Year 2020

Results


The consolidated revenue of the Group for 2020 amounted to approximately HK$4,000 million (2019: HK$1,837 million), representing an increase of approximately 117.8% from the previous year. The increase in revenue was mainly attributable to the increase in the sale of gross floor area ("GFA") of properties held for sale. Please refer to the section headed “Business Review” hereof for details of the Group’s property sale in 2020. The Group recorded a profit attributable to owners of the Company for the year under review of approximately HK$1,682 million (2019: HK$341 million), representing an increase of approximately 393.1% from the previous year. For the year under review, profit attributable to owners of the Company before taking into account the fair value gains on investment properties and related deferred tax expense was approximately HK$210 million (2019: loss of HK$91 million).
 
The major factors affecting the results of the Group for the year ended 31 December 2020 include the following:

  1. the deliveries of the properties built on the Northwestern Land of the GDH City Project commenced following the filing for completion in respect of construction in June 2020, the aggregate GFA of the properties delivered to purchasers in 2020 amounting to approximately 22,159 sq. m.;

  2. the properties built on the Southern Land of the GDH City Project are classified as investment properties under development and the construction permit in relation to the main construction was obtained on 15 January 2020. As at 30 June 2020, as the fair value of such investment properties under development could be reliably measured, the Group adopted a fair value model to measure such investment properties for the first time with changes in the fair value recognised in the consolidated statement of profit or loss. After taking into account the relevant deferred tax expense, the investment properties contributed approximately HK$1,472 million (2019: HK$432 million) in aggregate to the Group’s profit after tax for the year, mainly attributable to the fair value gains on the investment properties under development of the Southern Land development under the GDH City Project; and

  3. an increase in the selling and marketing expenses of approximately HK$123 million as compared to 2019 due to the increases in revenue and sales activities.

Business Review


New Projects in 2020 – Zhuhai Jinwan Project
 
On 29 May 2020, the Group succeeded in the bid for the land use rights of a parcel of land at Aviation New Town, Jinwan District, Zhuhai City through the public Listing-for-Sale Process at a consideration of RMB2,295 million (equivalent to approximately HK$2,495 million). The land parcel is located at the land lot west to Jinhui Road and north to Jinhe East Road in Jinwan District, Zhuhai City, the PRC with a site area of approximately 66,090 sq. m. and a maximum total GFA included in the calculation of the plot ratio of approximately 166,692 sq. m. It is planned for commercial and residential uses, and the properties to be built thereon will all be for sale.
 
The land parcel is located in an area with high value potentials that will facilitate the future development of the project. It is expected that there will be sound living and educational amenities in the area. With the significant advantage in terms of location resources, the project enjoys promising market prospects.
 
During the year under review, the construction permit for foundation pit support works for the first phase of the project and the comprehensive construction permit for part of the land were obtained on 19 November 2020. Currently, the works of foundation pit support and underground structures are underway, and the filing for completion of construction of the project is expected to be made in 2024.
 
New Projects in 2020 – Foshan Laurel House Project
 
On 27 November 2020, the Group succeeded in the bid for the land use rights of a parcel of land located at Wanhua, Chancheng District, Foshan City through the public Listing-for-Sale Process at a consideration of approximately RMB2,707 million (equivalent to approximately HK$3,191 million). The land parcel is located at west of Wenhua Road, south of Liming 2nd Road, Chancheng District, Foshan City, the PRC with a site area of approximately 43,284 sq. m. and a maximum total GFA included in the calculation of the plot ratio of approximately 151,493 sq. m. It is a state-owned construction land planned for residential use, compatible with commercial use. In addition, a nursery with area of 4,860 sq. m. is entrusted to be built on the land and gratuitously transferred to the government of Chancheng District, Foshan City upon completion.
 
The area where the land situated is positioned as a modern, top-notch and strong central area of Foshan City, ideal for living, starting business and fostering innovation. In addition, the project is adjacent to Wanhua Station, the interchange station of Line 2 and Line 3 of Foshan Metro and enjoys easy access to well-established educational, medical and commercial facilities nearby, making it well-positioned to be developed into a residential community near metro and featuring quality lifestyle. With the significant advantage in terms of location resources, the project boasts promising market prospects.
 
During the year under review, the Group set up a wholly-owned subsidiary to develop the Foshan Laurel House Project. Currently, preliminary work such as project positioning and design study is in progress. It is expected that the construction permit for the project will be obtained in the first half of 2021 and the filing for completion of construction works will be made in 2023.
 
