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Public company info - Lerthai Group Limited , 00112.HK
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Lerthai Group Limited, 00112.HK - Company Profile
Chairman Yang Longfei
Share Issued (share) 1,072,000,000
Par Currency
Par Value 0.0
Industry Property Development
Corporate Profile Business Summary: The Company is an investment holding company and the principal activities of its subsidiaries during the year were property development and investment, investment holding, securities investment and finance business. Performance for the year: During the year, total revenue of the Group was HK$1,106,288,000 (2018: HK$909,919,000). The profit for the year attributable to equity holders of the Company was HK$136,706,000 (2018: HK$709,677,000). BUSINESS REVIEW The current property portfolio comprises five high quality properties, namely, Tangshan Lerthai City, Tangshan Pelagic Mall, Handan Lerthai City, Shijiazhuang Lerthai Centre, and Lerthai Jiayuan. All properties are located in the central business district of Hebei. The categories of the properties include retail business, offices, hotels, and residential units, etc. Review by Segment Real Estate Business in Tangshan, the PRC Tangshan Lerthai City Tangshan Lerthai City, a large-scale mixed use complex, situated in the western part of Tangshan which is adjacent to the Tangshan Highspeed Railway station and Beijing Tangshan Intercity Railway station. This project has a gross floor area (“GFA”) of approximately 8,988,000 sq. ft. comprised residential units, regional retail shopping mall, hotels, commercial offices, entertainment facilities and sports facilities within the mega complexes. Tangshan Lerthai City mainly comprises (i) the Lerthai Centre, a regional shopping mall with a total GFA of approximately 4,024,000 sq. ft.; and (ii) the residential area of a total GFA of approximately 2,510,000 sq. ft. with approximately 1,700 residential units. Revenue of HK$41,508,000 was recorded for the year (2018: HK$198,526,000). Tangshan Pelagic Mall Tangshan Pelagic Mall is a commercial complex with a total GFA of approximately 1,257,000 sq. ft., of which a total GFA of approximately 33,000 sq. ft. have been sold, and the remaining approximately 1,232,000 sq. ft. are held by Tangshan Oceancity Real Estate Development Company Limited for leasing purpose, as well as for the office uses by the Group. Tangshan Pelagic Mall is located in a popular business and entertainment district of Tangshan, Hebei Province surrounded by high-end residential real estate projects of renowned property developers in the PRC. During the year, revenue of HK$178,441,000 (2018: HK$230,223,000) was generated from Tangshan Pelagic Mall. Real Estate Business in Handan, the PRC Lerthai Jiayuan The residential project “Lerthai Jiayuan” obtained pre-sale permit in the forth quarter of 2016 and commenced pre-sale in 2017. The Group received accumulated pre-sale deposits of HK$1,352,456,000 as at 31 December 2019. Deposits was recorded as “Contract liabilities” in the consolidated financial statements. In the second half of 2019, Lerthai Jiayuan started delivered residential units to the buyers and generated revenue of HK$287,988,000. Handan Lerthai City on Chuancheng Street Handan Lerthai City, a large-scale mixed use complex, located at the central business district in Handan City, Chuancheng Street is situated at the north of Renmin Road, south of Congtai Road, east of Lingxi Street and west of Congtai Park. This project has a planned GFA of approximately 3,037,000 sq. ft. with regional shopping mall, hotels, tourism facilities and mega commercial space. The regional shopping mall of the Handan Lerthai City is expected to have an official opening at the end of 2020. Currently, most of the shops have been leased out as various quality tenants are attracted to place their retail presences in the shopping mall and Handan Lerthai City will be another key revenue driver to the Group in the future. Real Estate Business in Shijiazhuang, the PRC Shijiazhuang Lerthai Centre is a commercial complex with a GFA of approximately 6,425,000 sq. ft.. It comprises a tower phase of approximately 2,308,000 sq. ft. and a shopping mall phase of approximately 4,117,000 sq. ft.. The tower phase is served as both offices and hotel purpose while the shopping mall phase comprise shops and car parking lots. Thanks to the stable performance of the shopping mall and car parks, revenue increased 28.2% to HK$596,599,000 in 2019. Disposal of Real Estate Business in the US – South Hills Plaza and Lerthai Platinum Centre In February 2019, we completed the disposal of LT International Investment Holdings Limited which holds two properties in the US and the sale loan for a total consideration of HK$247,369,000. Details of the disposal have been disclosed in the circular of the Company dated 14 January 2019. The disposal is in line with the Group’s strategy to improve operational efficiency and performance of the portfolio and create value to our shareholders. The Group will continue to review the mix and diversity, and enhance the performance of the portfolio. The disposal has generated a gain on disposal amounted to HK$8,460,000 for the year ended 31 December 2019. Financial Services Businesses Through its wholly owned subsidiaries, LERTHAI Securities (Hong Kong) Limited which holds Type 1 and Type 2 licenses, and LERTHAI Asset Management Limited which holds Type 4 and Type 9 licenses from the Securities and Futures Commission of Hong Kong, the Company has been developing a vibrant business in securities, futures and asset management. In August 2017, Lerthai Global Commercial Real Estate Fund SPC, a segregated portfolio Company, was incorporated in Cayman Islands. Since its setup, Lerthai Global Commercial Real Estate Fund SPC has established three segregated portfolios to invest in commercial real estates in mainland China. These three segregated portfolios are: China Handan Lerthai Commercial Real Estate Fund SP, China Shijiazhuang Lerthai Commercial Real Estate Fund SP, and China Tangshan Lerthai Oceancity Commercial Real Estate Fund SP. LERTHAI Asset Management Limited was appointed as investment manager for China Handan Lerthai Commercial Real Estate Fund SP. In May 2018, LERTHAI Asset Management Limited established Lerthai Equity Investment Fund Management (Shenzhen) Co., Limited (勒泰股權投資基金管理（深圳）有限公司) in Qianhai, Shenzhen, under the Qualified Foreign General Partner (合格境外普通合夥人) scheme. Lerthai Equity Investment Fund Management (Shenzhen) Co., Limited aims at providing an efficient channel for overseas investors to invest in commercial real estate assets that benefit from the prosperous new retail and trading-up consumption in mainland China. Prospects: 2020 is a year of challenge for the property industry in China. At the beginning of 2020, following the epidemic outbreak of Novel Coronavirus Pneumonia (“COVID-19”) has spread across the world and the World Health Organization has also alerted that the COVID-19 might become an epidemic, as a result the resumption of business was delayed for different industries which adversely affected the real economy and led to uncertainties to the global economic growth. Subsequent to the outbreak of the COVID-19, Chinese government has adopted a series of prevention and control measures and implemented a series of measures to mitigate the negative impact to the real economy. Given the resilience and potential of China’s economy in the long run, it is believed that stable growth would remain unchanged. Leveraging our outstanding performance in shopping mall operation and management, we believe the shopping mall performance in our current investment portfolio will continue to drive our revenue growth. Due to our business flexibility and stability, Lerthai is well prepared to withstand the potential turmoil in the market. We will continue to seize the opportunities in economic growth, policy and other aspects, sustain in strengthening our core competitiveness, enhance our operation capacity and profitability and share the development results with the society to shoulder the responsibilities together in promoting the urban construction and people’s happiness with business development. We are cautiously optimistic about the upcoming macroeconomic environment and are committed to promoting the revenue growth on a solid foundation of our investment portfolio and maximizing the long-term value for stakeholders and shareholders.

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