CONTENTS 目錄
Page | |
頁次 | |
CORPORATE INFORMATION | 2 |
公司資料 | |
MANAGEMENT DISCUSSION AND ANALYSIS | 6 |
管理層討論與分析 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 19 |
中期簡明綜合全面收益表 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 21 |
中期簡明綜合財務狀況表 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 23 |
中期簡明綜合權益變動表 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 24 |
中期簡明綜合現金流量表 | |
NOTES TO THE INTERIM FINANCIAL INFORMATION | 25 |
中期財務資料附註 | |
OTHER INFORMATION | 70 |
其他資料 |
天譽置業（控股）有限公司 | 二零二四年中期報告 1
CORPORATE INFORMATION 公司 資料
DIRECTORS | 董事 |
Executive Directors: | 執行董事： |
Mr. YU Pan (Chairman) | 余斌先生（主席） |
Mr. JIN Zhifeng (Chief Executive Officer) | 金志峰先生（行政總裁） |
Non-executive Director: | 非執行董事： |
Ms. WANG Kailing (Resigned on 26 June 2024) | 王凱玲女士（於二零二四年六月二十六日辭任） |
Independent Non-executive Directors: | 獨立非執行董事： |
Mr. WEN Xiaojing | 溫曉靖先生 |
Mr. CUI Yuan | 崔元先生 |
Ms. TANG Yu | 唐瑜女士 |
COMPANY SECRETARY | 公司秘書 |
Mr. HUANG Tianbo | 黃天波先生 |
AUDIT COMMITTEE | 審核委員會 |
Mr. CUI Yuan (Chairman) | 崔元先生（主席） |
Mr. WEN Xiaojing | 溫曉靖先生 |
Ms. TANG Yu | 唐瑜女士 |
REMUNERATION COMMITTEE | 薪酬委員會 |
Ms. TANG Yu (Chairman) | 唐瑜女士（主席） |
Mr. WEN Xiaojing | 溫曉靖先生 |
Mr. CUI Yuan | 崔元先生 |
Mr. YU Pan | 余斌先生 |
NOMINATION COMMITTEE | 提名委員會 |
Mr. YU Pan (Chairman) | 余斌先生（主席） |
Mr. WEN Xiaojing | 溫曉靖先生 |
Mr. CUI Yuan | 崔元先生 |
Ms. TANG Yu | 唐瑜女士 |
RISK MANAGEMENT COMMITTEE | 風險管理委員會 |
Mr. WEN Xiaojing (Chairman) | 溫曉靖先生（主席） |
Mr. CUI Yuan | 崔元先生 |
Ms. TANG Yu | 唐瑜女士 |
2 SKYFAME REALTY (HOLDINGS) LIMITED | INTERIM REPORT 2024 |
CORPORATE INFORMATION 公司 資料
HEAD OFFICE AND PRINCIPAL PLACE OF | 中國總辦事處暨主要營業地點 |
BUSINESS IN THE PRC | |
32nd to 33rd Floors of HNA Tower, | 中國廣東省廣州市 |
8 Linhe Zhong Road, Tianhe District, | 天河區林和中路8號 |
Guangzhou, Guangdong Province, the PRC. | 海航大廈32樓至33樓 |
Telephone: (86-20) 2208 2888 | 電話：(86-20) 2208 2888 |
Facsimile: (86-20) 2208 2777 | 傳真：(86-20) 2208 2777 |
PRINCIPAL PLACE OF BUSINESS IN | 香港主要營業地點 |
HONG KONG | |
10th Floor, Shun Feng International Centre, | 香港灣仔 |
No. 182 Queen's Road East, Wanchai, Hong Kong. | 皇后大道東182號順豐國際中心10樓 |
Telephone: (852) 2111 2259 | 電話：(852) 2111 2259 |
Facsimile: (852) 2890 4459 | 傳真：(852) 2890 4459 |
REGISTERED OFFICE | 註冊辦事處 |
Clarendon House, 2 Church Street, | Clarendon House, 2 Church Street, |
Hamilton, HM 11, Bermuda. | Hamilton, HM 11, Bermuda. |
PRINCIPAL SHARE REGISTRAR AND | 股份登記及過戶總處 |
TRANSFER OFFICE | |
Conyers Corporate Services (Bermuda) Limited | Conyers Corporate Services (Bermuda) Limited |
Clarendon House, 2 Church Street, | Clarendon House, 2 Church Street, |
Hamilton, HM 11, Bermuda. | Hamilton, HM 11, Bermuda. |
BRANCH SHARE REGISTRAR AND | 股份登記及過戶分處 |
TRANSFER OFFICE | |
Tricor Abacus Limited | 卓佳雅柏勤有限公司 |
17/F, Far East Finance Centre | 香港 |
16 Harcourt Road | 夏愨道16號 |
Hong Kong. | 遠東金融中心17樓 |
PRINCIPAL BANKERS | 主要往來銀行 |
