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Public company info - Talent Property Group Ltd. , 00760.HK

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Talent Property Group Ltd., 00760.HK - Company Profile
Chairman Zhang Gao Bin
Share Issued (share) 10,293,000,000
Par Currency Hong Kong Dollar
Par Value 0.004
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group is including (i) real estate development, (ii) property investment and (iii) property management. Performance for the year: The consolidated revenue and gross profit for 2020 amounted to approximately RMB348.2 million (2019: RMB277.7 million) and RMB166.9 million (2019: RMB115.5 million), respectively Post-tax loss attributable to the owners of the Company of RMB100.9 million was recorded (2019: RMB99.8 million). Business Review Xintian Banshan Xintian Banshan (“新天半山”), the Group’s flagship project, is located beside Nanhu 4A Scenery Zone of Baiyun District in Guangzhou. The project was built along the mountain with a bird’s eye view of the grand CBD landscape. The high-rise residential apartments at zone D and villas at zone C were almost sold out. Xintian Banshan Villas (“新天半山墅”) at zone B, which are built on mountain slopes along the mountain, are highly appraised in the market and won various prizes. Thanks to the joint efforts of our sales team, the subscription amount and area recorded during the year for Xintian Banshan were approximately RMB237 million (2019: RMB27 million) and 3,500 sqm (2019: 400 sqm). Riding on market enthusiasm, the Group promoted sales of the remaining villas in South Lake Village Phase I next to Xintian Banshan, and recorded sales of approximately 4,700 sqm with a contract amount of approximately RMB142 million. Looking into 2021, after the recent outbreak of an overheated property market in Guangzhou, it is expected that property control policies will be tightened. However, the Pandemic has highlighted the advantages of low-density communities, coupled with the scarcity of top luxury villas in the city, the effect of wealth absorption in the Greater Bay Area, and the Group’s continual efforts to identify potential buyers, it has not hindered the Group from continuing to promote the sales for the villas in zone B of our flagship projects and achieving cash return. As villas in zone E (namely “山頂道獨墅”), are rare in the city, we have been intensively engaged in marketing for its market launch in the second half of 2021. Talent Shoes Trading Center The Group’s Talent Shoes Trading Center (“天倫鞋業交易中心”) in Liwan District, Guangzhou is a redevelopment project refurnished into a 10-storey building for integrated commercial and office uses. Over the past year, all customers and employees of the Talent Shoes Trading Center have encountered general difficulties in operation and management under the impact of the Pandemic. In addition, under the severe environment of the recent industrial transfer and Sino-US trade frictions which affected the businesses of our customers, the average occupancy rate of the premise has declined, and short-term rent concessions have been provided to the remaining customers. Looking forward into 2021, with the fading of the Pandemic throughout the world, the Group will enhance the recruitment of merchants, optimize customer structure and improve management services to maintain the rental income from Talent Shoes Trading Center in the future. Linhe Cun Redevelopment Project Linhe Cun redevelopment project is located in the central business district of Tianhe District in Guangzhou, which is adjacent to Guangzhou East Railway Station. The Group cooperates with Sun Hung Kai Properties Group for this project. The development of the project has been completed. The grade A commercial office building namely Guangzhou Commerce Centre (“廣貿中心”) and units in block 1 to 6 of the high-rise residential project known as Forest Hills (“峻林”) were almost sold out. They were accounted for in previous years. This year, the last block of completed high-rise residential units was promoted for sales intensively and recorded a very satisfactory unit price. In view of the project sales nearing its completion and with a large bank deposit, the Group will endeavour to get a cash return of our share from the associated company. Logistic Commercial Real Estate Project After the strict control over the Pandemic in the country in the second half of 2020, the economy has recovered with strong market demand in some major metropolitan areas. However, with the intensifying urban differentiation, the real estate markets in the second and third tier cities have performed differently, especially in the commercial and office sectors. The Group successfully bid one land parcel in Guangling District of Yangzhou City with a floor area of 81,000 sqm in early 2017. The project was planned to be developed in stages in zone A and zone B and was named Yangzhou Intelligent Life City (“揚州智慧生活城”). The gross floor area above the ground in zone A is approximately 91,000 sqm comprising 12 buildings with 2 to 19 storeys. The saleable area of its commercial units and offices is approximately 10,000 sqm and 80,000 sqm, respectively. As at the end of 2020, 10 buildings have been awarded pre-sale certificates, and will begin its delivery in 2021 and the construction of zone A are scheduled to be completed by the end of 2021. The local supply of office increased continuously in recent years, but sales have not been satisfactory due to limited market demand. As at the end of 2020, office subscriptions amounted