Summary by Moomoo AI
SINO-OCEAN GP (SINO-OCEAN GP) ANNOUNCED ITS ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023. DURING THE REPORTING PERIOD, THE GROUP'S TOTAL CONTRACT SALES FELL BY 50% YEAR-ON-YEAR AND REVENUE ROSE SLIGHTLY BY 1%, BUT THE GROSS MARGIN FELL TO 3%, RESULTING IN A LOSS OF RMB210.97 BILLION FOR THE COMPANY'S OWNERS. The loss was mainly due to a weak Chinese property market and an increase in the depreciation provision for property projects. In addition, the Group, facing liquidity pressures, has begun a comprehensive restructuring of its external debt and has suspended payments under foreign debt items. The Group is also actively negotiating with creditors to adjust its repayment arrangements and seek solutions to improve liquidity. The Board has not recommended a final dividend and has expressed significant uncertainty about its ability to continue operations.