Agricultural Bank of China Limited | 中國農業銀行股份有限公司 |
Bank of China Limited | 中國銀行股份有限公司 |
Guangzhou Rural Commercial Bank Co., Ltd. | 廣州農村商業銀行股份有限公司 |
Bank of China (Hong Kong) Limited | 中國銀行（香港）有限公司 |
天譽置業（控股）有限公司 | 二零二四年中期報告 3
CORPORATE INFORMATION 公司 資料
AUDITOR | 核數師 |
Moore CPA Limited | 大華馬施雲會計師事務所有限公司 |
Certified Public Accountants | 執業會計師 |
Registered Public Interest Entity Auditor | 註冊公眾利益實體核數師 |
LEGAL ADVISERS | 法律顧問 |
Hong Kong Laws: | 香港法律： |
Sidley Austin | 盛德律師事務所 |
Bermuda Laws: | 百慕達法律： |
Conyers Dill & Pearman | 康德明律師事務所 |
PRC Laws: | 中國法律： |
廣東聯合發展律師事務所 | 廣東聯合發展律師事務所 |
(Guangdong Lianhefazhan Law Firm) |
SHARE LISTING | 股份上市 |
Main Board of The Stock Exchange of Hong Kong Limited, | 香港聯合交易所有限公司主板， |
Stock Code: 00059 | 股份代號：00059 |
4 SKYFAME REALTY (HOLDINGS) LIMITED | INTERIM REPORT 2024
CORPORATE INFORMATION 公司 資料
BONDS LISTING | 債券上市 |
The Stock Exchange of Hong Kong Limited | 香港聯合交易所有限公司 |
The Company's medium term bonds, Stock Code: 05821 | 本公司之中期債券，股份代號：05821 |
(ISIN: XS1130150391) | （國際證券號碼：XS1130150391） |
The Company's medium term bonds, Stock Code: 05580 | 本公司之中期債券，股份代號：05580 |
(ISIN: XS1323898707) | （國際證券號碼：XS1323898707） |
The Company's medium term bonds, Stock Code: 05626 | 本公司之中期債券，股份代號：05626 |
(ISIN: XS1397876258) | （國際證券號碼：XS1397876258） |
The Company's medium term bonds, Stock Code: 05310 | 本公司之中期債券，股份代號：05310 |
(ISIN: XS1525845985) | （國際證券號碼：XS1525845985） |
The Company's medium term bonds, Stock Code: 05367 | 本公司之中期債券，股份代號：05367 |
(ISIN: XS1558627771) | （國際證券號碼：XS1558627771） |
The Company's medium term bonds, Stock Code: 05855 | 本公司之中期債券，股份代號：05855 |
(ISIN: XS1142114278) | （國際證券號碼：XS1142114278） |
The Company's medium term bonds, Stock Code: 05567 | 本公司之中期債券，股份代號：05567 |
(ISIN: XS1304503268) | （國際證券號碼：XS1304503268） |
The Company's medium term bonds, Stock Code: 05602 | 本公司之中期債券，股份代號：05602 |
(ISIN: XS1341411822) | （國際證券號碼：XS1341411822） |
The Company's medium term bonds, Stock Code: 05311 | 本公司之中期債券，股份代號：05311 |
(ISIN: XS1525848575) | （國際證券號碼：XS1525848575） |
The Company's medium term bonds, Stock Code: 05379 | 本公司之中期債券，股份代號：05379 |
(ISIN: XS1558627342) | （國際證券號碼：XS1558627342） |
(Note: Trading of the above mentioned bonds on The Stock Exchange of Hong | （附註：上述債券已經由二零二二年六月二十八日起在香港 |
Kong Limited has been suspended since 28 June 2022) | 聯合交易所有限公司暫停買賣） |
NOTES LISTING | 票據上市 |
Singapore Exchange Securities Trading Limited | 新加坡證券交易所有限公司 |
The Company's US$274,000,000 13% senior notes | 本公司之274,000,000美元13%計息優先票據 |
(ISIN: XS2022224047) | （國際證券號碼：XS2022224047） |
The Company's subsidiary's US$292,000,000 13% senior notes | 本公司之附屬公司之292,000,000美元13%計息優先票據 |
(ISIN: XS2272702338) | （國際證券號碼：XS2272702338） |
COMPANY'S WEBSITE | 公司網站 |
http://www.skyfame.com.cn | http://www.skyfame.com.cn |
天譽置業（控股）有限公司 | 二零二四年中期報告 5
MANAGEMENT DISCUSSION AND ANALYSIS 管理 層討 論與 分析
