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Public company info - Beijing Properties (Holdings) Ltd. , 00925.HK
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Beijing Properties (Holdings) Ltd., 00925.HK - Company Profile
Chairman Qian Xu
Share Issued (share) 6,969,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Warehousing & Logistic Services
Corporate Profile Business Summary: The Group is principally engaged in real estate including high-end and modern general warehouse, cold chain logistics warehouse and trading business, specialised wholesale market, industrial property, commercial property, primary land development. Performance for the year: The revenue for the year ended 31 December 2019 amounted to approximately HK$692.66 million, representing an increase of approximately HK$211.95 million or 44.09%, from approximately HK$480.71 million for the year ended 31 December 2018. The gross profit for the year ended 31 December 2019 amounted to approximately HK$312.88 million, representing a decrease of approximately HK$12.15 million, or 3.74% from approximately HK$325.03 million for the year ended 31 December 2018. Business Review The Group is the only Hong Kong-listed company engaged in property-related business under Beijing Enterprises Group Company Limited (“BE Group”), the ultimate controlling company of the Group. The Group positions itself as a professional property developer that engages in logistics, cold chain, industrial and commercial industries, primary land development and other fields. As a developer, our profit is primarily generated from two sources: (1) our daily operations, such as rental income from our general warehouses and cold storages, hotels, shopping malls and agricultural markets, income from the treatment and processing of inventories at our general warehouses and cold storages, and financial income generated by trade; and (2) the disposal of developed and mature properties and developed land. The business model of the Group is designed to: (1) make investment in the early stage of a project; (2) add value to the project once the development has been completed; (3) sell the mature project at a satisfactory price. Cash recovered from the disposal of such projects is used to: (1) repay project development loans so as to lower ongoing finance costs and increase profit; (2) reinvest in new projects to create opportunities to generate profit in the future; (3) distribute appropriate investment returns to the shareholders as our investors. We believe that according to our business model, the increasing capital values of our projects, coupled with our operating profit, will ultimately deliver attractive returns to our shareholders. Since 2009, the Group has invested large sums of capital in China and abroad to invest in and develop projects in prime locations. Along with the stable income from such projects and the steady growth of China’s economy, the capital values of certain projects have grown at satisfactory rates when compared to our primary inputs. Therefore, the Group thoroughly studied and explored the disposal of certain mature logistics assets in 2019, and planned to dispose of some logistics assets and industrial properties in 2020 in order to accomplish the establishment of the Group’s entire business model. These disposals will recover a significant amount of funds for the Group such that the goals of the Group’s business model to reduce debt and make reinvestment and distribution can be realised. Capitalising on its own strength as a state-owned enterprise, the Group will further purchase and develop land in prime locations in order to further enhance the levels of our participation in the logistics, industrial and cold chain industries, and further consolidate our long-term profitability and model of capital gains. 1)High-end and Modern General Warehouses The Group has been establishing a network of modern warehouses in prime locations across China to provide the infrastructure needed by e-commerce and import and export trade of the nation. These locations include Beijing, Shanghai, Tianjin, Xiamen, Chengdu, Haikou, Tongliao, Taicang and Qingdao. 2)Cold Chain Logistics Warehouses and Trading Business Another development focus of the Group is to establish nationwide cold chain logistics facilities, and, on such basis, further expand its cold chain business to connect both up and down streams. The cold chain business developed by the Group mainly provides integrated logistics services for high-value imported meat and aquatic products. With the rise of China’s middle-class society, the demand for quality food is growing rapidly every year. However, due to the lack of reform in the industry for some time in the past, the cold chain industry in China remains subject to high input and low digitalisation, and recorded a slow growth. Hence, no leading enterprises have emerged in the industry. This presents the Group with a great opportunity for development. The Group’s cold chain business has rolled out international trade service, cold chain storage service and electronic business system development service for frozen products. Its strategic objective is to establish the best comprehensive cold chain industry service platform in the PRC to save costs and increase revenue for its customers by making full use of information technologies while eliminating financial risk of financial institutions by realising full control over inventories, information and funds along the whole chain. In terms of overall development, the cold chain business realised a turnover of RMB253.76 million with frozen product contracts amounting to US$54.48 million being signed during 2019. Driven by the trading business, CCII Frozen Product Industry Integration Service Platform (www.cciinet.cn), our service and trading platform on trial, is constantly improving. The core of this platform, the “Frozen Products Trading Port（凍品交易港） ”, has executed experimental online transactions while the corresponding mobile app has been launched. Meanwhile, we have commenced in-depth strategic cooperation with various enterprises in all segments of the cold chain. Due to the relatively large amount of investment required by cold storage development, apart from the existing Tianjin and Qingdao projects, services will be provided through cold storage partners at different locations at the present stage. Cooperation agreements have been reached with cold storage partners in, among other places, Dalian Bonded Logistics Park, Dalian Economic and Technological Development Zone, Fengxian District in Shanghai, Yangshan Free Trade Zone in Shanghai, Pudong New Area in Shanghai, Zhanjiang City in Guangdong and Yantian District in Shenzhen. A storage network across coastal cities is taking shape. Current third-party cold chain logistics service partners include the cold chain branch of JD Logistics and SF Express. Overseas logistics service providers such as Kuehne-Nagel will be enlisted soon. Supported by the recently launched international trade services and a newly developed digital system, an integrated service platform featuring the most comprehensive services and state-of-the-art technologies within the Chinese cold product industry will be established. 