVTOCI reserve during the Period.		年度：3,052,253,000 港元）已於通過其
	The carrying amount of the Evergrande Shares held by the Group		他全面收益以反映公平值計量之金融
	as at 30th June, 2019 was HK$18,834,000,000 (31st December,		資產之儲備內入賬。於二零一九年六月
	2018: HK$20,167,000,000).		三十日，本集團持有恆大股份之賬面值
			為18,834,000,000 港元（二零一八年十二
			月三十一日：20,167,000,000 港元）。
(ii)	As at 30th June, 2019, the carrying amount mainly comprised	(ii)	於二零一九年六月三十日，賬面值主要
	investment in a property development project in Hong Kong of		為投資於一項位於香港之物業發展項
	HK$829,517,000 (31st December, 2018: HK$540,659,000).		目829,517,000 港元（二零一八年十二月
			三十一日：540,659,000 港元）。
(iii)	As at 30th June, 2019, the carrying amount mainly comprised	(iii)	於二零一九年六月三十日，賬面值主
	investment in an exempted limited partnership formed under		要為投資於一間按開曼群島獲豁免有
	the Exempted Limited Partnership Law (Revised) of the Cayman		限合夥企業法（經修訂）成立之獲豁免
	Islands ("Cayman Islands Partnership") of approximately		有限合夥企業（「開曼群島合夥企業」）約
	HK$432,764,000 (31st December, 2018: HK$408,159,000).		432,764,000 港元（二零一八年十二月三
			十一日：408,159,000 港元）。
Included in non-current assets, there were financial assets measured	非流動資產中包括通過其他全面收益以反
at FVTOCI of approximately HK$20,355,008,000 (31st December,	映公平值計量之金融資產約20,355,008,000
2018: HK$21,367,307,000). They were included in non-current	港元（二零一八年十二月三十一日：
assets according to their intended holding periods. Notwithstanding the	21,367,307,000 港元）。根據彼等之擬定持
presentation of the above assets as non-current assets, these financial	有期而計入非流動資產。儘管上述資產
assets to the extent of HK$18,834,000,000 (31st December, 2018:	呈列為非流動資產，該等金融資產之金額
HK$20,167,000,000) were listed securities investments and could be	18,834,000,000 港元（二零一八年十二月三十
realised in the market at any time within twelve months from the end	一日：20,167,000,000 港元）為上市證券投資
of the reporting period.	並可於報告期末起十二個月內任何時間於市
		場上變現。

19. Debtors, Deposits, Other Receivables and Prepayments	19. 應收賬項、按金、其他應收賬項及
		預付款項
Included in debtors, deposits, other receivables and prepayments are	應收賬項、按金、其他應收賬項及預付款項
trade receivables of approximately HK$4,834,000 (31st December,	包括應收貿易賬項約4,834,000 港元（二零一
2018: HK$3,553,000) comprised rental receivables billed in advance	八年十二月三十一日：3,553,000 港元），包括
and settlements from tenants which are expected upon receipts of	預先開單而預期租戶會於收到租單後支付之
billings and receivables from cosmetic business.		應收租金，以及來自化妝品業務之應收賬項。
The carrying amounts of trade receivables (net of allowance for doubtful	本集團主要業務應收貿易賬項（扣除呆賬撥備）
debts) of the Group's major businesses are as follows:	之賬面值如下：
			30th June,	31st December,
		2019	2018
			二零一九年	二零一八年
			六月三十日十二月三十一日
			HK$'000	HK$'000
			千港元	千港元
Property leasing	物業租賃	2,312	1,240
Cosmetic business	化妝品業務		2,522	2,313
		4,834	3,553

The following is the aged analysis of trade receivables (net of allowance for doubtful debts), presented based on the respective revenue recognition dates, at the end of the reporting period:

0-30 days	零至三十日
31-60 days	三十一日至六十日
61-90 days	六十一日至九十日
Over 90 days	九十日以上

根據各項收入之確認日期呈列之應收貿易賬項（扣除呆帳撥備）於報告期末之賬齡分析如下：

30th June, 31st December,

20192018

二零一九年二零一八年

六月三十日十二月三十一日

HK$'000		HK$'000
千港元		千港元
2,164	755
984	534
742	634
944		1,630
4,834	3,553

20. Creditors and Accruals

Included in creditors and accruals are trade payables of approximately HK$3,579,000 (31st December, 2018: HK$6,555,000).

The following is the aged analysis of trade payables at the end of the reporting period:

20. 應付賬項及應計款項

付賬項及應計款項包括應付貿易賬項約
3,579,000 港元（二零一八年十二月三十一日：
6,555,000 港元）。
付貿易賬項於報告期末之賬齡分析如下：

30th June, 31st December,

20192018

二零一九年二零一八年

六月三十日十二月三十一日

HK$'000	HK$'000
千港元	千港元

0-90 days

零至九

十日

3,150

6,531

Over 90 days

九十日以上

429

3,579

6,555

21. Borrowings

21.

借貸

30th June,

31st December,

2019

2018

二零一九年

二零一八年

六月三十日十二月三十一日

HK$'000

千港元

Secured bank borrowings repayable

須於下列期間償還之有抵押

within a period of (note):

銀行借貸（附註）：

Less than one year

一年以下

1,370,126

1,371,935

More than one year but within two years

一年以上但不超逾兩年

1,147,810

131,385

More than two years but within five years

兩年以上但不超逾五年

3,199,950

4,312,602

5,717,886

5,815,922

Secured bank borrowing that contains

附帶按要求償還條款之有抵押

repayment on demand clause

銀行借貸（列作流動負債），

(shown as current liability) but repayable

惟須於下列期間償還（附註）：

within a period of (note):

More than two years but within five years

兩年以上但不超逾五年

586,642

601,279

Total secured bank borrowings

有抵押銀行借貸總額

6,304,528

6,417,201

Other secured borrowings repayable

須於一年內償還之其他有抵押

within one year

借貸

7,917,155

7,330,474

14,221,683

13,747,675

Less: Amounts due within one year

減：一年內到期之款項

(9,873,923)

(9,303,688)

Amounts due after one year

一年後到期之款項

4,347,760

4,443,987

Note: The amounts due are based on scheduled repayment dates

附註:

該等到期之金額按貸款協議中載列

as set out in the loan agreement(s).

之預定還款日期。

22.	Share Capital		22.	股本
					Number of
					shares	Share capital
					股份數目	股本
						HK$'000
						千港元
	Ordinary shares of HK$0.10 each	每股面值0.10 港元之普通股
	Authorised:	法定股本：
	At 1st January 2018,	於二零一八年一月一日、
	31st December, 2018 and	二零一八年十二月三十一日及
	30th June, 2019	二零一九年六月三十日	5,000,000,000	500,000
	Issued and fully paid:	已發行及繳足股本：

	At 1st January 2018,	於二零一八年一月一日、
	31st December, 2018 and	二零一八年十二月三十一日及
	30th June, 2019	二零一九年六月三十日	1,907,619,079	190,762

23. Amount(s) due to Associates and a Non-controlling	23.	欠負聯營公司及一間非控股股東款項
	Shareholder
	The amount(s) due to associates and a non-controlling shareholder		欠負聯營公司及一間非控股股東款項均為無
	is(are) unsecured and interest-free. The associates and non-controlling		抵押及免息。該等聯營公司及非控股股東不
	shareholder will not demand for repayment within one year from the		會要求於報告期末起計一年內償還，故將該
	end of the reporting period and the amount(s) is(are) therefore shown		等款項列作非流動性質。
	as non-current.
24.	Capital Commitments		24.	資本承擔
					30th June,	31st December,
				2019	2018
					二零一九年	二零一八年
					六月三十日十二月三十一日
					HK$'000	HK$'000
					千港元	千港元
	Authorised and contracted for:	已批准及已簽約：
	Capital investment in limited partnership	有限合夥企業之
	(note)	資本投資（附註）	78,202	98,387
	Purchases of equipment, furniture and	購買設備、傢俬及
	leasehold improvement	租賃物業裝修			17,745	-
					95,947	98,387
	Note: The Group had committed to make a capital contribution of

		附註: 本集團就開曼群島合夥企業承諾作出
	US$100,000,000 (equivalent to HK$781,450,000) in the		100,000,000 美元（相當於781,450,000
	Cayman Islands Partnership. Up to the end of the reporting period,		港元）之資本注資。截至報告期末
	approximately US$89,993,000 (equivalent to approximately		止，本集團已注資約89,993,000 美元
	HK$697,973,000) (31st December, 2018: US$87,437,000		（相當於約697,973,000 港元）（二零一
	(equivalent to approximately HK$677,957,000)) among the		八年十二月三十一日：87,437,000
	contribution has been paid by the Group. The outstanding		美元（相當於約677,957,000 港元））
	amount was approximately US$10,007,000 (equivalent to		資本承擔金額。未注資之金額約為
	approximately HK$78,202,000, after exchange adjustment)		10,007,000 美元（相當於約78,202,000
	(31st December, 2018: US$12,563,000 (equivalent to		港元（經匯兌調整後））（二零一八年十
	approximately HK$98,387,000, after exchange adjustment)).		二月三十一日：12,563,000 美元（相
				當於約98,387,000 港元（經匯兌調整
				後）））。

24.	Capital Commitments (continued)	24. 資本承擔（續）
	Other than the capital commitments as disclosed above, an interest-free	除以上披露之資本承擔外，本集團向一間合
	funding undertaking in proportion of 50% has been provided by the	資公司（佔50%）- 隆裕（香港）有限公司（「隆
	Group to a 50% joint venture, Landrich (H.K.) Limited ("Landrich"), in	裕」）提供按50% 比例之免息出資承諾，即任
	the event that the funds raised from banks or financial institutions by	何時候倘隆裕從銀行或金融機構取得之資金
	Landrich are not sufficient for satisfying any working capital requirements	未能滿足其任何營運資金需求時而作出。於
	at any time. As at 30th June, 2019 and 31st December, 2018, Landrich	二零一九年六月三十日及二零一八年十二月
	was in net asset position and the Directors considered that Landrich	三十一日，隆裕之狀況為資產淨值以及董事
	had sufficient working capital and therefore no funding was required	認為隆裕已具備充足營運資金，故於該等日
	as of these dates.	期無須提供資金。
25.	Contingent Liabilities	25. 或然負債
		30th June,	31st December,
		2019	2018
		二零一九年	二零一八年
		六月三十日十二月三十一日
		HK$'000	HK$'000
		千港元	千港元

Guarantee given to a bank in respect of

banking facilities in lieu of the cash
public utility deposit jointly
utilised by subsidiaries

Guarantees given to banks in respect of

banking facilities utilised by
investee companies

Guarantee given to a bank in respect of

a banking facility utilised by
a joint venture

為附屬公司獲授銀行共用之

銀行信貸額以取替現金公用事務存款而向一間銀行提供之擔保

15,000 15,000

為接受投資公司動用銀行信貸額而向銀行提供之擔保

625,178 625,178

為一間合資公司動用銀行信貸額而向一間銀行提供之擔保

90,000-

730,178 640,178

No provision for financial guarantee contracts have been made as at	由於董事認為違約風險低，故於二零一九年
30th June, 2019 and 31st December, 2018 as the Directors considered	六月三十日及二零一八年十二月三十一日並
the default risk is low.	無就財務擔保合約作出撥備。

26. Major Non-cash Transactions

Save as disclosed elsewhere in these unaudited condensed consolidated financial statements, the Group did not have major non- cash transactions.

26. 主要非現金交易

除本未經審核簡明綜合財務報表其他部分所披露者外，本集團並無主要非現金交易。

27. Material Related Party Transactions Transactions:

In February 2019, the Group entered into a three-year lease ("Lease") and a framework agreement ("Framework Agreement") in respect of leases of certain leasehold properties held by a company controlled by a Director and a trustee of substantial shareholders of the Company ("Trustee of Substantial Shareholders") as the headquarter of the Group.

27. 重大關連人士交易交易：

於二零一九年二月，本集團訂立一項為期三年之租賃（「租賃」）及一份框架協議（「框架協議」），內容關於承租由一位董事及本公司之主要股東之信託人（「主要股東之信託人」）控制之公司持有之若干租賃物業作為本集團之總部。

27. Material Related Party Transactions (continued) Transactions: (continued)

Under the Lease, the amount of rent payable and building management fee payable per month are HK$1,025,000 and approximately HK$110,000 respectively and security deposit paid as at 30th June, 2019 was approximately HK$3,559,000. At the commencement date of the Lease, the Group recognised the present value of the lease payments over the lease term as lease liability and the aggregate amount of lease liability and estimated costs to be incurred by the Group for restoration of the property as right-of-use asset. As at 30th June, 2019, the carrying amounts of the lease liability and the right- of-use asset were approximately HK$32,000,000 and HK$32,478,000 respectively. Under the Framework Agreement, the security deposit paid amounted to approximately HK$3,518,000 as at 30th June, 2019. Details were disclosed in the announcement of the Company dated 28th February, 2019.

Save as disclosed above and elsewhere in these unaudited condensed consolidated financial statements, the Group had the following material transactions with related parties during the Period:

27. 重大關連人士交易（續）

交易：（續）

根據該租賃，每月應付租金及應付樓宇管理費金額分別為1,025,000 港元及約110,000 港元，而於二零一九年六月三十日之已付保證按金則約為3,559,000 港元。於該租賃之開始日期，本集團將租期內租賃付款之現值確認為租賃負債，以及將租賃負債及本集團還原物業所產生之估計成本之合計金額確認為使用權資產。於二零一九年六月三十日，租賃負債及使用權資產之賬面值分別約為 32,000,000 港元及32,478,000 港元。根據該框架協議，於二零一九年六月三十日已付保證按金金額約為3,518,000 港元。詳情於本公司日期為二零一九年二月二十八日之公布內披露。

除上文及本未經審核簡明綜合財務報表其他部分所披露者外，本集團於本期間與關連人士進行以下重大交易：

Six months ended 30th June,

截至六月三十日止六個月

20192018 二零一九年二零一八年

HK$'000 HK$'000

千港元千港元

Interest income received from associates	已收聯營公司之利息收入	1,047		1,047
Income received from Directors and/or	已收董事及╱或主要股東之信託人、
the Trustee of Substantial Shareholders,	與董事及╱或主要股東之信託人
close family members of Directors and/or	關係密切之家庭成員、董事及╱
the Trustee of Substantial Shareholders,	或主要股東之信託人控制之公司
companies controlled by Directors and/or	以及一位與董事及╱或主要股東
the Trustee of Substantial Shareholders and	之信託人關係密切之家庭成員
a company controlled by a close family	控制之公司之收入：
member of Directors and/or the Trustee of
Substantial Shareholders:
Rental services	租賃服務	2,560		3,526
Property management services,	物業管理服務、
leasing administration services and	租務行政服務及
property administration services	物業行政服務	14,044		14,587
Advisory and consultancy services	諮詢及顧問服務	18		15
Other ordinary services	其他一般服務	1,112		2,755
Rent and building management fee	已付聯營公司之租金及
paid to associates	樓宇管理費		2,160		1,661
Interest income was charged at the prevailing market rates based on
利息收入乃根據於本期間未償還結餘按當時
outstanding balances during the Period.		市場利率計算。
Rental services, property management services, leasing administration	租賃服務、物業管理服務、租務行政服務、
services, property administration services, advisory and consultancy	物業行政服務、諮詢及顧問服務以及其他一
services and other ordinary services income (details were disclosed in	般服務之收入（詳情於本公司日期為二零一
the announcement of the Company dated 31st October, 2017) were	七年十月三十一日之公布內披露）乃根據雙
charged at the terms agreed by both parties.		方協定之條款收取該等服務費。

27. Material Related Party Transactions (continued)	27. 重大關連人士交易（續）
Transactions: (continued)	交易：（續）
Rent, building management fee and security deposit paid were	租金、樓宇管理費及已付保證按金乃根據與
determined based on terms similar to those applicable to transactions	非關連人士交易適用之類似條款而釐定。
with unrelated parties.
Balances:	結餘：
At the end of the reporting period, the Group had balances with Directors	於報告期末，本集團與董事及╱或主要股東
and/or the Trustee of Substantial Shareholders, companies controlled	之信託人、董事及╱或主要股東之信託人控
by Directors and/or the Trustee of Substantial Shareholders and a	制之公司及一位與董事及╱或主要股東之信
close family member of Directors and/or the Trustee of Substantial	託人關係密切之家庭成員之交易結餘合共約
Shareholders of approximately HK$17,489,000 in aggregate which	為17,489,000 港元已包括在應收賬項及其他
was included in debtors and other receivables (31st December, 2018:	應收賬項內（二零一八年十二月三十一日︰合
HK$19,341,000 in aggregate which was included in debtors and other	共為19,341,000 港元已包括在應收賬項及其
receivables and HK$10,843,000 which was included in creditors and	他應收賬項內以及10,843,000 港元已包括在
accruals).	應付賬項及應計款項內）。
Details of the balances with other related parties at the end of the	於報告期末，與其他關連人士之交易結餘詳
reporting period are set out in Notes 15, 16 and 23.	情載列於附註15、16 及23。
28. Fair Value Measurements of Financial Instruments	28. 金融工具之公平值計量
Fair value is the price that would be received to sell an asset or	公平值乃於計量日市場參與者於有秩序交易
paid to transfer a liability in an orderly transaction between market	中出售資產所收取或轉讓負債所支付之價
participants at the measurement date, regardless of whether that price	格，而不論該價格為可直接觀察取得或可使
is directly observable or estimated using another valuation technique. In	用其他估值技術估計。於估計資產或負債之
estimating the fair value of an asset or a liability, the Group takes into	公平值時，本集團會考慮該等市場參與者於
account the characteristics of the asset or liability if market participants	計量日對資產或負債定價時所考慮資產或負
would take those characteristics into account when pricing the asset	債之特點。於本未經審核簡明綜合財務報表
or liability at the measurement date. Fair value for measurement and/	中作計量及╱或披露用途之公平值乃按此基
or disclosure purposes in these unaudited condensed consolidated	準釐定，惟不包括香港財務報告準則第2 號
financial statements is determined on such a basis, except for share-	「股份付款」範圍內之以股份付款交易、根據
based payment transactions that are within the scope of HKFRS 2	香港財務報告準則第16 號入賬之租賃交易
"Share-based Payment", leasing transactions that are accounted for	及與公平值有若干類似之處但不屬公平值之
in accordance with HKFRS 16, and measurements that have some	計量，例如香港會計準則第2 號「存貨」之可
similarities to fair value but are not fair value, such as net realisable	變現淨值或香港會計準則第36 號「資產減值」
value in HKAS 2 "Inventories" or value-in-use in HKAS 36 "Impairment	之使用價值。
of Assets".
In addition, for financial reporting purposes, fair value measurements	此外，就財務報告用途，根據公平值計量數
are categorised into Level 1, 2 or 3 based on the degree to which	據之可觀察程度及數據對公平值計量之整體
the inputs to the fair value measurements are observable and the	重要程度，公平值計量劃分為第一級、第二
significance of the inputs to the fair value measurements in its entirety,	級及第三級，如下所述：
which are described as follows:
Level 1: inputs are quoted prices (unadjusted) in active markets	第一級：數據為同等之資產或負債（實體能
for identical assets or liabilities that the entity can access	夠於計量日取得）於活躍市場取得
at the measurement date;	之報價（未經調整）；
Level 2: inputs are inputs, other than quoted prices included within	第二級：數據為直接或間接從可觀察之資
Level 1, that are observable for the asset or liability, either	產或負債所得的數據（於第一級之
directly or indirectly; and	報價除外）；及
Level 3: inputs are unobservable inputs for the asset or liability.	第三級：數據為從資產或負債之非可觀察
	數據。

28. Fair Value Measurements of Financial Instruments (continued)

Financial instruments measured at fair value

The following table analysed the financial instruments which are measured at fair value at the end of the reporting period into the three-level hierarchy.

