Public company info - Goldin Properties Holdings Ltd. , 00283.HK
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Goldin Properties Holdings Ltd., 00283.HK - Company Profile
Chairman Pan Su Tong
Share Issued (share) 3,573,000,000
Par Currency
Par Value 0.0
Industry Property Development
Corporate Profile Business Summary: The mainly business of the Company are property development and property investment, hotel and polo club operation. Performance for the year: For the Year, the Group recorded a revenue of approximately HK$1,190 million (31 March 2015: approximately HK$569 million), representing an increase of approximately 109%. The property sales accounted for 94% of the total revenue for the Year (31 March 2015: 83%). Net profit for the Year decreased by 17% to approximately HK$547 million (31 March 2015: approximately HK$655 million). Business Review: Goldin Metropolitan Our signature mega-scale integrated property development flagship project, Goldin Metropolitan (“Goldin Metropolitan” or the “Project”), is strategically located in Tianjin Binhai Hi-tech Industrial Development Area(“Tianjin Hitech Area”). Tianjin Hitech Area is the first national high-tech industrial development zone approved by the State Council and an integral part of the Binhai New Area in Tianjin. Just a 20 minutes’ drive or a 15 minutes’ trip by metro (Line 3) from Tianjin’s downtown, the Project targets the upper-class and luxury property market and is designed to meet the needs of high-end domestic and foreign property buyers. Goldin Metropolitan is a meticulously designed urban complex featuring a mesmerizing architectural design and adopting a unique approach to the art of living. The Project consists of (i) a Central Business District (“CBD”) which houses buildings of advanced, modern architectural design and serves as a one-stop commercial and financial hub,(ii) a prestigious, luxurious and low-density residential estate Fortune Heights, and (iii) Tianjin Goldin Metropolitan Polo Club where extravaganza of the time-honoured and elegant sport is hosted with the support of world-class leisure facilities. These purpose-built facilities are crafted to match the stylish and elegant living environment and to satisfy the elite’s growing demand for prestigious lifestyle in China. It is estimated that Goldin Metropolitan will call for a total investment of US$9 billion to US$10 billion, and the Project is scheduled to be completed by 2017 in phases and will have a gross floor area (“GFA”) of approximately 1,890,000 square metres. The construction works of this architectural masterpiece of an unprecedented scale is undertaken by internationally acclaimed architectural consultancies and construction companies. Under the meticulous supervision by the Group’s professional team, the quality, aesthetical appeals and functionalities of the Project’s designs are ensured and its construction is on schedule. Goldin Properties aspires to become a world-class metropolitan property developer and believes its high-end integrated property projects will be a major corporate accomplishment, offering the residents and tenants a wide range of residential and business facilities. The Group is confident that it will be able to capitalize on the Beijing-Tianjin-Hebei Coordinated Development Program and will be able to deliver better results for the long term after the Project is completed. Central Business District The CBD is poised to take advantage of the coordinated development of Beijing and Tianjin, and will evolve into a new commercial hub of Tianjin. Showcasing Goldin Metropolitan’s state-of-the-art architecture, the CBD consists of the 597-metre-high grade-A office building Goldin Finance 117, high-rise twin towers, a mega-scale high-end shopping mall, cultural and recreational facilities, an international convention and exhibition centre, a distinctive boutique hotel and deluxe serviced apartments. We are pleased to have marked an important milestone in the development of Goldin Properties during the Year and achieved satisfactory progress in the construction of the CBD. The construction of Goldin Finance 117 was on schedule and the building was successfully topped off on 8 September 2015 with its core wall constructed to the 117th floor. The construction is expected to be finished by 2017. Meanwhile, the Group also made smooth progress in the construction works in the second phase of the CBD,including those of the twin towers, a concert hall, a boutique hotel and an international convention and exhibition centre, and the substructure works in the third phase. The newest addition to Tianjin’s landscape, Goldin Finance 117 is now the tallest building in China and the third tallest building in the world in terms of structural height. Its indoor swimming pool, observation deck and revolving restaurant are located on the highest altitudes among its peers in the world. This bold, modernist structure, with its powerful geometric forms, occupies a commanding position on Tianjin’s skyline. Notably, the upper floors of Goldin Finance 117 with a combined GFA of approximately 86,357 square metres from level 94 to the top floor will be occupied by an international five-star hotel. One of the major accomplishments for the Year is the proposed disposal of certain high-quality commercial properties in Goldin Metropolitan at a total consideration of RMB18.00 billion (the “Proposed Disposal Transaction”). The transaction was approved by the Company’s independent shareholders on 31 May 2016. The commercial properties comprise the iconic landmark “Goldin Finance 117”, a 37-storeyed grade-A office building, a mega high-end shopping mall with a parking lot and other ancillary facilities. The proposed disposal of the assets will not only realize the investment value and unlock the market value of the Group’s property development project, but also will bring significant returns to the investors. If the transaction is completed, the Group will become financially strong with positive cash flow and will be able to pay off all of its debts. The success of the deal will be conducive to the Group’s steady development in the future. Fortune Heights Goldin Properties’ high-end residential property project, Fortune Heights, is built in a low-density layout which features both aesthetic and functional designs of an environment for residents’ spiritual pursuits. This prestigious property project consists of about 700 residential units in the form of villas, townhouses and high-rise apartment buildings with a combined GFA of approximately 208,800 square metres in Phase One. Phase Two of Fortune Heights is on schedule and expected to be completed by the end of 2017 and will have GFA of about 501,000 square metres. Notably, Fortune Heights’ garden villas, apartments, sky