On August 22, Geruihui announced that Vanke Overseas (01036.HK) achieved a revenue of 0.165 billion Hong Kong dollars for the six months ended June 30, 2024, a decrease of 9.15% year-on-year; gross profit was 73.281 million Hong Kong dollars, a decrease of 20.6% year-on-year; the company's shareholders incurred a loss of 29.323 million Hong Kong dollars for the period, compared to a profit of 2.535 million Hong Kong dollars for the same period last year; basic and diluted loss per share was 0.08 Hong Kong dollars.
During the period, the group's income mainly came from: (i) renting units and parking spaces at the Lijing Center; (ii) renting hotel rooms and serviced residences at Xingyu (completed and operational in September 2023); and (iii) providing asset management services. The income for the period was approximately 0.165 billion Hong Kong dollars, a 9% decrease from the same period in 2023. The overall decrease in group revenue was mainly due to the comprehensive impact of the following factors: (i) Xingyu started operating in September 2023, resulting in increased revenue; however, the revenue decreased due to the following factors; (ii) no interest income from investment instruments during the period, as the principal of the investment instruments used to fund the property at 25 Park Row, New York, USA, was fully repaid in the previous fiscal year, and as of December 31, 2023, the group no longer held any equity in the investment instruments; and (iii) a decrease in income from asset management services, as Vanke Hong Kong contracted parties reduced investment capital in projects in the United Kingdom and the United States.
