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Company Profile
Chairman Liu Lit Chi
Share Issued (share) 379M
Par Currency -
Par Value -
Industry Property Investment
Corporate Profile Business Summary:
The principal activities of the Group are property investment and investment holding.

Performance for the year:
For the year ended 31 December 2017, the Group recorded audited consolidated profit of approximately HK$773.8 million, comparing to that of 2016 amounted to approximately HK$468.8 million, representing an increase of approximately 65%.

Business Review:
HK Properties
Chong Hing Square
Chong Hing Square, located at 601 Nathan Road Mongkok, is a 20-storey ginza-type retail/commercial development offers over 182,000 square feet of retail and commercial space. For the year ended 31 December 2017, Chong Hing Square generated rental revenue of approximately HK$122.2 million with occupancy of 100% as at 31 December 2017. As the renovation work has been completed in 2017, overall image and value of the building was enhanced. This renovation enables the building to obtain a good rental rates for both new leases (such as Xiaomi and Pricerite) and existing leases renewals (such as Aeon). Total renovation cost was amounted to approximately of HK$64 million and all expenditures are funded by internal resources.

Chong Hing Bank Centre
Chong Hing Bank Centre, located at 24 Des Voeux Road Central, is a 26-storey Grade A office building. Having retained several floors for group’s use, the office building was leased to Chong Hing Bank Limited for 5 years fixed tenancy. For the year ended 31 December 2017, a total of approximately HK$67.9 million rental revenue was derived from this building.

Chong Yip Centre
Chong Yip Centre is located at 402–404 Des Voeux Road West. It provides over 54,000 square feet of retail and commercial space. For the year ended 31 December 2017, this retail and commercial shopping center generated rental revenue of approximately HK$20.9 million, slightly decreased by 1.4% when comparing to that of 2016. The occupancy was decreased to 71% as at 31 December 2017. The management has been intensively studying different renovation proposals to upgrade this building for the purpose of gaining better rental return.

Fairview Court
Fairview Court is located at 94 Repulse Bay Road. The group owns 5 residential units, each of areas over 4,100 square feet, luxury apartment on a low-rise building. For the year ended 31 December 2017, Fairview Court recorded rental revenue of approximately HK$3.1 million with 100% occupancy.

PRC Properties
Chong Hing Finance Center, Shanghai
The Group’s mainland flagship property located at 288 Nanjing Road West in Huang Pu District of Shanghai is a 36-storey Grade A commercial building which commands a strategic location and enviable view over The People’s Square just across the street. With a total floor area of over 516,000 square feet of office and commercial spaces and 198 carparks, this property was approximately 86% let in terms of office space and 100% let in terms of retail space as at year ended. For the year ended 31 December 2017, this office building generated rental revenue of approximately HK$144.3 million, representing an increase of 2%.

Property Development
Hong Kong
ONE-EIGHT-ONE Hotel & Serviced Residences
The previous office building (formerly known as Western Harbour Center), located at 181–183 Connaught Road West, was under construction to convert into a 183-room hotel and serviced residences. Construction work came to the final stage and the occupation permit was scheduled to be obtained in the first half of 2018. Total renovation costs including professional fee amounted to approximately of HK$499 million and all expenditures are funded by internal resources.

Tai Po, New Territories
The Group had acquired a plot of land with 262,000 square feet in Tai Po district, New Territories. The management has initiated the studies for the future development of this agriculture land.

PRC
The Grand Riviera, Foshan
This comprehensive development situated at 1 Guilong Road, Luocun in the Nanhai District of Foshan, is conveniently located within half an hour’s drive from the Foshan financial district and within 5 minutes’ drive from the new Foshan West Station.

Development Status
The Foshan residential project is a comprehensive development and it is being developed by phases. As at today, Phase 1, 2 and 3 were completed. For Phase 4, construction already commenced in the third quarter of 2016 and is scheduled to be completed in 2018.

Financial and Sale results
For the year ended 31 December 2017, the Group recorded sale revenue of approximately HK$1,694.5 million, increased by approximately HK$1,206.1 million from HK$488.4 million in 2016, representing an increase of 247%. This is due to the revenue and profit recognition for Grand Jardin Phase 3.

The Grand Riviera, Foshan (Phase 1)
As at 7 March 2018, a total of 785 residential units (representing 93% of the total units) and 393 car parking units (representing 35% of the total units) were successfully sold generating total sale proceeds of approximately RMB711.8 million and RMB55.2 million, respectively.

Grand Jardin, Foshan (Phase 2 and 3)
As at 7 March 2018, all 1,542 residential units and 477 car parking units (representing 43% of the total units for sale) of Phase 2 were successfully sold returning total sale proceeds of approximately RMB932.3 million and RMB68.9 million, respectively.

For Phase 3, all 1,498 residential units were successfully sold out returning sale proceeds of approximately RMB1,130.8 million. As the construction of Phase 3 was completed on schedule, the flats have been started to handover to the buyers since October 2017, and thus the sale results of Phase 3 were recognized in the fourth quarter of 2017.

Grand Jardin, Foshan (Phase 4)
For Phase 4 development, it constructed 11 blocks of 14-storey residential flats above the ground. It provides 1,377 residential units with developable areas over 156,000 square metres. Including the retail and commercial areas of approximately 5,900 square metres, other amenities areas of approximately 7,700 square metres and 1,227 car parking spaces mainly built at the basement level, the total developable areas of Phase 4 is over 216,000 square metres. For the size of residential units, it provided four typical sizes with areas of 90, 100, 130 and 140 square metres. Construction work has commenced since the third quarter of 2016.

As at 7 March 2018, 924 residential units (representing 97% of the total units put up for pre-sale) were successfully sold, generating total sale proceeds of approximately RMB1,179.7 million.

If all of the remaining (unsold) properties including residential units, retail shops and car parks, could be sold under the current market situation, it is estimated that the Group would receive further total sale proceeds of approximately HK$2 billion.

Budget Hotel Project
Since 2008, the Group started to operate budget hotel business in Shanghai, Beijing and Guangzhou. All of these budget hotels are managed by and under the brand name of Hanting. For the year ended 31 December 2017, hotel revenue decreased by 35% from approximately of HK$17 million in 2016 to approximately HK$11 million in 2017. Due to the restructuring of the business strategy, the Group had sold the budgeted hotels at Shanghai and Beijing in 2016, only the hotel in Guangzhou remains in operation.

Investment in Japanese Warehouse
In November 2017, the Group acquired 50% of the issued share capital of a company which in turn beneficially owned two warehouses in Japan. The management regarded the investment would bring the Group’s a stable rental return together with a long term appreciation of the properties given the good management team, quality of tenants and the fast growing logistic business relating to 2020 Tokyo Olympic. Total investment for this project amounted to approximately HK$191 million.

Prospects:
The Group will strive to overcome the difficulties and challenges ahead to create higher return to our shareholders.
Information from the financial statements of listed companies
Last Update: 2018/03/08
 
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