New Projects in 2020 – Zhongshan GDH City Project
 
On 28 December 2020, a 80%-owned subsidiary of the Group succeeded in the bid for the land use rights of a parcel of land in the starting area of Tsuihang New District, Zhongshan City, the PRC through the public Listing-for-Sale Process, at a consideration of approximately RMB3,705 million (equivalent to approximately HK$4,404 million). The land parcel has a site area of approximately 98,811 sq. m. and a total GFA included in the calculation of the plot ratio of approximately 247,028 sq. m. It is a state-owned construction land planned for town residential use.
 
The area where the land situated sits in the core centre of the Greater Bay Area, and is the bridgehead at the west bank of the Pearl River connecting to the Shenzhen-Zhongshan Bridge. It therefore has been experiencing rapid development, generating huge demand for the property market. The project enjoys a superior seaview and rich ecological landscape resources, which, coupled with the increasingly developed educational, medical and commercial facilities in the area, makes it suitable to be developed into a low-density, eco-friendly quality residential community. With the significant advantage in terms of location, industries and transportation resources, the project has promising market prospects.
 
During the year under review, preliminary work such as project positioning and design study is in progress. It is expected that the construction permit for the project will be obtained in 2021 and the filing for completion of construction works will be made in 2023. In January 2021, the Group established a subsidiary to develop the project and advance the development and construction works.
 
Material Acquisitions – Jiangmen Yuehai and Huiyang Yuehai
 
On 29 October 2020, the Group acquired from the subsidiaries of 廣東粤海控股集團有限公司 (Guangdong Holdings Limited), the ultimate controlling shareholder of the Company, (i) 51% interest in 江門粤海置地有限公司 (Jiangmen Yuehai Land Co., Ltd.) ("Jiangmen Yuehai") and its shareholder’s loan at a total consideration of approximately RMB954 million (equivalent to approximately HK$1,086 million); and (ii) 100% interest in 惠陽粤海房產發展有限公司 (Huiyang Yuehai Property Development Co., Ltd.) ("Huiyang Yuehai") at a consideration of approximately RMB274 million (equivalent to approximately HK$316 million).
 
Jiangmen Yuehai mainly holds three adjourning parcels of land located at the east of Ganbei Road, Pengjiang District, Jiangmen City, Guangdong Province, the PRC with an aggregate site area of approximately 174,538 sq. m. (the “Jiangmen Land No. 3 - 5”). The Jiangmen Land No. 3 - 5 has been approved for city and town residential and other commercial and service uses. In addition, there is a parcel of land adjacent to the Jiangmen Land No. 3 - 5 with a site area of approximately 18,115 sq. m. (the “Jiangmen Land No. 6”), which has been approved for medical and health, and commercial service uses; and, subject to the approval of the relevant government authorities in accordance with the policy of “Three Olds” Renovation (「三舊」改造) in relation to, among other things, the resettlement of the residents. Jiangmen Yuehai shall be entitled to acquire the relevant land use right in respect of Jiangmen Land No. 6 without paying any land premium.
 
Huiyang Yuehai mainly holds the Huizhou Dayawan Project through its wholly-owned subsidiary, 惠州市粤海房地產開發有限公司 (Huizhou City Yuehai Property Development Co., Ltd.). With a GFA of approximately 92,094 sq. m., the project is positioned to be a quality urban residential community with natural slope land garden view. The filing for completion of construction of the Huizhou Dayawan Project is expected to be made in October 2023 and the pre-sale of the Huizhou Dayawan Project is expected to commence in March 2022.
 
The Group’s acquisitions of Jiangmen Yuehai and Huiyang Yuehai constituted a connected transaction and a major transaction of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and were approved by the shareholders of the Company by way of poll at the special general meeting of the Company held on 15 December 2020. For details of the acquisitions, please refer to the circular of the Company dated 25 November 2020.
 
As at 31 December 2020, the earthworks and piling works of the Jiangmen Ganhua Project were completed, with basement structural works in progress; and the earthworks of the Huizhou Dayawan Project is underway. The acquisitions of Jiangmen Yuehai and Huiyang Yuehai were completed on 13 January 2021 and 18 January 2021, respectively. From the dates of completion, the assets, liabilities, results and cash flows of these companies are included in the consolidated financial statements of the Company.

