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Public company info - Midland Holdings Ltd. , 01200.HK
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Midland Holdings Ltd., 01200.HK - Company Profile
Chairman WONG Kin Yip Freddie
Share Issued (share) 718,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Management & Agency
Corporate Profile Business Summary: The principal activities of the Group are provision of property agency services in Hong Kong, the People’s Republic of China (the “PRC”) and Macau. Performance for the year: Midland Holdings Limited (the “Company”) and together with its subsidiaries (collectively the “Group”) announces that for the year ended 31 December 2019, it recorded a revenue of approximately HK$4,884 million, representing a decrease of 2.5% as compared with that for the year of 2018. Loss attributable to equity holders amounted to HK$69 million (2018: profit attributable to equity holders amounted to HK$58 million). Business Review: Remarkable Sales Performance in the First Half of 2019 The China-US trade conflicts appeared to have eased in late 2018. Together with the dissipating risk of interest rate hikes in early 2019, pent-up demand in the residential market was released. The Hong Kong residential market began to make a full recovery in the first half of 2019. According to the figures from the Land Registry, the number and value of registrations for local residential properties in the first half of 2019 increased by 47.8% and 34.9%, respectively, as compared with that in the second half of 2018. According to the Midland Property Price Index, property prices of local residential properties rose by 11.2% in aggregate from January to May 2019 and reached its new all-time high. As developers put more efforts in clearing unsold inventories in the anticipation of the implementation of the vacancy tax, primary home market performed remarkably the Groupll in the first half of 2019. Hothe Groupver, the exceptional performance in the first half of 2019 prompted some developers to slow down the pace of new launches in the second half of 2019. Abrupt Turn in the Second Half of 2019 Despite the vibrancy of the residential market in the first half of 2019, the overall Hong Kong market took an abrupt turn in the second half of 2019. Not only did the China-US trade disputes rekindle market concerns, Hong Kong had also fallen into a prolonged large-scale social movement for six months. Consequently, transaction value of residential properties plummeted by 28.9% in the second half of 2019 as compared with that in the first half, and home prices fell from the historic high in May 2019. The overall economic conditions in Hong Kong in the second half the Groupre dismal, which dragged down Hong Kong’s GDP by 1.2%, marking its first contraction in a decade. Prospects: Outbreak Dealt a Further Blow to Local Economy The COVID-19 outbreak in early 2020, which spread rapidly across Asia and the globe, has been severely affecting industries such as retail and tthe Group’sism and even stoking fear among investors, resulting in a global stock market meltdown. It is believed that the outbreak will hit the global economy harder than that of SARS in 2003. A considerable number of factories and offices in mainland the Groupre unable to resume operation after the Lunar New Year holidays. It would be difficult for the market to return to normal levels in the near term, the Greater Bay Area initiative will be affected. Meanwhile, the protracted China-US trade negotiations have resulted in the signing of the phase one Economic and Trade Agreement in January 2020, but the content and signing date of the phase two agreement are yet unknown. The trade tensions might escalate again following the re-opening of negotiations. Under the triple threats of China-US trade disputes, local social movement and the COVID-19 outbreak, the economic prospect in Hong Kong is bleak. The Hong Kong Government’s efforts such as discthe Group’saging visitors and gatherings will further paralyse the economy. For the real estate agency business, despite the thriving proliferation of online property platforms, human interactions with clients are still paramount. In the beginning of the outbreak, no new project has been launched. Individual home owners have also been reluctant to lothe Groupr prices, resulting in a sharp decline in the secondary market sales activities for a time.

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