28. 金融工具之公平值計量（續）

以公平值計量之金融工具

下表為於報告期末以公平值計量之金融工具之三級分級制分析。

					Fair value	Valuation techniques
	Fair value	hierarchy	and key inputs	Significant unobservable inputs
					公平值
	公平值		分級制	估值技術及主要數據	重大非可觀察數據
	30th June,		31st December,
	2019	2018
	二零一九年		二零一八年
	六月三十日	十二月三十一日
	HK$'000		HK$'000
	千港元		千港元
Financial assets
金融資產	18,834,000
Listed equity securities presented as	20,167,000		Level 1	Quoted prices in	N/A
financial assets measured at FVTOCI					第一級	active markets	不適用
呈列為通過其他全面收益以反映公平值						活躍市場之報價
計量之金融資產之上市股本證券
Bonds presented as financial assets measured at	8,426,404	6,685,515		Level 1	Quoted prices in	N/A
FVTPL					第一級	active markets	不適用
呈列為通過損益以反映公平值計量之						活躍市場之報價
金融資產之債券
Unlisted club and corporate debentures	72,150	78,481		Level 2	Market comparison	N/A
presented as financial assets measured at FVTPL					第二級	市場之比較數據	不適用
呈列為通過損益以反映公平值計量之
金融資產之非上市會籍及公司債券
Derivative financial instrument presented as	-	1,921		Level 2	Discounted cash flow methodology	N/A
financial assets measured at FVTPL					第二級	based on spot and forward	不適用
- Cross currency swap						exchange rates and yield curves
呈列為通過損益以反映公平值計量之						of the currency
金融資產之衍生金融工具						貼現現金流量法，按該貨幣之
- 貨幣掉期						即期及遠期匯率及收益率
						曲線
Unlisted equity securities presented as	1,521,008	1,200,307		Level 3	Discounted cash flow:	Forecast distribution taking into account
financial assets measured at FVTOCI					第三級	forecast distribution,	management's experience and the
呈列為通過其他全面收益以反映公平值						discount rate and	estimated terminal value (note (i))
計量之金融資產之非上市股本證券						contract terms (if any)	預測之分派乃參照管理層經驗及
						貼現現金流量︰	估計之最終價值（附註(i)）
						預測之分派、貼現率及
						合約條款（如有）	Discount rates ranging from 12.18%
							to 20.73% (31st December, 2018:
							24.33%) (note (i))
							貼現率介乎12.18 厘至20.73 厘
							（二零一八年十二月三十一日：
							24.33 厘）（附註(i)）
						Reference to the fair value of	Fair value of the underlying property
						the underlying property	based on valuation model (note (i))
						參考相關物業之公平值	基於估值模式釐定相關物業之
							公平值（附註(i)）
						Net asset value (note (ii))	N/A
						資產淨值（附註(ii)）	不適用
	28,853,562	28,133,224
Financial liability


金融負債	377
Derivative financial instrument		-	Level 2	Discounted cash flow methodology	N/A
- Cross currency swap					第二級	based on spot and forward	不適用
衍生金融工具						exchange rates and yield curves
- 貨幣掉期						of the currency
						貼現現金流量法，按該貨幣之
						即期及遠期匯率及收益率
						曲線

28. Fair Value Measurements of Financial Instruments (continued)

Financial instruments measured at fair value (continued) Notes:

The higher the forecast distribution, estimated terminal value and fair value of the underlying property, the higher the fair value. The higher the discount rate, the lower the fair value.
The Group has determined that the net asset value represents the fair value at the end of the reporting period.

The Group's policy is to recognise transfers into and out of fair value hierarchy levels as at the date of the events or changes in circumstances that caused the transfer.

There were no transfers amongst Level 1, Level 2 and Level 3 in the fair value hierarchy during the period/year and no change in valuation techniques used in prior years.

The fair value of financial instruments traded in active markets is based on quoted market prices at the end of each reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

The movement during the period/year in the balances of Level 3 fair value measurement is as follows:

28. 金融工具之公平值計量（續）

以公平值計量之金融工具（續）

附註：

預測之分派、估計之最終價值及相關物業之公平值越高，公平值越高。貼現率越高，公平值越低。
本集團已釐定於報告期末之資產淨值為公平值。

本集團之政策為於導致轉撥之事件或情況改變之日期，確認公平值分級之間的轉撥。

公平值分級制內第一級、第二級及第三級之間於期內╱年內並無轉撥以及與過往年度所用之估值技術亦無轉變。

於活躍市場買賣之金融工具之公平值即各報告期末之市場報價。倘即時及定時透過交易所、交易商、經紀、業界組別、報價服務或監管機構獲得報價，且該等價格屬實際及定期按公平基準進行之市場交易，則市場可被視為活躍。本集團所持金融資產所用之市場報價為目前之買入價。此等工具已計入第一級。

第三級公平值計量結餘於期內╱年內之變動如下：

HK$'000

千港元

Unlisted equity securities presented as	呈列為通過其他全面收益以反映公平值
financial assets measured at FVTOCI	計量之金融資產之非上市股本證券
At 1st January, 2018	於二零一八年一月一日	1,031,230
Net unrealised gain recognised in other comprehensive	於年內其他全面收益確認之
income during the year (note)	未變現收益淨額（附註）	169,077
At 31st December, 2018	於二零一八年十二月三十一日	1,200,307
Net unrealised gain recognised in other comprehensive	於期內其他全面收益確認之
income during the period (note)	未變現收益淨額（附註）	320,701
At 30th June, 2019	於二零一九年六月三十日	1,521,008

Note:	All of the above gains included in other comprehensive income
	for the period/year related to unlisted equity securities held
	at the end of the reporting periods are reported as changes
	of financial assets measured at FVTOCI reserve.

Financial instruments not measured at fair value

The Directors consider that the carrying amounts of the Group's financial instruments that are not measured at fair value approximate to their fair values.

附註: 上述就於報告期末持有之非上市股本證券所有計入期內╱年內其他全面收益之收益列報為通過其他全面收益以反映公平值計量之金融資產之儲備之變動。

並非以公平值計量之金融工具

董事認為本集團並非以公平值計量之金融工具之賬面值與其公平值相若。

INTERIM DIVIDEND	中期股息
The Board has resolved to declare an interim dividend of HK1 cent	董事會已議決宣派本期間之中期股息每股1
per share (2018: HK1 cent per share) for the Period (the "Interim	港仙（二零一八年：每股1港仙）（「中期股息」）。
Dividend").
During the Period, the Group has recorded a total comprehensive	於本期間內，本集團錄得本公司擁有人應佔
expenses attributable to owners of the Company of approximately	之全面支出總額約174,300,000 港元（二零一
HK$174.3 million (2018: HK$6,286.8 million). As at 30th June,	八年：6,286,800,000 港元）。於二零一九年六
2019, the Group had cumulative unrealised gain on fair value change	月三十日，本集團於中國恆大集團（股份代號：
of listed equity investment in China Evergrande Group (stock code:	3333）之上市股本投資之公平值變動之累計
3333) of approximately HK$5,238.0 million (details are disclosed	未變現收益約為5,238,000,000 港元（詳情於
in the sub-paragraph headed "Listed Equity Investments at Fair	下文「財務業務回顧」一節中「證券投資」一段
Value Through Other Comprehensive Income" of paragraph headed	之「通過其他全面收益以反映公平值之上市
"Securities Investments" in the section headed "Financial Operation	股本投資」分段內披露）。然而，該收益屬未
Review" below). However, such gain was unrealised and was a non-	變現及非現金項目，董事會暫時無意就該未
cash item, any dividend declaration or recommendation on such	變現收益宣派或建議派發任何股息。董事會
unrealised gain is not currently intended by the Board. The Board	意識到香港股市潛在波動之可能性。當中國
recognised the possible potential fluctuation in Hong Kong stock	恆大集團之股價達到滿意及吸引水平，本集
market. As and when the share price of China Evergrande Group	團可能考慮變現其於中國恆大集團之部份上
reaches a satisfactory and attractive level, the Group may consider	市股本投資。視乎本公司之股息政策以及本
realise part of the listed equity investment in China Evergrande	集團當時之業務、財務及現金流量狀況，於
Group. Subject to the Company's dividend policy as well as the	適時變現其通過其他全面收益以反映公平值
then business, financial and cashflow position of the Group, the	之上市股本投資（包括中國恆大集團之股份
Board may consider declaration or recommendation of dividend(s)	擬變現的所得款項淨額（成本及利潤（如有）））
if and when appropriate upon realisation of investments in listed	後，董事會可能考慮宣派或建議派發股息，
equity investments at fair value through other comprehensive income	以回饋本公司股東支持。本公司將就建議分
including the net proceeds of the intended realisation of the cost and	派任何有關股息（如有），另行根據香港聯合
profit arising from the shares in China Evergrande Group (if any), as a	交易所有限公司（「聯交所」）證券上市規則（「上
return to the shareholders of the Company. Further announcement(s)	市規則」）發出公布。
regarding any proposal of such dividend(s) (if any) will be made by
the Company pursuant to the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited (the "Stock Exchange")
(the "Listing Rules").
Having considered the Company's dividend policy, to preserve more	經考慮本公司之股息政策，為保留更多現金
cash for the Group's future financial, property investment or securities	作本集團把握日後財務、物業投資或證券投
investment opportunities, the Board has resolved to declare the	資的機遇之需要，董事會已議決宣派中期股
Interim Dividend of HK1 cent per share (2018: HK1 cent per share).	息每股1 港仙（二零一八年：每股1 港仙）。
Dividend warrants for the Interim Dividend will be posted on or about	中期股息之股息單將於二零一九年八月二十
27th August, 2019 to shareholders whose names appear on the	七日或前後寄發予於二零一九年八月十六日
register of members of the Company on 16th August, 2019.	名列本公司股東名冊之股東。
CLOSURE OF REGISTER OF MEMBERS	暫停辦理股東登記手續
The register of members will be closed on 16th August, 2019. In	本公司將於二零一九年八月十六日暫停辦理
order to qualify for the Interim Dividend, all share transfers documents	股東登記手續。為符合獲派中期股息之資格，
accompanied by the relevant share certificates must be lodged with	所有股份過戶文件連同有關股票必須於二零
the Company's Branch Registrar and Transfer Office in Hong Kong,	一九年八月十五日下午四時三十分前送達本
namely Computershare Hong Kong Investor Services Limited, at Shops	公司於香港之過戶登記分處香港中央證券
1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East,	登記有限公司，地址為香港灣仔皇后大道東
Wanchai, Hong Kong not later than 4:30 p.m. on 15th August, 2019.	183 號合和中心17 樓1712 至1716 號舖。

FINANCIAL OPERATION REVIEW	財務業務回顧
Results	業績
Revenue	收入
Revenue for the six months ended 30th June, 2019 ("Period")	截至二零一九年六月三十日止六個月（「本期
amounted to HK$269.9 million (2018: HK$559.7 million), a decrease	間」）之收入為269,900,000 港元（二零一八年：
of 51.8% over the same period of last year and comprised gross rental	559,700,000 港元），較去年同期減少51.8%，
income of HK$261.8 million and others of HK$8.1 million (2018:	當中包括租金收入總額261,800,000 港元及其
gross rental income of HK$275.0 million, property sales of HK$274.0	他收入8,100,000 港元（二零一八年：租金收入
million and others of HK$10.7 million). The decline in revenue was	總額275,000,000 港元、物業銷售274,000,000
mainly due to no property sales recorded for the Period.	港元及其他收入10,700,000 港元）。收入下降
	主要由於於本期間並無錄得物業銷售。
Gross Profit	毛利

Gross profit for the Period amounted to HK$255.1 million (2018: HK$451.0 million), a decrease of 43.4% as compared with the same period of last year which also mainly derived from no property sales profit for the Period (2018: HK$179.1 million).

Property Leasing

本期間之毛利為255,100,000 港元（二零一八年：451,000,000 港元），較去年同期減少 43.4%，該減少主要由於於本期間並無物業銷售之溢利（二零一八年：179,100,000港元）。

