City Developments Limited (CDL) announced today the appointment of Deloitte & Touche Financial Advisory Services Pte. Ltd. (Deloitte) as its External Financial Advisor to assist in further evaluating and reviewing its 51.01% joint venture equity investment in Sincere Property Group (Sincere) based in China.
The CDL investment of an effective 51.01% stake in Sincere, completed in April 2020, is a strategic investment which provides CDL with a platform established over 26 years, comprising different asset classes across 18 cities in China. Sincere is ranked in China among the Top 100 Developers by China’s Real Estate Association and one of the Top 10 Business Park Developers and Operators.
As at 30 June 2020, CDL Group’s global asset portfolio amounted to S$23.8 billion, of which China accounted for 14%. Excluding Sincere, the Group’s China portfolio includes residences, office buildings, hotels, serviced apartments and retail malls.
The CDL Board has mandated this evaluation and review by Deloitte in view of the challenges relating to Sincere’s liquidity position following the outbreak of the pandemic and new measures to further tighten liquidity for real estate companies in China; the most recent being the ‘Three Red Lines’ policy.
Deloitte will evaluate the investment in Sincere in the light of the above challenges. Based on the findings – expected to be finalised before the end of 2020 – the Group will update shareholders on the proposed recommendations.
Issued by City Developments Limited (Co. Regn. No. 196300316Z)
For media enquiries, please contact
Gerry De Silva
Head, Group Corporate Affairs
Hong Leong Group
T: +65 6877 8538
E: gerry@cdl.com.sg
Belinda Lee
Head, Investor Relations and Corporate Communications
T: +65 6877 8315
E: belindalee@cdl.com.sg
Joanne Koh
Manager, Group Corporate Affairs
Hong Leong Group
T: +65 6877 8537
E: joannekoh@cdl.com.sg
Eunice Yang
Vice President, Corporate Communications
T: +65 6877 8338
E: eunicey@cdl.com.sg
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About Sincere Property Group (www.sincere.com.cn)
With over 20 years of track record, Sincere Property is ranked as one of China’s Top 100 Developers by the China Real Estate Association and one of China’s Top 10 Business Park Developers and Operators by Guandian. Sincere Property has a full set of development and asset management capabilities across different sectors, including residential, retail, office, hotel and serviced residence, business park and large-scale mixed-use development. Sincere Property’s geographical presence in China spans 18 cities, including key Tier 1 and Tier 2 cities. It employs over 1,800 professionals.
Its development land bank totals 8.3 million square metres with 64 development projects across 18 cities in China as at 30 June 2020. Sincere Property has a full spectrum of residential projects ranging from high-end to mass market, which includes villas as well as low- and high-rise condominiums. Sincere Property also owns and/or operates a substantial portfolio of investment properties in China, including 9 retail malls, 13 offices, four hotels with more than 1,000 rooms and a serviced residence with 404 apartments.
Sincere Property’s contracted sales grew at a compounded annual growth rate of around 29% from RMB 9.9 billion in 2016 to RMB 21.4 billion in 2019.
Category: Real Estate
Ziptrak Original Track-Guided Blinds System Resolves Top Pain Points for over 4,500 Singaporean Homes and Businesses
SINGAPORE, Nov 3, 2020 – (ACN Newswire) – Ziptrak(R), the original patented track-guided blind system based in Australia, has been making balcony and semi-outdoor spaces in Singapore more usable, protecting homes and businesses from sun glare, rain, noise, UV radiation and heat. To date, it has been installed in over 4,500 residences and commercial spaces with a proven track record of durability, where less than one percent of units installed required full replacements.
Track-guided blinds are designed so that the blind material moves along a track, preventing wind and insects from entering, and cold air to escape from. Unlike traditional cabled blinds, which flap about in the wind and are exposed at the sides, the blind material will remain in the tracks and continue to protect your spaces, come rain or shine. The trifecta of quality, experience and innovation has been making waves since the very first installation of Ziptrak blinds at IMM Outlet Mall in December 2012, to its introduction to the Singapore market in early 2017.
1. QUALITY – Every component is selected for its strength and durability; with a 2m by 2m blind being able to withstand a static load equivalent to wind speeds of 260km/hr. For a product that needs to withstand scorching sun, lashing winds and fierce rain, only the strongest and most durable, rust-free components are, and should be, used.
2. EXPERIENCE – With over 20 years of customer insights and feedback, Ziptrak is able to adapt and curate features that perform outstandingly in today’s conditions, such as the RainOut fabric range, PestOut(R) Pelmet and Child Safety Latch which were introduced specifically to address concerns and pain points of the Singapore market.
3. INNOVATION – Ziptrak also patented the revolutionary manual SuperSpring(R) system, built with the elderly in mind, and known for its ease of movement without the need for cords, cranks or even motors.
Customised Features for residences in Singapore
With Singapore being its largest market in Southeast Asia, the creators of Ziptrak came up with a unique series of features catered specifically to address the concerns of local homeowners.
1. Rain Out, Stay Dry
Stay dry from the 168 thunderstorm days that Singapore experiences each year with the 100% waterproof RainOut Fabric range, which features a fiberglass laminated weave to keep your balcony dry.
2. Pest Out, Stay Clean
Our PestOut(R) Pelmet also keeps the pelmet pest-free and also helps to rid the fabric of dust with a sweeping motion every time the blinds are drawn up.
3. Child Lock, Stay Safe
As a preventive feature exclusively for Singapore’s many high-rise buildings, the manual Ziptrak(R) SuperSpring(R) blinds come with the option of a Child Safety Latch, which prevents the blinds from being lifted beyond railing height when deployed, keeping it at a safe height for your little ones with a simple turn of the latch.
4. Unobstructed Views, Stay Free
The recent introduction of Ziptrak(R) PanoView(R) blinds, which stretches up to 6m wide without requiring a post in between for support, also allows for a super wide un-obstructed viewing pleasure of Singapore’s morning sunrise and night-time city lights. Being able to maneuverer around limitations posed by elevators and stairwells in high-rise developments, Ziptrak PanoView blinds eradicates the need for support posts, giving rise to an unobstructed view beyond.