Completed Properties Held for Sale

 

 

 

 

 

 

Approximate GFA delivered

The proportion of GFA delivered to GFA available for sale

Property project

Location

Use

Interest held by the Group

Approximate GFA
(sq. m.)

Accumulated GFA contracted
(sq. m.)

Year under review
(sq. m.)

Accumulated
(sq. m.)

Accumulated
 

Northwestern Land of the GDH City

Shenzhen City,
the PRC

Business apartment/ Commercial

100% 114,654 38,902 22,159 22,159 19.3%

Laurel House

Guangzhou City,
the PRC

Residential

100% 65,636 62,741 31,478 54,196 82.6%

Baohuaxuan

Guangzhou City,
the PRC

Residential

100% 3,884 3,884 126 3,684 94.9%

Ruyingju

Guangzhou City,
the PRC

Residential

80% 94,617 94,519 2,235 94,424 99.8%

Ruyingju

Guangzhou City,
the PRC

Car-parking spaces

80% 8,052 4,979 1,138 4,979 61.8%


During the year under review, the Group’s properties recorded a total GFA contracted and delivered of approximately 60,000 sq. m. and 57,000 sq. m. respectively.

Properties Held for Sale and Investment Properties under Development

Property project

Location

Use

Interest held by the Group

Approximate total site area
(sq. m.)

Approximate GFA*
(sq. m.)

Progress

Expected completion and filing date

Northern Land of the GDH City Project

Shenzhen City,
the PRC

Commercial/ Offices/Mall

100% 33,802 146,551 Commercial properties superstructure topped out, and construction works of tower superstructure in progress 2nd half of 2022

Southern Land of the GDH City Project

Shenzhen City,
the PRC

Offices/Mall

100% 16,044 199,500 Construction works of tower superstructure and commercial shopping building's basement structure in progress 2023

Chenyuan Road Project

Jiangmen City,
the PRC

Residential/ Commercial service

100% 59,705 164,216 Earthworks, piling, superstructure construction and masonry works all underway 2nd half of 2022

Zhuhai Jinwan Project

Zhuhai City,
the PRC

Residential/ Commercial

100% 66,090 166,692 Foundation works for the first phase properties completed, and earthworks and foundation pit support works for other properties underway 2024

Foshan Laurel House Project

Foshan City,
the PRC

Residential/ Commercial

100% 43,284 151,493 Preliminary work such as project positioning and design study underway 2023

Zhongshan GDH City Project

Zhongshan City,
the PRC

Residential

80% 98,811 247,028 Preliminary work such as project positioning and design study underway 2023


*Note: Including (1) underground commercial GFA of the GDH City Project of 30,000 sq. m.; and (2) common area and area transfer to the local government for each project.

The GDH City Project
 
The Group holds the GDH City Project, which is a multi-functional commercial complex with jewelry as the main theme, located in Luohu District, Shenzhen City in the PRC. The project, which is in close proximity to the urban highways and subway stations and adjoins Weiling Park, is surrounded by several municipal parks within a radius of 1.5 kilometres and enjoys convenient transportation and superb landscape resources.

The filing for completion of construction of the first phase of the GDH City Project was made in June 2020. The construction of the second phase has been in full swing. On the Northern Land development, the superstructure of the commercial shopping building and the offices units has been topped out and the superstructure of the office tower is under construction; and on the Southern Land, the basement structure of “Guangdong Land Building (粤海置地大廈)”, the office tower, has been completed, and the superstructure of the office tower and the basement structure of the commercial shopping building are under construction. In respect of the sale of properties of the project, the pre-sale of the properties of the first phase had commenced in December 2018. For the year ended 31 December 2020, the aggregate GFA of properties contracted for sale amounted to approximately 38,902 sq. m.
 
In relation to the search for potential commercial occupiers of the GDH City Project, the Group, Luohu Government of Shenzhen and the Shanghai Diamond Exchange (“SDE”) have reached an agreement, pursuant to which SDE agreed that the Shenzhen office of its extended service platform will be located in the GDH City and it will continue to support the marketing efforts for the GDH City and encourage its members to locate their offices in the GDH City. On this basis, the Group is planned to work with the SDE to make the GDH City Project home to the SDE innovative business. Further, the Group has entered into a property leasing services agreement with 廣東粤海天河城(集團)股份有限公司 (GDH Teem (Holdings) Limited) (“GDH Teem”), a fellow subsidiary of the Company, in relation to tenant sourcing for the shopping mall of the GDH City Project. Pursuant to the agreement, GDH Teem shall grant the Group the right to use the name of “天河城” for the shopping mall under the GDH City Project and shall provide property leasing services for the shopping mall. GDH Teem is principally engaged in the provision of property leasing services, property investment and development, department stores operation, hotel  ownership and operations in the PRC, and has extensive industry experience. The agreement will enable the Group to access the quality property leasing services to be provided by GDH Teem.
 
