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Public company info - Hongkong Chinese Ltd. , 00655.HK
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Hongkong Chinese Ltd., 00655.HK - Company Profile
Chairman Stephen Riady
Share Issued (share) 1,998,000,000
Par Currency Hong Kong Dollar
Par Value 1.0
Industry Property Development
Corporate Profile Business Summary: The Group is principally engaged in investment holding, property investment, property development, hotel operation, healthcare services, project management, securities investment, treasury investment, money lending, banking and other related financial services. Performance for the year: The Group recorded a consolidated profit attributable to shareholders of approximately HK$425 million for the Year. Business Review： Property Investment Segment revenue from the property investment business was mainly attributable to recurrent rental income from the Group’s investment properties and interest income from the loans to joint ventures of the Company. The segment revenue for the Year amounted to HK$68 million (2019 – HK$59 million). Segment profit for the Year before accounting for the share of results from the Group’s joint ventures amounted to HK$48 million (2019 – HK$42 million). Property Development Sale of the remaining apartment unit, small number of shophouses and carparking spaces at Lippo Plaza in Beijing, the PRC continued to be sluggish due to market conditions and the Pandemic. No sale was completed during the Year while segment revenue of HK$6 million was recorded in 2019 mainly from the sale of the remaining carparking spaces of a residential development project in Macau. Before accounting for the share of results from the Group’s associates and joint ventures, the segment recorded a loss of HK$4 million for the Year (2019 – profit of HK$2 million). Treasury and Securities Investments The Group managed its investment portfolio and looked for opportunities to enhance return. The stock markets were volatile during the Year and the Group recorded fair value loss on its investment portfolio during the Year. The treasury and securities investments businesses recorded a net loss of HK$2 million for the Year (2019 – profit of HK$5 million). Total revenue from treasury and securities investments businesses for the Year amounted to HK$2 million (2019 – HK$5 million). Banking The Macau Chinese Bank Limited (“MCB”) is a joint venture of the Company in which the Group had a 20% equity interest as at 31 March 2020. MCB recorded strong growth in customer deposits and loans during the Year. MCB reported a profit for the Year before taking into account the impact of allowance for expected credit losses on its financial assets. Due to the uncertainty on economic conditions, the expected credit losses increased. As a result, the Group recorded a share of accounting loss from MCB of HK$5 million for the Year (2019 – profit of HK$8 million). Prospects: The Pandemic and its aftermath are expected to last for some time against the backdrop of intensifying economic and political fallouts. The Group and its joint ventures will continue their efforts to counteract the adverse operating environment and rationalise their asset portfolio while maintaining financial resilience and exploring new revenue streams.

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