物業租賃

For property leasing, the overall rental revenue in both non-retail and	在物業租賃方面，於本期間非零售及零
retail sections slightly decreased to HK$223.5 million and HK$38.3	售部分之整體租金收入分別輕微減少至
million respectively during the Period. The total rental income in	223,500,000 港元及38,300,000 港元。本期間
revenue for the Period recorded a decrease of 4.8% to HK$261.8	之收入錄得之租金收入總額較去年同期之
million as compared with the same period of last year of HK$275.0	275,000,000 港元減少4.8% 至261,800,000 港
million.	元。
Together with the attributable rental revenue generated from	連同應佔聯營公司、一間合資公司及一間接
associates, a joint venture and an investee company of HK$63.8	受投資公司租金收入63,800,000 港元（二零
million (2018: HK$73.1 million), the total attributable rental revenue	一八年：73,100,000 港元），本公司及其附屬
to the Company and its subsidiaries (together, "Group") amounted	公司（統稱「本集團」）應佔租金收入總額為
to HK$325.6 million (2018: HK$348.1 million after non-controlling	325,600,000 港元（二零一八年：扣除非控股
interests), which represents a decrease of 6.5% over the same period	權益後為348,100,000 港元），相對去年同期
of last year.	減幅為6.5%。
Attributable net rental income for the Period showed HK$298.1	本期間之應佔租金收入淨額為298,100,000 港
million, a decrease of 6.3% over HK$318.0 million in the same	元，較去年同期之318,000,000港元減少6.3%。
period of last year.
Property Development and Trading	物業發展及買賣
During the Period, the Group did not dispose of any trading property.	於本期間，本集團並無出售任何買賣物業。
In the first half of 2018, the attributable property sales revenue and	於二零一八年上半年，本集團及其聯營公
profit from the Group and its associates recorded HK$194.7 million	司之應佔物業銷售收入及溢利分別錄得
and HK$128.6 million respectively, including sales of 55 Conduit	194,700,000 港元及128,600,000 港元，包括銷
Road in Mid-Levels West (70% interest) contributed an attributable	售位於半山區西部之璈珀（佔70% 權益）為本
profit to the Group of HK$126.4 million, and sales of a workshop	集團帶來應佔溢利126,400,000 港元，以及銷
unit at Kwong Kin Trade Centre in Tuen Mun (50% interest) and	售位於屯門之廣建貿易中心一個工場單位（佔
parking spaces at Greenville Residence in Yuen Long (50% interest)	50% 權益）及位於元朗之逸翠軒車位（佔50%
(properties held by associates) generated profit of HK$1.9 million	權益）（該等物業由聯營公司所持有）分別帶來
and HK$0.3 million respectively, as reflected in the share of results	溢利1,900,000 港元及300,000 港元，已反映
of investments accounted for using the equity method.	於攤佔以權益法入賬投資之業績內。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Results (continued)	業績（續）
Securities Investments	證券投資
The Group has in the ordinary and normal course of business	本集團在一般及正常業務過程中進行證券投
conducted its securities investment activities, as at 30th June, 2019,	資活動，於二零一九年六月三十日包括債券
comprised of bonds and listed equity investment. During the Period,	及上市股本投資。於本期間，來自上市證券
the gain (excluding gain/loss recognised in financial assets measured	投資及財資產品確認之收益（不包括於通過
at fair value through other comprehensive income ("FVTOCI")	其他全面收益以反映公平值（「通過其他全面
reserve) recognised from listed securities investments and treasury	收益以反映公平值」）計量之金融資產之儲備
products was HK$1,145.3 million (2018: loss of HK$635.8 million),	內確認之收益╱虧損）為1,145,300,000 港元（二
comprised loss on listed equity investments at FVTOCI of HK$62.7	零	一八年：虧損635,800,000 港元），包括來自
million (2018: HK$52.3 million) and gain on listed investments and	通過其他全面收益以反映公平值之上市股本
treasury products at fair value through profit or loss ("FVTPL") of	投資之虧損為62,700,000 港元（二零一八年：
HK$1,208.0 million (2018: loss of HK$583.5 million).	52,300,000 港元）及通過損益以反映公平值
	（「通過損益以反映公平值」）之上市投資及財
	資產品之收益為1,208,000,000 港元（二零一
	八	年：虧損為583,500,000 港元）。
During the Period, the Group did not dispose of any listed investments	於本期間，本集團並無出售任何持作買賣之
held-for-trading (2018: no disposal). The realised gain from sales of	上市投資（二零一八年：並無出售）。出售債
bonds of HK$77.1 million (2018: realised loss of HK$4.6 million) was	券確認之已變現收益為77,100,000 港元（二
recognised, mainly comprising realised gain on bonds in industry of	零一八年：已變現虧損為4,600,000 港元），
the People's Republic of China ("PRC")-based real estate of HK$72.3	主要包括來自中華人民共和國（「中國」）房
million (2018: HK$9.4 million), and the Group did not dispose of any	地產行業之債券之已變現收益72,300,000 港
bonds in industries of overseas financial institutions (2018: realised	元（二零一八年：9,400,000 港元），以及本集
loss of HK$11.2 million) and insurance (2018: realised loss of HK$2.0	團並無出售任何海外金融機構行業之債券
million). During the Period, the Group had acquired 11 bonds (2018:	（二零一八年：已變現虧損11,200,000 港元）
10 bonds including those additions to the existing bonds) in the sum	及保險行業之債券（二零一八年：已變現虧
of HK$2,386.4 million (2018: HK$2,595.9 million), and disposed of/	損2,000,000 港元）。於本期間，本集團購入
redeemed 12 bonds (2018: 39 bonds) (including those with partial	11 隻（二零一八年：10 隻（包括增持現有之債
disposal) with carrying amounts in the sum of HK$1,533.3 million	券））債券總額為2,386,400,000 港元（二零一八
(2018: HK$5,122.2 million). Bonds acquired were mainly in the	年：2,595,900,000 港元），及出售╱贖回12 隻
industries of PRC-based real estate of 96.6% (2018: 47.7%) and	（二零一八年：39 隻）債券（包括部分出售之債
overseas financial institutions of 3.4% (2018: 50.5%).	券）賬面值總額為1,533,300,000 港元（二零一
	八年：5,122,200,000 港元）。購入之債券主要
	來自中國房地產行業佔96.6%（二零一八年：
	47.7%）及海外金融機構行業佔3.4%（二零一
	八年：50.5%）。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Results (continued)	業績（續）
Securities Investments (continued)	證券投資（續）
Furthermore, the Group recorded an unrealised gain of HK$810.7	此外，本集團錄得債券之公平值變動之未變
million (2018: unrealised loss of HK$868.1 million) representing	現收益為810,700,000 港元（二零一八年：未
the changes in fair value of bonds, which had no effect on the cash	變現虧損為868,100,000 港元），對本集團現
flow of the Group. The unrealised gain (2018: unrealised loss) from	金流量並無影響。債券之公平值變動之未變
changes in fair value of bonds represented 29 bonds (2018: 28	現收益（二零一八年：未變現虧損）乃來自29
bonds), mainly comprising unrealised gain from industry of overseas	隻（二零一八年：28 隻）債券，主要包括來自
financial institutions of HK$308.7 million or increase in fair value of	海外金融機構行業之未變現收益308,700,000
8.4% over the Period; and unrealised gain from industry of PRC-based	港元或於本期間之公平值增加8.4%；及中
real estate of HK$467.3 million or increase in fair value of 12.7%	國房地產行業之未變現收益467,300,000 港
over the Period (2018: unrealised loss from industry of overseas	元或於本期間之公平值增加12.7%（二零一
financial institutions of HK$320.9 million or decrease in fair value of	八年：來自海外金融機構行業之未變現虧損
7.5% over the six-month period; and unrealised loss from industry	320,900,000 港元或於過去六個月期間之公
of PRC-based real estate of HK$524.7 million or decrease in fair	平值減少7.5%；以及來自中國房地產行業之
value of 14.9% over the six-month period). The Group believes that	未變現虧損524,700,000 港元或於過去六個月
the increase in price of bonds in PRC-based real estate sector in the	期間之公平值減少14.9%）。本集團相信於本
Period, among others, was owing to the pressure from increasing of	期間中國房地產行業之債券價格上升，乃因
the United States Federal funds rate was faded out as there was no	（其中包括）美國聯邦基金利率自二零一八年
change in United States Federal funds rate since December 2018	十二月以來未有變動，其上升帶來之壓力於
which stimulate the investment market during the Period.	本期間逐漸消失，因而刺激投資市場。
During the Period, interest income from bonds amounted to	於本期間，債券之利息收入為350,700,000 港
HK$350.7 million (2018: HK$308.8 million), represented 4.2%	元（二零一八年：308,800,000 港元），於本期
(2018: 4.3%) (before effect on leverage) return on average market	間持有債券按平均市值計算之回報為4.2%（二
value of bondholding during the Period.	零一八年：4.3%）（槓桿影響前）。
Summing up the realised and unrealised gain/loss and adding the	總括已變現及未變現收益╱虧損以及加入利
net income from interest income, other investment income and net	息收入、其他投資收入及財務費用淨額之
finance costs of HK$257.5 million (2018: HK$236.9 million), the gain	收入淨額為257,500,000 港元（二零一八年：
recognised from listed securities investments and treasury products	236,900,000 港元），上市證券投資及財資產
was HK$1,145.3 million (2018: loss of HK$635.8 million).	品確認之收益為1,145,300,000 港元（二零一
	八年：虧損為635,800,000 港元）。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Results (continued)	業績（續）
Securities Investments (continued)	證券投資（續）
The respective income/expense from securities investments under	以下就來自不同類別之證券投資收入╱開支
different categories are further elaborated below:	作進一步詳述：

Listed Investments and Treasury Products at Fair Value Through Profit or Loss

通過損益以反映公平值之上市投資及財資產品

The listed investments and treasury products at FVTPL recorded a	通過損益以反映公平值之上市投資及財資
profit before and after net finance costs of HK$1,257.3 million and	產品於本期間計入財務費用淨額前╱後分別
HK$1,208.0 million (2018: loss before and after net finance costs of	錄得溢利1,257,300,000 港元及1,208,000,000
HK$552.0 million and HK$583.5 million) respectively for the Period.	港元（二零一八年：財務費用淨額前╱後虧損
	552,000,000 港元及583,500,000 港元）。
Gain from the listed investments and treasury products at FVTPL	於本期間，通過損益以反映公平值之上市投
reflected in the unaudited condensed consolidated statement of	資及財資產品之收益反映於未經審核簡明
comprehensive income for the Period comprised realised gain on	綜合全面收益報表內，包括債券之公平值變
fair value changes of bonds of HK$77.1 million (2018: realised loss	動之已變現收益77,100,000 港元（二零一八
of HK$4.6 million), unrealised gain on fair value changes of bonds	年：已變現虧損4,600,000 港元）、債券之公
of HK$810.7 million (2018: unrealised loss of HK$868.1 million),	平值變動之未變現收益810,700,000 港元（二
interest income of HK$350.7 million (2018: HK$308.8 million)	零一八年：未變現虧損868,100,000 港元）、
and other investment income of HK$18.8 million (2018: HK$11.9	利息收入350,700,000 港元（二零一八年：
million). Net relevant finance costs for the Period was HK$49.3 million	308,800,000 港元）及其他投資收入18,800,000
(2018: HK$31.5 million) including interest expense of HK$52.0	港元（二零一八年：11,900,000 港元）。本期
million (2018: HK$33.1 million) and exchange gain of HK$2.7 million	間相關財務費用淨額為49,300,000 港元（二
(2018: HK$1.6 million).	零一八年：31,500,000 港元），包括利息開支
	52,000,000 港元（二零一八年：33,100,000 港
	元）及匯兌收益2,700,000 港元（二零一八年：
	1,600,000 港元）。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Results (continued)	業績（續）

Securities Investments (continued)

The respective income/expense from securities investments under different categories are further elaborated below: (continued)

Listed Investments and Treasury Products at Fair Value Through Profit or Loss (continued)

The table below summarises the performance of bonds during the Period:

證券投資（續）

以下就來自不同類別之證券投資收入╱開支作進一步詳述：（續）

通過損益以反映公平值之上市投資及財資產品（續）

下表概述本期間債券之表現：

Realised gain (loss)

Unrealised gain (loss)

Interest income

Total profit (loss)

已變現收益（虧損）

未變現收益（虧損）

利息收入

溢利（虧損）總額

Six months ended 30th June,

截至六月三十日止六個月

2019

2018

2019

2018

2019

2018

2019

2018

二零一九年

二零一八年

二零一九年

二零一八年

二零一九年

二零一八年

二零一九年

二零一八年

HK$ million

百萬港元

Bond issuers by industry

按債券發行人之行業

Overseas financial institutions

海外金融機構

(11.2)

308.7

(320.9)

143.0

158.9

451.7

(173.2)

Insurance

保險

(2.0)

1.2

(0.8)

PRC-based real estate

中國房地產

72.3

9.4

467.3

(524.7)

196.4

136.9

736.0

(378.4)

Others

其他

4.8

(0.8)

34.7

(22.5)

11.3

11.8

50.8

(11.5)

77.1

(4.6)

810.7

(868.1)

350.7

308.8

1,238.5

(563.9)

Other investment income

其他投資收入

18.8

11.9

Profit (loss) before net finance

財務費用淨額前之

costs

溢利（虧損）

1,257.3

(552.0)

Net finance costs

財務費用淨額

(49.3)

(31.5)

Profit (loss) after net finance costs

財務費用淨額後之

溢利（虧損）

1,208.0

(583.5)

Listed Equity Investments at Fair Value Through Other Comprehensive

通過其他全面收益以反映公平值之上市股本

Income

投資

(a) Implication on Profit or Loss for the Period

(a) 本期間損益之影響

Dividend income (if any), other investment income and relevant

於本期間，持有通過其他全面收益以反

finance costs of holding listed equity investments at FVTOCI

映公平值之上市股本投資而產生之股息

were recognised in profit or loss for the Period. During the

收入（如有）、其他投資收入及相關財務

Period, no dividend income was recorded from holding of

費用於損益內確認。於本期間，並無錄

860,000,000 shares of China Evergrande Group (stock code:

得來自持有860,000,000 股中國恆大集團

3333) ("China Evergrande") ("Evergrande Shares"), hence the

（股份代號：3333）（「中國恆大」）股份（「恆

result from listed equity investments at FVTOCI recorded net

大股份」）之股息收入，因此通過其他全

loss of HK$62.7 million (2018: HK$52.3 million) represented

面收益以反映公平值之上市股本投資之

the entirety of its net relevant finance costs (2018: comprised

業績錄得虧損淨額62,700,000 港元（二零

other investment income of HK$0.6 million and net relevant

一八年：52,300,000 港元），悉數為相關

finance costs of HK$52.9 million).

財務費用淨額（二零一八年：包括其他投

資收入600,000 港元及相關財務費用淨

額52,900,000 港元）。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Results (continued)	業績（續）

Securities Investments (continued)

The respective income/expense from securities investments under different categories are further elaborated below: (continued)

Listed Equity Investments at Fair Value Through Other Comprehensive Income (continued)

(b) Implication on Other Comprehensive Expenses for the Period

證券投資（續）

以下就來自不同類別之證券投資收入╱開支作進一步詳述：（續）

通過其他全面收益以反映公平值之上市股本投資（續）

本期間其他全面支出之影響

During the Period, the unit share price of China Evergrande

於本期間，中國恆大每股股價由二零一

had dropped from HK$23.45 as at 31st December, 2018 to

八年十二月三十一日之23.45 港元下跌

HK$21.90 as at 28th June, 2019 (being the last trading day for

至二零一九年六月二十八日（即本期間

the Period), or 6.6% over the Period, hence an unrealised loss

之最後交易日）之21.90 港元或於本期間

on fair value changes of listed equity investments at FVTOCI of

下跌6.6%，因此通過其他全面收益以反

HK$1,333.0 million (2018: HK$5,959.9 million) was recognised

映公平值之上市股本投資之公平值變動

in other comprehensive expenses. Realised gain/loss on fair

之未變現虧損1,333,000,000 港元（二零

value change is a cash item while unrealised fair value change

一八年：5,959,900,000 港元）於其他全面

is a non-cash item and will not affect the cash flow of the

支出內確認。公平值變動之已變現收益╱

Group. The Group believes that the decrease in share price

虧損乃現金項目，而未變現公平值變動

of China Evergrande for the Period, among others, was owing

乃非現金項目，對本集團現金流量並無

to the unstable business environment in the PRC, and China

構成影響。本集團相信於本期間中國恆

Evergrande, a PRC-based company with United States dollar

大之股價下跌乃因（其中包括）中國之營

("US$") debt exposure against a weakened Renminbi ("RMB")

商環境不穩定，及人民幣（「人民幣」）疲

currency, was adversely impacted.

弱使中國恆大（一間中國公司）面對美元

（「美元」）債務風險以致有不利影響。

The table below summarises the performance of the Evergrande

下表概述本期間恆大股份之表現：

Shares during the Period:

Recorded in unaudited condensed

consolidated statement of

financial position

comprehensive income

錄入未經審核簡明綜合財務狀況報表

錄入未經審核簡明綜合全面收益報表

Other

Financial assets

comprehensive

Number of

Closing price

measured

Loss for

expenses

(per share)

at FVTOCI

at FVTOCI reserve

the Period

for the Period

通過其他全面收益

收市價

以反映公平值計量

本期間其他

股份數目

（每股）

之金融資產

之金融資產之儲備

本期間虧損

全面支出

HK$

HK$ million

港元

百萬港元

At 31st December, 2018

於二零一八年十二月三十一日

860,000,000

23.45

20,167.0

6,571.0

Unrealised fair value changes

未變現公平值變動

(1,333.0)

Net finance costs

財務費用淨額

(62.7)

於二零一九年六月三十日

At 30th June, 2019

860,000,000

21.90

18,834.0

5,238.0

(62.7)

(1,333.0)

Percentage to total assets

佔資產總額之百分比

At 30th June, 2019

於二零一九年六月三十日

38.7%

At 31st December, 2018

於二零一八年十二月三十一日

41.4%

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Results (continued)	業績（續）
Other Income and Expenses	其他收入及開支
Other income for the Period, which mainly came from net building	本期間之其他收入主要來自樓宇管理費收入
management fee income, rental services income, property	淨額、租賃服務收入、物業管理服務、租務
management services, leasing administration services and property	行政服務及物業行政服務收入以及就一項發
administration services income and overprovision of costs incurred in	展項目所產生之成本於過往年度超額撥備，
prior years in respect of a development project decreased to HK$30.1	減少至30,100,000 港元（二零一八年：且包括
million (2018: also included consultancy fee income, exchange gain,	顧問費收入、匯兌收益淨額以及撥回其他應
net and reversal of impairment in respect of other receivable and	收賬項之減值及相關利息51,900,000 港元），
interest thereon of HK$51.9 million), representing a decrease of	減幅為42.1%。該減少主要由於本期間不存
42.1%. The decrease was mainly due to absence of consultancy fee	在顧問費收入以及撥回其他應收賬項之減值
income and reversal of impairment in respect of other receivable and	及相關利息而於二零一八年上半年合共錄得
interest thereon for the Period while a total of HK$18.2 million was	18,200,000 港元。
recorded in the first half of 2018.
During the Period, administrative expenses increased by 3.8% to	於本期間，行政開支增加 3.8% 至137,100,000
HK$137.1 million (2018: HK$132.1 million). Finance costs increased	港元（二零一八年：132,100,000 港元）。財務
by 23.3% to HK$192.6 million (2018: HK$156.2 million) during the	費用於本期間增加23.3% 至192,600,000 港元
Period, including exchange gain of HK$2.9 million (2018: HK$1.7	（二零一八年：156,200,000 港元），當中包括
million) on translation of foreign currency other borrowings hedged	外幣其他借貸用以對沖外幣證券投資所產
for foreign currency securities investments and exchange gain of	生之匯兌收益2,900,000 港元（二零一八年：
HK$1.5 million (2018: nil) on translation of a foreign currency bank	1,700,000 港元）及外幣銀行借貸所產生之匯
borrowing. The increase in finance costs was mainly due to the	兌收益1,500,000 港元（二零一八年：無）。財
increase in interest rates during the Period.	務費用之增加主要由於於本期間利率上升所
	致。
Other gains and losses for the Period recorded a loss on write-down	本期間其他收益及虧損錄得物業存貨之減值
of stock of properties of HK$0.7 million as compared with minimal	虧損700,000 港元，相比去年同期錄得輕微虧
loss of the same period of last year.	損。
Investments Accounted for Using the Equity Method	以權益法入賬之投資
The share of results of investments accounted for using the equity	本期間攤佔以權益法入賬投資之業績錄得溢
method for the Period recorded a profit of HK$95.2 million (2018:	利95,200,000 港元（二零一八年：94,300,000
HK$94.3 million), comprised profit from the share of results of	港元），包括攤佔聯營公司及一間合資公司
associates and a joint venture of HK$85.0 million (2018: HK$78.2	業績之溢利分別為85,000,000 港元（二零一八
million) and HK$10.2 million (2018: HK$16.1 million) respectively.	年：78,200,000 港元）及10,200,000 港元（二零
	一八年：16,100,000 港元）。
Fair Value Changes on Investment Properties	投資物業之公平值變動
Investment properties of the Group in Hong Kong and Mainland	保柏國際評估有限公司（「保柏國際評估」）已
China were revalued at 30th June, 2019 by B.I. Appraisals Limited	就本集團位於香港及中國大陸之投資物業進
("B.I. Appraisals") whereas investment properties in the United	行於二零一九年六月三十日之物業估值。至
Kingdom were revalued by Peak Vision Appraisals Limited ("Peak	於本集團位於英國之投資物業，由澋鋒評估
Vision Appraisals"). B.I. Appraisals and Peak Vision Appraisals are	有限公司（「澋鋒評估」）進行物業估值。保柏
independent property valuers. A loss on fair value changes of	國際評估及澋鋒評估均為獨立物業估值師。
investment properties of HK$427.1 million (2018: HK$22.8 million)	於本期間錄得投資物業之公平值變動之虧損
was recorded during the Period. The unrealised fair value change is a	為427,100,000 港元（二零一八年：22,800,000
non-cash item and will not affect the cash flow of the Group.	港元）。未變現公平值變動乃非現金項目，對
	本集團現金流量並無構成影響。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Profit/Loss, Core Profit/Loss, Dividends, Repurchase, Cash	溢利╱虧損、核心溢利╱虧損、股息、回購、
Payment Ratio and Total Comprehensive Expenses	現金支出比率及全面支出總額
Profit/Loss	溢利╱虧損
Profit for the Period attributable to owners of the Company was	本公司擁有人應佔本期間之溢利為
HK$844.9 million as compared with loss of HK$363.5 million for the	844,900,000 港元，相比去年同期為虧損
same period of last year. The turning from loss to profit for the Period	363,500,000 港元。本期間轉虧為盈主要由於
was mainly due to result from the segment of listed investments and	來自分類為通過損益以反映公平值之上市投
treasury products at FVTPL turning to profit of HK$1,208.0 million	資及財資產品之業績轉為溢利1,208,000,000
as compared with loss of HK$583.5 million recorded in the first	港元，相比二零一八年上半年虧損為
half of 2018 despite of (a) increase in loss on fair value changes of	583,500,000 港元，儘管(a) 投資物業之公平值
investment properties of HK$404.3 million; and (b) no attributable	變動之虧損增加404,300,000 港元；及(b) 於
property sales profit (2018: HK$128.6 million) was recognised during	本期間並無確認應佔物業銷售溢利（二零一
the Period. Earnings per share for the Period was HK$0.44 (2018:	八	年：128,600,000 港元）。本期間之每股盈利
loss per share of HK$0.19).	為0.44 港元（二零一八年：每股虧損為0.19 港
	元）。
Core Profit/Loss	核心溢利╱虧損
If the net loss on the major non-cash items of HK$358.6 million	如撇除主要非現金項目虧損淨額358,600,000
(2018: net gain of HK$37.3 million) is excluded, the Group will have	港元（二零一八年：收益淨額37,300,000 港
a core profit for the Period attributable to owners of the Company of	元），本集團將錄得本公司擁有人應佔本期間
HK$1,203.5 million (2018: core loss of HK$400.8 million) and a core	之核心溢利1,203,500,000 港元（二零一八年：
profit per share of HK$0.63 (2018: core loss per share of HK$0.21).	核心虧損400,800,000 港元）及每股核心溢利
	為0.63港元（二零一八年：每股核心虧損為0.21
	港元）。
The major non-cash items represented the attributable net unrealised	主要非現金項目乃指來自本集團以及其聯
fair value loss on investment properties together with their respective	營公司及合資公司之應佔投資物業之未變
deferred tax from the Group and its associates and joint venture of	現公平值虧損淨額連同其相關之遞延稅項
HK$358.6 million (2018: net gain of HK$37.3 million).	共358,600,000 港元（二零一八年：收益淨額
	37,300,000 港元）。
Dividends	股息
Final dividend of HK10 cents (year ended 31st December, 2017:	截至二零一八年十二月三十一日止年度之每
HK10 cents) per share in total amount of HK$190.8 million for the	股10 港仙（截至二零一七年十二月三十一日
year ended 31st December, 2018 was paid in cash on 12th June,	止年度：每股10 港仙）總額為190,800,000 港
2019.	元之末期股息，已於二零一九年六月十二日
	以現金派付。
Repurchase	回購

