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Public company info - China Resources Land Ltd. , 01109.HK

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China Resources Land Ltd., 01109.HK - Company Profile
Chairman Wang Xiangming
Share Issued (share) 7,131,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are development and sales of developed properties, property investments and management, hotel operations and the provision of construction, decoration and other property development related services in the People’s Republic of China (the“PRC”). Performance for the year: Consolidated revenue for Year 2019 amounted to RMB147.74 billion, up by 21.9% YoY. Consolidated gross profit margin decreased to 37.9% in Year 2019 from 43.4% in Year 2018. Earnings per share achieved RMB4.12, up by 17.7% as compared with RMB3.50 in Year 2018, while core earnings per share attributable to the owners of the Company increased by 11.6% YoY to RMB3.11. Business Review: In 2019, the Group realized a consolidated turnover of RMB147.74 billion, core net profit attributable to the shareholders of the Company excluding revaluation gain from investment properties amounted to RMB21.65 billion, profit attributable to the shareholders of the Company including revaluation gain from investment properties amounted to RMB28.67 billion, the Group’s earnings per share achieved RMB4.12, of which core net profit per share was RMB3.11. As of 31 December 2019, the net assets per share amounted to RMB24.34, representing an increase of 21.9% comparing to the year end of 2018. The Board of the Company has resolved to recommend a final dividend of RMB0.937 (equivalent to HK$1.026) per share, decreased 1.3% comparing to the final dividend of 2018. The Group attached great importance to continuously create value for the Group’s shareholders while balancing the management scale, risk and return, strive to achieve long-term sustainable growth and maximize the interests of shareholders. In the past ten years, the Group realized a CAGR of 26.0% in consolidated turnover, a CAGR of 18.2% in earning per share, and a CAGR of 17.7% in dividend per share. Development Property In 2019, the Group’s development property realized turnover of RMB127.20 billion, up 21.0% YoY, with gross profit margin step down by 6.4 percentage points YoY to 36.5%. During the year under review, the Group improved operational efficiency and optimized its inventory structure through accelerated destocking of commercial products; reshaped its customer relationship management system into a “whole cycle, whole value-chain and whole journey” one with customer focus, and achieved a higher score in residential customer satisfaction survey; accomplished the formulation and implementation of product standardization, leading the industry in which aspect; optimized its cost management system through cost standardization and informatization; and comprehensively and systematically improved its project management focusing on high quality, high development efficiency, low delivery risk and optimal settlement cost. Investment Property In 2019, the Group’s turnover from investment properties realized a YoY growth of 26.3% to RMB12.03 billion, of which turnover from shopping mall business amounted to RMB9.15 billion, turnover from office business amounted to RMB1.39 billion and turnover from hotel business amounted to RMB1.49 billion, up 33.4%, 12.3% and 4.5% YoY respectively. As of 31 December 2019, the Group’s investment properties in operation had a total GFA over 10 million square meters. The Group had 25 MIXc/MIX World malls and 17 MIXc One in operation, with another 46 projects in pipeline. Besides, the Group had a total of 28 asset-light malls, of which 19 projects were in operation and 9 were in pipeline. During the year under review, the Group opened 8 shopping malls and reopened 3 malls. Newly opened malls included Suzhou Wujiang Mixc One, Harbin Songbei Mixc One, Linyi Mixc One, Guilin Mixc, Hefei Luyang Mixc One, Jinan Mixc, Kunshan Mixc One, and Yangzhou Mixc One; projects reopened after renovation were Anshan Mixc One, Fuzhou Cangshan Mixc One, and Shanghai CR Time Square. The average opening rate was 96%, 8 shopping malls’ turnover exceeded RMB10 million in the opening day. Besides, the Group acquired several quality commercial projects in Beijing and Shenzhen, with a proactive and strategic-driven approach. Landbank During the year under review, the Group strengthened precise investment strategy with an aim to optimize its land bank structure, investment rhythm and geographic exposure, with a more diversified access to land bank. Tapped into 9 new cities, the Group acquired 82 projects with total land premium of RMB142.4 billion, total GFA was 20.20 million square meters, of which 17.84 million square meters were for development properties and 2.36 million square meters were for investment properties. As of 31 December 2019, the Group has expanded its geographical exposure to 80 cities with total GFA of 68.68 million square meters, which can meet the Group’s development needs for the next three years. Of which 58.52 million square meters were for development properties, 10.16 million square meters were for investment properties. Land bank GFA in tier one, tier two and industrial-supported tier three cities accounted for 83.8%, land bank structure had been continuously optimized. X Strategy and Innovative Development During the year under review, the Group continued to crystalize its “Development Property + Investment Property + X” business model by promoting innovative businesses to cultivate new earnings drivers for the Group’s long-term stable development. Urban redevelopment business is based in the Big Bay Area, with a city focus in Guangzhou, Shenzhen, Dongguan, Foshan and Huizhou. Nation-wide expansion focuses