As at 31 December 2020, the cumulative development costs and direct expenses of the GDH City Project amounted to approximately HK$6,174 million (31 December 2019: HK$4,490 million), representing a net increase of approximately HK$1,684 million during the year under review.

The Laurel House Project, the Baohuaxuan Project and the Ruyingju Project
 
In response to the impact of the COVID-19 outbreak, the Group promptly reviewed and optimised the sales plan for the Laurel House Project and stepped up its marketing efforts. The total GFA of residential units delivered to customers in the year amounted to approximately 31,478 sq. m. (2019: 4,440 sq. m.) representing an increase of approximately 609.0% as compared to the previous year.
 
During the year under review, the Group took proactive measures to cushion the impacts of the COVID-19 outbreak on the tenants of GD•Delin (粤海• 得鄰), the commercial property under the Laurel House Project, by providing rental concessions in a timely manner. In addition, the Group has ushered in several leading businesses and brands with distinctive characteristics that perfectly fit the position and theme of the project, i.e. its core positioning “education-oriented high-end community services”. As at 31 December 2020, the total GFA of lease contracts signed in respect of the commercial property of the Laurel House Project was approximately 15,692 sq. m. with an occupancy rate of approximately 85.4%.
 
The residential units of the Ruyingju Project and the Baohuaxuan Project have been almost sold out, and the car-parking spaces of these projects will be put on sale in accordance with the sale plan.
 
The Group acquired the interests in the Laurel House Project, the Baohuaxuan Project and the Ruyingju Project respectively in previous years. As the considerations paid for the acquisitions of these projects were determined with reference to the then market values of these projects (but acquired at a discount), the carrying values (and future costs of sale) of the properties of such projects included their development costs and fair value appreciation as at the dates of completion of the acquisitions.
 
The Chenyuan Road Project
 
In September 2019, the Group acquired the 100% interest of the land use rights of the Chenyuan Road Project. The land parcel has a site area of approximately 59,705 sq. m. and a maximum total GFA included in the calculation of the plot ratio of approximately 164,216 sq. m. The proposed types of properties, including residential units, commercial units, and car-parking spaces, will all be for sale.
 
The Chenyuan Road Project commenced construction in the second quarter of 2020 and is being developed in phases. As at 31 December 2020, the superstructure construction and masonry works of the first phase are underway, the basement structural works of the second and third phases were completed and piling works of the fourth phase are in progress. The pre-sale permit for properties of the first phase development was obtained on 6 January 2021 and pre-sale commenced on 9 January 2021.

Financial Review


Key Financial Indicators

 

Note

2020

2019

Change

Profit attributable to owners of the Company (HK$’000)

 

1,681,922

341,063

+393.1%

Return on equity (%)

1

29.0%

7.3%

+21.7ppt

   

 31 December
2020

31 December 2019

Change

Net assets (HK$ million)

 

6,955

4,870

+42.8%


Note:
1.   Return on equity = Profit attributable to owners of the Company ÷ average equity attributable to owners of the Company

During the year under review, the above three key financial indicators improved over the previous year. The improvement was mainly attributed to the increase in revenue from property sales and the fair value appreciation of investment properties. For the analysis of the profit attributable to owners of the Company for the year, please refer to the section headed “Results” hereof.
 
Operating Income, Expenses and Finance Costs
 
The Group’s selling and marketing expenses in 2020 amounted to approximately HK$209 million (2019: HK$86 million), representing an increase of approximately 143.0% from the previous year. The increase in selling and marketing expenses was mainly due to the first phase of the GDH City Project and the Laurel House Project had increased their related marketing activities and sales commissions. The Group’s administrative expenses in 2020 amounted to approximately HK$192 million (2019: HK$118 million), representing an increase of approximately 62.7% from the previous year. During the year under review, the increase in administrative expenses was mainly due to increased wages and related expenditures, increased professional fees as a result of business expansion and acquisition activities and incurred the business taxes and surcharges of approximately HK$35.18 million (2019: HK$18.38 million) due to an increase in revenue.
 