During the Period, the Company had not repurchased any of the Company's share.

Cash Payment Ratio

於本期間，本公司並無回購本公司之任何股份。

現金支出比率

Based on (a) the core profit for the Period of HK$1,203.5 million or	根據(a) 本期間之核心溢利1,203,500,000 港
HK$0.63 per share (2018: core loss of HK$400.8 million or HK$0.21	元或每股0.63 港元（二零一八年：核心虧損
per share); and (b) cash interim dividend of HK1 cent (2018: HK1	400,800,000 港元或每股0.21 港元）；及(b) 宣
cent) per share declared, the ratio of such cash payment to the core	派以現金派付之中期股息每股1 港仙（二零一
profit is 1.6% (2018: the ratio was undefined as a result of the core	八年：每股1 港仙），該現金支出與核心溢利
loss).	之比率為1.6%（二零一八年：由於核心虧損
	致比率未能確定）。

FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Profit/Loss, Core Profit/Loss, Dividends, Repurchase, Cash	溢利╱虧損、核心溢利╱虧損、股息、回購、
Payment Ratio and Total Comprehensive Expenses (continued)	現金支出比率及全面支出總額（續）
Total Comprehensive Expenses	全面支出總額
Total comprehensive expenses for the Period attributable to owners	本公司擁有人應佔本期間之全面支出總額
of the Company was HK$174.3 million or HK$0.09 per share	為174,300,000 港元或每股0.09 港元（二零
(2018: HK$6,286.8 million or HK$3.30 per share), which comprised	一八年：6,286,800,000 港元或每股3.30 港
(a) profit for the Period attributable to owners of the Company of	元），其中包括(a) 本公司擁有人應佔本期間
HK$844.9 million (2018: loss of HK$363.5 million); and (b) other	之溢利844,900,000 港元（二零一八年：虧損
comprehensive expenses for the Period attributable to owners of the	363,500,000 港元）；及(b) 本公司擁有人應佔
Company of HK$1,019.2 million (2018: HK$5,923.3 million) which	本期間之其他全面支出1,019,200,000 港元（二
mainly included unrealised loss on fair value changes of listed equity	零一八年：5,923,300,000 港元），主要包括通
investment at FVTOCI of HK$1,333.0 million (2018: HK$5,959.9	過其他全面收益以反映公平值之上市股本投
million), details are disclosed in the sub-paragraph headed "Listed	資之公平值變動之未變現虧損1,333,000,000
Equity Investments at Fair Value Through Other Comprehensive	港元（二零一八年：5,959,900,000 港元），詳
Income (b) Implication on Other Comprehensive Expenses for the	情已於上文「證券投資」一段中之「通過其他
Period" of paragraph headed "Securities Investments" above.	全面收益以反映公平值之上市股本投資(b)
	本期間其他全面支出之影響」分段內披露。
Net Asset Value	資產淨值
As at 30th June, 2019, the Group's net asset value attributable to	於二零一九年六月三十日，本公司擁有人應
owners of the Company amounted to HK$33,697.3 million (31st	佔本集團之資產淨值為33,697,300,000港元（二
December, 2018: HK$34,062.4 million), a decrease of HK$365.1	零一八年十二月三十一日：34,062,400,000
million or 1.1% when compared with 31st December, 2018. With	港元），較二零一八年十二月三十一日減少
the total number of ordinary shares in issue of 1,907,619,079 as	365,100,000 港元或1.1%。根據於二零一九
at 30th June, 2019 and 31st December, 2018, the net asset value	年六月三十日及二零一八年十二月三十一日
per share attributable to owners of the Company was HK$17.66	之已發行普通股總數1,907,619,079 股計算，
(31st December, 2018: HK$17.86). The movement in net asset	本公司擁有人應佔之每股資產淨值為17.66
value was mainly due to (a) total comprehensive expenses for the	港元（二零一八年十二月三十一日：17.86 港
Period attributable to owners of the Company of HK$174.3 million;	元）。資產淨值變動主要與(a) 本公司擁有人
and (b) final dividend recognised as distribution during the Period	應佔本期間之全面支出總額174,300,000 港
of HK$190.8 million.	元；及(b) 於本期間已確認派發之末期股息
	190,800,000 港元有關。
During the Period, loss on fair value changes of the listed equity	於本期間，分類為通過其他全面收益以反映
investment categorised as financial assets measured at FVTOCI of	公平值計量之金融資產之上市股本投資之
HK$1,333.0 million (2018: HK$5,959.9 million) was recorded in	公平值變動虧損為1,333,000,000 港元（二零
other comprehensive expenses. The cumulative amount of gain on	一八年：5,959,900,000 港元），並錄入為其
fair value changes of listed equity investment included in financial	他全面支出。於二零一九年六月三十日，上
assets measured at FVTOCI reserve was HK$5,238.0 million as at	市股本投資之公平值變動收益之累計金額
30th June, 2019 (31st December, 2018: HK$6,571.0 million).	5,238,000,000 港元（二零一八年十二月三十
	一日：6,571,000,000 港元）已包括在通過其他
	全面收益以反映公平值計量之金融資產之儲
	備內。

Other than the existing projects and those disclosed in the interim results, the Group did not have material acquisition or disposal of assets and any future plans for material investment or capital assets.

除現有項目及於中期業績內所披露者外，本集團並無重大收購或出售資產及重大投資或資本資產之未來計劃。

FINANCIAL OPERATION REVIEW (continued)

Net Current Liabilities

The Group recorded net current liabilities as at 30th June, 2019 of HK$1,759.2 million (31st December, 2018: HK$2,749.8 million), of which current assets were HK$8,563.1 million (31st December, 2018: HK$7,104.6 million) and current liabilities were HK$10,322.3 million (31st December, 2018: HK$9,854.4 million). The position was mainly due to certain of the Group's current liabilities had been utilised to finance the Group's non-current assets.

財務業務回顧（續）

流動負債淨值

於二零一九年六月三十日，本集團錄得流動負債淨值1,759,200,000 港元（二零一八年十二月三十一日：2,749,800,000 港元），其中流動資產為8,563,100,000 港元（二零一八年十二月三十一日：7,104,600,000 港元）及流動負債為10,322,300,000 港元（二零一八年十二月三十一日：9,854,400,000 港元）。該狀況主要由於本集團若干流動負債用作融資本集團非流動資產所致。

In the unaudited condensed consolidated statement of financial	於二零一九年六月三十日之未經審核簡
position and within securities investment activities, which comprised	明綜合財務狀況報表及證券投資活動中，
of bonds and listed equity investment, the total carrying amount	包括債券及上市股本投資之賬面值總額為
as at 30th June, 2019 was HK$27,260.4 million (31st December,	27,260,400,000 港元（二零一八年十二月三十
2018: HK$26,852.5 million). Included in non-current assets were	一日：26,852,500,000 港元）。非流動資產當
part of the bonds in the sum of HK$1,551.1 million (31st December,	中包括呈列為通過損益以反映公平值計量之
2018: HK$1,271.6 million) presented as financial assets measured	金融資產之部分債券合共1,551,100,000 港元
at FVTPL and listed equity investment in the sum of HK$18,834.0	（二零一八年十二月三十一日：1,271,600,000
million (31st December, 2018: HK$20,167.0 million) presented as	港元）及呈列為通過其他全面收益以反映公
financial assets measured at FVTOCI. Included in current assets were	平值計量之金融資產之上市股本投資合共
part of the bonds in the sum of HK$6,875.3 million (31st December,	18,834,000,000 港元（二零一八年十二月三十
2018: HK$5,413.9 million) presented as financial assets measured	一日：20,167,000,000 港元）。流動資產當中
at FVTPL. Margin loans utilised to finance the securities investments	包括呈列為通過損益以反映公平值計量之金
in both non-current and current assets in the sum of HK$7,917.2	融資產之部分債券合共6,875,300,000 港元（二
million (31st December, 2018: HK$7,330.5 million) were presented	零一八年十二月三十一日：5,413,900,000 港
as borrowings in current liabilities.	元）。用作融資非流動及流動資產中之證券
	投資之保證金貸款合共7,917,200,000 港元（二
	零一八年十二月三十一日：7,330,500,000 港
	元），呈列為流動負債中之借貸。
If the margin loans of HK$7,917.2 million (31st December, 2018:	倘將保證金貸款7,917,200,000 港元（二零一
HK$7,330.5 million) were allocated into the securities investments	八	年十二月三十一日：7,330,500,000 港元）
secured according to the respective non-current and current assets	以相關呈列於非流動及流動資產中之抵押證
presentation, HK$4,534.7 million (31st December, 2018: HK$4,240.4	券投資分配，4,534,700,000 港元（二零一八
million) and HK$3,382.5 million (31st December, 2018: HK$3,090.1	年十二月三十一日：4,240,400,000 港元）及
million) were secured by the securities investments in non-current	3,382,500,000 港元（二零一八年十二月三十
and current assets respectively.	一日：3,090,100,000 港元）之保證金貸款分別
	以非流動及流動資產中證券投資作為抵押。
If the margin loans secured by the securities investments in non-	倘以非流動資產中證券投資作為抵押之保證
current assets of HK$4,534.7 million (31st December, 2018:	金貸款4,534,700,000 港元（二零一八年十二
HK$4,240.4 million) were reclassified as non-current liabilities, the	月三十一日：4,240,400,000 港元）被重新分類
net current liabilities position of the Group would become net current	為非流動負債，本集團於二零一九年六月三
assets position as at 30th June, 2019 of HK$2,775.5 million (31st	十日之流動負債淨值狀況將變為流動資產淨
December, 2018: HK$1,490.6 million).	值狀況2,775,500,000 港元（二零一八年十二
	月三十一日：1,490,600,000 港元）。

FINANCIAL OPERATION REVIEW (continued)

Net Current Liabilities (continued)

The ratio of margin loans against securities investments was loan-to- value ratio, which was 29.0% as at 30th June, 2019 (31st December, 2018: 27.3%). In accordance with the terms and conditions of margin loans facility agreements of the Group with financial institutions, among others, as long as the securities investments maintained market value which is in excess of pre-definedloan-to-value ratios as set out by the financial institutions, the margin loans upon interest payment due date would be roll-overedmonth-for-month, and repayment of margin loans by the Group to financial institutions would not be required. As such, very often margin loans of the Group which were presented as current liabilities would not be current and would be repayable over one year. In the event that the Group intends to reduce or repay part of the margin loans, the Group might, among others, dispose of some of the securities investments to effect the payment.

Listed securities investments and treasury products of the Group were frequently traded in the market, and formed part of the Group's treasury management. They were presented as non-current assets and current assets according to their intended holding periods.

If the entire listed securities investments and treasury products of the Group as at 30th June, 2019 were presented as current assets, current assets would be increased by HK$20,385.1 million (31st December, 2018: HK$21,438.6 million), and net current liabilities position of HK$1,759.2 million (31st December, 2018: HK$2,749.8 million) would become net current assets position of HK$18,625.9 million (31st December, 2018: HK$18,688.8 million).

財務業務回顧（續）

流動負債淨值（續）

貸款價值比率乃保證金貸款除以證券投資之比率，於二零一九年六月三十日為29.0%（二零一八年十二月三十一日：27.3%）。根據本集團與金融機構之保證金貸款融資協議之條款及條件（其中包括），只要證券投資之市值維持超過金融機構規定之預先定義貸款價值比率，到期支付利息之保證金貸款將按月滾存，本集團無需向金融機構償還保證金貸款。因此，本集團慣常將保證金貸款呈列為流動負債，然而並非流動及將於一年後償還。倘本集團有意減少或償還部分保證金貸款，則本集團可能（其中包括）出售部分證券投資以支付貸款。

本集團之上市證券投資及財資產品經常於市場買賣，及成為本集團資金管理之一部分。上市證券投資及財資產品乃按擬定持有期呈列為非流動資產及流動資產。

倘將本集團於二零一九年六月三十日之全部上市證券投資及財資產品呈列為流動資產，流動資產將會增加20,385,100,000 港元（二零一八年十二月三十一日：21,438,600,000 港元），及流動負債淨值狀況1,759,200,000 港元（二零一八年十二月三十一日： 2,749,800,000 港元）將變為流動資產淨值狀

18,625,900,000 港元（二零一八年十二月三
十一日：18,688,800,000 港元）。

The Group believes that the net current liabilities position as at 30th	本集團相信，於二零一九年六月三十日之流
June, 2019 would not have adverse financial effect to the Group's	動負債淨值狀況將不會對本集團之流動資金
liquidity or gearing position and the Group has ability to continue as	或負債狀況造成不利之財務影響，且本集團
a going concern.	能夠繼續持續經營。
Securities Investments	證券投資
The Group's strategy is to maintain securities investment portfolio for	本集團之策略是維持證券投資組合作為財資
treasury management and invest in listed securities investments and	管理以及投資具吸引收益率及良好前景之上
treasury products with attractive yield and good prospect in order to	市證券投資及財資產品，以確保長遠帶來穩
bring stable and satisfactory realised return in long run. During the	定及滿意之變現回報。於本期間，本集團進
Period, the Group further diversified the bonds portfolio comprised	一步使債券組合多元化，組合包括海外金融
of the bonds issued by overseas financial institutions and PRC-based	機構及中國房地產公司發行之債券。
real estate companies.
As at 30th June, 2019, the portfolio of listed securities investments	於二零一九年六月三十日，上市證券投資及
and treasury products of HK$27,260.4 million (31st December,	財資產品組合27,260,400,000 港元（二零一
2018: HK$26,852.5 million) comprised (a) bonds (financial assets	八年十二月三十一日：26,852,500,000 港元）
measured at FVTPL (non-current and current assets in aggregate)) of	中包括(a) 債券（通過損益以反映公平值計量
HK$8,426.4 million (31st December, 2018: HK$6,685.5 million); and	之金融資產（合共於非流動及流動資產內））
(b) listed equity investment (financial assets measured at FVTOCI) of	8,426,400,000 港元（二零一八年十二月三十
HK$18,834.0 million (31st December, 2018: HK$20,167.0 million),	一日：6,685,500,000 港元）；及(b) 上市股本投
representing 56.0% (31st December, 2018: 55.1%) of total assets.	資（通過其他全面收益以反映公平值計量之
	金融資產）18,834,000,000 港元（二零一八年
	十二月三十一日：20,167,000,000 港元），佔
	資產總額56.0%（二零一八年十二月三十一日：
	55.1%）。

FINANCIAL OPERATION REVIEW (continued)

Securities Investments (continued)

The respective securities investments under different categories are elaborated below:

