Gelonghui, March 12 | Yongli Real Estate Development (00864.HK) announced that the Group's main source of revenue is rent generated from the Group's investment properties. Rental income for the year ended 31 December 2023 was approximately HK$27.8 million, a decrease of approximately 5.3% compared to 2022. The decrease in rental income is mainly due to more rental concessions granted to tenants in 2023 than in 2022. The Group recorded a net loss of approximately HK$47.1 million for the year ended 31 December 2023 (2022: net profit of approximately HK$17.5 million). Loss per share was HK12.19 cents.
Looking ahead to 2024, it is expected that Hong Kong's overall economy will maintain a positive trend. Continued economic stimulus measures, such as the “Hong Kong Night Fun”, the granting of individual travel qualifications to Hong Kong for residents of Qingdao and Xi'an, and the Hong Kong Tourism Industry Development Blueprint 2.0, which aims to organize more cultural and sports activities, will help boost the consumption expenses of Hong Kong's locals and tourists.
However, the recovery of the Hong Kong retail market still faces uncertainties such as inflationary pressure, high interest rates, overseas geopolitical conflicts, and trade tension between China and the US, which will continue to have an impact on the recovery of the Hong Kong economy and continue to put pressure on the Group's leasing performance.