Gelonghui March 25 | Guangdong Land (00124.HK) announced its 2023 annual results. The Group's consolidated revenue for 2023 was approximately HK$3,887 billion (2022: HK$1,378 billion), an increase of approximately 181.3% over the previous year. The increase in revenue was mainly due to an increase in the total floor area of properties held for sale through sales. The Group recorded losses attributable to company holders of approximately HK$2,445 million (2022: profit of HK$393 million) in the year under review.
According to the announcement, the main factors affecting the aforementioned Group's 2023 results include: (a) Affected by the continued downturn in the real estate market, transaction volume shrinks, customer wait-and-see sentiment is serious, and the market is characterized by price for volume. Based on signs of impairment in some of the Group's property projects, the Group calculated an inventory impairment provision of approximately HK$2,408 billion in the year under review; (b) the properties delivered by the Group in the year under review were mainly Jiangmen-Yuehai Yiguifu Project, Zhongshan Yuehai City Project, Zhuhai-Yuehai Shigifu Project, and the Foshan-Guangdong Shigifu Project, while the gross margin of property sales of the Shenzhen-Yuehai City (Northwest Plots) project delivered in 2022 was high, so property sales profit decreased compared to 2022; and (c) the Group reduced property sales profit compared to 2022; and (c) the Group reduced property sales profit compared to 2022; Recorded fair value income from investment properties for the year under review (deductions) Related deferred tax expenses) were approximately HK$173 million, down from 2022.