Great Chi Hldgs (Great China Holdings (Hong Kong) Limited) reported a HK$148.36 million net loss for the year ended 31 December 2025, extending the prior year’s HK$108.66 million (restated) deficit. Basic and diluted loss per share rose to HK3.73 cents from HK2.73 cents.
Revenue fell 54% to HK$60.63 million, driven by a sharp contraction in property-sales income to HK$49.91 million (2024: HK$122.32 million) as fewer units were delivered. Rental and property-management income contributed HK$10.72 million.
Key cost and non-cash items: • Cost of sales declined 48% to HK$48.12 million, but gross profit slid 69% to HK$12.51 million. • A HK$41.53 million foreign-exchange loss, largely on RMB liabilities, reversed the HK$26.71 million gain booked in 2024. • Fair-value losses on investment properties totalled HK$37.55 million, versus HK$11.60 million a year earlier. • Impairment charges reached HK$58.04 million, including HK$44.72 million on goodwill and HK$13.32 million on completed properties held for sale. • Finance costs eased slightly to HK$1.09 million.
The effective tax line showed a HK$5.31 million credit, reflecting deferred-tax reversals, yielding a bottom-line loss of HK$148.36 million.
Balance-sheet highlights (31 December 2025): • Total assets: HK$1.92 billion; total equity: HK$604.84 million. • Cash and bank balances fell to HK$16.96 million (2024: HK$32.76 million). • Net current liabilities widened to HK$406.19 million. • Interest-bearing liabilities stood at HK$21.46 million, producing a 3.5% gearing ratio (2024: 3.0%). • Capital commitments amounted to HK$410.91 million, mainly for project construction and associate loan contributions.
Going-concern outlook: Directors rely on expected project cash inflows and a substantial shareholder’s undertaking not to demand repayment of HK$973.97 million of balances until the Group is financially able.
Operational update: • Gold Coast Resort (Guangdong): Phase 1 pre-sale permit obtained; sales centre prepared; phase 2 plan pending regulatory approval. • Tanghai County Project (Hebei): Design work completed; local natural-reserve designation may require plan revision. • Daya Bay Project (Huizhou): Generated HK$1.26 million rental income from commercial units and car parks. • Shanwei Projects: Jin Bao Cheng recorded HK$49.91 million sales; Hong Hai Bay development remains suspended, with a RMB16.7 million contractor claim under retrial. • Heqing Project (Shanghai): The Group re-filed a claim in February 2026 seeking repayment of a RMB123.9 million shareholder loan after assets were pledged to Greenland HK’s creditors.
No dividend was proposed for 2025, and no significant investments, acquisitions or disposals were reported during the year.
The board notes persistent weakness in China’s property sector and plans to adjust project timetables while exploring mid- to high-end commercial and tourism real-estate opportunities to diversify income.