3)Industrial Properties As the metropolitan area of Shanghai continues to grow, certain existing high-end manufacturing industries in the region inevitably have to relocate. Meanwhile, high-end European and American enterprises remain eager to set up production bases in China. As a result, high-end industrial properties in the Yangtze River Delta are in high demand. Therefore, the Group commenced the industrial property business at the end of 2016 and formed several non-wholly owned subsidiaries (held by the Group as to 75%) with SSinolog (China) Holding I Pte. Ltd. from Singapore to develop high-end factories for lease in Taicang, Changshu, Suzhou, and Changzhou in Jiangsu Province, and Jiaxing in Zhejiang Province. 4)Belt & Road Initiative The Sino-Cambodian SEZ project is located in Kampong Chhnang Province, which is 65 kilometres northwest of Phnom Penh, the capital of Cambodia. It is linked to Phnom Penh by Highway 5. This project has a planned target site area of 30,000,000 sq.m. Certificate for approximately 14,868,696 sq.m. of the land has been obtained. In December 2018, the project entered into a land acquisition agreement with an independent third party to further acquire land with an area of 1,130,208 sq.m. The land certificate is currently being obtained in accordance with local Cambodian laws. After the completion of the acquisition, land held by the project will further increase to 15,998,904 sq.m. At the same time, we are proactively introducing strategic partners, and are actively conducting business negotiations. At present, the compliance control design and certain municipal designs of the project have been completed. Benefiting from preferential taxation, import and export policies offered by the Cambodian government, the SEZ covers urban functions including manufacturing and processing, logistics and commerce, technology and culture, and education and residential facilities. The project is positioned to serve Chinese enterprises under the “Belt and Road” initiative and provide Chinese businesses with a clustered integrated industrial platform. The custom, commerce, labour, taxation and other departments of the Cambodian government will set up offices to offer one-stop services to enterprises within the SEZ. The Group mainly conducts primary land development in the SEZ and sells the developed land to Chinese enterprises in order to realise returns from land transfers. It also provides management services in the industrial park so as to receive sustainable management fee income. The Cambodian government is currently rolling out a number of policies to attract investments from foreign enterprises. Such policies aim at establishing a free and open economic system by offering equal treatment to foreign and domestic investors. In recent years, the Cambodian economy has been expanding rapidly at a GDP growth rate of 7% or above for five consecutive years. With an average age of less than 30, the population of Cambodia offers abundant manpower. The Group believes that thanks to the stable and amicable long-term relation between China and Cambodia, as well as its effective control on land acquisition costs, the sale of such land will create fruitful returns for the Group in the future. Currently the overall project planning has been completed. The whole project will be developed in phases and funds for the development will be obtained on a rolling basis by profits from land transfers and borrowings from financial institutions. It is not expected to bring too much financial pressure to the Group. 5)Specialised Wholesale Market With the approval of Quzhou government authorities, Quzhou Tongcheng Agriculture Development Co., Ltd. (“Quzhou Tongcheng”) has been approved to establish a modern agricultural wholesale market project including an agricultural exchange zone, which may be utilised as the new location for the existing exchange centre in the city following its relocation, as well as ancillary commercial facilities. The existing trading centre was granted the status of first class wholesaling centre for agricultural products serving a population of approximately 30 million people. The Quzhou agricultural shopping mall project will be constructed and developed in two phases. Phase I has a gross floor area of 41,282 sq.m. and was put into operation in August 2015. Phase II consists of three lots. Lots I and II have a gross floor area of 153,856 sq.m., and were put into operation in November 2017. Lot III is at the stage of design drawing optimization. As at 31 December 2019, the market, including a wholesale trading zone, a comprehensive market trading zone, a storage service zone and a public ancillary market facility zone, had a rentable area of 162,742 sq.m. The average occupancy rate of the existing area for the year 2019 was 51.09%, representing a stable growth from 48.72% for the last year. 6)Commercial Properties (a) Guangzhou Guangming Real Estates Co., Ltd. (“Guangzhou Guangming”) owns 99% interest in Metro Mall. The mall is situated in the Beijing Road shopping area, Yuexiu District of Guangzhou City in China. Metro Mall has a gross floor area of approximately 61,967 sq.m. and is an 11-story shopping centre offering one-stop dining, entertainment, shopping and cultural experience to customers. The average occupancy rate of the existing area for the year 2019 was approximately 90.42%. (b) Holiday Inn Downtown Beijing Company Limited (“BJ Holiday Inn”) is a wholly-owned subsidiary of the Group and the owner of a four-star business and leisure hotel providing 333 elegantly decorated rooms to business travellers in North Lishi Road (near Financial Street, Xicheng District), Beijing. The average occupancy rate for year 2019 was approximately 81.99%. In spite of its constant leadership in terms of occupancy rates among Holiday Inns in Beijing, this hotel contributed limited profit to the Group due to the nature of the industry. Therefore, BJ Holiday Inn entered into an agreement on 12 November 2019 to hand over the operation of the hotel to SinoHome Healthcare Holding Co., Ltd.