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Public company info - CIFI Holdings (Group) Co. Ltd. , 00884.HK
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CIFI Holdings (Group) Co. Ltd., 00884.HK - Company Profile
Chairman LIN Zhong
Share Issued (share) 8,786,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The Group is principally engaged in property development and property investment. Performance for the year: The Group’s recognised revenue was approximately RMB71,798.7 million in 2020, up 27.2% year-on-year. The Group’s reported gross profit in 2020 was approximately RMB15,609.1 million, up by 10.6% compared to RMB14,116.2 million in 2019. Eliminating the accounting effect of remeasurement of fair value of the costs of relevant properties delivered, the adjusted gross profit in 2020 was approximately RMB18,023.9 million, up by 7.5% compared to the adjusted gross profit in 2019. The Group’s adjusted gross profit margin was 25.1% in 2020, which remained high compared to the adjusted gross margin of 29.7% in 2019. the Group’s profit before taxation increased by 16.9% to approximately RMB16,169.8 million in 2020 from approximately RMB13,836.7 million in 2019. The Group’s profit for the year increased by 28.7% to approximately RMB11,895.5 million in 2020 from approximately RMB9,241.8 million in 2019. The Group’s net profit attributable to equity owners increased by 24.7% to approximately RMB8,031.9 million in 2020 from approximately RMB6,443.3 million in 2019. The Group’s core net profit attributable to equity owners increased by 16.3% to approximately RMB8,026.0 million in 2020 from approximately RMB6,903.3 million in 2019. The Group’s core net profit margin was 11.2% in 2020, compared to 12.2% in 2019. Business Review Property Development Contracted sales The Group achieved contracted sales of approximately RMB231.0 billion in 2020, representing a year-on-year growth of 15.2% as compared to RMB200.6 billion in 2019. The marked growth in the Group’s contracted sales was due to the Group’s abundant and well diversified saleable resources across different regions and cities and mainly driven by the strong performance of certain second- and third-tier cities which were less affected by government controls. The Group contracted sales in GFA was approximately 15,385,100 sq.m. in 2020, representing an increase of 27.8% over GFA of approximately 12,035,500 sq.m. in 2019. The Group’s contracted ASP in 2020 was approximately RMB15,000/sq.m.. Contracted sales from the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region and the South China Region contributed to approximately 43.8%, 22.9%, 22.2% and 11.1% of the Group’s total contracted sales in 2020 respectively. Contracted sales from firstand second-tier cities accounted for approximately 72.7% of the Group’s total contracted sales in 2020 whereas those from third-tier cities accounted for the remaining 27.3%. Contracted sales derived from residential projects contributed to approximately 90.7% of the Group’s total contracted sales in 2020 whereas those from office/and commercial projects contributed to the remaining 9.3%. Cash collection from property sales during the year by the Group’s subsidiaries, joint ventures and associated companies represented over 90% of contracted sales in 2020. Revenue recognised from sales of properties Revenue recognised from sales of properties in 2020 was approximately RMB64,320.1 million up by 27.0% year-on-year, accounted for 89.6% of total recognised revenue. The Group delivered approximately 5,134,390 sq.m. of properties in GFA in 2020, up by 31.3% year-onyear. The Group’s recognised ASP from sales of properties was approximately RMB12,527/ sq.m. in 2020, representing a decrease of 3.3% from RMB12,952/sq.m. in 2019. The increase in the Group’s revenue recognised from sales of properties in 2020 was mainly attributable to the increase in GFA delivered. Completed properties held for sale As at 31 December 2020, the Group had over 160 completed properties projects with a total and attributable unsold or undelivered GFA of approximately 6.8 million sq.m. and 3.2 million sq.m. respectively. Properties under development/held for future development As at 31 December 2020, the Group had over 240 property projects under development or held for future development with a total and attributable GFA of approximately 49.7 million sq.m. and 27.6 million sq.m. respectively. Property Investment Rental income The Group’s rental income in 2020 was approximately RMB590.4 million, up by 2.1% yearon-year. The rental income in 2020 were mainly contributed by Jiaxing CIFI Square, Shanghai CIFI Haishang International, Shanghai Yangjing S2/S3 Office Project, Shanghai LCM, Shanghai CIFI Pure Center and Xi’an CIFI Center, with its growth mainly derived from new rental contribution from Shanghai Yangjing S2/S3 Office Project and Xi’an CIFI Center. Investment properties As at 31 December 2020, the Group had 27 investment properties with a total and attributable GFA of approximately 1,452,500 sq.m and 987,700 sq.m. respectively, of which 20 investment properties with a