According to the Zhitong Finance App, Minmetals Real Estate (00230) announced its 2024 interim results, with revenue of approximately HK$5.023 billion, down 39.8% from the same period last year; loss due to company equity holders was approximately HK$1.044 billion, which turned profit and loss over the same period last year; loss per share was HK$31.21 billion.

According to the announcement, due to the decline in the carry-over scale of real estate projects during the period, the Group's real estate development business revenue decreased by 38.9% compared to the same period last year to HK$4.997 billion, accounting for 99.5% of the Group's comprehensive revenue. The gross margin of the real estate development business decreased by 14.5 percentage points to 7.2% compared to the same period last year. The main reason was that the real estate development business followed the market during the period, and various sales strategies, including adjusting sales prices, were adopted to promote the elimination of project sales. As a result, real estate development projects with low carry-over gross margins accounted for a large number of real estate development projects.

The Group's overall gross margin fell to 7.5% from 21.6% in the same period last year, mainly due to the lower gross margin of products carried over from the real estate development business during the period compared to the same period last year, and the contraction of the professional construction business.

During the period, the company's contract sales for the first half of 2024, along with its subsidiaries, joint ventures and associated companies, decreased by 54.7% to 3.2 billion yuan year-on-year, and the total floor area under contract sales decreased by 49.7% to 0.166 million square meters year-on-year. The group's contract sales mainly stemmed from real estate development projects in first-tier and core second-tier cities.

As of June 30, 2024, the total floor area that the group can develop is 6.359 million square meters.