Ziptrak is exclusively distributed in Singapore and Malaysia by its official distributor, DuraBlinds Trading Pte. Ltd., since August 2017, and is only available at authorised retailers. Please visit https://www.sg.ziptrak.com/ for more information.
Authorised Retailers
– Fabrik Etc Pte Ltd
– The Curtain Boutique
– J & S Design
– Softhome Pte Ltd
– Lee Curtain House Pte Ltd
– Ricco Curtain Design
– H M Gallery Pte ltd
– Le Showplace Pte Ltd
– Recherche Interior Pte Ltd
– Light-Pro Furnishings Pte Ltd
– ClimaShield Solutions Pte Ltd
– Omni Interior Pte Ltd
About Ziptrak Pty Ltd, https://www.sg.ziptrak.com/en/
Ziptrak Pty Ltd is a 100% Australian owned and operated company that designs, develops and manufactures track-guided blind products.
With 30 years of experience, Tony de Maaijer is the original inventor of the track guided outdoor blind, Ziptrak; a spring-balanced or motorized track guided blind system providing UV, sun, wind, rain and insect protection. We proudly supply a product that allows people to enjoy the natural environment that surrounds their home, creating a seamless integration between indoor and outdoor living, with a controlled environment in which to indulge with family and friends. The Ziptrak(R) brand is a registered trademark and the blind system is protected under multiple patents.
With 20 years in the industry, Ziptrak is a leading brand of choice among consumers, retailers and fabricators. We lead our market segment through constant innovation and technological advancements in our manufacturing processes. Our headquarters is in South Australia, with distribution Australia-wide and internationally through a trusted network of other dedicated companies.
Rykadan Capital Proposes Stock Buy-back of Up to 102,000,000 Shares at Offer Price of HK$0.68 Per Share, Equivalent to 51.11% Premium over the Closing Price on the Last Trading Day
Certain and Immediate Cash Returns to Shareholders
Rykadan Capital Limited (“Rykadan Capital” or the “Company”, together with its subsidiaries the “Group”; stock code: 2288) just announced that Dongxing Securities (Hong Kong) Company Limited will make a conditional cash offer (the “Offer”) on behalf of it to the Shareholders to buy back up to 102,000,000 of the Company’s issued shares (the “Shares”) at an Offer Price of HK$0.68 per share (the “Offer Price”). Upon completion, all Shareholders are expected to benefit from the increase in consolidated net asset value per Share. Following the closing of the Offer, the Group intends to maintain its listing on The Stock Exchange of Hong Kong Limited (“SEHK”).
The 102,000,000 Shares proposed in the stock buy-back represents approximately 21.36% of the Shares in issue as at the date of the Announcement. The Offer Price of HK$0.68 per Share represents a premium of 51.11% over the closing price of HK$0.45 as quoted on SEHK on 15 September 2020 (the “Last Trading Day”), or a premium of approximately 55.55% over the average closing price of the Shares during the last 30 consecutive trading days immediately prior to and including the Last Trading Day. The aggregate cash consideration payable under the Offer (if the maximum number of Shares are bought back) will amount to approximately HK$69,360,000.
The price of the Shares has historically been traded at a significant discount to the Group’s net asset value attributable to owners of the Company per Share. Taking the closing price of the Shares of HK$0.45 on the Last Trading Day as a reference, the discount to the Group’s net asset value attributable to owners of the Company of approximately HK$2.77 per Share as at 31 March 2020 was as high as approximately 83.77%.
Premium valuation: The Offer provides an opportunity for the Shareholders to sell their Shares at a premium to the prevailing market prices of the Shares and receive cash proceeds in return. In particular, the closing price of the Shares has never exceeded the Offer Price after 27 September 2019 for almost 12 months. The Offer Price represents a premium of approximately 55.55% over the average closing price during the last 30 trading days immediately prior to and including the Last Trading Day.
Certain and immediate value: The Shares have been traded on the SEHK at an average daily trading volume of approximately 71,397 Shares for the six months up to and including the Last Trading Day, representing less than 0.02% of the total issued Shares as at the Last Trading Day. The Offer presents an immediate opportunity for the Shareholders to dispose of their Shares, not be constrained by trading liquidity, and exit their investment for cash proceeds.
Mr William Chan, Chairman and Chief Executive Officer of Rykadan Capital, said, “Over the past years, the shares of the Company have been trading at a steep discount to its consolidated net asset value. By repurchasing such maximum number of Shares from the market, the Offer will enable our Shareholders to immediately realise cash returns.”
About Rykadan Capital Limited (Stock code: 2288)
Rykadan Capital Limited is a Hong Kong-based investment holding company. The Group operates and invests in real estate development, real estate investment, distribution of building materials and asset, investment and fund management. For more information, please visit www.rykadan.com.
Media enquiries:
Strategic Financial Relations Limited
Maggie Au +852 2864 4815 maggie.au@sprg.com.hk
Adrianna Lau +852 2114 4987 adrianna.lau@sprg.com.hk
Rachel Ko +852 2114 2370 rachel.ko@sprg.com.hk
www.sprg.com.hk
ZALL Smart Commerce Group To Expand Its Singapore Operations
Looks to help local SMEs navigate regional trade through ASEAN-China supply chain networks
Asia’s leading B2B e-commerce group, ZALL Smart Commerce Group (ZALL), announced that it will be expanding the scale of its operations and investments in Singapore. ZALL will invest in its Singapore business, including Commodities Intelligence Centre (CIC), a Joint Venture between ZALL, the Singapore Exchange (SGX) and Global eTrade Services (GeTS). It has increased its recruitment efforts, with a number of open roles for its operations and trading teams in Singapore. ZALL is also investing into technology to further enable Singapore SMEs to trade more freely across Asia.
ZALL is one of the nine bidders who made the shortlist for the Singapore wholesale digital banking license with only three licenses will be awarded by end-2020. The digital bank foray will mark ZALL’s fourth major project in Singapore as it aims to bridge the funding gap and support the expansion of local SMEs and micro-SMEs into Asia.
