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Public company info - Zhuguang Holdings Group Co. Ltd. , 01176.HK

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Zhuguang Holdings Group Co. Ltd., 01176.HK - Company Profile
Chairman Chu Hing Tsung (alias Zhu Qing Yi)
Share Issued (share) 7,226,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The Group is principally engaged in property development, property investment, project management, and other property development related services in the People’s Republic of China (the “PRC”). Performance for the year: The total revenue of the Group for FY2020 was approximately HK$6,624,798,000 (FY2019: HK$4,074,814,000), which represented an increase of approximately 62.6% as compared to that for FY2019. The Group’s profit for FY2020 was approximately HK$2,225,196,000 (FY2019: HK$719,497,000), which represented an increase of approximately 209.3% as compared to that for FY2019. Business review Property Development and Sales During FY2020, the Group continued its focus on the first-tier and key second-tier cities in the PRC with potential growth in demand for properties. The Group’s respective contracted sales and contracted GFA sold for FY2020 amounted to approximately HK$4,407,454,000 and approximately 148,877 sqm, representing an increase of approximately 72.17% and a decrease of approximately 19.04% respectively, as compared with those for FY2019. Land Bank It is the Group’s strategy to maintain a sufficient land bank and design accurate urban layout to support the Group’s own development pipeline for at least the next three to five years. The Group has actively expanded its land reserves through various channels, including participation in government public auctions, urban redevelopment projects and acquisition of other property development projects. As at 31 December 2020, the Group and its joint venture had a land bank in the PRC, which consisted of total GFA available for sale, total GFA pre-sold pending delivery and total GFA available for lease, of approximately 1,015,416 sqm in aggregate. The Group will continue to explore new opportunities in cities in the PRC in which the Group has already invested, as well as new cities in the PRC with growth potential and the best investment value. Project Management Services The Group has been using its expertise in project management and urban renewal to provide project management services to its customers for property development projects and urban redevelopment projects. In carrying out its business in the provision of project management services, under which it is a common commercial practice for the service providers to include the advancement of funding to customers as part of the services they provide, the Group provides its customers with funding (i.e. development costs, including but not limited to the land costs, costs of preliminary works, building and installation costs, municipal and environmental engineering costs, public ancillary facilities costs and other indirect development costs, required for developing the underlying property development projects or urban redevelopment projects of its customers) and project management services for the projects of its customers. In return, the Group is entitled to a project management services income (i.e. capital utilisation fee which is determined by reference to the agreed capital utilisation rate (in terms of a percentage) and the project development costs advanced by the Group), and a variable income for certain projects which is determined with reference to the performance of the underlying projects subject to certain constraints pursuant to the terms of the relevant project management services agreements entered into between the parties. The Group recorded project management services segment results of approximately HK$2,915,145,000 for FY2020, compared to that of approximately HK$1,608,304,000 for FY2019. The increase in the revenue generated from this business segment was mainly attributable to the increase in the number of project management services agreements entered into by the Group in FY2020. The Group will continue to utilise its expertise in project management and urban renewal to further develop its project management services business to broaden its source of income. Property Investments As at 31 December 2020, the Group owned (1) certain floors of Royal Mediterranean Hotel (“RM Hotel”) located at 518 Tianhe Road, Tianhe District, Guangzhou City, Guangdong Province, the PRC, with GFA of approximately 18,184 sqm (31 December 2019: 18,184 sqm); (2) “Zhukong International” with GFA of approximately 43,918 sqm (31 December 2019: 43,918 sqm); (3) certain floors of a commercial complex in Hua Cheng Yujing Garden with GFA of approximately 14,832 sqm (31 December 2019: 32,051 sqm); (4) a hotel located at Chaotang Village, Chengdong Town, Meixian District, Meizhou City, Guangdong Province, the PRC, with GFA of approximately 7,389 sqm (31 December 2019: 7,389 sqm); and (5) certain commercial properties in the Guangdong Province, the PRC, with GFA of approximately 18,483 sqm (31 December 2019: 18,459 sqm) as investment properties. During FY2020, RM Hotel, Zhukong International and the commercial properties were partially leased out with total rental income of approximately HK$177,230,000 generated, representing an increase of approximately 7.9% as compared to that of approximately HK$164,248,000 for FY2019. The existing investment properties held by the Group are intended to be held for medium-term to long-term investment purposes. The Group will continue to seek high quality properties with potential appreciation in value for investment purposes and build up a portfolio that will generate steady cash flows to the Group in the future. Prospects: 2021 will be a year full of both opportunities and challenges for real estate companies in China. The overall post-pandemic recovery of the economy will energize the industry. At the same time, under the primary regulation policies such as “housing is for accommodation, not for speculative trading” and “taking measures in response to local conditions”, the demand and supply of properties in the market will gradually return to stable in 2021, and the demand will become more rational. With the increasing concentration of the industry, real estate developers not only have to take advantage of the development opportunities of urban rotation and establish a proper strategic roadmap, but also have to focus on areas where they have advantages, cultivate key cities, conduct in-depth research and analysis of the needs of different customers and strengthen cooperation between developers, in order to better position themselves for potential development opportunities. The Group will expand its high-quality land bank and adhere to the “1+1+N” development strategy in the future while focusing its business presence in the Guangdong-Hong Kong-Macao Greater Bay Area. In 2021, the Group’s inventory for sale will still be concentrated in its completed projects in Guangzhou. In the future, the Group will continue to increase its sales in the Guangzhou area. As of the date of this announcement, the Group’s saleable inventory in the Guangzhou area is relatively abundant. As a result, Guangzhou will remain the key sales area of the Group in 2021, where the Group will continue to pay close attention to the sales in this market. In terms of land acquisition, the Group will continue to implement its strategy of focusing on urban renewal projects to support its medium-term to long-term development, while relying on additional lightasset projects to meet its short-term needs. As the Group will acquire its land resources mainly through urban renewal projects in the future, it will leverage on its competitive edge and boost its urban renewal operations. In addition, the Group will maintain its development at an appropriate scale and focus on delivering high-quality projects to raise its brand reputation. The Group will also actively seek cooperation with partners in various aspects of its business to enhance and strengthen its position in the industry as an urban renewal expert.

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