For the six months ended 30 June 2024 截至二零二四年六月三十日止六個月
A. BUSINESS REVIEW | A. 業務回顧 |
In the first half of 2024, China's real estate industry is still in | 二零二四年上半年，中國房地產行業仍處於 |
a continued downturn. According to data from the National | 持續低迷階段。國家統計局資料顯示，二零 |
Bureau of Statistics, in the first seven months of 2024, | 二四年首七個月，全國房地產開發投資人民 |
national real estate development investment was RMB6.08 | 幣6.08萬億元，按年同比減少10.2%。一至七 |
trillion, a year-on-year decrease of 10.2%. From January | 月合計，新建商品房銷售面積54,149萬平方 |
to July in total, the sales area of newly built commercial | 米，按年同比跌18.6%，新建商品房銷售額人 |
buildings was 541.49 million sq.m., down 18.6% year-on- | 民幣5.33萬億元，下滑24.3%。二零二四年七 |
year, and the sales volume of newly built commercial | 月份，70個大城市新建商品住宅價格指數按 |
buildings was RMB5.33 trillion, down 24.3%. In July 2024, the | 年同比挫4.9%，續創二零一五年六月以來最 |
price index of new commercial housing in 70 major cities | 大跌幅，按月下滑0.7%，且連續十三個月下 |
fell by 4.9% year-on-year, continuing the largest decline | 行。發展商普遍面臨難以通過去化獲得經營 |
since June 2015, falling by 0.7% month-on-month, and | 性現金，及持續面臨融資困難，保交樓及化 |
falling for 13 consecutive months. Developers generally face | 解流動性危機，仍是大部分同行優先工作。 |
difficulties in obtaining operating cash through divestitures | |
and continue to face financing difficulties. Guaranteeing the | |
delivery of buildings and resolving liquidity crises are still the | |
priorities of most peers. | |
Since late June 2022, in the aftermath of the failure to | 自二零二二年六月下旬以來，由於未能償還 |
repay certain loans and notes that were mature, the Group | 部分到期貸款和票據，本集團在履行到期負 |
encountered financial difficulties to meet its liabilities | 債方面遇到財務困難。為了與債權人實施有 |
falling due. With the intention to implement an orderly | 序管理的重組計劃，公司已於二零二二年七 |
administered restructuring program with creditors, the | 月向百慕達法院申請委以重組債務為目的委 |
Company has applied to the Bermuda Court for the | 任「低度干預」臨時清盤人，並於二零二二年 |
appointment of "light touch" provisional liquidators for debt | 八月十五日獲得百慕達法院批准（百慕達時 |
restructuring purposes in July 2022 that was approved by | 間）。本公司已於二零二二年八月十六日、二 |
the Bermuda Court on 15 August 2022 (Bermuda time). The | 零二二年十月三十一日、二零二三年二月六 |
announcements of the Company have been made on 16 | 日、二零二三年五月二日、二零二三年七月 |
August 2022, 31 October 2022, 6 February 2023, 2 May 2023, | 三十一日、二零二三年十月九日、二零二四 |
31 July 2023, 9 October 2023. 4 February 2024 and 10 June | 年二月四日及二零二四年六月十日就委任聯 |
2024 in relation to the appointment of JPLs and the Petition. | 合臨時清盤人及呈請發佈公告。最近，百慕 |
In most recently, the Chief Justice of the Commercial Court | 達最高法院商事法院首席法官將呈請的聆訊 |
of the Supreme Court Bermuda adjourned the hearing of | 推遲至二零二四年十月四日（百慕達時間）。 |
the Petition to 4 October 2024 (Bermuda time). Further | 本公司將適時就債務重組及呈請的進展作出 |
announcements on the progress of the debt restructuring | 進一步公告，以向本公司股東及潛在投資者 |
and the Petition will be made by the Company to update the | 通報最新情況。 |
