On August 22, Geelong announced that Road King (01098.HK) achieved property sales equivalent to RMB 7.304 billion in the first half of 2024, including joint ventures and associated enterprises, a decrease of about 53% from the same period last year. The toll revenue from expressway projects amounted to HKD 1.594 billion, a decrease of about 29% from the same period last year, mainly due to the completion of the sale of four expressways in the Mainland in April 2024, which no longer contributes to the related performance. In the first half of 2024, the Group recorded a shareholder's share of loss of HKD 1.027 billion, with a loss per share of HKD 1.37. The Group's bank balance and cash balance amounted to HKD 6.716 billion, with a net asset value per share of HKD 19.00.
Due to the continuous downturn in the real estate market and poor sales, the Group only achieved a total property sales of RMB 7.304 billion in the first half of 2024, including joint ventures and associated enterprises. Of this, the contracted sales amount was RMB 6.712 billion, and the sales agreements pending transfer amounted to RMB 0.592 billion. The Yangtze River Delta region and the South China Greater Bay Area were the main sales areas, with an average selling price of RMB 19,000 per square meter. The selling price in Hong Kong was HKD 230,000 per square meter, and in the Mainland projects, it was RMB 14,400 per square meter.
In the first half of 2024, the Group's daily average mixed traffic and toll revenue from expressway projects were 296,500 vehicle passes and HKD 1.594 billion, representing decreases of 19% and 29%, respectively, compared to the same period last year.