total and attributable GFA of approximately 777,900 sq.m and 524,300 sq.m. respectively had commenced leasing. Property Management The Group’s property management and other services income in 2020 was approximately RMB2,668.2 million, up by 62.7% year-on-year. The increase was primarily due to the increase in the number of properties under management. Prospects: In 2021, as the global pandemic has eased, the recovery of the economy will be a focus for the whole world. Thanks to the effective control of pandemic in China, its economy is steadily recovering yet still under great pressure in general. The central government vigorously advocates internal circulation, fully stimulates domestic demand for people’s livelihood and supports the rapid recovery and growth of the substance economy. Being a crucial part of the substance economy, the China real estate market has attracted the attention of the central government, as well as investors in China and even around the world. The Group still believe that the central government’s advocacy of the real estate policy tone that “houses are built to be inhabited, not for speculation”, “renting and acquiring at the same time” and “differentiated policies for different cities” will remain unchanged, promoting the steady and healthy development of the real estate market. The Group expect the various restrictive policies to continue in the near future and the relevance of real estate and the financial industry to develop in a closer, more coordinated and optimized manner under the guidance of the central government. During the 14th Five-Year Plan period, Li Keqiang, the Premier of the State Council proposed to “raise the urbanization rate of urban residence to 65%, develop and expand urban areas and metropolis, and implement urban renewal actions”. The Group understand that the real estate market will continue to be involved in urban upgrade and redevelopment of cities with increasing urbanization rates, and cooperate to build and upgrade the infrastructure and housing supply of the living circles of metropolis. The Group has penetrated into the Yangtze River Delta region. In the early years, it focused on all core cities in the Shanghai-Rim Metropolis with Shanghai as the centre, while putting emphasis on the Pan Bohai Rim Region and Shandong Province. In recent years, more efforts have been made to cover the core cities around the Greater Bay Area metropolis, and the Chengdu-Chongqing real estate market has been further developed. It is believed that the national layout will enable the Group to obtain benefits during the process of this round of urbanization. Overall, the management of the Group expects a steady development of China’s real estate market in 2021 that new construction remains at a high level, sales in first- and second-tier cities continue to be driven by consumption upgrades, and sales are expected to hit record high. In terms of land market, due to the tightening of financing channels for real estate developers and the concentration of land supply in 22 cities in phases, reasonable resource allocation and profitability considerations will pose greater challenges to the operation capacity. Developers will be more prudent in land acquisition, and transaction will become more rational. Industry consolidation will accelerate, resulting in increasing concentration. In 2021, the Group’s contracted sales target is RMB265 billion, and it has sufficient saleable resources to support the completion of the full-year contracted sales target. Currently, the Group has covered 89 cities across the country and established presence in 7 regions. Diversified land bank and premium project reserves have laid a solid foundation for the growth of the Group’s contracted sales. The Group still attaches great importance to firstand second-tier cities, as well as third-tier or other cities with strong real estate demand and different policy cycles. It is believed that such markets will be the main driving force for the coming growth of China’s real estate market. The management believes that the huge and diversified portfolio of saleable resources acquired by CIFI at a reasonable land cost will give full play to its advantages in the current real estate environment and create tremendous value for investors. Looking forward, the management of the Group will uphold the long-term development strategy, persistently improve the corporate operation efficiency, continue to enhance its brand advantages and put emphasis on product innovation, follow the principle of prudent management of finance, and build up the strengths to defend the market volatility. Meanwhile, the Group puts great significance on promoting its management standard on environmental protection, social responsibility and corporate governance, which will be uplifted to the level of the Group’s strategic planning. The Group pledge full commitment to forging CIFI as one of the Fortune Global 500 with outstanding results, persistent performance of social responsibility and excellent corporate governance.

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