The Group recorded net exchange gains of approximately HK$4.93 million (2019: HK$10.70 million) during the year under review. The large amount of net exchange gains in 2019 mainly arose from the settlement of certain loans denominated in Renminbi due to the Company from a subsidiary of the Company.
 
The Group obtained interest-bearing loans to meet its business development needs, which led to an increase in total finance costs. During the year under review, the Group recorded finance costs of approximately HK$225 million (2019: HK$130 million), of which approximately HK$149 million was capitalised while the remaining portion of approximately HK$76 million was charged to the statement of profit or loss.
 
Capital Expenditure
 
The Group’s capital expenditure in 2020 amounted to approximately HK$745 million (2019: HK$215 million), which was mainly used for the development of the investment properties of the GDH City Project.
 
Financial Resources and Liquidity
 
As at 31 December 2020, the equity attributable to owners of the Company was approximately HK$6,836 million (2019: HK$4,764 million), representing an increase of approximately 43.5% over 2019. Based on the number of shares in issue as at 31 December 2020, the net asset value per share at the end of the year was approximately HK$3.99 (2019: HK$2.78) per share, representing an increase of approximately 43.5% over 2019.
 
As at 31 December 2020, the Group had cash and cash equivalents of approximately HK$2,647 million (2019: HK$1,001 million), representing a year-on-year increase of approximately 164.4%. The increase in the cash and cash equivalents mainly due to the receipt of proceeds from property sales and newly-raised bank and other borrowings during the year under review.
 
Of the Group’s cash and bank balances (including restricted bank balances and cash and cash equivalents) as at 31 December 2020, 98.4% was in Renminbi, 1.4% in United States dollars and 0.2% was in Hong Kong dollars. Net cash outflows from operating activities for the year amounted to approximately HK$2,011 million (2019: HK$312 million).
 
As most of the transactions conducted in the ordinary course of business of the Group in Mainland China are denominated in Renminbi, currency exposure from these transactions is low. During the year under review, the Group did not take the initiative to perform currency hedge for such transactions.
 
As at 31 December 2020, the Group had interest-bearing borrowings from certain banks and a fellow subsidiary of the Company amounting to approximately HK$7,762 million (31 December 2019: HK$3,159 million) in aggregate, with a gearing ratio1 of approximately 73.7% (31 December 2019: 44.7%). According to the relevant loan agreements, approximately HK$1,211 million of the interest-bearing loans are repayable within one year; approximately HK$84 million are repayable within one to two years; and the remaining approximately HK$6,467 million are repayable within two to five years. The Group obtained funds for business development through different financing channels and effectively controlled its finance costs. As at 31 December 2020, the weighted average effective interest rate of the Group’s bank and other borrowings was 4.66% (31 December 2019: 4.83%) per annum. As at 31 December 2020, the banking facilities available to the Group were approximately RMB1,888 million (equivalent to approximately HK$2,243 million). The Group will review its funding needs from time to time and consider obtaining funds through various financing means and channels according to the future development of its existing projects and new investments, so as to ensure adequate financial resources for business development.

1 Gearing ratio = (Interest-bearing loans + Lease liabilities - Cash and cash equivalents) ÷ Net assets
 
Asset Pledged and Contingent Liabilities
 
As at 31 December 2020, the Group’s certain properties amounting to approximately HK$5,748 million (31 December 2019: HK$2,167 million) and the entire share capital of 廣東粤海房地產開發有限公司 (Guangdong Yuehai Property Development Co., Ltd.) were pledged to secure certain bank loans.
 
In addition, as at 31 December 2020, the Group provided guarantees of approximately HK$1,087 million (31 December 2019: HK$654 million) to certain banks in relation to the mortgage loans of the properties sold (please refer to note 27 to the financial statements of the 2020 annual report for details). Save for the above, the Group did not have any other material contingent liabilities as at 31 December 2020.