ZALL’s Chairman, Yan Zhi believes that the pandemic has highlighted the importance of leveraging cross-border growth opportunities, especially between ASEAN and China to build more resilient supply chains. Mr. Yan’s comments were shared at the recent FutureChina Global Forum 2020 (FCGF) that was attended by over 1,300 regional delegates who discussed the latest development trends and growth opportunities between China and ASEAN. From Singapore, the event was graced by Minister for Trade and Industry Mr Chan Chun Sing.
“While it is business as usual in China now, the rest of the world is still affected by the pandemic that has disrupted supply chains, cratering economies. Today, most of the trading and transactions have to be done online, creating an urgency for traditional businesses to leverage on digital platforms and digitally transform as soon as possible in order to survive,” emphasized Mr. Yan Zhi, Chairman of ZALL.
“With confidence, we will eventually go through the difficulties, through the epidemic and fog before us, and the world in three years will only be better,” said Mr Yan.
The pandemic has amplified Singapore’s importance in driving ASEAN-China trade, a valuable proof point around ZALL’s decision to establish its international headquarters in Singapore by launching Commodities Intelligence Centre (CIC) two years ago (2018). CIC is Singapore’s first B2B e-trading platform for physical commodities powered by blockchain technology. It offers a global intelligent trading platform to more than a dozen countries, helping companies to reduce transaction costs, optimise the efficiency of their supply chains across cross-border trading, financing, logistics, compliance and risk management; and achieve greater trading synergies globally.
Despite the impact of the Covid-19 pandemic, CIC has seen sales revenues at approximately US$1 billion (S$1.36 billion) during the first half of this year (2020), which exceeded the total revenue throughout last year. Moreover, the number of customers on the CIC platform increased by 20 per cent as compared to 2019, resulting in a surge in the level of activity on the entire platform.
Mr Peter Yu, CEO of Commodities Intelligence Centre, shared, “Singapore has the ideal geographical location when it comes to commodities trading, playing a critical role in supporting regional trade. Singapore’s nation-wide push for digitalisation has created the necessary environment to groom digital-savvy talents, and we look forward to inviting ideal candidates to join our growing team in Singapore.”
“Be it COVID-19 or the recent spike in dengue cases, CIC offers opportunities for businesses of all sizes to mitigate crises by diversifying revenue sources and extending their global reach of their supply chains. In doing so, we are building business resilience against current and future pandemics,” added Mr Yu.
About ZALL Smart Commerce Group
ZALL Smart Commerce Group (ZALL) is a leading Chinese B2B e-commerce group (ranked 139th of Fortune China 500 companies in 2020) with a global footprint across the world and is listed on four exchanges on HKSE, NYSE, SSE and SZSE. ZALL develops and operates Asia’s largest B2B offline-to-online trade ecosystem in China and Southeast Asia, including Singapore, with more than 30 B2B platforms in China, US and Singapore, and a GFA of more than 10 million sqm of wholesale trade centres in China. In 2018, ZALL Group achieved a GMV of more than RMB 600 billion (US$85.2 bn), serving over 1 million SME customers worldwide.
ZALL has also obtained a virtual banking licence and currently operates Z-Bank in China since 2017, one of China’s top 5 digital banks that has supported more than 5.5 million SMEs and individual customers. For more information, please visit http://en.zallcn.com/
About Commodities Intelligence Centre (CIC)
The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities. Officially launched in Singapore on 12 Oct 2018, CIC is a Joint Venture between China-based ZALL Smart Commerce Group, Global eTrade Services (GeTS) and Singapore Exchange (SGX) to build trade connectivity through digital marketplaces and to grow a vibrant trading ecosystem in Singapore.
CIC aims to revolutionise commodity trading and facilitate cross-border trade through deal matching, trade finance, supply chain logistics, track and trace and global trade compliance. Since its establishment in October 2018, CIC has achieved a GMV (Gross Merchandise Volume) of more than US$13.1 billion (S$17.9 billion), with over 5,000 registered users covering markets including Singapore, Malaysia, Indonesia, India, China, amongst other countries in Asia. For more information, please visit www.cic-tp.com.
For media queries
PRecious Communications for ZALL
ZALL@preciouscomms.com
JP Morgan, DBS and Others Recommend “Buy” Rating for Central China New Life as its Interim Results Exceed Market Expectations
Central China New Life Limited (stock code: 9983) recently released it interim results, which revealed substantial growth in net profit driven by the expansion of its business scale. Moreover, the ongoing growth of third-party properties under its management and rapid growth of the company’s “Jianye+” platform have provided a sound foundation for further development of its business going forward. The strong performance which exceeded market expectation has subsequently earned “Buy” or “Overweight” ratings from various security houses, among which DBS has also significantly increased its target price, which was originally set at HK$10.40, to HK$12.56. Details are as follows:
Recommendation Target Price
DBS Buy HK$12.56 (Original Target: HK$10.40)
JP Morgan Overweight HK$13 (Maintain)
Haitong Outperform HK$15.9
CCBI Outperform HK$13.8 (Maintain)
BNP Paribas Buy HK$13.2
AMTD Buy HK$13.56
Guosheng Maintain Buy HK$14.3
Central China New Life’s business consists of three major segments, namely, 1) property management and value-added services; 2) lifestyle services; and 3) commercial property management and consultation services. Despite the impact of the COVID-19 epidemic, the company’s business growth has remained rapid. Furthermore, its income structure has been continuously optimized and its operating efficiency has been enhanced during the first half of 2020. During the period, the company’s revenue increased by 56.1% to RMB1,061.2 million, as compared with the corresponding period of 2019. Profit attributable to shareholders of the company surged by 70.3% year-on-year to RMB183.8 million. Basic earnings per share amounted to RMB0.1870. To date, Bloomberg shows 11 out of 12 security houses covering Central China New Life give “buy” or equivalent ratings.
During the period, revenue from property management and value-added services jumped by 59.3% year-on-year to RMB843.8 million. The increase was mainly attributable to the growth in property management revenue resulting from an enlarged GFA under management. In addition, stronger business was seen in value-added services, such as sales agency and intelligent community which were able to generate greater revenue.
