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Public company info - GR Properties Ltd. , 00108.HK

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GR Properties Ltd., 00108.HK - Company Profile
Chairman Wei Chunxian
Share Issued (share) 1,822,000,000
Par Currency
Par Value -0.0
Industry Property Management & Agency
Corporate Profile Business Summary: The Group is principally engaged in the property development and investments in the PRC, the USA and the UK, and the provision of property management services in Beijing, the PRC. Performance for the year: During the Year, the Group achieved a revenue of approximately HK$140,178,000 ( year ended 31 December 2015 : approximately HK$76,809,000) . The Group recorded loss for the Year of approximately HK$36,819,000 (year ended 31 December 2015: loss of approximately HK$18,152,000). Business Review: During the Year, the Group’s operations are organised into business units based on the nature of their operations. There are two reportable operating segments, including (i) the property management segment; and (ii) the property development and investment segment. The first segment is located in the PRC, the second segment is located in the USA, UK and the PRC. Property management segment Subsequent to the completion of the acquisition of 北京澳西商業管理有限公司 (Beijing AOCEAN Business Management Company Limited*, or “AOCEAN Business Management”) in May 2015, the Group successfully engaged in the property management segment. As a t 31 December 2016, AOCEAN Business Management manages eight major residential and commercial property projects, a l l of which are located in Beijing, the PRC. The services provided by AOCEAN Business Management under the management agreements thereof include, inter alia (i) provision of heat supply and maintenance services of heat exchange stations and pipeline network; (ii) provision of management services to car parks such as maintenance of various facilities and equipment in the car parks; and (iii) provision of property management services to vacant properties and general management services such as repair and maintenance of the buildings and fire safety equipment and facilities to residential and commercial property projects. Adhering to the principle of human-oriented, and seeing from the perspective o f customers and market needs, AOCEAN Business Management has been improving and perfecting its management system and service products so as to embed management into services and provide quality services wholeheartedly. AOCEAN Business Management will be dedicated to establishing community service network, enhancing Online t o Online (“O2O”) development f or the community and providing attentive services in order to improve customer satisfaction. Property development and investment segment During the Year, the property development and investment segment is located in the USA, UK and the PRC. Santa Monica Project In August 2015, the Group acquired a parcel of land located in Santa Monica, the County of Los Angeles, State of California, the USA. The parcel of land has a total site area of approximately 40,615 square feet. According to the current entitlement of the parcel of land, the proposed development potential for the site is a mixed-use three stories development. The total gross floor area is estimated to be approximately 39,395 square feet for residential use, approximately 30,083 square feet for commercial use and approximately 75,000 square feet for parking. Total rentable/saleable floor area is estimated to be approximately 38,000 square feet for residential use and approximately 25,000 square feet for commercial use and 190 on-site subterranean parking spaces upon completion of the development. The development cost of the land will be funded by way of construction loan from bank in the USA and internal resources of the Company. The construction of Santa Monica Project has started during the second half of 2016 and is expected to complete in 2018 for sale or for Lease. The Board is of the opinion that leveraging on the Company’s profound knowledge of and experience in the real estate sector and in accordance with our future development strategy, it is a good time to seize the opportunity to explore the property market in the USA. The property market in the USA is one with great development potential for property development business. Santa Monica in the State of California, the USA, is a city of booming tourism. It is situated at a prime location and purchase price is reasonable. The Board believes that the acquisition will strengthen the Company’s current core business and enhance its competitiveness and sustainability in making profits in the long run. Please refer to the announcements of the Company dated 9 March 2015, 1 April 2015 and 20 August 2015 and the circular of the Company dated 14 May 2015 for details of acquisition of the parcel of land located in Santa Monica. Boundary House In August 2016, the Group acquired an office building, Boundary House, in London, UK. Boundary House is located at the crossover between the increasingly vibrant Aldgate district popular with technology media telecommunications occupiers and the established city of London financial and insurance heartland. Boundary House is also close to numerous mainline and underground stations with convenient access of rail transportation, including the new Crossrail, which is a high speed train expected to be delivered and in service in 2018 connecting the East-West of London. Boundary House is an office building with a net internal floor area of approximately 45,062 square feet, which comprises a ground floor and seven upper floors, basement storage and seven car park spaces. Boundary House is fully occupied and is currently let to 12 office tenants under 14 subsisting leases with term expiring between September 2018 and May 2023 (“Leases”). The car parking spaces, roof and basement are also let to five licensees under six licences with term either expiring before 2021 or on a term until determined by either party. The Leases can contribute approximately £1,300,000 rental income to the Group annually, disregarding the rent free period provided to tenants. The Board considers that the acquisition of Boundary House could be a good investment opportunity for the Group to explore and invest in the UK property market. The Group currently intends to hold the property for investment purpose to receive rental income and engaged a local professional property manager to manage the property and the Leases. Taking into account the prime location of the property and the existing Leases, the Board believes that Boundary House could generate stable cash flow and income to the Company and may enjoy potential capital appreciation in the future. The Company will from time to time explore different options to enhance and maximise the value of Boundary House, including renewing the Leases upon expiry, rebalancing its tenant portfolio and property re-development. Please refer to the announcements of the Company dated 11 July 2016 and 30 August 2016 and circular of the Company dated 1 August 2016 for details of acquisition of Boundary House. Fuzhou properties Previously, the Group’s property investment in the PRC was conducted through Faith Stand (China) Limited (“Faith Stand China”) and 福建佳成置業發展有限公司(Jiacheng (Fujian) Investments Company Limited*, Jiacheng Fujian) by leasing out investment properties held by Faith Stand China and Jiacheng Fujian comprising shops, storerooms and car parking spaces located in two residential property development projects in Gulou District, Fuzhou, Fujian Province in the PRC (the “Properties”). During the Year, in view of the downturn of the property rental market in Fuzhou over the last few years where the Properties are located; and the loss-making position of Faith Stand China and Jiacheng Fujian in prior years, the Group had disposed of the Properties by way of disposal of the entire equity shares of Faith Stand China and Jiacheng Fujian to an independent third party. Details of the disposals are set out in the announcement dated 15 June 2016. Prospects: Looking ahead, the global economy for 2017 will be full of uncertainties, especially, in the aftermath of the UK referendum for Brexit. In accordance with the future development strategy of the Group, the Group would like to tap into international markets such as the USA and Europe. This should give diversification and a hedge against our future domestic businesses, in order to bring good returns to the shareholders. The directors of the Company consider that the acquisition of Boundary House in the UK allows the Group to capture the opportunity to establish its position and engage in the property market in London, the UK and for the Group to invest in income generating real estate with the potential of capital appreciation of properties in the long term and re-development potential in the future. The directors of the Company believe that after the said acquisition, the Group will be able to broaden its income base through the stable rental incomes generated from the property. This will also enhance the operation base of the Group and optimise the investment properties portfolio of the Group.

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