Summary by Futu AI
LONGFOR GROUP ANNOUNCED ITS RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023, WITH CONTRACT SALES OF RMB1,734 BILLION AND OPERATING REVENUE OF RMB1,807.4 BILLION, WHILE OPERATING AND SERVICE BUSINESS REVENUE GREW 5.7% YEAR-ON-YEAR TO RMB24.8 BILLION. Shareholders accounted for a profit of RMB128.5 million and core profit of RMB113.5 million. The net debt ratio is 55.9% and cash on hand is RMB64.2 billion. The total amount of loans in the aggregate is RMB 1,926.5 billion, the average borrowing cost is 4.24% per annum, and the average loan maturity is 7.85 years. Basic earnings per share were RMB2.07 and the Board of Directors proposed a final dividend of RMB0.23 per share. Longhu Group is actively adjusting its strategy, focusing on high-quality development, and seeking a new balance in supply relations after experiencing market adjustments. The company has high quality soil storage, with a focus on the layout of the core city, and the total area of the property planned to be completed in 2024 will be approximately 1500 million square meters, mainly concentrated in the second half of the year.