In the first half of 2020, the company implemented the “Large Regional Market Expansion” strategy. Correspondingly, its business focused on Henan and radiated to adjacent provinces. At the same time, it also expanded to include quality projects in other provinces in China, thereby steadily scaling upward its business. As at 30 June 2020, the GFA under management and contracted GFA reached 70.1 million sq. m. and 144.4 million sq. m. respectively, representing respective growth of 23.1% and 25.9% as compared with the end of 2019. During the period, new contracted GFA relating to Central China Real Estate increased by 16% H/H, while new contracted GFA from third parties increased by 41% H/H, which reflected the company’s ability to obtain third-party contracts.
During the period, lifestyle services of Central China New Life have expanded rapidly and the coverage of the “Jianye+” platform has continued to grow. The company’s revenue from lifestyle services grew by 51.6% year-on-year to RMB172.8 million. The upsurge was mainly attributable to the significant increase in registered users of its “Jianye+” platform, from approximately 1,547,700 as at the end of last year to approximately 2,805,500 as at the end of June this year, as well as a rise in consumption among registered users. The rapid growth of the “Jianye+” platform will provide further room for future development of the company’s lifestyle services.
The company’s commercial property management and consultation services consist of hotel management, commercial asset management and cultural tourism complex management. Revenue from this business segment has increased by 22.2% year-on-year to RMB44.6 million. The company’s commercial property management business was launched in March 2019. Affected by the epidemic, the growth of cultural tourism businesses that are involved in such operations as hotels, tourism, commercial management and specially themed small towns have all faced relatively great pressure in general. Nevertheless, with the synergy achieved by leveraging the “Jianye+” platform, the company has still managed to develop new growth and profit drivers in this business segment.
Central China New Life will strengthen efforts to expand its property management business in the second half year by focusing on mergers and acquisitions. It will also focus on increasing investment in intelligent properties and integrating organizational management to reduce costs and increase efficiency. Since the company went public in May to raise funds, it has ample cash on hand, which will be conducive for executing its future merger and acquisition plans.
Greenland Hong Kong records 24% year-on-year growth in core profit and is getting on track of high-quality growth
On the morning of 28 August 2020, Greenland Hong Kong Holdings Limited (stock code: 337.HK) held an online interim results conference in Shanghai, which was attended by Mr, Chen Jun (Executive President of Greenland Group and the Chairman of the Board and Chief Executive Officer of Greenland Hong Kong), Mr. Gu Minqi (Vice President), Mr. Chen Zengli (Assistant President) and Mr. Lei Yu (Secretary to the Board).
In the face of the sudden outbreak of COVID-19 in the first half of the year, Greenland Hong Kong actively responded to the state’s requirements for coordinated promotion of epidemic prevention and control and economic development, and took the initiative to implement precise and targeted policies. With the concerted efforts of all staff of Greenland Hong Kong, the Company managed to maintain a good growth momentum despite the adversity in the first half of the year. In particular, it recorded steady increase in major indicators of core profits, continued to optimize the layout of key projects and achieved great progress in industry collaboration, laying a solid foundation for completion of the annual goals and tasks.
Key performance steadily enhanced and debt structure continued to improve
During the first half of the year, the Company continued to record fast growth. In particular, its core net profit amounted to RMB646 million, representing a year-on-year increase of 24%; revenue amounted to RMB6,400 million, representing a year-on-year increase of 10%; gross profit amounted to RMB2,091 million, representing a year-on-year increase of 33%. Net profit attributable to the Company amounted to RMB650 million, and total assets reached RMB108,575 million, exceeding RMB100 billion for the first time. Despite the pressure from the pandemic, the Company maintained stable profitability with favourable momentum.
While continuously enhancing its profitability, the Company kept on optimizing the debt structure. Its net interest-bearing debt ratio was only 38%, maintaining at a relatively low level as compared with the industry peers. The existing interest-bearing debt balance was RMB16,750 million, of which 67% were long-term debts and 33% were short-term debts, and the weighted average interest rate decreased to 5.5%. At the same time, the Company continued to strengthen its cash flow control and collected 92% of its sales receivables in the first half of the year, thereby providing the Company with sufficient cash flows. Up to now, the Company’s cash on hand was RMB10,333 million, which was sufficient to cover short-term interest-bearing liabilities. The Company’s capital chain security has been continuously consolidated, and its anti-risk capability has also been further improved, providing strong support for the further development of the Company.
Focusing on in-depth development in key areas to strengthen sustainable growth drivers
In the first half of the year, Greenland Hong Kong focused on major projects and deepened inter-sector synergy in the Yangtze River Delta, Greater Bay Area, Beibu Gulf, Yunnan and other key areas, and a number of key projects with potential have been implemented successively. As of the date of the results announcement, the Company secured 13 new land parcels and achieved newly constructed gross floor area of 2.53 million sq.m. with a total worth of approximately RMB42.1 billion, an ownership ratio of 84% and an average floor price of RMB6,012 per sq.m. These projects are concentrated in core cities with dense population flows, rapid economic development and extremely competitive advantages, where the real estate market has gained strong support. Among these new projects, the projects to be delivered in the second half of this year is worth approximately RMB14,330 million, providing sufficient support to achieving the annual goal.
Up to now, Greenland Hong Kong has a total land reserve of approximately 22 million square meters in 26 cities across the country with a total of 70 projects. Over 70% of the total land reserve is located in the first- and second-tier cities and provincial capital cities, which has formed a balanced and deep layout in the core areas of the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, the gateway areas of the Belt and Road and the Hainan Free Trade Zone and can fully support the Company’s development needs in the next 2 to 3 years.