Listed Equity Investments at Fair Value Through Other Comprehensive Income

財務業務回顧（續）

證券投資（續）

以下就不同類別之證券投資作出詳述：

通過其他全面收益以反映公平值之上市股本投資

In prior years, the Group had acquired 860,000,000 shares of China	於過往年度，本集團購入860,000,000 股中
Evergrande and recorded as financial assets measured at FVTOCI.	國恆大股份，並列為通過其他全面收益以
During the Period, no acquisition or disposal of shares of China	反映公平值計量之金融資產。於本期間，本
Evergrande. The Group held 860,000,000 shares of China Evergrande,	集團並無購入或出售中國恆大股份，並持有
representing approximately 6.6% of the total issued share capital of	860,000,000 股中國恆大股份（相當於中國恆
China Evergrande as at 30th June, 2019.	大於二零一九年六月三十日之全部已發行股
	本約6.6%）。
As at 31st December, 2018, the cumulative unrealised gain on fair	於二零一八年十二月三十一日，恆大股
value change of the Evergrande Shares was HK$6,571.0 million and	份之公平值變動之累計未變現收益為
the carrying amount of the Evergrande Shares was HK$20,167.0	6,571,000,000 港元及恆大股份之賬面值為
million. After deducting the unrealised fair value loss of HK$1,333.0	20,167,000,000 港元。經扣除本期間未變
million for the Period, the carrying amount of the Evergrande Shares	現公平值虧損1,333,000,000 港元後，於二
as at 30th June, 2019 was HK$18,834.0 million, representing 38.7%	零一九年六月三十日恆大股份之賬面值為
(31st December, 2018: 41.4%) of total assets. The cumulative	18,834,000,000 港元，佔資產總額38.7%（二零
unrealised gain on fair value change of the Evergrande Shares was	一八年十二月三十一日：41.4%）。恆大股份
reduced from HK$6,571.0 million as at 31st December, 2018 to	之公平值變動之累計未變現收益由二零一八
HK$5,238.0 million as at 30th June, 2019, which was recorded in	年十二月三十一日之6,571,000,000 港元下降
the financial assets measured at FVTOCI reserve. The unrealised fair	至於二零一九年六月三十日之5,238,000,000
value change is a non-cash item and will not affect the cash flow of	港元，並已錄入通過其他全面收益以反映公
the Group.	平值計量之金融資產之儲備內。未變現公平
	值變動乃非現金項目，對本集團現金流量並
	無構成影響。
China Evergrande group is principally engaged in the property	中國恆大集團主要於中國從事房地產開發、
development, property investment, property management, hotel	物業投資、物業管理、酒店營運、金融業務、
operations, finance business, internet business and health industry	互聯網業務及健康業務。根據中國恆大於截
business in the PRC. According to the audited consolidated financial	至二零一八年及二零一七年十二月三十一
statements of China Evergrande for the years ended 31st December,	日止年度之經審核綜合財務報表，收入及股
2018 and 2017, the revenue and profit attributable to shareholders	東應佔溢利分別為人民幣466,200,000,000
were RMB466.2 billion (2017: RMB311.0 billion) and RMB37.4	（二零一七年：人民幣311,000,000,000）
billion (2017: RMB24.4 billion) respectively; while the total assets	及人民幣37,400,000,000（二零一七年：人
and total equity were RMB1,880.0 billion (2017: RMB1,761.8 billion)	民幣24,400,000,000）；而資產總額及股本
and RMB308.6 billion (2017: RMB242.2 billion) respectively, the	權益總額分別為人民幣1,880,000,000,000
net debt was RMB468.9 billion (2017: RMB444.9 billion). Net debt	（二零一七年：人民幣1,761,800,000,000）
is calculated as total borrowings less cash and cash equivalents and	及人民幣308,600,000,000（二零一七年：人
restricted cash.	民幣242,200,000,000），債務淨額為人民
	幣468,900,000,000（二零一七年：人民幣
	444,900,000,000）。債務淨額乃按借貸總額減
	現金及現金等值物以及受限制現金計算。

FINANCIAL OPERATION REVIEW (continued)

Securities Investments (continued)

The respective securities investments under different categories are elaborated below: (continued)

Listed Investments and Treasury Products at Fair Value Through Profit or Loss

財務業務回顧（續）

證券投資（續）

以下就不同類別之證券投資作出詳述：（續）

通過損益以反映公平值之上市投資及財資產品

As at 31st December, 2018, the carrying amount of the bonds	於二零一八年十二月三十一日，呈列為通過
presented as financial assets measured at FVTPL was HK$6,685.5	損益以反映公平值計量之金融資產之債券賬
million. During the Period, the bonds portfolio was increased by	面值為6,685,500,000 港元。於本期間，該債
a net acquisition of HK$853.1 million. After adding the fair value	券組合已就購入淨額增加853,100,000 港元。
gain of HK$887.8 million, the bonds portfolio of the Group became	經計入公平值收益887,800,000 港元後，本集
HK$8,426.4 million as at 30th June, 2019, representing 17.3% (31st	團於二零一九年六月三十日之債券組合為
December, 2018: 13.7%) of total assets, which formed part of the	8,426,400,000 港元，佔資產總額17.3%（二零
Group's cash management activities.	一	八年十二月三十一日：13.7%），該組合為
	本集團資金管理活動之一部分。
As at 30th June, 2019, the bonds portfolio comprised of bonds issued	於二零一九年六月三十日，該債券組合包括
by overseas financial institutions of 47.2% (31st December, 2018:	47.2%（二零一八年十二月三十一日：53.7%）
53.7%), PRC-based real estate companies of 49.2% (31st December,	由海外金融機構發行、49.2%（二零一八年
2018: 41.6%) and other industries of 3.6% (31st December, 2018:	十二月三十一日：41.6%）由中國房地產公
4.7%). They are denominated in different currencies with 97.0%	司發行及3.6%（二零一八年十二月三十一
(31st December, 2018: 96.7%) in US$ and 3.0% (31st December,	日：4.7%）由其他行業之公司發行之債券。
2018: 3.3%) in Pound Sterling ("GBP"). The bonds denominated	該等債券以美元（97.0%）（二零一八年十二
in US$ carry at fixed rate range from 4.750% to 13.000% (31st	月三十一日：96.7%）及英鎊（「英鎊」）（3.0%）
December, 2018: 4.750% to 9.375%) per annum of which notional	（二零一八年十二月三十一日：3.3%）之不同
amount of US$1,007.4 million (31st December, 2018: US$911.4	貨幣計值。以美元計值之債券固定年利率為
million) are callable, all bonds denominated in GBP carry at fixed rate	4.750 厘至13.000 厘（二零一八年十二月三十
range from 5.875% to 7.250% (31st December, 2018: 5.875% to	一日：4.750 厘至9.375 厘），其中名義金額為
7.250%) per annum of notional amount of GBP25.5 million (31st	1,007,400,000 美元（二零一八年十二月三十一
December, 2018: GBP22.5 million) are callable. As at 30th June,	日：911,400,000 美元）之債券為可贖回。全部
2019, the bonds portfolio comprised of 29 bonds (31st December,	以英鎊計值之債券固定年利率為5.875 厘至
2018: 25 bonds); in terms of credit rating, investment grade, non-	7.250 厘（二零一八年十二月三十一日：5.875
investment grade and unrated were 5 bonds, 22 bonds and 2	厘至7.250厘），名義金額為25,500,000英鎊（二
bonds (31st December, 2018: 5 bonds, 16 bonds and 4 bonds)	零一八年十二月三十一日：22,500,000 英鎊）
respectively. In terms of maturity, 16 bonds (31st December, 2018:	之債券為可贖回。於二零一九年六月三十日，
14 bonds) were contingent convertible bonds issued by overseas	該債券組合包括29 隻（二零一八年十二月三
financial institutions which were perpetual with no fixed tenor. 13	十一日：25 隻）債券，以信貸評級分類，5 隻、
bonds (31st December, 2018: 11 bonds) issued by issuers other	22 隻及2 隻（二零一八年十二月三十一日：5
than overseas financial institutions will be matured between 2021	隻、16 隻及4 隻）債券分別為投資評級、非投
to 2046 and no perpetual bond (31st December, 2018: 8 bonds	資評級及未獲評級。以到期日分類，16 隻（二
would be matured between 2021 to 2046 and the remaining 3	零一八年十二月三十一日：14 隻）由海外金
bonds were perpetual).	融機構發行之或然可換股債券為永續債券及
	並無固定期限。13 隻（二零一八年十二月三
	十一日：11 隻）由海外金融機構以外之發行
	人發行之債券將於二零二一年至二零四六年

到期及並非永續債券（二零一八年十二月三十一日：8 隻債券將於二零二一年至二零四六年到期及餘下3 隻為永續債券）。

FINANCIAL OPERATION REVIEW (continued)

Securities Investments (continued)

The respective securities investments under different categories are elaborated below: (continued)

Listed Investments and Treasury Products at Fair Value Through Profit or Loss (continued)

財務業務回顧（續）

證券投資（續）

以下就不同類別之證券投資作出詳述：（續）

通過損益以反映公平值之上市投資及財資產品（續）

Details and movement of the bonds portfolio at the end of the

於報告期末債券組合之詳情及變動載列如下：

reporting period are set out below:

Overseas

financial

PRC-based

institutions

real estate

Others

Total

海外金融機構

中國房地產

其他

總額

HK$ million

百萬港元

Movement of

債券組合之變動

bonds portfolio

Carrying amounts

賬面值

At 31st December, 2018

於二零一八年

十二月三十一日

3,588.3

2,780.9

316.3

6,685.5

Purchases

購入

80.5

2,305.9

2,386.4

Disposals

出售

(1,480.4)

(52.9)

(1,533.3)

Fair value changes

公平值變動

308.7

539.6

39.5

887.8

At 30th June, 2019

於二零一九年

六月三十日

3,977.5

4,146.0

302.9

8,426.4

Percentage to total assets

佔資產總額之百分比

At 30th June, 2019

於二零一九年

六月三十日

8.2%

8.5%

0.6%

17.3%

At 31st December, 2018

於二零一八年

十二月三十一日

7.4%

5.7%

0.6%

13.7%

At 30th June, 2019

At 31st December, 2018

於二零一九年六月三十日

於二零一八年十二月三十一日

Percentage

HK$ million

to total

HK$ million

to total

佔總額之

百萬港元

百分比

百萬港元

百分比

Bond issuers by industry

按債券發行人之行業

Carrying amounts

賬面值

Overseas financial

海外金融機構

institutions

3,977.5

47.2%

3,588.3

53.7%

PRC-based real estate

中國房地產

4,146.0

49.2%

2,780.9

41.6%

Others

其他

302.9

3.6%

316.3

4.7%

8,426.4

100.0%

6,685.5

100.0%

FINANCIAL OPERATION REVIEW (continued)

Securities Investments (continued)

The respective securities investments under different categories are elaborated below: (continued)

財務業務回顧（續）

證券投資（續）

以下就不同類別之證券投資作出詳述：（續）

Listed Investments and Treasury Products at Fair Value Through Profit or Loss (continued)

Details and movement of the bonds portfolio at the end of the reporting period are set out below: (continued)

通過損益以反映公平值之上市投資及財資產品（續）

於報告期末債券組合之詳情及變動載列如下：

（續）

Bonds by currency

Carrying amounts
US$
GBP

At 30th June, 2019

At 31st December, 2018

於二零一九年六月三十日

於二零一八年十二月三十一日

Coupon rate

Percentage

Coupon rate

Percentage

(per annum)

HK$ million

to total

(per annum)

HK$ million

to total

佔總額之

票息年利率

百萬港元

百分比

票息年利率

百萬港元

百分比

按債券之貨幣

賬面值

美元

4.750% to

8,172.0

97.0%

4.750% to

6,466.6

96.7%

13.000%

9.375%

4.750 厘至

13.000 厘

9.375 厘

英鎊

5.875% to

254.4

3.0%

5.875% to

218.9

3.3%

7.250%

5.875 厘至

7.250 厘

	8,426.4	100.0%	6,685.5	100.0%

Unlisted Securities Investments	非上市證券投資
The Group invested in an exempted limited partnership formed under	本集團已投資於一間按開曼群島獲豁免有限
the Exempted Limited Partnership Law (Revised) of the Cayman	合夥企業法（經修訂）成立之獲豁免有限合夥
Islands and the carrying amount was HK$408.1 million as at 31st	企業及於二零一八年十二月三十一日其賬
December, 2018. During the Period, the Group has contributed	面值為408,100,000 港元。於本期間，本集團
US$2.6 million (equivalent to approximately HK$20.0 million) and	已注資2,600,000 美元（相當於約20,000,000
received distribution of US$2.6 million (equivalent to approximately	港元）及已收分派2,600,000 美元（相當於約
HK$20.0 million) (which was included in financial assets measured	20,000,000 港元）（計入通過其他全面收益以
at FVTOCI), after adding the fair value gain for the Period of HK$24.6	反映公平值計量之金融資產），經計入本期
million (which was recognised in financial assets measured at FVTOCI	間公平值收益24,600,000 港元（於通過其他全
reserve), the carrying amount was HK$432.7 million as at 30th June,	面收益以反映公平值計量之金融資產之儲備
2019, representing 0.9% (31st December, 2018: 0.8%) of total	內確認）後，於二零一九年六月三十日之賬面
assets.	值為432,700,000 港元，佔資產總額0.9%（二
		零一八年十二月三十一日：0.8%）。
Risk Management	風險管理
The Group has established adequate risk management procedures	本集團設有一套完善的風險管理程序，以識
that enable it to identify, measure, monitor and control various	別、衡量、監察及控制其面對的各種風險，
types of risk it faces. This is supplemented by active management	同時輔以管理層之積極參與、有效的內部監
involvement, effective internal controls and adequate internal audit	控及足夠的內部審核，以保障本集團的最佳
in the best interests of the Group.	利益。
Equity	股本
The number of issued ordinary shares as at 30th June, 2019 and	於二零一九年六月三十日及二零一八年
31st December, 2018 were 1,907,619,079.	十二月三十一日的已發行普通股數目為
		1,907,619,079 股。


FINANCIAL OPERATION REVIEW (continued)	財務業務回顧（續）
Debt and Gearing	債務及資本與負債比率
As at 30th June, 2019, the Group's total debt amounted to	於二零一九年六月三十日，本集團之債務
HK$14,259.9 million (31st December, 2018: HK$13,747.7 million),	總額為14,259,900,000 港元（二零一八年十
comprised bank and other borrowings of HK$14,221.7 million (31st	二月三十一日：13,747,700,000 港元），包
December, 2018: HK$13,747.7 million) and lease liabilities of	括銀行及其他借貸14,221,700,000 港元（二
HK$38.2 million (31st December, 2018: nil). Cash and deposits	零一八年十二月三十一日：13,747,700,000
at banks amounted to HK$870.9 million (31st December, 2018:	港元）及租賃負債38,200,000 港元（二零一
HK$714.6 million), pledged deposits amounted to HK$243.9 million	八	年十二月三十一日：無）。現金及銀行存
(31st December, 2018: HK$237.4 million) and net debt (including	款為870,900,000 港元（二零一八年十二月
lease liabilities) amounted to HK$13,145.1 million (31st December,	三十一日：714,600,000 港元），抵押存款為
2018: HK$12,795.7 million). Upon the initial application of Hong	243,900,000 港元（二零一八年十二月三十一
Kong Financial Reporting Standard 16 "Leases" on 1st January, 2019	日：237,400,000 港元），而債務淨額（包括租
(details are set out in Note 2 "Principal Accounting Policies" to the	賃負債）為13,145,100,000 港元（二零一八年十
unaudited condensed consolidated financial statements), recognition	二	月三十一日：12,795,700,000 港元）。於二
of lease liabilities gave rise to increase in total debt and net debt of	零一	九年一月一日，首次應用香港財務報告
the Group.	準則第16 號「租賃」（詳情載列於未經審核簡
	明綜合財務報表附註2「主要會計政策」內），
	確認租賃負債導致本集團之債務總額及債務
	淨額增加。
Total debt to equity ratio (including lease liabilities) was 42.3% (31st	債務總額與股本權益比率（包括租賃負債）
December, 2018: 40.3%) and net debt to equity ratio (including	為42.3%（二零一八年十二月三十一日：
lease liabilities) was 39.0% (31st December, 2018: 37.5%), which	40.3%），而債務淨額與股本權益比率（包括
are expressed as a percentage of total debt, and net debt, respectively,	租賃負債）為39.0%（二零一八年十二月三十
over the total equity of HK$33,729.9 million (31st December, 2018:	一日：37.5%），乃分別將債務總額及債務淨
HK$34,143.6 million). The increase in both ratios was mainly due to	額除以股本權益總額33,729,900,000 港元（二
increase in total debt and net debt as well as decrease in total equity.	零	一八年十二月三十一日：34,143,600,000 港
	元）得出之百分比。兩個比率增加主要由於債
	務總額及債務淨額增加以及股本權益總額減
	少所致。
If the listed securities investments and treasury products of	如計入上市證券投資及財資產品
HK$27,260.4 million (31st December, 2018: HK$26,852.5 million)	27,260,400,000 港元（二零一八年十二月三十
are included, there would be a net cash position of HK$14,115.3	一日：26,852,500,000 港元），則狀況將會為
million (31st December, 2018: HK$14,056.8 million).	現金淨額14,115,300,000 港元（二零一八年十
	二月三十一日：14,056,800,000 港元）。
As at 30th June, 2019, the Group's bank and other borrowings of	於二零一九年六月三十日，本集團之銀行
HK$14,221.7 million, 69.4%, 8.1% and 22.5% were repayable	及其他借貸14,221,700,000 港元中，69.4%、
within 1 year, 1 to 2 years and 2 to 5 years respectively. Of which	8.1% 及22.5% 須分別於一年內、一年至兩年
the Group's bank and other borrowings were denominated in HK$	內及兩年至五年內償還。於本集團之銀行及
(52.2%), GBP (28.5%) and US$ (19.3%) before entering the cross	其他借貸中，以港元（52.2%）、英鎊（28.5%）
currency swap. HK$, GBP and US$ securities investments were	及美元（19.3%）（進行貨幣掉期前）計值。港
hedged by HK$, GBP and US$ borrowings. During the Period, the	元、英鎊及美元之證券投資以港元、英鎊及
Group has entered into short term US$/HK$ cross currency swap to	美元借貸對沖。於本期間，本集團訂立短期
enhance interest payable on borrowing, and as at 30th June, 2019,	美元╱港元貨幣掉期以改善借貸之應付利息，
notional amount of approximately US$158.6 million was outstanding.	以及於二零一九年六月三十日未償還之名義
The Group's bank borrowings were carried at interest rates calculated	金額約為158,600,000 美元。本集團之銀行借
with reference to cost of funds, Hong Kong Interbank Offered Rate	貸參照資金成本、香港銀行同業拆息（「香港
("HIBOR") or London Interbank Offered Rate; other borrowings were	銀行同業拆息」）或倫敦銀行同業拆息計算利
carried at interest rates calculated with reference to cost of funds or	率；而其他借貸參照資金成本或香港銀行同
HIBOR. As at 30th June, 2019, all the Group's borrowings were on	業拆息計算利率。於二零一九年六月三十日，
floating rate basis. Except as disclosed, no hedging for interest rate	本集團所有借貸均為浮息借貸。除所披露者
is subsisted at the end of the reporting period.	外，於報告期末並無就利率作出對沖。

FINANCIAL OPERATION REVIEW (continued)

Pledge of Assets

As at 30th June, 2019, the Group had pledged the following assets with their respective carrying amounts:

The Group's investment properties of HK$12,362.5 million (31st December, 2018: HK$12,770.6 million) and bank deposits of HK$228.8 million (31st December, 2018: HK$208.6 million) were pledged to the banks to secure general banking and loan facilities granted to the Group.
The Group's bonds and listed equity investment with carrying amounts of HK$27,260.4 million (31st December, 2018: HK$25,445.5 million) and cash deposits of HK$15.1 million (31st December, 2018: HK$28.8 million) were pledged to the financial institutions to secure margin and securities facilities granted to the Group in respect of securities transactions, of which HK$7,917.2 million (31st December, 2018: HK$7,330.5 million) was utilised as at 30th June, 2019 as borrowings due within one year.