Risks and Uncertainties


As the Group is engaged in the business of property development and investment in Mainland China, the risks and uncertainties of its business are principally associated with the property market and property prices in Mainland China, and the Group’s income in the future will be directly affected by such risks and uncertainties. The property market in Mainland China is affected by a number of factors which include, among others, economic environment, property supply and demand, the PRC government’s fiscal and monetary policies, taxation policies and austerity measures on the real estate sector, etc. Currently, the property projects held by the Group are all located in first-tier cities or the Greater Bay Area and comprise different property types and uses, which effectively diversifies the Group’s operating risks.
 
As property projects have a relatively long development period, the Company may need to seek external funding to partially finance the development of such projects. As such, financing channels and finance costs will be subject to the prevailing market conditions, loan interest rates and the Group’s financial position. As at 31 December 2020, the Group had outstanding interest-bearing loans amounting to approximately HK$7,762 million in aggregate.
 
Investment properties of the Group were carried at fair value according to the applicable accounting standards. The fair values of these investment properties are subject to the prices in the property markets in which they are located as at the end of each reporting period. The fair value changes of the investment properties are recognised in the statement of profit or loss and affected the profit for the Group.
 
As property development business has a relatively long product life cycle, the Group’s future results and cash flows will be relatively volatile. In order to reduce the volatility of its revenue and profit, the commercial properties of the Laurel House Project and investment properties under development of the GDH City Project held by the Group are for rental purpose, which would contribute a stable rental income to the Group in the future.

Relationship with Customers and Suppliers


Holding the interest of every customer in high regard, the Group provides training to its sales staff on a regular basis. The Group also provides its customers with adequate information about its products and responds to any issue and question raised by customers or potential customers regarding the products offered with the aim of building customers’ confidence in the Company’s products.
 
The Group’s properties in relation to the property business were largely designed or constructed by a variety of suppliers and contractors. The Group selects appropriate suppliers for its major projects through an open, fair and impartial tendering process, maintains databases of supplier information and brand information, and have proper procedures in place to assess and evaluate suppliers. Besides, the Group attaches great importance to anti-graft and anti-corruption measures, meets with suppliers regularly, and conveys such information to them.

Policy and Performance on Environmental, Social and Governance


The Group strictly complies with the laws enacted by the Mainland China and Hong Kong governments, including those in relation to environmental protection, social and governance. The Company’s internal management for environmental, social and governance (“ESG”) takes into consideration the views of various stakeholders, especially for important ESG issues, and is supported by staff members from all levels and departments of the Group. Staff members jointly implement and execute relevant internal policies and promptly respond to the expectations of stakeholders.
 
To further refine its ESG policies, the Group has been actively communicating with stakeholders such as employees, customers, business partners and suppliers, shareholders and investors, government authorities and regulators through various channels in order to gather comments and suggestions from them. Coupled with the management’s expectations on development, the Group identifies and analyses important topics at two dimensions, namely “Significance to our Stakeholders” and “Importance to Guangdong Land’s Development”, by conducting proactive and comprehensive stakeholder communication from multiple perspectives in various ways, such as face-to-face communication, email correspondence, telephone interviews, questionnaires and on-site visits, with the assistance of independent third-party professional consultant(s), thereby allowing the Group to envisage changes in the operating environment and consequently achieve the goals of sustainable development and proper risk management.
 
The Group operates in the real estate industry and it is very important to strictly comply with environmental laws and regulations on construction works. Any failure to observe the relevant environmental laws and regulations may result in the relevant authorities’ rejection of the Group’s applications for construction projects. The Group ensures that all newly constructed buildings comply with the environmental protection and energy conservation requirements set by the central and local governments. It also spares no efforts in contributing to environmental protection by actively collaborating with the main contractors of its development projects.
 
The Company is in the process of preparing its ESG report for the year ended 31 December 2020. The information contained in the 2020 annual report is based solely on the Company’s ESG policies, performance, along with information of internal management. As at the date of the 2020 annual report, the ESG information of the Group for the year ended 31 December 2020 has yet to be finalised and may be subject to necessary adjustments. Such information, which may differ from the information contained in the 2020 annual report, is expected to be published in May 2021.

Human Resources


The Group had 401 (2019: 269) employees as at 31 December 2020. The total employee remuneration and provident fund contributions (excluding directors’ remuneration) in 2020 amounted to approximately HK$181 million (2019: HK$106 million).
 
The Group provides a range of basic benefits to its employees, and its incentive policy is designed to reward employees by reference to and integrating factors including the operating results of the Group and performance of individual employees. There was no share option scheme of the Company in operation during the year under review. The Group provides different training courses for its employees.