Summary by Futu AI
LONGFOR GROUP announced its fiscal year 2024 performance report, with revenue reaching 127.5 billion yuan, a decrease of 29.5% compared to 180.7 billion yuan in 2023. As of the end of 2024, the group's total Assets reached 665.6 billion yuan, with total liabilities of 420.2 billion yuan and net assets of 245.5 billion yuan, of which the equity attributable to the parent company owners is 161.4 billion yuan.The group has a diverse subsidiary structure in mainland China, including wholly-owned enterprises, joint ventures, and foreign-invested enterprises. In the case of joint ventures, projects like Suzhou Huahu Real Estate (50% stake) and Hangzhou Meiyin Enterprise Management (30% stake) require unanimous agreement from the Board of Directors to make decisions.In terms of joint venture investments, the group's equity stake mainly ranges from 30% to 49%, participating in business management through appointed Board members (accounting for 1/5 to 2/5). The group maintains majority control over subsidiary operations through the Board of Directors, and maintains a bilingual company name system in both Chinese and English, with Chongqing LONGFOR as the group's sole issuer of Bonds.
