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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 2018, the Group recorded audited consolidated profit of approximately HK$1,047.9 million, comparing to that of 2017 amounted to approximately HK$773.8 million, representing an increase of approximately 35%.

Business Review:
Property Investment
Overall Rental Revenue
For the year ended 31 December 2018, the Group recorded gross rental revenue of approximately HK$355.7 million, decreased by approximately HK$9.9 million from
approximately of HK$365.6 million in 2017, representing a decrease of 2.7%.

Overall occupancies
The Group’s overall occupancy from major investment properties continued to maintain at 87.7% as at 31 December 2018.

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 2018, Chong Hing Square generated rental revenue of approximately HK$113.9 million, decreased by HK$8.3 million from approximately HK$122.2 million in 2017 with occupancy of 96%. As at date of board meeting, the building was 100% occupied.

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 with option to renew for another 5 years. For the year ended 31 December 2018, 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 2018, this retail and commercial shopping center generated rental revenue of approximately HK$20.4 million, slightly decreased by 2.4% when comparing to that of 2017. The occupancy was 68% as at 31 December 2018. The management had approved to revamp the property in order to get higher rental return. Planning of renovation work is under preparation and the construction will commence in second quarter of 2019.

Fairview Court
Fairview Court is located at 94 Repulse Bay Road. The Group owns 5 units, each of areas over 4,100 square feet, luxury apartment on a low-rise building. For the year ended 31 December 2018, Fairview Court received rental revenue of approximately HK$7.1 million (before rental elimination of HK$3.8 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 80% let in terms of office space and 100% let in terms of retail space as at year end. For the year ended 31 December 2018, this office building generated rental revenue of approximately HK$141.2 million, representing a slightly decrease 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 2nd quarter of 2019. Total renovation costs including professional fee amounted to approximately of HK$532 million and all expenditures are funded by internal resources.

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
This Foshan residential project is a comprehensive development and is developed by phases. The whole project, including Phase 1 to Phase 4, was completed and handover for occupation in September 2018.

Financial and Sale results
For the year ended 31 December 2018, the Group recorded sale revenue of approximately HK$1,297.3 million. The sale was mainly referred to the sale of Phase 4 of which 933 residential units were sold and recognized under consolidated statement of profit or loss in the year of 2018.

As at date of Board meeting, a total of 4,982 residential units out of total 5,264 units (representing 95%) and a total of 1,184 carpark units out of total 4,669 units (representing 25%) were successfully sold out fetching accumulated sale proceeds of approximately HK$5.2 billion.

The management forecast that further sale proceeds of approximately HK$1.8 billion would be received if all unsold properties including residential units, carparks and retail shops were sold under current market conditions.

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 2018, hotel revenue increased by 7.1% from approximately of HK$11.3 million in 2017 to approximately HK$12.1 million in 2018. 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.

Share of results of joint ventures
During the year of 2018, the Group teamed up with the same joint venture partner, in addition to the investment in 2017, to acquire one more warehouse (now in total 3 warehouses) in Japan and one manufacturing plant in Australia. The management regarded the investment would bring the Group’s a stable rental return together with a long term appreciation of properties. The share of results of joint ventures of approximately HK$61.8 million, under equity accounting, represented the 50% share of net asset value of the investment which included the annual rental revenue and asset revaluation gain.

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: 2019/03/08
 
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