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In 2024, the real estate market in Mainland China continued to be in an adjustment phase, and real estate development across the country remained under pressure. According to data from the National Bureau of Statistics, the sales area and sales value of commercial properties fell by 12.9% and 17.1%, respectively, in 2024, indicating a low level of trading activity in the market. To stabilize the market, the government introduced a series of policies, including optimizing purchase and loan restrictions, reducing the down payment ratio, and supporting the rigid and improvement-oriented housing demand. These measures, together with the promotion of the trade-in policy and the continuous reduction of mortgage interest rates, injected some vitality into the market. In addition, the implementation of special loan policies to ensure the delivery of pre-sold housing projects was strengthened in many places, which boosted the confidence of home buyers and promoted trading activity in the second-hand housing market.
These policies demonstrate the government’s determination to revitalize the industry and the overall economy. They have also created new business opportunities for enterprises and set higher standards for their service capabilities and professionalism. Faced with challenges during the market adjustment period, the Group actively adapted its strategy and strived to seize the opportunities in a bearish market.
In 2024, the Group’s overall turnover was HK$947 million, a decline of HK$27% from the same period in 2023, mainly due to the overall downturn in the real estate market and intense competition in the property real estate agency industry during the year, which resulted in operating losses. The loss attributable to shareholders was HK$280 million.
Focusing on the core business of property real estate agency, digital transformation to guide growth, and diversified business to advance in tandem
Over the past year, the Group has made steady progress in various business areas and proactively responded to market challenges. In terms of property real estate agency services, the Group made targeted adjustments to boost business performance through comprehensive business assessments, in-depth analysis of market data and customer feedback. At the same time, the Group actively promoted digital transformation and utilized new media and Internet marketing to expand its brand influence and achieve business growth. For example, the Group upgraded its online property search service platform “AI Hopefluent” to the “Bang Housing” APP and mini program, integrating online and offline resources and providing a full-process shopping guide service. The platform cooperates with a leading Internet company to promote technological innovation in real estate services. As of 2024, “Bang Housing” has covered more than 70 cities across the country, with the number of users exceeding eight million, thus further consolidating its leading position in the industry.
In addition, leveraging years of operational experience and close cooperation with a number of outstanding companies, the Group has gained in-depth and extensive knowledge of industry information and market trends, which has continuously improved the performance of the valuation research business. During the year, the Group provided customers with a variety of services such as strategic consulting, data research, and value and risk assessment, and was committed to exploring the application of new technologies to enhance its sales performance.
As the domestic economy slowed and the real estate industry remained sluggish amid weak market demand, the Group was inevitably affected by the dual impact of the macroeconomic environment and industry trends. During the year, the property real estate agency business recorded a turnover of approximately HK$924 million (2023: approximately HK$1,251 million).
The Group’s financial services business was also affected by severe volatility in the external environment and the tightening market atmosphere. The turnover of this business was approximately HK$23 million (2023: approximately HK$44 million).
CONCLUSION
Over the years, although the market was complex and volatile, “challenges” and “opportunities” have always coexisted. With the support and promotion of various national policies, the real estate market is expected to gradually regain its vitality and stability, and the industry will become healthier and more sustainable.
In 2025, Hopefluent will meet the challenges and opportunities of the new era with a more open attitude and more professional services. The Group will respond to market volatility with flexible strategies, continue to improve operational efficiency, ensure steady progress and strive for breakthroughs in the face of industry changes to create a better future together with all parties.
On behalf of the Group and the Board of Directors, I would like to express my gratitude to all Hopefluent employees for their contributions. I would also like to sincerely thank our shareholders, customers, business partners and investors for their continued support and trust in the Group. Hopefluent will continue to work diligently and strive to achieve a turnaround as soon as possible, create greater value for customers, and bring more satisfactory returns to shareholders.