Facilitating high-quality development through quality improvement and refined management
Greenland Hong Kong is committed to meeting people’s increasing needs for a better life by enhancing the value of its products and facilitating product upgrade through continuous refinement and improvement. By adhering to the concept of housing upgrade, Greenland Hong Kong combined arts and technology to upgrade the 8+X product series, and launched various popular IP products such as Greenland Loch Mansion in Taihu, Greenland Yejin Mansion in Yangzhou, Greenland Yushan World in Jiangyin and Greenland Ocean Masterland in Nantong, which attracted great market interest and attention. In addition, in the first half of 2020, Greenland Hong Kong was granted 16 domestic and overseas design awards for its projects. The Company also adhere to refined management. It established a data platform with focus on Greenland Hong Kong to implement information-based, systematic and visualized management of specific measures to reduce cost and enhance efficiency, thereby enabling refined management and control of the whole operation cycle and effectively reducing cost and enhancing efficiency. In the first half of 2020, the Company recorded gross profit margin of 33%, keeping it at a relatively high level among industry peers for many years in a row. Since its establishment seven years ago, Greenland Hong Kong’s gross profit margin grew from 27% to 33%, which reflected continuous and rapid improvement in the operation ability and profitability of the Company.
Supporting the main business with industry collaboration and fully upgrading the “Real Estate +” strategy
While continuing to develop and expand its main business of real estate, Greenland Hong Kong strived to build a real estate+ ecological chain, focusing on the coordinated development of comprehensive health, cultural tourism, cultural and educational sectors. The systems of comprehensive health industry have been continuously enriched and improved, and the “H1 health city” sector has gradually been carried out with seven companies related to the health industry introduced. Provectus Care Mansion upgraded the care standards to set a benchmark for high-end care. The large-scale cultural tourism projects of sports and health landed in Jinning, Kunming, creating a new benchmark for health and cultural tourism in Kunming. The high-end educational resources such as Shanghai Jiao Tong University’s Institute of Cultural and Creative Industry opened in the Greenland International Education Park to promote new models of industrial practice and talent training. Nanning 289 Shanghai Tiandi Commercial Plaza strived to create the most modern and high-quality urban living venue and build a very representative symbol of culture, business and tourism in Nanning, and was recognized as a national AAA grade tourist attraction. These successful commercial operations further enhanced the value of assets and created new growth drivers for the development of the Company.
Adopting self-driven innovative mechanism to stimulate the endogenous power of the Company
In the first half of 2020, Greenland Hong Kong carried out a series of mechanism innovation with focus on “project co-investment system”. Through the incentive mechanism that adopts the “one share one vote” structure and advocates equal rights and responsibilities, the Company aligned the interests of its shareholders, management members and frontline project teams, which greatly motivated the management members and frontline staff and improved their creativity and cohesiveness, thereby facilitating the development of the Company with their concerted efforts. In addition, as a state-backed real estate enterprise, the Company will actively explore the in-depth implementation of mixed ownership reform, continue to promote system and mechanism innovation, and establish a more market-oriented and professional operation system.
Moreover, Greenland Hong Kong made full use of its advantages in information technology and employed emerging technologies such as big data, artificial intelligence and cloud-based services to create a data driven digital management platform covering the entire life cycle of business, which enables online and real-time business management, thereby facilitating the strategic transformation from information technology (IT) management model to digital technology (DT) management model and further enhancing the management efficiency. Through innovation in governance mechanisms, we will continue to stimulate our endogenous development momentum.
Fulfilling corporate responsibilities to actively participate in public welfare and poverty alleviation
While focusing on its development, Greenland Hong Kong has also spared no effort to devote itself to charity and public welfare undertakings, actively fulfilling its corporate social responsibility and mission. Immediately upon the epidemic outbreak in the first half of the year, 2,846 employees of the Company spontaneously donated nearly RMB800,000 in one day, and it also purchased epidemic prevention materials worldwide to support front-line work. We supported the Greater Bay Area in the fighting with the epidemic, assisting farmers and industrial poverty alleviation, and we stood with our country and the people to get through such bad times. We launched the Red Jacket Village Children’s Charity Program to pass on the charity of property owners, customers, employees and their families to left-behind children in poor and mountainous areas. Greenland Hong Kong has fulfilled its corporate mission of “mission-driven, considerate and humane” with practical actions.
Mr. CHEN Jun, the Executive President of Greenland Holdings and the Chairman of the Board and Chief Executive Officer of Greenland Hong Kong, said at the press conference that “in the first half of the year, the COVID-19 epidemic has brought an unprecedented impact to China’s social and economic development, which put the real estate enterprises to the test with respect to their abilities in operation, profit making, risk resistance and long-term development. By taking targeted and proactive measures and putting great efforts in precise business planning, refined management, financial position improvement and system innovation, Greenland Hong Kong achieved stable growth in operating results, which reflected the powerful strength and great resilience of the Company. In the second half of the year, as the market gradually picks up, our previous layout and efforts will gradually pay off, and we are confident that we can keep the target set at the beginning of the year unchanged. We will focus on resources, regions and key projects to strive for steady growth in core performance. We will continue to optimize the debt structure, improve the cash flow position and enhance our ability to resist risks. We will persistently strengthen inter-sector synergy, deepen the overall upgrade of the comprehensive health, cultural tourism, cultural and educational industries, continue to provide consumers with better life scenarios and better lifestyles, as well as continuously promote the high-quality and healthy development of the Company.”
About Greenland Hong Kong Holdings Limited
Greenland Hong Kong Holdings Limited (337.HK) is a subsidiary of Greenland Holdings, one of the top 500 companies in the world. Ever since its establishment 27 years ago, Greenland Holdings has created a diversified development pattern of “focusing on the development of real estate market and placing equal stress on Big Infrastructure, Big Finance, Big Consumption, medical and healthcare and scientific innovation” with a global presence. By adhering to the development strategies of capitalization, popularization and internationalization, Greenland Holdings has secured its market presence in more than 100 cities of domestic and overseas countries such as China, the United States, Britain, Germany, Australia, Canada, South Korea, Thailand and Malaysia. Leveraging Greenland Holdings’ mature brand image, rich resources, large scale and system, advanced management and passionate corporate culture, Greenland Hong Kong will comprehensively consolidate the existing assets and fully utilize the advantages of the capital platform in Hong Kong to establish itself as a benchmark in the Hong Kong capital market for mainland China real estate players.
Redsun Properties 1H2020 Revenue Surges 146.3% to RMB9.6 Billion, Core Attributable Profit Up 30.7% to RMB656.6 Million
Redsun Properties Group Limited (“Redsun Properties”, or the “Group”, stock code: 1996), a leading comprehensive property developer in Mainland China, announced its interim results for the six months ended 30 June 2020. The Group has continued to achieve synergic development, maintained a solid financial position and promoted a nationwide layout under its “Property + Commercial” dual-driven strategy.
