Good afternoon. Welcome to New World Development Company Limited's FY 2020 interim results. I am Aldous, the head of the investors relations department and moderator for this session. Let me introduce members of our management. First of all, Mr. Adrian Cheng, Executive Vice Chairman and General Manager. Ms. Echo Huang, CEO of New World China. Mr. Jim Lam, Director of Finance and Accounts. I will now pass the floor to the management.
Good afternoon. Our core businesses include property development, property investment, road construction, aviation and insurance. In the future, in property investment and property development, they are our dual core engines. We are well positioned in China. We are going to move towards a very good direction. For first half FY 2020, according to our strategy, our mainland property development and Hong Kong property investments had enjoyed business growth, segmental business growth.
However, because of different factors like market development, social incidents and Hong Kong property development portfolio, our segment business results and underlying profits had shown decline. Because of adjustment in the property market, change in the investment property fair value was a lot lower than same period last year. As you can see, if you look at our revenue in 2019, in the first half, comparing with the first half of 2020, it declined from HKD 49.2 billion to HKD 39.2 billion. This is because in the interim period of 2020, starting 1st July to 31st December, we do not have much to record or to book as revenue. We mainly rely on sale of our inventory. Last year, in the interim period of 2019, we had around HKD 20 billion confirmed revenue during that period, recognized revenue.
Because of timing, in the first half, there is no recognition of revenue. From January to 30th of June, we will have more revenue recognition. Financial condition of the group is stable. In terms of cash and bank balance, around HKD 63.6 billion usable bank facilities, HKD 31 billion. We have around HKD 94.6 billion available capital. Financing cost is stable, 3.7%. Our basic profit was down 7% to HKD 3.92 billion. In FY 2020, for loans that will mature, the refinancing work has all been completed. At present, we are working on refinancing of loans maturing in 2021. It is expected that at the end of June 2020, all this work will be completed. In other words, for this FY and also for FY 2021, in the coming months, our refinancing work will all be completed.
In the future, apart from the HKD 94.6 billion utilizable capital, actually all refinancing issues have been solved. Our financial position is very sound. Net gearing ratio 42.2%. It has risen because in the period we acquired FTLife Insurance, the Ningbo projects and the remaining interest, and the Hangzhou Wangjiang Xincheng project. The management decided to pay out interim dividend of HKD 0.14 per share. For property development as such as now, in terms of booking, in the interim period of 2020, we do not have any new property being booked, so we only sold our remaining inventory. Contribution from Hong Kong will decrease. In the same period last year, the revenue booked in Hong Kong came down by 83% from HKD 21 billion to HKD 3.7 billion. This is just a timing matter.
For mainland contribution, you can see that it has risen 59%. For Greater Bay revenue and segment results, they grew 86% and 166% respectively. Besides, given the brand effects and our unique positioning, our GP margin of sales had broken the record. In Hong Kong, 48%, so it went up by 21 percentage points. In mainland, GP margin was 61%, up 25%. In GBA, more than 70%. Then if you refer to rental properties, that is investment properties with rental income, they offer us long-term operating cash flow. Our property investment performance was excellent. This is mainly because of the contribution from Victoria Dockside and K11 MUSEA. For Hong Kong property investment revenue and segment results, they were up 36% and 20%. And then within the period, the Hong Kong property investment or investment property flagship had increased by 100%, around 1.5 million sq ft.
Now, in FY 2021, K11 MUSEA and K11 ATELIER, King's Road, are going to make full year contribution. In Mainland China, there are a number of city complexes that will be launched. Through K11 and D·PARK brand operation, they will stimulate the leasing business contribution in mainland China. In November 2019, NWS completed acquisition of FTLife Insurance and during the period, new contribution was offered. Together with roads construction, aircraft leasing, they are core businesses of the group and they enjoyed stable growth within the period. Market development. The U.S.-China trade war had restricted the performance of NWS. Concerning strategic businesses like facility management, traffic, they are affected by social incidents and a decline in the number of inbound visitors. For hotel operation, they incurred a loss within the period.
Average occupancy in hotel and hotel room rates, had been affected to different extent in Hong Kong. It is expected that in Hong Kong, hotels' performance within the near term will be affected by the epidemic. In 2020, there will be further decline. For the newly opened Hong Kong Rosewood Hotel , because of this reason, segment result was a loss. Even though within the short term, various businesses' performance may be affected by market condition, the group's development still has a very sound foundation. As such as now, concerning available cash resources, we have more than HKD 90 billion , and we do not have the need to face refinancing pressure. At the same time, we have put in place a number of enterprise directions to realize our strengths. These include sustainable and progressive dividend policy, stable contracted sales.
For example, in the future, in the coming two years, in Hong Kong contracted sales, it would be in the range of HKD 15 billion -HKD 20 billion . I am talking about the coming two to three years. Our recurrent rental income is in acceleration mode. For K11 ATELIER, King's Road, and K11 MUSEA, they are going to make full year contribution. In mainland China in 2021, 2022 and 2023, there will be a lot of recurrent rental income. In Ningbo, Wuhan and so on, K11 will enjoy a lot of rental income, which will be in acceleration mode. Next, we are well positioned in the GBA with old city redevelopment to sustain growth. We may be the only Hong Kong enterprise to be able to deliver good results in GBA, in terms of old city redevelopment.
In the coming two to three years, this will help us accumulate a lot of land bank, which will be released in 2022 and 2023. Our financial condition is very good. We work ahead of refinancing schedule, and if you look at our net gearing ratio, it will be capped at around 40% odd . For our non-core assets disposal, the progress is very good. We have announced that we have sold two assets for HKD 3 billion and this year, for the whole group, in disposing non-core assets, we hope to reach HKD 15 billion. Besides, New World Development is a leader in Asia Corporate Social Value. So we have very innovative mindset, and we will shoulder more social responsibilities in order to create more shared value for stakeholders.
In face of the recent epidemic, we are the first listed company in Hong Kong to donate HKD 10 million to fight the epidemic. In China and Hong Kong, we implemented flexible working hours. The Hong Kong construction site has been suspended for two weeks. In the market, there is continuous shortage of mask, and we are going to produce and manufacture mask in Hong Kong, and the mask will be distributed to non-profit making groups for free. It is expected that we are going to produce 200,000 masks per day. So far, our group has already donated CNY 50 million and 200,000 masks to support the anti-coronavirus work. So in the future, we will be prudently optimistic. We will be cautious in our work, and we will ride out the difficulties with various stakeholders and share our results. Thank you.
Thank you, Adrian.