Share This

Public company info - New Century Real Estate Investment Trust , 01275.HK
Input the stock code or the company name     Search  
 
 Profile   Information   Data   Financial Ratios   Profit Loss   Cash Flow   Balance   Earnings   Dividend 

New Century Real Estate Investment Trust, 01275.HK - Company Profile
Chairman Jin Wenjie
Share Issued (share) 988,000,000
Par Currency
Par Value 0.0
Industry Real Estate Investment Trust
Corporate Profile Business Summary: The Group is mainly engaged in the leasing of the hotel properties in Mainland China (“China”) . Performance for the year: Revenue and negative distributable income (being an adjusted loss in the consolidated distribution statement) of New Century REIT for the Reporting Period were approximately RMB214 million and RMB193 million (2019: revenue and positive distributable income of approximately RMB255 million and of RMB69 million) respectively. Business Review： Negatively impacted by the pandemic and the travel restrictions, the Occupancy of the Hotel Properties dropped to single digit in February 2020 and steadily rebounded to approximately 54.2% in December 2020. The overall Occupancy of the Hotel Properties was 44.7% during the Reporting Period, having decreased by 21.8 percent points YoY. During the Reporting Period, the overall F&B spending per customer (“F&B Spending Per Customer”) remained stable. Due to discouragement of organising large scale banquets and social gatherings, the F&B outlet utilisation rate (“F&B Outlet Utilisation Rate”) and banquet revenue per square meters per day (“Banquet Revenue Per Sq.M. Per Day”) dropped by 24.6 percent points YoY and 9.4 percent points YoY respectively. KEY HOTEL OPERATIONAL INITIATIVES The Hotel Properties have continued to take initiatives to improve revenue, reduce operating expenses and enhance operating efficiency. In this challenging business environment, the respective hotel operation teams cautiously designed the workforce structure and distribution of tasks and duties, negotiated prices of F&B orders from suppliers and save energy costs in accordance with the number of guests. Besides, in order to increase overall hotel revenue, the Hotel Properties had expanded its focus on online booking through strengthening the connection with online travel agencies (“OTA”) and other travel agents. During the Reporting Period, although affected by the pandemic, 28.4% of the Group’s revenue, having increased by 5.3 percent points as compared to 2019, was derived from OTA sales channels. In addition, incentives were offered and various promotional and marketing events were held to promote the local tours, conferences and banquet business. In addition, strict cost-saving measures were implemented to reduce operating expenses. HOTEL INDUSTRY CONDITIONS From March 2020, China lifted confinement restrictions depending on each city’s epidemic situation and daily living conditions resumed to normal. In mid-July 2020, the Ministry of Culture and Tourism released a notice regarding permitting inter-province group tours, flight and hotel packages; and the cap on traffic at scenic areas was determined by the local government according to the local epidemic situation in March of this year. Also, the PRC government started to roll out the vaccination programme since second half of 2020, but the overall COVID-19 vaccination rate in the PRC was still relatively low as of the end of January 2021. According to the website of the government of China, the Joint Prevention and Control Mechanism of the State Council of China stated that as of 14 March 2021, there were a total of approximately 65.0 million doses of COVID-19 vaccine being administrated in the PRC. In early 2021, there was resurgence of pandemic in certain cities in the PRC and some prevention and restriction policies were implemented immediately. It follows that the overall economic and business recovery in PRC (especially the hospitality industry) may be negatively affected in the short to medium term. Prospects: To confront the pandemic, the Group have enhanced the quality of services and hygiene level in the Group’s hotels and strictly implemented epidemic prevention measures such as health code checking to ensure that the Group provide a pleasant experience and healthy environment to the Group’s guests and staff. The Group hope the pandemic will soon subside as a number of countries has launched large scale COVID-19 vaccine injection programs in early 2021. Besides, the Group believe the governmental supportive measures will assist the PRC hotel industry to resume normal in medium term. Comparatively the impact from pandemic on New Century REIT is manageable as the Group have relied on the Group’s operating lease structure with guaranteed Base Rent, which the Group believe is positive structural attributes that will help support New Century REIT’s performance in the medium term. In the short term, the Group’s performance remains challenging. In view of the solid fundamentals of China’s economy and strong domestic demand, the Group believe the hospitality and tourism industry in China would rebound in the medium to long term though the industry is experiencing unprecedented challenges currently. The pandemic has rippled through the whole hospitality and tourism industry in a way that the Group have never experienced and most business sectors have been adversely impacted. It is expected that the full recovery of hospitality and tourism industry would take a considerable period of times to resume to the pre-pandemic level.

Information from the financial statements of listed companies

Mobile | Full
Forum rule | About Us | Contact Info | Terms & Conditions | Privacy Statment | Disclaimer | Site Map
Copyright (C) 2024Suntek Computer Systems Limited. All rights reserved
Disclaimer : In the preparation of this website, 88iv endeavours to offer the most current, correct and clearly expressed information to the public. Nevertheless, inadvertent errors in information and in software may occur. In particular but without limiting anything here, 88iv disclaims any responsibility and accepts no liability (whether in tort, contract or otherwise) for any direct or indirect loss or damage arising from any inaccuracies, omissions or typographical errors that may be contained in this website. 88iv also does not warrant the accuracy, completeness, timeliness or fitness for purpose of the information contained in this website.