shareholders and potential investors of the Company as and | |
when required. |
6 SKYFAME REALTY (HOLDINGS) LIMITED | INTERIM REPORT 2024
MANAGEMENT DISCUSSION AND ANALYSIS 管理 層討 論 與 分析
For the six months ended 30 June 2024 截至二零二四年六月三十日止六個月
In the first half of 2024, the Group achieved contracted sales | 於二零二四年上半年，本集團錄得合同銷售 |
totaling RMB24 million (six months ended 30 June 2023: | 額合共人民幣24,000,000元（截至二零二三年 |
RMB653 million), declined by 96% compared to the last | 六月三十日止六個月：人民幣653,000,000元） |
period. The market downturn has had a material adverse | 與上年相比下降96%。市場低迷對公司變現 |
effect on the Company's ability to realize its inventories or | 庫存或實施任何資產處置計劃的能力產生了 |
implement any disposal plan of its assets. | 重大不利影響。 |
The Group delivered aggregate GFA of 38,000 sq.m. (six | 於二零二四年上半年本集團交付之建築面積 |
months ended 30 June 2023: 129,000 sq.m.) and recorded | 為38,000平方米（截至二零二三年六月三十 |
property sale revenue before direct taxes of RMB420 million | 日止六個月：129,000平方米）及錄得除直接 |
(six months ended 30 June 2023: RMB1,059 million), an | 稅前物業銷售收入人民幣420,000,000元（截 |
decrease of 60% as compared to that in last year. The Group | 至二零二三年六月三十日止六個月：人民幣 |
had one project (six months ended 30 June 2023: seven) with | 1,059,000,000元），較去年上半年減少60%。本 |
properties delivered, namely Skyfame Zhuhai Bay. | 集團只交付一個（截至二零二三年六月三十日 |
止六個月：七個）項目的物業，為天譽珠海灣。 | |
B. PROPERTY PORTFOLIO | B. 物業組合 |
As at 30 June 2024, we have project portfolio and potential | 截至二零二四年六月三十日，我們之項目組 |
land reserves in aggregate GFA of 24.6 million sq.m. | 合與潛在土地儲備之總建築面積為24,600,000 |
mainly located in Guangzhou, Shenzhen, Zhongshan and | 平方米，主要位於粵港澳大灣區之廣州、深 |
Zhuhai in the Guangdong-HongKong-Macao Greater Bay | 圳、中山和珠海，華南地區之南寧和桂林、 |
Area, Nanning and Guilin in the Southern Region of China, | 華東地區之徐州及南昌，以及中國西南地區 |
Xuzhou and Nanchang in the Eastern Region of China, and | 之重慶和昆明。土地儲備為我們提供了在可 |
Chongqing and Kunming in the Southwestern Region of | 見將來實現可持續增長之強大實力。視乎每 |
China. The land reserves provide us a solid capacity for a | 個項目之發展狀況，我們的土地儲備資料分 |
sustainable growth in the approaching timelines. Depending | 類為第1類「已竣工、發展中或持作發展物業」 |
on the status of development of each project, the profiles | 及第2類「潛在土地儲備」如下： |
about our land bank are categorized into group 1 as | |
"properties completed, under or held for development" and | |
group 2 as "potential land reserves" as below: | |
1. Properties completed, under or held for | 1. 已竣工、發展中或持作發展物業 |
development | |
As at 30 June 2024, we held seventeen (17) real estate | 截至二零二四年六月三十日，我們在 |
development projects in mainland China of which | 中國內地持有十七(17)個房地產開發項 |
seven (7) have been completed and the others under | 目，其中七(7)個已竣工，其他則正在建 |
construction or for imminent development. All in all, | 造或可即時開發。總括而言，我們現時 |
we are holding interests in seventeen (17) projects, | 持有十七(17)個項目之權益，有關項目 |
either completed, under construction or for future | 為已竣工、在建中或留作未來發展。截 |
