Yuexiu Real Estate reports for the year ending 2023, showing that the company's revenue reached RMB802.2 billion, an increase of 10.8% year-on-year. However, gross profit fell 17.2% to RMB122.57 billion, while net profit attributable to shareholders also decreased 19.4% to RMB31.85 million. Core net profit fell 17.5% year-on-year to RMB34.93 billion. The Company's annual contract sales reached RMB1,420.3 billion, up 13.6% year-on-year, and unsold contract sales amounted to RMB1,992.8 billion, an increase of 11.3%. The final dividend was HK$0.148 per share and the total dividend was HK$0.380 per share for the full year. In terms of property development, Yuexiu Properties has just acquired 28 land plots with a total construction area of approximately 491 million square meters and is promoting key projects in the Greater Bay Area...Show More

Yuexiu Real Estate reports for the year ending 2023, showing that the company's revenue reached RMB802.2 billion, an increase of 10.8% year-on-year. However, gross profit fell 17.2% to RMB122.57 billion, while net profit attributable to shareholders also decreased 19.4% to RMB31.85 million. Core net profit fell 17.5% year-on-year to RMB34.93 billion. The Company's annual contract sales reached RMB1,420.3 billion, up 13.6% year-on-year, and unsold contract sales amounted to RMB1,992.8 billion, an increase of 11.3%. The final dividend was HK$0.148 per share and the total dividend was HK$0.380 per share for the full year. In terms of property development, Yuexiu Properties has just acquired 28 land plots with a total construction area of approximately 491 million square meters and is promoting key projects in the Greater Bay Area, East China, Midwest and North China. The Company actively communicates transparently with investors, conducts online and offline investor relations activities, and regularly updates sales and land acquisitions. In ESG, establish effective sustainability management mechanisms, establish ESG committees and steering groups to control foreign exchange and interest rate risks. In terms of financial health, while maintaining a “green” compliance with the “Three Red Lines” fiscal policy, total borrowings amounted to RMB1,043.7 billion with a net debt ratio of 57.0%, and the average cost of borrowing decreased from 4.16% to 3.82% last year. The company complies with the Corporate Governance Code throughout the year, and the annual results are reviewed by the Audit Committee and verified by EY. Looking ahead, Yuexiu Properties expects the global economy to recover, inflation and interest rates will ease, China's economic growth will continue to be supported, and the real estate market will remain stable. The 2024 plan will focus on reducing inventories, optimising investment and risk control. In addition, the company has received numerous awards for its outstanding performance in real estate and corporate governance. Details of board members, including their qualifications, experience and other director positions are also provided in the report. The company takes a number of measures to ensure compliance with corporate governance codes and to communicate effectively with shareholders to maintain sufficient public shareholdings. With respect to significant transactions, no director has a material interest in any major transaction or contract related to the business, nor has there been any significant contract with the controlling shareholder other than disclosed continuing related transactions. Regarding the Share Incentive Scheme, the report details the share incentive and reward schemes available to selected senior management, including the shares awarded and their compensation periods. EY has been appointed as the new auditor, replacing Prudential Road, and will seek tenure at the upcoming Annual General Meeting.