Gelonghui, April 12 | Tianan (00028.HK) announced that the Group's revenue for the year ended December 31, 2023 was HK$2,782 billion, a decrease of 45% compared with last year. Profit attributable to the company's shareholders was HK$1,217 billion, a decrease of 20% compared to 2022. Earnings per share were HK$0.83 (2022: HK$1.04). At the end of 2023, the net book assets attributable to shareholders of the Company was HK$18.57 (2022: HK$18.34) per share.
Profit attributable to the company's shareholders for the year ended 31 December 2023 was lower than last year. Some of the main items were as follows: Sales of completed properties decreased by HK$2,883.2 million. Mainly due to a decrease in revenue recognition due to the fact that no major new development projects were completed and handed over to customers last year, and property sales declined due to the downturn in the mainland real estate market; net impairment losses on loans receivable and interest receivable increased by HK$232.7 million.
In determining the impairment loss provision for such loans receivable, the Group's management considered (i) increased uncertainty about the value of collateral provided by loan debtors in light of the recent performance of the real estate market in mainland China; (ii) increased uncertainty about the time and ability of the Group to evaluate loan debtors and guarantors to implement repayment plans by realising their own assets; and negotiating the acquisition of a subsidiary of a Hong Kong listed company. China Medical Network Limited's revenue was HK$495.1 million; the fair value of the Group's investment properties increased by HK$207.7 million. It mainly comes from fair value income generated by annual acquisitions of investment properties held by subsidiaries.