Results Highlights:
– Contracted sales up 4.4% to RMB31.6 billion. Contracted average selling price increased by 13.6% to RMB14,642 per sq.m.
– Revenue surged 146.3% to RMB9.6 billion in 1H2020
– Gross profit amounted to approximately RMB2.43 billion, surged 115.0%; Gross profit margin was 25.3%
– Core net profit jumped 80.7% to approximately RMB874.2 million, core net profit margin was 9.3%
– Core profit attributable to owners of the parent grew 30.7% year-on-year to approximately RMB656.6 million
– Maintained healthy financial position, net gearing ratio decreased 1.7 percentage points to 68.7% with sufficient cash on hand of approximately RMB18.3 billion, up 8.5% against the year-end of 2019
– Land bank increased by 8.5% when compared with the end of 2019 to approximately 18.4 million sq.m., supporting nationwide development layout in the future
– Revenue from commercial operations increased 14.2% to approximately RMB212.8 million
Establishes nationwide layout: Achieves stable sales performance and rise in quality via intensive development
Redsun Properties implements investment strategy of “penetrating the Greater Jiangsu Region, strengthening foothold in major metropolitan areas and expanding into core cities”, and has maintained sustainable growth in the first half of 2020. Contracted sales amounted to approximately RMB31.6 billion in the first half year, representing a year-on-year increase of 4.4%. According to CRIC’s statistic, sales of the Group increased its rank to 46th nationwide. Average contracted selling price increased by 13.6% to RMB14,642 per sq.m. Revenue of the Group reached approximately RMB9.6 billion, representing an increase of approximately 146.3% as compared with the same period last year, mainly generated from the sale of developed residential properties and supporting retail stores, rental income from commercial property investments and operations, and service fee income from its hotel operations. Business from commercial operation continue to bring in stable income to the Group. During the review period, the Group operated three Hong Yang Plazas, which are located in Nanjing, Changzhou and Yantai respectively. This segment has generated total sales income of around RMB212.8 million, which was 14.2% more than the last corresponding period. The increase was mainly due to contributions from the newly opened Pavilion C2C3 of the Nanjing Hong Yang Plaza in 2H of 2019. During the review period, the Group’s gross profit margin was 25.3%. Core net profit jumped 80.7% to approximately RMB874.2 million, while core net profit attributable to owners of the parent grew by approximately 30.7% to RMB656.6 million. Basic earnings per share were RMB0.20.
During the review period, the Group entered new cities such as Anqing, Huai’an, Suqian, Xianyang and Wuhu, thus forming a nationwide layout. As at 30 June 2020, the aggregate gross floor area of the Group’s land bank was approximately 18,374,029 sq.m., representing an increase of 8.5% compared with the end of last year, which is sufficient for future development. Comprehensive view of the Group’s national layout, its coverage has reached more than 43 cities nationwide, covering 169 projects, 76% of the land reserves are located in first- and second-tier cities.
The Group is also preparing to open 11 Hong Yang Plazas, located respectively in Hefei, Hengyang, Yangzhou, Xuzhou, Yanjiao, Jining, Fushan in Yantai, Lekai in Yantai, Dacheng in Changzhou, Fenghuangdong in Changzhou, and Anqing, signifying the promotion of the “Hong Yang Plaza” brand. With regard to the hotel operation, in addition to its present two hotels, the Group is owning an Ibis Hotel that under entrusted management model, so as to continuously optimize its business mix.
Continuous improvement on financial structure, achieved capital market recognition
In the first half of 2020, the Group’s net gearing ratio was improved to 68.7%, the proportion of short-term debt dropped to 36.8%. The Group maintained a healthy cash position with cash and bank balances increasing to approximately RMB18.3 billion (31 December 2019: approximately RMB16.8 billion). Total assets exceeded RMB100 billion for the first time as of 30 June 2020.
Implements strategy of “penetrating into the Greater Jiangsu Region, strengthening foothold in major metropolitan areas and expanding into core cities”
The Group boasts a unique business model that emphasizes differentiated and quality development and fosters a “dual-driven” business strategy. In the second half of 2020, the Group will also adhere to “Quality and Efficacy Enhancement”, which is the main theme of its operations. In respect of property development, the Group will persist in its nationwide strategic layout and further strengthen its foothold in key areas, such as Greater Jiangsu Region, Yangtze River Delta Region, Greater Bay Area and Chengyu, along with raising the quality of products and services, enhancing operational quality and efficiency, and improving profitability and capacity to withstand risks. With regards to commercial real estate, the Group will stress both expansion of scale and enhancement of operational efficiency. While exploring high-quality projects through diversified models, such as entrusted management, leasing and ownership, the Group will also constantly optimize and upgrade its business portfolio and foster innovation as well as enhance consumer experience, so as to create benchmark commercial property projects, thereby creating better return on assets of its commercial real estate business. In addition, it will endeavor to enhance its linkage with the property development business to achieve dual-driven synergic development.
About Redsun Properties Group Limited (“Redsun Properties”) (stock code: 1996)
Redsun Properties Group Limited (“Redsun Properties” or “The Group”) is a leading comprehensive developer in China, focusing on development of residential properties and the development, operation and management of commercial and comprehensive properties. The Group has established a steady regional leading position in Jiangsu Province by taking root in Nanjing, Jiangsu and Yangtze River Delta. Since the incorporation of Nanjing Redsun in 1999, Redsun Properties has worked in the sector of property development and sales for 20 years, established the Hong Yang brand and received widespread recognition for the development capacity and industry position. Redsun Properties has been ranked the 47th property developer in China in 2020.
While developing residential properties, Redsun Properties also operates commercial complexes covering shopping malls, amusement parks and community centers, hotels and office buildings. Most of the commercial property buildings are adjacent to the Group’s residential property projects, providing ancillary services for the residents and also increasing the value of the Group’s residential property projects.
