Times China's 2022 Spring Festival Address: Hard Work, Integrity and Persistence Will Fulfill a ...

China will soon usher in the Year of Tiger (i.e., Renyin Year on the Chinese Lunar Calendar), a new chapter in history.

In 2021, China's GDP exceeded RMB 114 trillion in the historical background of unprecedented global changes and a once-in-a-century pandemic, making a good start for the "14th Five-Year Plan." Meanwhile, China has made solid progress in driving high-quality development, and all industries face the challenge of a transition from old models to new ones.

The sale volume of the real-estate industry exceeded RMB 18 trillion in 2021, reaching a record high, but we can clearly feel that a profound reform is taking place in this industry. It can be predicted that this reform will continue, the industry will refresh itself under a new normal, and enterprises therein must also stride forward toward the future in the throes of reform. Long and difficult as the journey may be, persistent effort will lead us to our ultimate goal.

Thanks to the strategic orientation of steady operation, the concentration of investment in the most dynamic areas in China, and the perseverance of all our staff, Times China maintained steady, healthy development in 2021.

Concentrating on development, we continued the in-depth development in the Guangdong-Hong Kong-Macao Greater Bay Area and the investment in areas with high growth potential such as the Yangtze River Delta, the middle reaches of the Yangtze River and the Chengdu-Chongqing urban region.

The steadiness of our operations allowed us to achieve the gradual reduction of our leverage while also progressing in the use of fundamentals.

Ever respectful of the market, we made a constant effort to serve the whole life chain and explore new possibilities of residential needs from the following three major dimensions: Products, services and communities.

So as to deepen our management process, we continued to comprehensively promote digital transformation, upgrade the operation and management platform, improve the data middle office, connect business data throughout our business lines, and continuously improve our management efficiency and decision-making quality.

Following the principle of "living and letting live," we faithfully observed our social responsibility. During the course of the year, we organized 50 anti-pandemic activities to help fight COVID-19. Additionally, we encouraged corporate accountability to take root in Guizhou, Xinjiang, Tibet, Yunnan and Guangdong in an effort to promote rural revitalization. We worked to improve aesthetic education in rural areas, leaving our footprints in hundreds of counties and districts while benefiting 600,000 rural children.

China's economic development will, in 2022, face the triple pressures of demand shrinkage, supply shock and weakened expectations as the combined impact of unprecedented global change and a once-in-a-century pandemic. Thus, the external environment will become increasingly grim and complicated.

Amid the fading of dividends from national policies and financial leverage, the real-estate industry will bid farewell to the era of rapid development. The scale of transactions will decline and gradually become stable.

Although the real-estate industry faces structural adjustment, we still believe it's one of the best industries in China. China's drive toward urbanization has entered the second half. Efforts are accelerating in order to promote the implementation of moderately advanced infrastructure construction projects and major projects under the "14th Five-Year Plan", which will bring strong development momentum to the industry and the areas in which we're present.

Therefore, what we need to do next is to temper our ability to adapt to the new development stage while maintaining steady development. We must formulate new strategies, adapt to the new environment, work hard, and uphold the principles of integrity and persistence to fulfill a great ambition.

Accordingly, during the next three years we'll continue our strategic focus on core metropolitan areas and main businesses while pooling resources to accomplish the most valuable things. Meanwhile, we must also enhance our ability to supply products and services, use data and new tools, and ensure our profitability.

Hopefully, through the next two or three years of effort we can create a new Times China. I believe we can set a foundation for the company's effort to become a century-old enterprise and one of the world's top 500.

As the saying goes, "Where there's a will, there's a way." We should always keep light in our hearts as we face high mountains and long roads. Surely we'll embrace a brand-new future if we work hard in business and make breakthroughs despite the difficulties.

Finally, as the Lunar New Year arrives, I, on behalf of the Board of Directors and the Management of Times China, extend sincere gratitude and New Year greetings to all staff of Times China. We are thankful to all who worked hard and forged ahead in their respective positions, to the new and old customers who trusted and selected us, to the partners who helped us and shared our development results and setbacks, and to the institutions and shareholders who supported us in the capital market throughout the year.

I wish everyone a happy Spring Festival. May you be as dynamic as a tiger, and may you and your families be safe and sound.

Shum Chiu Hung, Board Chairman of Times China