財務業務回顧（續）

資產抵押

於二零一九年六月三十日，本集團已抵押以下資產連同其相關之賬面值：

就本集團獲授之一般銀行及貸款融資，本集團之投資物業12,362,500,000 港元（二零
- 八年十二月三十一日：12,770,600,000
  港元）及銀行存款228,800,000 港元（二零
- 八年十二月三十一日：208,600,000 港元）已抵押予銀行。
就本集團有關證券交易獲授之保證金及證券融資，本集團之債券及上市股本投資之賬面值27,260,400,000 港元（二零一八年十二月三十一日：25,445,500,000 港元）及現金存款15,100,000 港元（二零一八年十二月三十一日：28,800,000 港元）已抵押予金融機構。而本集團於二零一九年六月三十日已動用融資並於一年內到期之借貸為7,917,200,000 港元（二零
- 八年十二月三十一日：7,330,500,000
  港元）。

(c) Interests in certain subsidiaries of the Company have been	(c) 本公司若干附屬公司之權益已質押為本
pledged as part of the security to secure certain bank borrowings	集團獲授若干銀行借貸之部分抵押品。
granted to the Group.
In addition, the Group had subordinated and assigned its advance	此外，於二零一九年六月三十日，本集團已
to a joint venture of HK$154.2 million to a bank to secure a banking	就一間合資公司獲授之銀行信貸額將其墊付
facility granted to the joint venture as at 30th June, 2019.	該合資公司款項154,200,000 港元轉歸及授讓
	予一間銀行。
Financial and Interest Income/Expenses	財務及利息收入╱開支
Interest income was included in revenue and investment income	收入及投資收入（二零一八年：收入、投資收
(2018: revenue, investment income and other income). Interest	入及其他收入）均包括利息收入。本期間之
income for the Period was HK$355.6 million, representing an increase	利息收入為355,600,000 港元，較去年同期之
of 12.3% over the same period of last year of HK$316.8 million,	316,800,000 港元增加12.3%，主要由於本期
mainly due to increase in bond interest income during the Period.	間債券利息收入增加所致。
Finance costs included interest expenses on bank and other borrowings	財務費用包括銀行及其他借貸以及租賃負債
and lease liabilities (2018: interest expenses on bank and other	之利息開支（二零一八年：銀行及其他借貸之
borrowings); exchange difference on translation of foreign currency	利息開支）；外幣借貸所產生之匯兌差額；以
borrowings; and arrangement fee and facility and commitment fee	及安排費用與信貸及承擔費用開支。本期間
expenses. Interest expenses (excluding interest expenses on lease	之利息開支（不包括租賃負債之利息開支）為
liabilities) for the Period amounted to HK$193.1 million, representing	193,100,000 港元，較去年同期之153,300,000
an increase of 26.0% over the same period of last year of HK$153.3	港元增加26.0%，該增加主要由於於本期間
million and the increase was mainly due to the increase in interest	利率上升所致。於回顧期內之平均利率為2.63
rates during the Period. The average interest rate over the period	厘（二零一八年：2.01 厘），乃以利息支付總
under review was 2.63% (2018: 2.01%), which was expressed as a	額（不包括租賃負債之利息）除以平均計息借
percentage of total interest paid (excluding interest on lease liabilities)	貸總額得出之百分比。
over the average total interest-bearing borrowings.

FINANCIAL OPERATION REVIEW (continued)

Remuneration Policies, Share Option Scheme and Share Award Scheme

As at 30th June, 2019, the Group employed a total of 474 staff (31st December, 2018: 476 staff) including about 233 staff (31st December, 2018: 237 staff) employed under the estate management company in Hong Kong.

Employees were remunerated on the basis of their performance, experience and prevailing industry practice. Remuneration packages comprised salary and year-end discretionary bonus based on market conditions and individual performance. The executive directors of the Company continued to review employees' contributions and to provide them with necessary incentives and flexibility for their better commitment and performance. No share option scheme was adopted during the Period.

財務業務回顧（續）

酬金政策、購股權計劃及股份獎勵計劃

於二零一九年六月三十日，本集團於香港共有僱員474 人（二零一八年十二月三十一日： 476 人），包括受僱於物業管理公司之員工約 233人（二零一八年十二月三十一日：237人）。

僱員薪金乃根據其表現、經驗及目前業內慣例釐定。酬金包括薪金以及按市況及個人表現釐定之年終酌情花紅。本公司之執行董事持續檢討僱員之貢獻及向彼等提供所需之獎勵及彈性，使其更投入工作及有更佳表現。本期間並無採納購股權計劃。

The Company had adopted a share award scheme ("Share Award	本公司於二零零九年採納股份獎勵計劃（「股
Scheme") in 2009 which was valid and effective until 13th January,	份獎勵計劃」），該股份獎勵計劃有效及生效
2019 ("Expiry"). The Share Award Scheme was to recognise and	至二零一九年一月十三日（「期滿」）止。該股
reward certain employees for their contributions to the Group and	份獎勵計劃旨在向為本集團作出貢獻之若干
to give long-term incentives for retaining them for the continued	僱員給予肯定及回報，並作為吸引其留効本
operations and development of the Group. Details were set out in	集團，繼續為本集團之持續營運及發展而努
"Share Award Scheme" in the section headed "Directors' Report" of	力之長期獎勵。有關股份獎勵計劃之詳情已
the Company's 2018 annual report. No share was granted under the	刊載於本公司二零一八年年報「董事會報告書」
Share Award Scheme during the period from 1st January, 2019 to	一節中「股份獎勵計劃」一段內。由二零一九
the Expiry and during the life of the Share Award Scheme.	年一月一日至期滿之期間及於股份獎勵計劃
	有效期內並無就該股份獎勵計劃授出任何股
	份。
United Kingdom and Mainland China	英國及中國大陸
As at 30th June, 2019, the Group's investment properties in	本集團位於英國之投資物業於二零一九年
the United Kingdom with carrying amount of GBP813.6 million	六月三十日之賬面值為813,600,000 英鎊（相
(equivalent to approximately HK$8,062.1 million) (31st December,	當於約8,062,100,000 港元）（二零一八年十
2018: GBP855.4 million (equivalent to approximately HK$8,501.5	二月三十一日：855,400,000 英鎊（相當於約
million)) incurred a net loss of HK$334.4 million (2018: HK$164.8	8,501,500,000 港元））並為本集團於本期間
million) to the Group for the Period, the loss mainly included in gross	帶來虧損淨額334,400,000 港元（二零一八
profit, fair value changes on investment properties, finance costs and	年：164,800,000 港元），而該虧損主要包括
taxation. GBP exchange loss of foreign operations included in other	毛利、投資物業之公平值變動、財務費用及
comprehensive expenses for the Period amounted to HK$5.1 million	稅項。已計入本期間之其他全面支出之境
(2018: HK$102.2 million). As at 30th June, 2019, the Group's net	外業務之英鎊匯兌虧損為5,100,000 港元（二
investment in the United Kingdom amounted to HK$4,488.5 million	零一八年：102,200,000 港元）。於二零一九
(31st December, 2018: HK$4,826.2 million) representing 13.3%	年六月三十日，本集團於英國之投資淨額為
(31st December, 2018: 14.1%) of the Group's total equity.	4,488,500,000 港元（二零一八年十二月三十
	一日：4,826,200,000 港元），佔本集團股本權
	益總額13.3%（二零一八年十二月三十一日：
	14.1%）。

FINANCIAL OPERATION REVIEW (continued)

United Kingdom and Mainland China (continued)

Loss incurred by the Group's investment in Mainland China (mainly included in other income, share of results of investments accounted for using the equity method and taxation) for the Period amounted to HK$5.9 million (2018: profit of HK$8.0 million). RMB exchange loss of foreign operations included in other comprehensive expenses (including share of investments accounted for using the equity method) for the Period amounted to HK$1.8 million (2018: HK$5.6 million). The Group's net investment in Mainland China as at 30th June, 2019 amounted to HK$566.2 million (31st December, 2018: HK$574.1 million) representing 1.7% (31st December, 2018: 1.7%) of the Group's total equity.

Property Valuation

Property valuations in respect of the Group's investment properties in Hong Kong and Mainland China as at 30th June, 2019 and 31st December, 2018 were carried out by B.I. Appraisals, independent qualified professional valuer. For the investment properties in the United Kingdom, the property valuations as at 30th June, 2019 and 31st December, 2018 were carried out by Peak Vision Appraisals, another independent qualified professional valuer. Their valuations were based on investment method and/or direct comparison method as the valuation methodologies and were used in preparing 2019 interim results.

The Group's investment properties were valued at HK$14,840.2 million (31st December, 2018: HK$15,280.8 million), a 2.8% decrease over 2018 after adjusted for the additions and exchange adjustments of investment properties during the Period. The decrease in fair value of HK$427.1 million was recognised in the unaudited condensed consolidated statement of comprehensive income for the Period. The Group also shared an increase in fair value of investment properties held by associates and a joint venture of HK$70.3 million in total for the Period.

The decrease in fair value of HK$427.1 million was mainly derived from decrease in fair value of investment properties located in the United Kingdom. The fair value change is a non-cash item and will not affect the cash flow of the Group.

財務業務回顧（續）

英國及中國大陸（續）

本集團於中國大陸之投資為本期間帶來虧損 5,900,000 港元（二零一八年：溢利8,000,000 港元）（主要包括其他收入、攤佔以權益法入賬投資之業績及稅項）。已計入本期間之其他全面支出（包括攤佔以權益法入賬之投資）之境外業務之人民幣匯兌虧損為1,800,000 港元（二零一八年：5,600,000 港元）。於二零一九年六月三十日，本集團於中國大陸之投資淨額為566,200,000 港元（二零一八年十二月三十一日：574,100,000 港元），佔本集團股本權益總額1.7%（二零一八年十二月三十一日： 1.7%）。

物業估值

本集團位於香港及中國大陸之投資物業由獨立合資格專業估值師保柏國際評估進行於二零一九年六月三十日及二零一八年十二月三十一日之物業估值。至於位於英國之投資物業，由另一獨立合資格專業估值師澋鋒評估進行於二零一九年六月三十日及二零一八年十二月三十一日之物業估值。所有評估皆採納投資法及╱或直接比較法作為估值方法，並已用於編製二零一九年中期業績。

本集團投資物業之估值為14,840,200,000 港元（二零一八年十二月三十一日： 15,280,800,000 港元），經作出調整本期間投資物業之添置及匯兌調整後，較二零一八年減少2.8%。本期間之公平值減少427,100,000 港元已計入未經審核簡明綜合全面收益報表內。本集團亦於本期間攤佔由聯營公司及一間合資公司持有之投資物業之公平值增加合

70,300,000 港元。

公平值減少427,100,000 港元乃主要來自位於英國投資物業之公平值減少所致。公平值變動乃非現金項目，對本集團現金流量並無構成影響。

BUSINESS REVIEW	業務回顧
Hong Kong Property Investment	香港物業投資
Rentals from investment properties continued to be one of the major	投資物業之租金仍然是本集團之主要收入來
sources of our income.	源之一。
As at 30th June, 2019, the occupancy rate of the shops of Causeway	於二零一九年六月三十日，銅鑼灣地帶之商
Place was approximately 97.27%.	舖出租率約為97.27%。
Olympian City 3 (25% interest), the retail mall in The Hermitage	奧海城三期（佔25% 權益），位於西九龍帝峯 •
residences in West Kowloon, the occupancy rate was approximately	皇殿住宅之商場，於二零一九年六月三十日，
95.07% as at 30th June, 2019.	出租率約為95.07%。
Coronation Circle (15% interest), the retail mall in The Coronation	中港薈（佔15% 權益），位於西九龍御金 • 國峯
residences in West Kowloon, the occupancy rate was approximately	住宅之商場，於二零一九年六月三十日，出
87.35% as at 30th June, 2019.	租率約為87.35%。
As at 30th June, 2019, the occupancy rate of the Group's office	於二零一九年六月三十日，本集團之辦公室
property, Harcourt House was approximately 91.28%.	物業 - 夏慤大廈之出租率約為91.28%。
No. 1 Hung To Road (33.33% interest), a 33-storey industrial building	鴻圖道一號（佔33.33% 權益），位於觀塘一幢
in Kwun Tong, the average occupancy rate was approximately 89.58%	33 層之工業大廈，於本期間內之平均出租率
during the Period.	約為89.58%。
Nos. 14-18 Ma Kok Street (50% interest), an industrial building	馬角街14 至18 號（佔50% 權益），一幢位於荃
in Tsuen Wan was fully let during January to March 2019. It is	灣之工業大廈，所有單位於二零一九年一月
planned to be redeveloped into a 23-storey (including G/F and 2	至三月均獲承租。該項目計劃重建為一幢23
levels of basement) industrial building with a total gross floor area of	層之工業大廈（包括地下及兩層地庫），總樓
approximately 228,000 square feet. Section 16 Planning Application	面面積約228,000 平方呎。於二零一九年二月
for minor relaxation of plot ratio restriction has been submitted to	已根據《城市規劃條例》第16 條向城市規劃委
the Town Planning Board in February 2019.	員會遞交略為放寬地積比率限制申請。
Hong Kong Property Development	香港物業發展
The Hermitage (25% interest) is one of the Group's joint venture	帝峯 • 皇殿（佔25% 權益）為本集團其中一項
development projects in West Kowloon. It comprises 6 residential	位於西九龍的合營發展項目。該項目由6 座
tower blocks and provides in aggregate 964 residential units and	住宅大廈組成，提供合共964 個住宅單位及
retail properties with a total gross floor area of around 1,095,980	零售商舖，總樓面面積合共約1,095,980 平方
square feet. As at 30th June, 2019, 99.79% of total units were sold.	呎。於二零一九年六月三十日，已售出單位
	總數之99.79%。
The Coronation (15% interest) is another joint venture development	御金 • 國峯（佔15% 權益）為本集團另一項位
project of the Group in West Kowloon. It comprises 6 residential	於西九龍的合營發展項目。該項目由6 座住
tower blocks and provides in aggregate 740 residential units and	宅大廈組成，提供合共740 個住宅單位及零
retail properties with a total gross floor area of around 650,600	售商舖，總樓面面積合共約650,600 平方呎。
square feet. As at 30th June, 2019, 99.86% of total units were sold.	於二零一九年六月三十日，已售出單位總數
	之99.86%。

BUSINESS REVIEW (continued)

業務回顧（續）

Hong Kong Property Development (continued)

Grand Central (10% interest) is a joint venture development project of the Group awarded by the Urban Renewal Authority. Its total site area is approximately 234,160 square feet. Total gross floor area of around 1,853,561 square feet will be developed. 4 residential tower blocks with 1,999 residential units in aggregate will be built in two phases. Presale consent applications of both phases were approved in 2018. Since the presales commenced in December 2018, 863 units of first phase and 767 units of second phase were presold up to 30th June, 2019. Superstructure works of both phases are in progress, the whole project will be completed in the first half of 2021.

Mainland China Property Investment

Hilton Beijing (50% interest) is a five-star international hotel consists of 506 rooms. During the Period, 15th to 25th Floors of the main tower were under renovation. As at 30th June, 2019, the occupancy rate of Hilton Beijing was approximately 53.35%.

Oriental Place (50% interest) is a 10-storey office building next to Hilton Beijing. Its average occupancy rate was approximately 80.30% during the Period.

Overseas Property Investment

Overall, approximately 99.13% of the Group's investment property portfolio in the United Kingdom has been let out during the Period.

River Court is a freehold office building situated at 116-129 Fleet Street, London, United Kingdom. It provides a total net internal area of approximately 431,324 square feet, together with certain car parking spaces. During the Period, River Court was fully let.

"14 St George Street" is a freehold office building located in London, United Kingdom. The building comprises approximately 51,861 square feet of office accommodation arranged over lower ground, ground and four upper floors. It was fully let during the Period.

"61-67 Oxford Street and 11-14 Soho Street" is a mixed use freehold building located in London, United Kingdom, comprising approximately 55,162 square feet in aggregate. The building provides retails, office and residential accommodation, occupying approximately 33,850 square feet, 13,735 square feet and 7,577 square feet respectively, over lower ground, ground and six upper floors. It was fully let during the Period.