DaFa Properties Announces 2020 Interim Results
The board (the “Board”) of directors (the “Directors”) of DaFa Properties Group Limited (“DaFa Properties” or the “Company”, together with its subsidiaries, the “Group”; Stock Code: 6111.HK) is pleased to announce the unaudited interim consolidated results for the Group for the six months ended 30 June 2020 (the “Reporting Period”).
DaFa Properties 2020 Interim Financial Highlights
(For the six months ended 30 June 2020)
– Contracted sales were approximately RMB 11,208 million, a significant year-on-year increase of approximately 58%;
– The contracted sales area was about 800,793 square meters, a year-on-year increase of approximately 36%;
– Total assets are approximately RMB335,67 million, a year-on-year increase of approximately 21%;
– Declares an interim dividend of RMB3.4 cents per share for the six months ended 30 June 2020
In the first half of 2020, DaFa Properties achieved sustainable growth, performed excellently in multiple dimensions including contracted sales, land reserves, capital, and the financial structure, etc., indicating araised speed and efficiency for high-quality growth. The Group has been intensively penetrating the real estate market in the Yangtze River Delta Region. During the Reporting Period, the Group recorded accumulated contracted sales of approximately RMB11,208 million, a significant year-on-year increase of approximately 58%, the accumulated contracted GFA of the Group recorded a strong growth of approximately 36% to 800,793 sq.m. and the contracted average selling price was approximately RMB13,996 per sq.m, increased by approximately 16% over the same period of last year. Among them, contracted sales in the Yangtze River Delta accounted for 86% and the contracted sales area accounted for 77%.
With Abundant Capital and Stable Financial Position, the Asset Scale was Further Increased
During the Reporting Period, DaFa Properties recorded revenue of approximately RMB3.472 billion, the gross profit was approximately RMB698 million. The Group’s assets scale has further increased, with total assets increasing by approximately 21% year-on-year to approximately RMB335,67 million. During the Reporting Period, total cash and bank balances (including restricted cash and pledged deposits) of the Group was approximately RMB5,793.1 million, representing a year-on-year increase of approximately 23% with abundant capital. The net gearing ratio of the Group has further decreased to 71.7%, showing that the debt reduction measure was significant, and the financial structure was stable.
Planting Roots in Core Areas in the Yangtze River Delta, Continue to Expand the National Market
In the first half of 2020, Dafa Properties acquired 16 new land parcels in Suzhou, Changzhou, Wenzhou, Ningbo, Nantong, Nanjing, Wuxi, Wuhu, etc. While selectively penetrating its business into the five major urban clusters of Chengyu, central China, western China, Bohai Rim, and Guangdong-Hong Kong-Macao Greater Bay Area, the Company further specified the “1+5+X” layout system, continued to expand the national footprint. The Company currently has 82 projects under development and completed, 70 of which are located in the Yangtze River Delta Region. The total construction area of new land reserves accounts for 73% of the Yangtze River Delta region.
Improvement in Credit Indicators, and Gained Continuous Attention from the Capital Market
DaFa Properties has been committed to maintaining a healthy financial and capital structure. In May this year, Moody’s, a top international rating agency, reiterated the corporate credit rating of B2 for the Company, with a stable outlook. Also, in its property industry research report, Essence International maintained a “Buy” rating on DaFa Properties and offered a new target price of HK$5.50, indicating that the Company has been continuously concerned and recognized by the capital market. Besides, the Group has always attached great importance to brand building. In the first half of the year, Dafa Properties successively won several awards in different fields, such as the “Stable Operation Enterprise Award”, “2020 Top 100 Listed Property Developers in China”, “2020 Top 10 Listed Property Developers in China by Risk Control Capability”, and “10th International Space Design Award Idea-Tops”.
Mr. GE Yiyang, Chairman of DaFa Properties said: “Looking forward to the second half of 2020, there are many uncertainties and challenges in the PRC and even global economic prospects. DaFa Properties will remain prudent and continue to develop its business with national policies as guidance. Meanwhile, it will plant roots in important target areas and carry out strategic expansion to further enlarge land reserves and increase contracted sales. This year, DaFa Properties will continue to explore more possibilities of online marketing channels to supplement the limitations of traditional offline marketing and drive business growth through smart and innovative marketing.
As a “pleasant living service provider”, the Group has always valued brand building and provided its customers with excellent product quality and life experience through a continuous upgrade of the brand concept. Also, we have been expanding diversified financing channels at home and abroad, optimizing the financial structure, assuming social responsibility, and continuously creating value for shareholders. DaFa Properties will constantly increase in both velocity and efficiency, maintain comprehensive competitiveness, and obtain steady growth.”
About DaFa Properties Group Limited
DaFa Properties Group Limited (DaFa Properties), incorporated in 1996 and headquartered in Shanghai, is a real estate developer specializing in developing and selling residential properties mainly in the Yangtze River Delta Region. The Group has vigorously practiced the brand positioning of “Design for Life” and upheld the business philosophy of “Integrity, Innovation, Pursuing Excellence” for years, and provided customers with quality properties and creating specific living scenarios through high-quality real estate properties. As of 30 June 2020, the Group, together with its joint ventures and associates, had 82 projects under construction and completed in total, of which 70 are based in the Yangtze River Delta Region. As a “pleasant living service provider”, DaFa Properties has built its sound reputation, thanks to its 24 years of extensive industry experience, outstanding product quality, and product portfolios. It will continue to unremittingly dedicate itself to build better city life, improve living quality, and raise residential experience standards.
PROSPECT REIT debuts on SET with optimism
Portfolio’s strong foundation, 1st year yield offers boost confidence
The Prospect Logistics and Industrial Leasehold Real Estate Investment Trust (PROSPECT) made a debut on the Stock Exchange of Thailand (SET) today (Aug 20) amid optimism for it being well accepted by investors. PROSPECT invested in the Bangkok Free Trade Zone (BFTZ) which offers outstanding rental rates and strategically located in the industrial and logistics zone that is attracting the movement of production bases from other countries to the ASEAN region. The expected strong response from the investors is primarily driven by the PROSPECT’s attractive 1st year yield of 11.1% or 1.112 baht per unit in the first year of operation.