villas and town houses are built around Tianjin Goldin Metropolitan Polo Club, thus offering a panoramic view of the polo fields. The neo-classical and modern architectural styles convey a sense of an aristocratic lifestyle. At Fortune Heights, the luxury residential zone of the Project, a wide range of leisure community facilities and services are offered to the home owners or tenants, while educational needs of the next generation are also well taken care of by the Maple Leaf International School – Tianjin Huayuan. Fortune Heights highlights the Group’s motto that “Elite Community Counts” and reaffirms its renown as the most desirable place to live in Tianjin. Tianjin Goldin Metropolitan Polo Club Embodying the elegance and nobility of the aristocrats in the golden old days, polo portrays and enhances the positioning of Goldin Metropolitan as an everlasting, unique and grand property project. The Group has added a classical touch to contemporary urban lifestyle by hosting international tournaments of the time-honoured sport of polo regularly at Tianjin Goldin Metropolitan Polo Club since its opening in November 2010. The 890,000-square metre world-class Tianjin Goldin Metropolitan Polo Club, one of the most prestigious polo clubs in China, is situated in a private estate that features rolling lawns, manicured gardens and sparkling fountains. The polo club can be easily reached from Beijing. It offers the most comprehensive and world-class polo facilities as well as a number of health and wellness facilities, including two international standard polo fields, a practice field, indoor and outdoor polo arenas, a clubhouse, a 167-room luxury hotel, specialty restaurants, state-of-the-art stables and other ancillary facilities. Tianjin Goldin Metropolitan Polo Club, with its high reputation, has established a strong global network by fostering ties with 23 reciprocal clubs in the world, including those in the United Kingdom, France, Italy, the United States,Argentina, New Zealand, Singapore, Indonesia and India, etc. The Group, together with the Tianjin Polo Association and the Hong Kong Polo Development and Promotion Federation Limited, held its prestigious annual tournament Metropolitan Intervarsity Polo 2015 – The London Challenge in the fourth week of July 2015. Just like what we had been doing in the previous years since 2013, we made Tianjin Goldin Metropolitan Polo Club the venue for the tournament. Six elite polo teams from the top universities in England and the United States, namely those from the University of Cambridge, the University of London, the University of Oxford, Harvard University, Stanford University and Yale University, gathered at Tianjin Goldin Metropolitan Polo Club to vie for glory in the polo tournament. Moreover, the Group title-sponsored the world’s largest snow polo tournament Fortune Heights Snow Polo World Cup 2016, which was hosted by the Federation of International Polo and Chinese Equestrian Association in the last week of January 2016. It was the fifth time that the Group sponsored the event since 2012 and Tianjin Goldin Metropolitan Polo Club served again as the venue for the tournament. The popular and largest annual snow polo tournament in the world featured eight top teams from Argentina, Brazil, Canada, Chile, the United Kingdom,France, Hong Kong and the United States, attracting thousands of guests and media coverage from around the world. Prospects: As part of China’s development strategy, the coordinated development of the Beijing-Tianjin-Hebei region aims to relocate all non-essential functions from Beijing to neighbouring cities or provinces. The program entails economic restructuring and the rationalization of the use of space. Tianjin will become a designated area for experimenting with the further reform and opening up. These moves add a fresh impetus to Tianjin’s economic restructuring and development, and they are expected to attract much domestic and foreign investment, thus driving the reform of the city’s services, financial sector and industries. On the other hand, the Chinese government continues with the national policies to bolster the property market,including the joint move by the PBOC and China Banking Regulatory Commission to lower the down payment requirement from 30 percent of the property prices to 25 percent for first-time home buyers in cities that do not have restrictions on home purchase. The relaxation of the policy shall benefit Tianjin, which is one of the cities that do not have restrictions on home purchase. Goldin Metropolitan, as a grand flagship project in the city, should be able to benefit from these government policies. Equipped with comprehensive, high-end residential and business facilities, Goldin Metropolitan will become the most impressive iconic landmark in the Bohai Economic Rim and allow the Group to fully capitalize on the economic integration of Beijing, Tianjin and Hebei. The high quality of the properties in Goldin Metropolitan has already earned the Company a good reputation among both domestic and international investors, boding well for its upcoming residential and commercial property projects there. Construction of the other parts of the Project is progressing on schedule, and we look forward to greater success after the completion of the entire flagship project. Furthermore, upon the completion of the Proposed Disposal Transaction, the Group will be able to generate a positive cash flow and to increase its financial resources for the funding of future potential investments when opportunities arise. The Group intends to use some of the proceeds from the disposal of the assets to repay its outstanding loans with the aim of improving its gearing ratio and strengthening its financial position. Furthermore, the Group will continue with the development of the remaining assets of Goldin Metropolitan and will keep operating its hotel and polo club through its Tianjin Goldin Metropolitan Polo Club complemented by Tianjin Goldin Metropolitan Polo Club Hotel. In respect of the property investment business of the remaining commercial buildings in CBD, the Group has decided to retain its business model by carrying on holding the investment properties for leasing purpose to earn rentals in the future, and thus, the revalued carrying amount of the investment properties will only be recovered through use, rather than through sale. Goldin Properties aspires to become a world-class metropolitan integrated property developer, and will try its best to complete this visionary project at the highest standards. It will continue to seize the opportunities arising from the country’s development strategies and policies and will contribute to the Bohai Economic Rim’s economic growth.

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