to approximately RMB25.5 million for area totalling 3,200 sqm (2019: RMB29.5 million for area totalling 3,600 sqm), were recorded. Looking forward into 2021, we will continue to strengthen efforts in marketing and make various investment invitations. The Group successfully bid a land parcel in Shatou Town of Yangzhou City with an area of 250,000 sqm in the end of 2018 for a commercial project, namely Suzhong Demonstration City on Intelligent Agricultural Industry (“蘇中智慧農業產業示範城”). At the end of 2020, the Company entered into an equity transfer agreement with the local government to sell its equity interest in order to meet its intention on social planning as well as the Group’s demand for cash return. For details, please refer to the shareholders’ circular of the Group dated 11 December 2020. As of the date of this announcement, the Group has received equity transfer payment of RMB242 million and completed the equity transfer procedures for 73% of the 90% equity interest held by the Group in accordance with the relevant terms of the agreement. Pursuant to the agreement, the remaining consideration shall be fully paid in June 2021. The land parcel in Yunlong District of Xuzhou City successfully bid in the end of 2017 with an area of 102,000 sqm was named Xuzhou Intelligent Industrial Town (“徐州智慧產業小鎮”). The project was developed as a whole and divided into zone A, zones BC, zones DEFG and zone H with a gross floor area of approximately 120,000 sqm above the ground, and a total of 29 buildings with 3 to 14 storeys for commercial, office and warehouse uses will be constructed. The gross floor area of its commercial units and offices available for sale are approximately 62,000 square meters and 41,000 square meters, respectively. As at the end of 2020, 27 buildings have been awarded pre-sale certificates, and delivery will be commenced in 2021 and the construction of the project is scheduled to be completed by the third quarter of 2021. The Group seized the opportunity of several new development plans launched by the local government and the opening of metro in the city, and adopted a price-for-quantity marketing strategies for faster cash return. As of the end of 2020, subscriptions for commercial units amounted to approximately RMB284.8 million for area totalling 28,400 sqm (2019: RMB43.7 million for area totalling 5,400 sqm) and subscriptions for offices amounted to approximately RMB16.8 million for area totalling 2,500 sqm (2019: RMB69.7 million for area totalling 9,300 sqm), were recorded. Various products in zones DEFG are nearly completely sold. Looking forward into 2021, we will increase efforts to sell products in zones BC to large and small customers. As zones BC are located along the main streets and has municipal construction and development nearby, it is expected to destock faster and cash recovery can be speed up. In January 2021, the Group buy-out the 49% minority interests of the holding company that hold the aforementioned logistics projects for a consideration of RMB24 million. The transaction was completed and we are now able to manage relevant projects more efficiently and gain full control of the cash flow of these projects. Prospects: During the year ended 31 December 2020, the significant change in the global economic structure caused by the COVID-19 pandemic (“Pandemic”), together with trade protectionism and continuous political disputes, brought greater uncertainties to the global economic development. Fortunately, with the Chinese government taking the lead to control the spread of the Pandemic, people’s quality of life and national production saw a rapid recovery, making China the first country to realise positive economic growth among the world’s largest economies. Under the Pandemic, central banks around the world continued to apply loose monetary policies, and thus, liquidity remained high. In the first half of the year, “city-specific policies” were flexibly implemented across China and the People’s Bank of China has lowered the reserve requirement ratio several times so as to enhance market productivity through quantitative easing. As the Pandemic gradually went under control and enterprises resumed work and production, the real estate industry slowly recovered. In the second half of the year, a series of policies for real estate administrative regulation and strict control of financial risks promulgated across China demonstrated the general principle of “purchase real estate for living instead of speculation” of the central government. Throughout the year, the transaction volume of the real estate industry continued to record new heights and prices continued to rise. However, market performance diverged significantly across regions and cities. For example, the market sizes of the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area continued to grow, yet some cities in Northern China saw oversupply. The year 2021 marks the beginning of the “14th Five-Year Plan”, and it will be a year of both opportunities and challenges for real estate enterprises. The full recovery of nations after the Pandemic will bring vitality to the global economy. Nevertheless, the real estate industry is still facing constraints under the major policy principle of “purchase real estate for living instead of speculation” of the central government with the introduction of various policies and regulatory guidelines aiming to reduce the excessive reliance of enterprises and individuals on loans and debt financing.

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