Summary by Moomoo AI
Hysan Xing Co., Ltd. (Stock Code: 00014) announces its annual results for the year ended 31 December 2023. As the company marks its 100th anniversary, Hong Kong's economy is improving but spending is cautious and exports are weak. The office and retail business has been affected by structural changes following the pandemic, with rental rates of 89% and 97%, respectively, and the renewal rent level has decreased. Turnover and recurring basic profit decreased 7.2% and 11.2% year-on-year respectively, resulting in a loss of HK$872 million for the year, mainly due to a decrease in the fair value of non-cash investment properties. The company will lay the foundation stone for long-term development through the expansion, transformation and optimization of Lee Park. Looking to the future, the company faces challenges and opportunities and will adjust its dividend strategy to prepare for the future.