*（北京首厚康健養老企業管理有限公司） . The hotel has discontinued its operation and was redecorated in the first quarter of 2020. Net profit of the Group under the operation agreement will increase significantly. 7)Beijing Enterprises City Investment Holdings Group Co., Ltd. (“BE City Investment”): On 13 November 2017, the Group and certain strategic investors and a management team jointly established BE City Investment, 35% equity interest of which is held by the Group as the single largest shareholder. BE City Investment is a mixed investment holding group dominated by state-owned capital. With the core objective of investing in and consolidation of urban land resources and improving their values, BE City Investment is positioned to invest in and operate new urban infrastructures, introduce urban infrastructures and industries, and build a new industry-city integration investment operator and an integrated urban public service provider. Its principal activities cover the comprehensive investment in and development of industry-city integrated urban land projects; the comprehensive investment in and operation of old district redevelopment and urban renewal projects amid the in-depth urbanization process; and the development, construction and operation of unique towns based on cultural tourism, healthcare nursing and other business models in suburban areas around China’s core cities. During 2019, BE City Investment actively established footholds in key areas under China’s strategic plans, and made full use of the comprehensive strengths of its shareholders in general municipal planning, business integration, financing and technical innovations. After more than a year’s planning, it has primarily created a nation-wide business model based on the development of industry-city integrated areas and the renewal of core cities, and won the contracts to carry out the largest redevelopment project for old towns, old factories and old villages in Foshan, which is a core city in the Greater Bay Area, as well as a project in relation to the comprehensive development of an industry-city integrated area in Panlong District, Kunming, which is a major city along China’s “Belt and Road” initiative. With the vigorous development of this business model, the scale of operation is also expanding. Building on its projects on hand, this company will establish itself as a leading and unique comprehensive urban operation and investment group in China and realise profits from its developments as soon as possible so as to contribute considerable returns on investment to the Group. Prospects: Since our formation, the Group has invested in residential, commercial, logistics and industrial property projects. After ten years of hard work and efforts to develop in these industries, the current layout of the Group extends across logistics property businesses in northern, eastern and southern China. Through in-depth cooperation with local governments, enterprises and industry players, we have actively implemented our overall strategy. Meanwhile, the Group continued to explore business models and establish a leading comprehensive frozen product cold chain service platform in China with the help of technologies by consolidating its existing cold chain logistics facilities and resources. This platform will offer solutions to the scale and technological development of the industry and formulate a profit model comprising commission incomes from different services. We entered into several strategic cooperation agreements with Sinotrans, JD Logistics and SF Express between July and August 2019 to provide customers with quality guarantee in terms of cold delivery service. Amid severe market competition, the Group possesses unique strengths, which are mainly reflected in the following ways: as a state-owned enterprise, we enjoy advantages in accessibility to land and can thus overcome the difficulty of obtaining land; we have a stable customer base that includes sizable enterprises from diversified sectors, such as Kerry Logistics, MOL Logistics, Nippon Express, Sinotrans, SF Express, JD.com etc. To the Group, these stable customer relations represent valuable assets and provide potential tenants to new projects. In addition, we have an experienced management team, which allows us to proactively study trends, capture market opportunities and maximise the Group’s competitive strengths. The Group will keep abreast of national policies and seize development opportunities in a timely manner to further improve the strategic layout of its logistics property, industrial property and cold chain businesses across the country. We will also proactively respond to the Belt and Road initiative to expand overseas business, implement our business model that comprises the “financing, investment, management and disinvestment” stages, and actively promote asset-light development at a time of prudent operation. At the same time, we will utilise existing resources and assets to foster new sources of profit growth, achieve diversified business revenue streams, and promote the sound development of our company. The Group has never deviated from its positioning as a professional property developer. In previous years, we have proactively invested in and nurtured quality assets on hand, and has officially started to disinvest certain projects in this year so as to complete our whole business cycle, in which profit can be realised and productive capital flows can be created, and lay the solid foundation of our long-term growth. Although the first stage of development requires longer time, our projects have gradually accumulated a noticeable aggregate value thanks to the large number of quality projects obtained over the years. It is expected that the development cycle of the Group will accelerate in coming years, thereby allowing us to achieve sustainable profit and step up our engagement in the logistics property, industrial property, cold chain and primary land development industries. The Group is confident that it can deliver satisfactory returns to each of our stakeholders

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