"11 and 12 St James's Square and 14 to 17 Ormond Yard" is a mixed use freehold building located in London, United Kingdom. The building provides around 80,000 square feet office accommodation arranged over lower ground, ground and six upper floors, approximately 93.26% had been let out during the Period on average.

香港物業發展（續）

凱滙（佔10% 權益）為本集團獲市區重建局批予發展之合營發展項目。地盤面積合共約 234,160 平方呎，將發展之總樓面面積合共約 1,853,561 平方呎。分為兩期建成4 座住宅大廈，合共提供1,999 個住宅單位。兩期項目均於二零一八年獲批預售樓花同意書。自二零一八年十二月開始預售以來，截至二零一九年六月三十日止已預售第一期863 個單位及第二期767 個單位。兩期項目之上蓋建築工程現正進行。整個項目將於二零二一年上半年竣工。

中國內地物業投資

北京希爾頓酒店（佔50% 權益）為一座設有 506 間客房的五星級國際酒店，於本期間內，其主樓之15 至25 樓層正進行翻新工程。於二零一九年六月三十日，入住率約為53.35%。

東方國際大廈（佔50% 權益）為北京希爾頓酒店側的一幢樓高10 層辦公樓，於本期間內之平均出租率約為80.30%。

海外物業投資

整體而言，於本期間內，本集團於英國之投資物業組合約99.13% 獲承租。

River Court 為一幢位於英國倫敦Fleet Street 116-129 號之永久業權寫字樓。River Court 提供總室內淨面積約431,324 平方呎，連同若干泊車位。River Court 之所有單位於本期間內均獲承租。

「St George Street 14 號」為一幢位於英國倫敦之永久業權寫字樓。該物業由面積合共約 51,861 平方呎分佈於地下低層、地下及樓上四層之寫字樓樓面組成。該物業之所有單位於本期間內均獲承租。

「Oxford Street 61-67 號及Soho Street 11-14 號」為一幢位於英國倫敦之永久業權綜合用途樓宇，面積合共約55,162 平方呎。該物業提供零售、寫字樓及住宅單位，面積分別約33,850 平方呎、13,735 平方呎及7,577 平方呎，由地下低層、地下及樓上六層組成。該物業之所有單位於本期間內均獲承租。

「St James's Square 11 及12 號以及Ormond Yard 14 至17 號」為一幢位於英國倫敦之永久業權綜合用途樓宇。該物業提供約80,000 平方呎之寫字樓樓面，分佈於地下低層、地下及樓上六層。於本期間內平均約93.26% 獲承租。

BUSINESS REVIEW (continued)

Securities Investments

Securities investments is one of the principal activities of the Group.

The Group's strategy is to maintain securities investment portfolio for treasury management. As at 30th June, 2019, the Group's securities investment portfolio comprised of bonds and listed equity investments. The Group's primary objectives when managing capital are to safeguard the abilities of the entities in the Group to continue as a going concern, so that it can continue to provide returns for shareholders of the Company. The Group's strategy for future investments is to invest in a diversified portfolio to minimise risks with attractive yield, good liquidity and issuers from reputable entities, so as to maintain a healthy financial status and grasp every good investment chance. No investments are made for speculative purposes.

The gain recognised from securities investments for the Period was approximately HK$1,145.3 million. Details of the performance of securities investments are disclosed in the "Financial Operation Review" of this interim report.

The Group will continue to closely monitor its portfolio of securities investments to achieve satisfactory returns.

業務回顧（續）

證券投資

證券投資乃本集團其中一項主要業務。

本集團的策略是維持證券投資組合的財資管理。於二零一九年六月三十日，本集團證券投資組合包括債券及上市股本投資。本集團管理資本之主要目標為保持本集團之實體持續經營之能力，以確保本集團能為本公司股東持續提供回報。本集團之未來投資策略是投資於具吸引收益率、充分流動性及由信譽良好之發行人發行之多元化投資組合以把風險降至最低，從而保持穩健的財務狀況，抓住每一個良好的投資機會。沒有投資是作為投機之用。

本期間證券投資確認之收益約1,145,300,000 港元。證券投資表現之詳情於本中期報告「財務業務回顧」內披露。

本集團將繼續密切監察其證券投資組合，以取得令人滿意的回報。

OTHER INFORMATION AND EVENTS AFTER THE	其他資料及報告期末後事項
REPORTING PERIOD
Connected Transaction and Continuing Connected Transactions	關連交易及持續關連交易
- Agreements for Tenancies	- 租賃協議
On 28th February, 2019, the Group (as tenant) entered into (a) a	於二零一九年二月二十八日，本集團（作為
tenancy agreement in relation to the leasing of the whole of 17th floor	租戶）與當時由(i) 陳凱韻女士（執行董事及本
of Chubb Tower, Windsor House; and (b) an agreement for lease in	公司之主要股東（彼之兩名未成年子女）之信
relation to the leasing of the whole of 19th floor, the whole of 20th	託人）（以其未成年子女之信託人之身份及其
floor and the whole of 21st floor of Chubb Tower, Windsor House,	本身之身份）、(ii) 劉鳴煒先生（非執行董事、
with a company at that time indirectly owned by (i) Ms. Chan, Hoi-wan	董事會主席及本公司之主要股東）、及(iii) 劉
(an Executive Director and a trustee of the substantial shareholders	鑾雄先生（陳凱韻女士之配偶）之家族信託間
of the Company (who are two of her minor children)), both in her	接持有之公司（作為業主）訂立(a) 一份有關租
capacity as a trustee of her minor children and in her own capacity;	賃皇室大廈安達人壽大樓17 樓全層的租賃協
(ii) Mr. Lau, Ming-wai (a Non-executive Director, the Chairman of	議；及(b) 一份有關租賃皇室大廈安達人壽大
the Board and a substantial shareholder of the Company); and (iii)	樓19 樓全層、20 樓全層及21 樓全層的同意租
a family trust of Mr. Joseph Lau, Luen-hung (the spouse of Ms. Chan,	賃協議（「該等交易」），以作本集團之新總部。
Hoi-wan) (as landlord) (the "Transactions"), for the purpose of new	該等交易構成本公司之關連交易及持續關連
headquarter of the Group. The Transactions constitute a connected	交易，詳情載列於本公司日期為二零一九年
transaction and continuing connected transactions for the Company	二月二十八日之公布內。
as more described in the Company's announcement dated 28th
February, 2019.

Adoption of Dividend Policy

The Board has approved and adopted a Dividend Policy for the Company on 5th March, 2019, details as disclosed in the "Corporate Governance Report" of the Company's 2018 annual report.

採納股息政策

董事會於二零一九年三月五日批准並採納本公司之股息政策，詳情載列於本公司二零一八年年報「企業管治報告書」內。

OTHER INFORMATION AND EVENTS AFTER THE REPORTING PERIOD (continued)

Change of Address of Registered Office in Bermuda

As announced on 15th July, 2019, the address of the Company's registered office in Bermuda has been changed to Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda with effect from 15th July, 2019.

Change of Address of Principal Registrar and Transfer Office in Bermuda

As announced on 19th July, 2019, the address of MUFG Fund Services (Bermuda) Limited, the Company's principal registrar and transfer office in Bermuda, has been changed to 4th Floor North, Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda with effect from 19th July, 2019.

其他資料及報告期末後事項（續）

百慕達註冊辦事處之地址變更

誠如二零一九年七月十五日發出之公布，自二零一九年七月十五日起，本公司於百慕達之註冊辦事處之地址已變更為Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda。

百慕達主要過戶登記處之地址變更

誠如二零一九年七月十九日發出之公布，自二零一九年七月十九日起，本公司於百慕達之主要過戶登記處MUFG Fund Services (Bermuda) Limited 之地址已變更為4th Floor North, Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda。

PROSPECTS	展望
The 2019 global economic outlook remains clouded in the face	面對二零一九年各種外圍阻力，二零一九年
of various external headwinds in 2019. There have been growing	的全球經濟前景仍然黯淡。過去幾個月中美
uncertainties between China and the United States over the past few	之間的不明朗因素日益增加。市場普遍認同
months. The market consensus is that such growing uncertainties will	該等日漸增加的不明朗因素將成為在近期內
be among one of the impediments to resolving the US-China trade	解決中美貿易爭端的障礙之一。另外亦有跡
disputes in any near future. There are also signs showing that the	象顯示，爭端正蔓延至如科技及國防等貿易
disputes are spreading towards areas outside of the remits of trades,	以外的領域。由於中美貿易戰長期持續；加
such as technologies and national defense. Stock markets have lost	上美國及亞洲國家對利率調整的期待，股市
directions and momentum because of the prolonged US-China trade	已失去方向及動力。
war; as well as the waits on interest rates movements across the
United States and Asian countries.
On the local front, the once proposed extradition bill sparked a series	本地方面，曾被提出的引渡條例草案引發一
of protests and demonstrations, social atmosphere has turned tense.	連串示威抗議行動，社會氣氛變得緊張。本
Local retail consumption and tourist arrivals are already experiencing	地零售消費及旅客人數已出現下降趨勢，短
downward trends, which may bring challenge to our retail properties	期內可能對我們的零售物業構成挑戰。與此
in the short term. Meanwhile, the less optimistic investment sentiment	同時，投資氣氛不甚樂觀促使企業削減辦公
has prompted corporations to cut cost on office accommodation,	室成本，導致許多企業遷離中環核心區。夏
leading many of them decentralising from core Central District.	慤大廈的位置雖靠近中環核心區，但處於其
Harcourt House, which is located in the proximity, but at the fringe	外圍，因此預期其租金將有較好的保障。
of core Central District, is expected to see its rental well upheld as
a result.
In the United Kingdom, the Brexit issues are still unresolved, and	英國方面，英國脫歐事件仍然未決，而且有
unexpected news on Brexit issues might continue to unfold during	關英國脫歐事件出乎預料的消息今年內可能
the course of this year. Nevertheless, the Group takes a long term	繼續出現。然而，本集團對英國着眼於長線，
view for the United Kingdom, and is optimistic in her economy in the	對其長遠經濟持樂觀態度。本集團為提升我
long run. The Group continuously strives to enhance the values of	們位於倫敦的物業之回報率及價值，將不斷
our properties through asset enhancement works during which rental	透過資產改進工程提升物業價值，儘管期間
income will be significantly affected. We believe that our expertise	租金收入將受一定程度影響。惟本集團相信
experience in asset upgrade will enhance the yields and values of	憑著我們於資產提升的專業經驗定能取得成
our London properties.	功。

PROSPECTS (continued)

展望（續）

The Asian stock markets are relatively volatile due to the persistent drag of the trade war, along with many Asian countries having reduced interest rates ahead of the United States in order to maintain competitive for their exports. In respect of the securities investments, the Group stays confident and believes the investment in reputable issuers' securities will continue to provide stable returns for shareholders.

受貿易戰持續拖累，加上許多亞洲國家搶先在美國之前降低利率以保持出口競爭力，以致亞洲股市較為波動。對於證券投資，本集團保持信心，相信投資於由信譽良好的發行人發行的證券將繼續為股東帶來穩定回報。

Looking ahead, the Group will remain watchful in light of the lingering uncertainty. We will continue to look for quality investments so as to enhance shareholders' value as a whole.

展望未來，鑒於長期的不明朗因素，本集團將繼續保持警惕。我們將繼續尋求優質投資，以提升整體股東價值。

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN THE SECURITIES OF THE COMPANY AND ASSOCIATED CORPORATIONS

董事及最高行政人員於本公司及相聯法團之證券權益

As at 30th June, 2019, the interests and short positions of the Directors	於二零一九年六月三十日，董事及本公司最
and chief executives of the Company in the shares, underlying shares	高行政人員於本公司或其任何相聯法團（定
and debentures of the Company or any of its associated corporations	義見香港法例第571 章證券及期貨條例（「證
(within the meaning of Part XV of the Securities and Futures Ordinance,	券及期貨條例」）第XV 部）之股份、相關股份及
Chapter 571 of the laws of Hong Kong (the "SFO")) as recorded in	債券中擁有之權益及淡倉，按本公司根據證
the register kept by the Company pursuant to section 352 of the	券及期貨條例第352 條備存之登記冊所載或
SFO or as otherwise notified to the Company and the Stock Exchange	根據上市規則附錄十所載之《上市發行人董
pursuant to Appendix 10 of Model Code for Securities Transactions	事進行證券交易的標準守則》（「標準守則」）知
by Directors of Listed Issuers (the "Model Code") contained in the	會本公司及聯交所如下：-
Listing Rules were as follows:-
I The Company
本公司
					Percentage of
					Issued
	Number of				Share Capital
Name of Directors	Shares Held	Notes Capacity	已發行
董事姓名	所持股份數目	附註身份	股本百分比
Mr. Lau, Ming-wai ("Mr. MW Lau")	1,430,700,768	* Interest in controlled corporation	74.99%
劉鳴煒先生（「劉鳴煒先生」）				and other
			於受控制公司之權益及其他
Ms. Chan, Hoi-wan ("Ms. Chan")	1,430,700,768	#	Interest in controlled corporation, trustee,	74.99%

陳凱韻女士（「陳女士」）				interest of children under 18 and other
			於受控制公司之權益、信託人、
				未滿18 歲子女之權益及其他

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN THE SECURITIES OF THE COMPANY AND ASSOCIATED CORPORATIONS (continued)

The Company (continued)
本公司（續）

Notes:

Mr. MW Lau was deemed to be interested in 1,430,700,768 shares of the Company in aggregate. 476,425,000 shares of the Company were directly owned by Century Frontier Limited, which was wholly owned by Mr. MW Lau. Mr. MW Lau was also deemed to be interested in 954,275,768 shares of the Company indirectly held by Ms. Chan as the trustee for her minor children Lau, Chung-hok and Lau, Sau-wah by virtue of the right of first refusal granted to Century Frontier Limited for those 954,275,768 shares under a right of first refusal deed.

董事及最高行政人員於本公司及相聯法團之證券權益（續）

附註：

劉鳴煒先生被視為合共擁有
1,430,700,768 股本公司股份。
476,425,000 股本公司股份由Century Frontier Limited 直接擁有，Century Frontier Limited 由劉鳴煒先生全資擁有。劉鳴煒先生亦被視為擁有由陳女士（作為其未成年子女劉仲學及劉秀樺之信託人）間接持有之954,275,768 股本公司股份，因Century Frontier Limited 透過根據一份優先認購權契據而就該等954,275,768 股股份獲授予優先認購權。

#	Ms. Chan was deemed to be interested in 1,430,700,768	#	陳女士被視為合共擁有1,430,700,768 股

	shares of the Company in aggregate. 954,275,768 shares of		本公司股份。954,275,768 股本公司股
	the Company were indirectly owned by Sino Omen Holdings		份由Sino Omen Holdings Limited 間接擁
	Limited, the entire issued share capital of which was held by Ms.		有，其全部已發行股本由陳女士（作為
	Chan as the trustee of her minor children Lau, Chung-hok and		其未成年子女劉仲學及劉秀樺之信託
	Lau, Sau-wah. Ms. Chan was also deemed to be interested in		人）持有。陳女士亦被視為擁有由劉鳴
	476,425,000 shares of the Company indirectly held by Mr. MW		煒先生間接持有之476,425,000 股本公
	Lau by virtue of the right of first refusal granted to Sino Omen		司股份，因 Sino Omen Holdings Limited、
	Holdings Limited, Solar Bright Ltd. and Joseph Lau Luen Hung		Solar Bright Ltd. 及Joseph Lau Luen Hung
	Investments Limited for those 476,425,000 shares under a right		Investments Limited 均透過根據一份優先
	of first refusal deed.		認購權契據而就該等476,425,000 股股
			份獲授予優先認購權。

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN THE SECURITIES OF THE COMPANY AND ASSOCIATED CORPORATIONS (continued)

Associated corporations of the Company
本公司之相聯法團

董事及最高行政人員於本公司及相聯法團之證券權益（續）

					Percentage of
					Issued
	Name of Associated	Number of			Share Capital
Name of Director	Corporations	Share(s) Held	Note	Capacity	已發行
董事姓名	相聯法團名稱	所持股份數目	附註	身份	股本百分比
Ms. Chan	Sino Omen Holdings	1,000	*	Trustee and interest of children	100%
陳女士	Limited			under 18
				信託人及未滿18 歲子女之權益
Ms. Chan	Solar Bright Ltd.	1	*	Interest in controlled corporation,	100%
陳女士				trustee and interest of children
				under 18
				於受控制公司之權益、信託人
				及未滿18 歲子女之權益

Note:

Ms. Chan (as the trustee for her minor children Lau, Chung-hok and Lau, Sau-wah) directly held the entire issued share capital of Sino Omen Holdings Limited. Sino Omen Holdings Limited directly held the entire issued share capital of Solar Bright Ltd.. Therefore, Ms. Chan as the trustee for her said minor children was also regarded as interested in the entire issued share capital of Solar Bright Ltd..

附註：

陳女士（作為其未成年子女劉仲學及劉秀樺之信託人）直接持有Sino Omen Holdings Limited 之全部已發行股本。 Sino Omen Holdings Limited 直接持有Solar Bright Ltd. 之全部已發行股本。因此，陳女士作為其上述未成年子女之信託人，亦被視為持有Solar Bright Ltd. 全部已發行股本。

All the interests stated above represent long positions. The percentage shown was the number of shares the relevant Directors were interested in expressed as a percentage of the number of issued shares as at 30th June, 2019.

Save as disclosed above, none of the other Directors and chief executives of the Company had or were deemed under the SFO to have any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as at 30th June, 2019.

During the Period, none of the Directors and chief executives of the Company nor their spouses or children under 18 years of age were granted or had exercised any right to subscribe for any securities of the Company or any of its associated corporations.