development. As at 30 June 2024, all these projects | 至二零二四年六月三十日，全部項目可 |
render a total GFA of approximately 9.9 million | 提供總建築面積約9,900,000平方米、總 |
sq.m., total saleable GFA of approximately 7.1 million | 可售建築面積約7,100,000平方米及累計 |
sq.m. and accumulated saleable GFA delivered of | 已交付的可售建築面積約3,900,000平方 |
approximately 3.9 million sq.m.. | 米。 |
天譽置業（控股）有限公司 | 二零二四年中期報告 7 |
MANAGEMENT DISCUSSION AND ANALYSIS 管理 層討 論與 分析
For the six months ended 30 June 2024 截至二零二四年六月三十日止六個月
However, the above project assets or equity of the | 唯以上項目資產或項目公司股權均存在 |
project companies are all mortgaged and are facing | 抵押情形，正面臨或可能不時面臨債權 |
or may face various actions from creditors from time | 人採取各類行動，包括但不限於法律訴 |
to time, including but not limited to legal proceedings, | 訟、處置資產或者項目股權、留置等。 |
disposal of assets or project equity, liens, etc. |
2. Potential land reserves | 2. 潛在土地儲備 | |
2.1 Intended bids for lands | 2.1 | 擬定土地投標 |
To prepare for future land replenishments, we | 為了準備在未來補充土地，我們已 | |
have signed co-operation agreements with | 與南寧、徐州及昆明之當地政府或 | |
local governments or a third party in Nanning, | 第三方簽署多項合作協議，通過未 | |
Xuzhou and Kunming for obtaining lands through | 來之公開拍賣取得總建築面積為 | |
future public auctions with an aggregate GFA | 11,700,000平方米之土地。當達成 | |
of 11.7 million sq.m. The lands will be launched | 協議載列之條件後，該等土地將以 | |
for auctions when the conditions set out in the | 拍賣的途徑推出。 | |
agreements have been fulfilled. | ||
2.2 Urban redevelopment projects | 2.2 | 市區重建項目 |
The Group also holds potential land reserves | 本集團亦透過參與廣州市當地政 | |
through its participation in the redevelopment of | 府所實施之市區重建計劃有關之 | |
some old districts that are subject to the urban | 舊區重建而持有潛在土地儲備。這 | |
redevelopment programs being implemented | 些改造項目估計將會提供合共約 | |
by local governments in Guangzhou. These | 3,000,000平方米之建築面積。對 | |
remodeling projects will provide an aggregated | 此等項目作出之投資計入綜合財 | |
estimated GFA of approximately 3.0 million sq.m.. | 務狀況表之「其他應收款、訂金及 | |
Investments made on these projects are included | 預付款項」內。 | |
as "Other receivables, deposits and prepayments" | ||
on the consolidated statement of financial | ||
position. | ||
Upon obtaining the governmental approval of urban | 待取得市區重建之政府批文及有待進行 | |
redevelopment and completion of pending land | 之土地拍賣完成後，本集團之土地儲備 | |
auctions, the Group has capacity of additional land | 規模估計將增加總建築面積14,700,000 | |
bank in estimated GFA of 14.7 million sq.m.. As actual | 平方米。由於國內房地產市場已出現實 | |
changes have taken place in the domestic real estate | 際變化，該等合作面臨變更風險。 | |
market, such cooperation is subject to change risks. |
8 SKYFAME REALTY (HOLDINGS) LIMITED | INTERIM REPORT 2024
MANAGEMENT DISCUSSION AND ANALYSIS 管理 層討 論 與 分析
For the six months ended 30 June 2024 截至二零二四年六月三十日止六個月
C. INVESTMENT PROPERTIES | C. 投資物業 |
Alongside with the development of properties for sale, the | 連同發展物業作銷售，管理層從本集團之項 |