Vorasit Pokachaiyapat, Chairman of Prospect Development Co., Ltd, which is the developer and operator of BFTZ, said the company is confident in the potential of PROSPECT’s portfolio in terms of financial performance, the economic recovery and relocation of industries from other countries to Southeast Asia should benefit BFTZ, is strategically located on Bangna-Trad Road km.23, near strategic ports, airports and well connected to major roads with transportation linkages between Bangkok and other provinces in all regions.
Aon-Anong Chaithong, Co-Chief Executive Officer of Prospect Management Co.,Ltd, said PROSPECT was listed on the Stock Exchange of Thailand (SET) on August 20, 2020, we expect that in the future the investors will respond as well as the initial offering. “PROSPECT invests in BFTZ, a quality income-producing real estate of Prospect Development Co., Ltd. which is a subsidiary of M.K. Real Estate Development Plc. and Finansa Plc.,” she pointed out.
PROSPECT invested in the sub-leasehold right of parts of land and buildings in the BFTZ which consisting of 63 buildings (183 units), approximately 219,116 Sq.m. of leasable area and approximately 214-1-88.8 Rai of land area from the date of lease registration until 22 December 2039.
BFTZ is an industrial zone for manufacturing & warehousing, strategically located on Bangna-Trad Road km.23, near strategic ports, airports and well connected to major roads with transportation linkages between Bangkok and other provinces in all regions. PROSPECT will invest in the sub-leasehold right of parts of land and buildings which include warehouses and factories in the BFTZ from the date of lease registration until 22 December 2039. And Prospect Development Co., Ltd., who has long experience in developing and managing the BFTZ since 2010 will be appointed as the Property Manager of PROSPECT.
For the year 2017, 2018, 2019 and Q1/2020 the occupancy rate was 89.1%, 96.4% 93.1% and 93.6% (including the Built-to-Suit’s contract started on May 1, 2020). PROSPECT initial investment asset has well diversified tenants profile in terms of industry and nationality. The expected yield of 11.1% or 1.112 baht per unit in the first year of operation is based on pro forma income statement for projection period from October 1, 2020 to September 30, 2021.
Paiboon Nalinthrangkurn, Chief Executive Officer and Director of TISCO Securities Co.,Ltd. which acts as the financial advisor and underwriter for PROSPECT, noted that REITs has increasingly become a popular investment due to the constant dividend payment policy and the opportunity to receive return on the REITs unit price. “So we believe that PROSPECT will be one of the REITs which attract a keen interest from investors mainly for its quality asset and the high occupancy rate,” he concluded.
This press release is issued by MT Multimedia Co Ltd on behalf of Prospect Development Co Ltd.
For more information, please contact:
Ornanong Phattharawetkul (Fah)
Tel: +66 2 612 2081 ext. 129 or +66 86 884 4458
E-mail: ornanong.p@mtmultimedia.com
Hatten Land Secures New Strategic Investor for Harbour City Project in Melaka in a US$323 Million Transaction
SINGAPORE, Aug 12, 2020 – (ACN Newswire) – Hatten Land Limited (“Hatten Land” or the “Company” and together with its subsidiaries, the “Group”), the leading developer in the Malaysian city of Melaka, is pleased to announce that the Company has signed an agreement with Tayrona Capital Pte Ltd (“Tayrona Capital”) relating to the Harbour City project (“Harbour City”), which is held under Gold Mart Sdn. Bhd. (“Gold Mart”), in a US$323 million transaction.
Incorporating elements of retail, hospitality and entertainment within an integrated mixed development, Harbour City aims to transform Melaka’s tourism and entertainment landscape. The marine-themed mixed development comprises the thematic Harbour City Mall, Melaka’s largest ‘Sky’ water theme park of 500,000 square feet as well as luxury hotel.
As a UNESCO World Heritage Site, Melaka is Malaysia’s second-most visited destination after Kuala Lumpur, and having been rated among Lonely Planet’s Top 10 must-visit destinations in the world.
Tayrona Capital is part of the Tayrona group of companies headquartered in Singapore. Tayrona group is in the business of hospitality and investment and Tayrona Capital is interested to acquire and complete Harbour City as an addition to its Sagana Hotels & Resorts network of 32 hotels/resorts worldwide, and Ultra Luxury Integrated Destinations Collection which currently has operations and developments in 22 countries.
Under the agreement, Tayrona Capital will invest US$23 million in Gold Mart via the issuance of new shares, allowing Tayrona Capital to obtain a 99% equity stake in Gold Mart. In addition, Tayrona Capital will inject US$240 million to improve and to complete the development and marketing of Harbour City.
As the concept originator and project developer of Harbour City, Hatten Land will assign various intellectual property such as project design and concept, domain names, internet site and marketing materials (“Intellectual Property”) to Tayrona Capital for a consideration of US$60 million.
As at 31 March 2020, Hatten Land had net assets and net current assets of RM370 million and RM307 million respectively. In addition, the Group has approximately RM1.3 billion of unsold completed properties.
The Company will be convening an Extraordinary General Meeting to seek shareholders’ approval for the proposed transaction.
Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten Land, said: “The transaction is a testament to our ability in creating innovative property concepts, developing quality property assets and unlocking value.
We are thrilled that the Tayrona Capital recognises the potential of Harbour City and shared our optimism for the long-term prospects in Melaka. With Tayrona Capital’s international track record and expertise in hotel development and hospitality management, there are strong potential and synergies for both companies to collaborate together in other projects in Melaka moving ahead.
The proceeds from the transaction will strengthen the Group’s balance sheet and provide us with greater financial flexibility to pursue new growth initiatives.”
Mr James Ordonez. CEO of Tayrona Capital, added: “Harbour City’s avant-garde design and innovative concept is a strategic fit to our portfolio of global hospitality assets.
We look forward to work closely with Hatten Land to create new tourism and economic opportunities in Melaka from this project.”
Issued on behalf of Hatten Land Limited by 8PR Asia Pte Ltd.
Media & Investor Contacts:
Mr. Alex TAN
Mobile: +65 9451 5252 Email: alex.tan@8prasia.com