上述所有權益均為好倉。所顯示的百分比為有關董事於二零一九年六月三十日所擁有之股份數目佔已發行股份數目之百分比。

除上文所披露外，於二零一九年六月三十日，其他董事或本公司最高行政人員概無擁有或根據證券及期貨條例被視為擁有本公司或其任何相聯法團（定義見證券及期貨條例第XV部）之股份、相關股份或債券之任何權益或淡倉。

於本期間內，董事或本公司最高行政人員以及彼等之配偶或十八歲以下之子女概無獲授予或行使任何可認購本公司或其任何相聯法團之任何證券之權利。

SUBSTANTIAL SHAREHOLDERS' INTERESTS IN THE	主要股東於本公司之證券權益
SECURITIES OF THE COMPANY
As at 30th June, 2019, so far as are known to any Directors or chief	據董事及本公司最高行政人員所知悉，於二
executives of the Company, the following parties (other than Directors	零一九年六月三十日，本公司根據證券及期
or chief executives of the Company) were recorded in the register	貨條例第336 條須備存之登記冊所載錄或另
kept by the Company under section 336 of the SFO, or as otherwise	行知會本公司，直接或間接擁有或被視為擁
notified to the Company, as being directly or indirectly interested or	有本公司已發行股本5%或以上權益之人士（董
deemed to be interested in 5% or more of the issued share capital	事或本公司最高行政人員除外）如下：-
of the Company:-

Name of Substantial	Number of
Shareholders	Shares Held Notes
主要股東名稱	所持股份數目附註
Mr. Joseph Lau, Luen-hung	1,430,700,768	△
("Mr. Joseph Lau")
劉鑾雄先生
（「劉鑾雄先生」）
Sino Omen Holdings	1,430,700,768	#
Limited
Solar Bright Ltd.	1,430,700,768	#

Percentage of

Issued

Share Capital

Capacity已發行

身份股本百分比

Interest of spouse, interest of children under	74.99%
18 and other
配偶之權益、未滿18 歲的子女之權益及
其他
Interest in controlled corporation and other	74.99%
於受控制公司之權益及其他
Beneficial owner, interest in controlled	74.99%
corporation and other

實益擁有人、於受控制公司之權益及其他

Century Frontier Limited	1,430,700,768	* Beneficial owner and other	74.99%
			實益擁有人及其他
Joseph Lau Luen Hung	707,409,820	#	Beneficial owner and other	37.08%

Investments Limited			實益擁有人及其他

Notes:

Mr. Joseph Lau was deemed to be interested in the same parcel of shares that his spouse, Ms. Chan, and his minor children, Lau, Chung- hok and Lau, Sau-wah, deemed to have interests.

Sino Omen Holdings Limited held the entire issued share capital of Solar Bright Ltd. and therefore was regarded as interested in the same parcel of shares held by Solar Bright Ltd.. Solar Bright Ltd. held the entire issued share capital of Joseph Lau Luen Hung Investments Limited and therefore was regarded as interested in the same parcel of shares held by Joseph Lau Luen Hung Investments Limited. Joseph Lau Luen Hung Investments Limited directly held 230,984,820 shares of the Company while Solar Bright Ltd. directly held 723,290,948 shares of the Company. Sino Omen Holdings Limited, Solar Bright Ltd. and Joseph Lau Luen Hung Investments Limited were also deemed to be interested in 476,425,000 shares of the Company directly held by Century Frontier Limited by virtue of the right of first refusal granted to them for those 476,425,000 shares under a right of first refusal deed. As such, Solar Bright Ltd. and Joseph Lau Luen Hung Investments Limited were deemed to be interested in 1,430,700,768 shares and 707,409,820 shares of the Company in aggregate respectively; Sino Omen Holdings Limited was deemed to be interested in 1,430,700,768 shares of the Company, which were referred to in the interests of Ms. Chan as disclosed under "Directors' and Chief Executives' Interests in the Securities of the Company and Associated Corporations".

附註：

△ 劉鑾雄先生被視為擁有其妻子陳女士及其未成年子女劉仲學及劉秀樺被視為擁有之同一批股份權益。

Sino Omen Holdings Limited 持有Solar Bright Ltd.
- 全部已發行股本，故被視為擁有Solar Bright Ltd. 所持有之同一批股份權益。Solar Bright Ltd. 持有Joseph Lau Luen Hung Investments Limited
- 全部已發行股本，故被視為擁有Joseph Lau Luen Hung Investments Limited 所持有之同一批股份權益。Joseph Lau Luen Hung Investments Limited 直接持有230,984,820 股本公司股份，而Solar Bright Ltd. 直接持有723,290,948 股本公司股份。Sino Omen Holdings Limited、Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 亦被視為擁有由Century Frontier Limited
  直接持有之476,425,000 股本公司股份權益，因彼等均透過根據一份優先認購權契據而就該等476,425,000 股股份獲授予優先認購權。因此，Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 分別被視為擁有合共 1,430,700,768 股及707,409,820 股本公司股份，而Sino Omen Holdings Limited 被視為擁有 1,430,700,768 股本公司股份，即「董事及最高行政人員於本公司及相聯法團之證券權益」項下所披露陳女士之權益中所指之權益。

SUBSTANTIAL SHAREHOLDERS' INTERESTS IN THE SECURITIES OF THE COMPANY (continued)

Notes: (continued)

Century Frontier Limited directly held 476,425,000 shares of the Company. Century Frontier Limited was also deemed to be interested in 954,275,768 shares of the Company directly held by Solar Bright Ltd. and Joseph Lau Luen Hung Investments Limited in aggregate by virtue of the right of first refusal granted to it for those 954,275,768 shares under a right of first refusal deed. As such, Century Frontier Limited was deemed to be interested in 1,430,700,768 shares of the Company in aggregate, which were referred to in the interests of Mr. MW Lau as disclosed under "Directors' and Chief Executives' Interests in the Securities of the Company and Associated Corporations".

主要股東於本公司之證券權益（續）

附註：（續）

Century Frontier Limited 直接持有476,425,000
- 本公司股份。Century Frontier Limited 亦被視為擁有由Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 直接持有合共
  954,275,768 股本公司股份權益，因彼透過根據一份優先認購權契據而就該等954,275,768
- 股份獲授予優先認購權。因此，Century Frontier Limited 被視為擁有合共1,430,700,768
- 本公司股份，即「董事及最高行政人員於本公司及相聯法團之證券權益」項下所披露劉鳴煒先生之權益中所指之權益。

All the interests stated above represent long positions. As at 30th	上述所有權益均為好倉。於二零一九年六月
June, 2019, no short positions were recorded in the register kept by	三十日，根據本公司按證券及期貨條例第
the Company under section 336 of the SFO.	336 條備存之登記冊所載概無任何淡倉。

DISCLOSURE PURSUANT TO RULE 13.21 OF THE LISTING RULES

As disclosed in the Company's announcement dated 23rd November, 2018, an indirect wholly-owned subsidiary of the Company (the "Borrower") as borrower has on 23rd November, 2018 entered into a facility agreement (the "Facility Agreement") with a bank (the "Bank") as lender in respect of a term loan facility (the "Facility") in the principal sum of up to HK$674,000,000 and it is a term of the Facility Agreement that the Company entered into a guarantee (the "Guarantee"). The Facility will be repayable in 12 successive quarterly instalments with the final repayment date falling 36 months after the date on which the advance under the Facility is made.

Pursuant to the Facility Agreement and the Guarantee, the Borrower and the Company shall procure that the substantial shareholders of the Company (as disclosed at pages 69 to 70 of the 2017 annual report of the Company) and/or their ultimate beneficial owners together with their respective associates and connected persons in aggregate shall maintain not less than 30% shareholding in and remain a single largest shareholder of the Company.

A breach of the abovementioned undertaking may constitute an event of default under the Facility Agreement, whereby the Bank may, among others, cancel the Facility and declare that all sums accrued or outstanding (including accrued interest) under the Facility Agreement be immediately due and payable. The occurrence of such event may trigger the cross default provisions of other banking or credit facilities available to the Group and, as a possible consequence, these other facilities may also be declared by the relevant lenders to be immediately due and payable.

根據上市規則第13.21 條進行的披露

誠如本公司日期為二零一八年十一月二十三日之公布所披露，本公司之一間間接全資擁有附屬公司（「借款人」）作為借款人與一間銀行（「銀行」）作為貸款人，於二零一八年十一月二十三日訂立一項融資協議（「融資協議」），內容有關一項本金總額上限為674,000,000 港元之定期貸款融資（「該融資」）；而按融資協議的條款，本公司訂立一項擔保（「擔保」）。該融資須連續12 個季度分期償還，且最後還款日期為該融資項下提供貸款當日後36個月。

根據融資協議及擔保，借款人及本公司須促使本公司之主要股東（誠如本公司二零一七年年報第69 至70 頁所披露）及╱或彼等之最終實益擁有人連同彼等各自之聯繫人及關連人士總體而言須持有本公司股權不少於30% 且仍為本公司之單一最大股東。

違反上述承諾可能構成融資協議項下之違約事件，在此情況下，銀行可（其中包括）取消該融資並宣布融資協議項下之所有應計或未償還款項（包括應計利息）即時到期及須予償還。發生有關事件或會觸發適用於本集團之其他銀行或信貸融資之連帶違約條款，並可能因此導致相關貸款人亦宣布該等其他融資即時到期及須予償還。

SHARE AWARD SCHEME	股份獎勵計劃
The Company had adopted a share award scheme (the "Share Award	本公司於二零零九年採納股份獎勵計劃（「股
Scheme") in 2009 which was valid and effective until 13th January,	份獎勵計劃」），該股份獎勵計劃有效及生效
2019 (the "Expiry"). The Share Award Scheme was a long-term	至二零一九年一月十三日（「期滿」）止。該股
incentive arrangement for the selected employees. The purpose of the	份獎勵計劃乃為經甄選僱員而設之長期獎勵
Share Award Scheme was to recognise and reward certain employees	安排，旨在向為本集團作出貢獻之若干僱員
of the Group for their contributions to the Group and to give long-	給予肯定及回報，並作為吸引其留効本集團，
term incentives for retaining them for the continued operations and	繼續為本集團之營運及發展而努力之長期獎
development of the Group. It was also intended to attract suitable	勵。此計劃亦有助於吸引合適之專業人士加
professional recruits to join the Group and to assist in the further	盟本集團及協助本集團進一步發展。有關股
development of the Group. Details of the Share Award Scheme were	份獎勵計劃之詳情已刊載於本公司日期為二
set out in the circular of the Company dated 23rd December, 2008.	零零八年十二月二十三日之通函。本集團由
No share was granted under the Share Award Scheme during the	二零一九年一月一日至期滿之期間及於股份
period from 1st January, 2019 to the Expiry and during the life of	獎勵計劃有效期內並無就該股份獎勵計劃授
the Share Award Scheme.	出任何股份。
AUDIT COMMITTEE REVIEW	審核委員會審閱

The interim results for the Period are unaudited and have not been reviewed by the auditors of the Company. The Audit Committee of the Company, comprised all the Independent Non-executive Directors, has reviewed with management the accounting principles and practices adopted by the Group and the unaudited condensed consolidated financial statements for the Period.

本期間之中期業績為未經審核，且未經本公司核數師審閱。由本公司所有獨立非執行董事組成之審核委員會已聯同管理層審閱本集團所採納之會計原則及常規，以及本期間之未經審核簡明綜合財務報表。

CORPORATE GOVERNANCE

企業管治

Throughout the Period, the Company had applied the principles and complied with the code provisions and certain recommended best practices set out in the Corporate Governance Code contained in Appendix 14 to the Listing Rules, except the following deviations:-

Code Provision A.6.7

- Non-executive Director Attending General Meeting

Mr. MW Lau, a Non-executive Director, was unable to attend the annual general meeting of the Company held on 24th May, 2019 ("AGM") as he had business engagement.

Code Provision E.1.2

- Chairman Attending Annual General Meeting

Mr. MW Lau, the Chairman of the Board, was unable to attend the AGM as he had business engagement. Mr. Chan, Kwok-wai, the chairman of the Audit Committee and Remuneration Committee, was elected as the chairman of the AGM to ensure effective communication with shareholders of the Company at the AGM. The chairman of Nomination Committee, Ms. Phillis Loh, Lai-ping had also attended the AGM.

於本期間，本公司已應用上市規則附錄十四《企業管治守則》之原則及遵守其守則條文及若干建議最佳常規，惟以下偏離事項除外：-

守則條文A.6.7

非執行董事出席股東大會

非執行董事劉鳴煒先生因公務而未能出席本公司於二零一九年五月二十四日舉行之股東週年大會（「股東週年大會」）。

守則條文E.1.2

主席出席股東週年大會

董事會主席劉鳴煒先生因公務而未能出席股東週年大會。審核委員會及薪酬委員會主席陳國偉先生被選為股東週年大會主席，以確保與本公司股東於股東週年大會上保持有效的溝通。提名委員會主席羅麗萍女士亦有出席股東週年大會。

MODEL CODE FOR SECURITIES TRANSACTIONS

證券交易之標準守則

The Company has adopted a code of conduct regarding securities transactions by Directors on terms without deviation from the required standard set out in the Model Code. All Directors, after specific enquiries by the Company, confirmed that they had complied with the required standard set out in the Model Code and the said code of conduct during the Period.

The Company has also adopted a code of conduct regarding securities transactions by relevant employees on terms no less exacting than the required standard set out in the Model Code. All the relevant employees (the "Relevant Employees") who, because of office or employment, are likely to be in possession of unpublished inside information in relation to the Group's securities had been requested to follow such code when dealing in the securities of the Company. All Relevant Employees, after specific enquiries by the Company, confirmed that they had complied with the required standard set out in the said code during the Period.

本公司已採納一套董事進行證券交易之守則，其條款與標準守則所規定之標準別無差異。經本公司作出明確查詢後，所有董事均已確認彼等已於本期間內遵守標準守則所規定之標準及前述之交易守則。

本公司亦已採納一套有關僱員進行證券交易之守則，其條款不遜於標準守則所規定之標準。本公司已要求所有因其職位或崗位而極可能掌握有關本集團證券之未公布之內幕消息之有關僱員（「有關僱員」），於買賣本公司證券時遵守該守則。經本公司作出明確查詢後，所有有關僱員均已確認彼等已於本期間內遵守前述守則所規定之標準。

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

During the Period, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities.

購買、出售或贖回本公司之上市證券

於本期間內，本公司或其任何附屬公司概無購買、出售或贖回本公司之任何上市證券。

APPRECIATION	致謝
We would like to take this opportunity to express our gratitude to	我們謹藉此機會對股東一直以來的鼎力支持
the shareholders for their continuing support. We would also like to	與全體員工的貢獻及竭誠工作表示感謝。
express our sincere thanks to all staff members for their dedication
and hard work.

On behalf of the Board	代表董事會
Lau, Ming-wai	主席
Chairman	劉鳴煒
Hong Kong, 2nd August, 2019	香港，二零一九年八月二日

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Chinese Estates Holdings Limited published this content on 18 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2019 10:01:05 UTC

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Great Eagle Holdings Limited, Sino Land Company Limited, China Overseas Land & Investment Limited and Chinese Estates Holdings Limited Enter Memorandum of Agreement for the Formation of the JV Company	23-09-13	CI
Chinese Estates' H1 Profit Tanks About 79%	23-08-15	MT
Chinese Estates Holdings Limited Reports Earnings Results for the Half Year Ended June 30, 2023	23-08-15	CI
Chinese Estates Holdings Limited Provides Preliminary Consolidated Earnings Guidance for the Six Months Ended 30 June 2023	23-08-02	CI
Chinese Estates Holdings Limited Announces Management Changes	23-05-10	CI
Chinese Estates Renews Tenancy Agreement with Windsor House	23-03-14	MT
Chinese Estates Holdings Swings to 2022 Profit	23-03-10	MT
Chinese Estates Holdings Limited Announces Board Changes	23-03-09	CI
Chinese Estates Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-09	CI
Chinese Estates to Swing to Profit in 2022	23-02-27	MT
Chinese Estates Holdings Limited Provides Group Earnings Guidance for the Year Ended 31 December 2022	23-02-27	CI
Chinese Estates Holdings Swings to H1 Profit	22-08-17	MT
Chinese Estates Holdings Limited Reports Earnings Results for the Half Year Ended June 30, 2022	22-08-17	CI
Chinese Estates Holdings Limited Provides Consolidated Earnings Guidance for the Six Months Ended 30 June 2022	22-08-08	CI
Chinese Estates Nearly Sees $2 Million Gain from Disposal of Shares	22-07-07	MT
Chinese Estates Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2021	22-03-21	CI
Chinese Estates Holdings Limited Provides Earnings Guidance for the Year 31 December 2021	22-03-14	CI

Chart Chinese Estates Holdings Limited

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Company Profile

CHINESE ESTATES HOLDINGS LIMITED is an investment holding company principally engaged in the development and trading of properties. Along with subsidiaries, it operates its business through six segments: the Property Development and Trading segment; the Non-retail Property Leasing segment; the Retail Property Leasing segment; the Unlisted Investments, Investment Holding and Brokerage segment; the Listed Investments Held-for-trading and Treasury Products segment; and the Listed Equity Investments at Fair Value Through Other Comprehensive Income (FVTOCI) segment. The Property Development and Trading segment is engaged in the development and sale of properties in Hong Kong, Mainland China and the United Kingdom. Its property portfolio includes retail, office and residential units. The Listed Investments Held-for-trading and Treasury Products segment is engaged in the listed securities investment in investment held-for-trading securities, over-the-counter trading and structured products.

Sector

Real Estate Development & Operations

Calendar

2024-08-13 - Q2 2024 Earnings Release (Projected)

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Income Statement Evolution

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Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CHINESE ESTATES HOLDINGS LIMITED	-7.38%	269M
MITSUI FUDOSAN CO., LTD.	+36.86%	27.86B
SUN HUNG KAI PROPERTIES LIMITED	-8.82%	24.62B
CHINA RESOURCES LAND LIMITED	+14.64%	27.33B
DLF LIMITED	+13.80%	24.82B
MITSUBISHI ESTATE CO., LTD.	+50.95%	23.43B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.92%	20.61B
EMAAR PROPERTIES	+1.39%	19.49B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+31.19%	16.41B
CK ASSET HOLDINGS LIMITED	-11.61%	15.23B

Other Real Estate Development & Operations