management selects suitable properties from the Group's | 目投資組合中挑選可提供令人滿意之租金收 |
projects portfolio that renders satisfactory rental yields and | 益及具備資本增值潛力之適當物業作為投資 |
has capital appreciation potential as investment properties. | 物業。截至二零二四年六月三十日，本集團 |
As at 30 June 2024, the Group holds five (5) investment | 在重慶、南寧及廣州持有五(5)項投資物業， |
properties in an aggregate GFA of approximately 328,100 | 總建築面積約為328,100平方米，總公平價值 |
sq.m. at aggregated fair values of RMB2,840.6 million in | 為人民幣2,840,600,000元，於目前及未來賺 |
Chongqing, Nanning and Guangzhou for current and future | 取租賃收入。 |
leasing income. | |
However, the above project assets or equity of the project | 唯該等投資物業資產或項目公司股權均存在 |
companies are all mortgaged and are facing or may face | 抵押情形，正面臨或可能不時面臨債權人採 |
various actions from creditors from time to time, including | 取各類行動，包括但不限於法律訴訟、處置 |
but not limited to legal proceedings, disposal of assets or | 資產或者項目股權、留置等。 |
project equity, liens, etc. | |
D. BUSINESS OUTLOOK | D. 業務展望 |
On the macro front, uncertainty will remain a theme. There | 宏觀方面，不確定性仍將是主題。俄烏戰爭 |
is still no end in sight for the Russia-Ukraine war. The extent | 仍看不到終點，美聯儲減息幅度及頻率仍未 |
and frequency of interest rate cuts by the Federal Reserve | 明確，世界經濟和貿易增長動能減弱，以美 |
are still unclear. The momentum of world economic and | 國為主的西方國家打壓中國的勢頭亦未減 |
trade growth has weakened. The momentum of Western | 弱，中國發展進入發展轉型及不確定、難預 |
countries, led by the United States, to suppress China has | 料因素增多時期。 |
not weakened. China's development has entered a period | |
of transformation and uncertainty and a period when | |
unpredictable factors increase. | |
In terms of China's real estate industry, the government | 中國房地產行業方面，政府強調防範化解房 |
emphasizes preventing and defusing real estate risks and | 地產風險，已採取眾多支持政策，主基調延 |
has adopted many supportive policies, with the main tone | 續寬鬆；需求方面，面對房價持續下跌、就 |
continuing to be loose; on the demand side, faced with the | 業及收入等方面的不確定性因素，預計購房 |
continued decline in housing prices and uncertainties in | 者短期內仍需時間審視置業決定，我們對下 |
employment and income. It is expected that home buyers | 半年的置業需求仍難樂觀；供應方面，預計 |
will still need to looking back at the home purchase decision | 仍將處於逐步縮減階段，以回應市場去化困 |
over time, we are still not optimistic about home purchase | 難，這將有利於房地產供需長期再平衡。發 |
demand in the second half of the year. On the supply side, it | 展模式方面，高周轉模式已成過去，新模式 |
is expected that it will still be in a stage of gradual reduction | 預計將仍需時間摸索，更好滿足剛性和改善 |
in response to the difficulty of market de-escalation, which | 性住房需求。 |
will be conducive to the long-term rebalancing of real estate | |
supply and demand. In terms of development models, the | |
high-turnover model is a thing of the past, and it is expected | |
that new models will still take time to explore to better meet | |
rigid and improved housing needs. | |
天譽置業（控股）有限公司 | 二零二四年中期報告 9 |