on cities with preferential policies to replenish quality land bank for the long-term sustainable development of the Group. With a vision to “become the most trustworthy asset manager in China”, the Group’s property management business focused on quality property, asset management and smart internet of things, expanded quality projects in tier one and tier two cities, further strengthened customer relations with good service. The development vision for senior housing business is to “give full play to our own advantages to acquire scarce resources and build up core competence and business model” with a geographic focus on the three metropolitan areas, especially on key cities in Big Bay Area. While actively building up the core competence in operation and brand influence, the Group tried to integrate education, medical care, senior care, rehabilitation (nursing) and research into a “five in one” innovative model, which has initially closed the loop for the value chain in health care business. In response to the national call to “vigorously develop rental housing”, the Group actively explored collective land, rental land and other large-scale project opportunities in core cities with risk control as the bottom line, and the performance of its operational projects achieved stable growth. Prospects: The year of 2020 is the decisive year for building a moderately prosperous society in all aspects and realizing the first Centenary Goal. It is also a crucial year for China Resources Land to close 13th Five-Year Plan while start the 14th Five-Year Plan. Facing the sudden outbreak of the COVID-19 at the beginning of the year, the CR Group resolutely implemented the national deployment, taking full responsibilities of being a conglomerate with diversified businesses closely linked with people’s livelihood, and has ensured the smooth livelihood supplies throughout the country, especially in key regions of the epidemic. The Group has fully implemented the requirements of CR Group to fight the epidemic and stabilize the operation at the same time, the Group is committed to work hard together to overcome current difficulties while striving for a sustainable growth of the Company. For development property, the Group will adapt to the changing dynamic and further participate in the national urbanization process for market consolidation and management enhancement: The Group will continue to optimize its land bank structure and allocate resources with a strategic-driven and city- and project-specific approach; identifying market changes and manage its investment rhythm with a dynamic approach; while keep optimizing its geographic exposure with a focus on market share penetration in three key regions, namely BeijingTianjin-Hebei, Yangtze River Delta and the Big Bay Area, plus regional hub cities and related city clusters, with an aim to become market leader in each region. The Group will continue to improve its operational efficiency, accelerating asset turnover of both land bank and the commercial inventory, optimizing the supply chain ecology, optimizing management systems of product, engineering, cost and customer relationship, to realize “cost reduction, quality improvement and efficiency enhancement”. The Group will continue to vigorously develop the development property to ensure “high quality, high efficiency, low risk and optimal cost” to enhance the brand influence, and to maintain top 10 market position in the industry and realize the growth in both scale and profit. For investment property, the Group will follow the tide of new retail trend, tap opportunities in both primary and secondary markets to achieve high-quality and orderly scale growth, while optimizing operational standards to improve management quality and operational efficiency. Meanwhile, the Group will keep being innovative and work out its commercial digitization and asset securitization strategies, and to maintain the Group’s leading position in China’s investment property market. Innovative businesses will synergize with the core businesses, focusing on urban, consumption and industrial upgrading opportunities, focusing on the Group’s position as an “urban comprehensive investment and development operator”, focusing on strategy and business model, focusing on development quality, and continuously explore new engines to support the Company’s sustainable development. The Group will build a digital CR Land focusing on “intelligence, digitalization, informatization and network security”, a digital system of “operation+, customer+, product+ and employee+” will be built to realize real-time online and efficient collaboration of all businesses, to establish all-round linkages with customers, and to enhance intelligence and IT level of the Company. After over 20 years of development, the Group has established a clear and leading development strategy, a mature and optimizing operational system, as well as a diligent and pragmatic talent team. Looking forward to 2020, the Group will: Adhere to the development vision of “Make it Solid, Make it Stronger, Make it Bigger, Make it Good, Make it Longer”; Adhere to its brand vision of “better quality better city”; Adhere to its business model of “development property + investment property + X”; Adhere to its development theme of “solid foundation, quality development, steady progress”; The Group is confident and capable to meet targets set by the 13th Five-Year Plan, and will march forward against a more competitive and complex market, greeting the beginning of the 14th Five-Year Plan with a brand-new and full confidence. Finally, on behalf of the Board of Directors, I would like to express my sincere appreciation to shareholders, customers and all related parties in the society for your long term support.

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