Property Development - Wuxi
After the acquisition of Wuxi Shengye in June 2017, the pre-sale of the properties under development commenced in October 2017 and the construction of the Wuxi Property Project has completed gradually as at 30 June 2023. Most of the apartment portion of the first and second phase have been delivered to customers as at 30 June 2021. During FY2025, some apartments of the third phase were delivered to customers and recognised a revenue of HK$19,794,000 with an overall gross profit margin of 30% after reversing the revaluation consolidated adjustment. As at 30 June 2025, the sales amount of the contracts signed but properties not yet delivered were approximately HK$13,898,000. Looking ahead to 2026, although affected by the weak overall economic climate currently, the real estate market is relatively sluggish, as China’s “stabilizing the real estate sector” policies gain further traction, including the dynamic adjustment of first-home mortgage rates, optimization of existing mortgage loans and a moderate relaxation of home-purchase restrictions in cities, both essential and improvement-oriented housing demand are expected to be gradually released.
