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Public company info - Chen Xing Development Holdings Ltd. , 02286.HK
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Chen Xing Development Holdings Ltd., 02286.HK - Company Profile
Chairman Bai Xuankui
Share Issued (share) 600,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: The Company is focusing on development projects primarily comprising residential properties and, to a lesser extent, commercial properties. Performance for the year: During the Reporting Period, the Group’s revenue amounted to approximately RMB1,307.1 million, representing an increase of approximately 22.8% as compared with approximately RMB1,064.7 million in the same period last year. During the Reporting Period, the Group’s gross profit was approximately RMB351.5 million, representing a decrease of approximately 4.1% as compared with approximately RMB366.7 million in the same period last year. During the Reporting Period, the gross profit margin was approximately 27%, as compared with approximately 34% in the same period last year. During the Reporting Period, the net profit attributable to owners of the Company was approximately RMB106.0 million, representing a decrease of approximately 15.1% from approximately RMB124.9 million in the same period last year. Business Review： During the Reporting Period, the Group’s contracted sales amounted to approximately RMB2,144.3 million, representing an increase of approximately 15.2% as compared with the same period last year. During the Reporting Period, the Group’s revenue amounted to approximately RMB1,307.1 million, representing an increase of approximately 22.8% as compared with the same period last year, among which, revenue from property development was approximately RMB1,262.8 million, representing an increase of approximately 19.4% as compared with the same period last year. During the Reporting Period, net profit of the Group amounted to approximately RMB115.0 million, of which net profit attributable to the Company’s equity holders was approximately RMB106.0 million. Contracted Sales The Group’s contracted sales for the years ended 31 December 2019 and 2018 were approximately RMB2,144.3 million and RMB1,862.1 million, respectively, representing an increase of approximately 15.2%. The Group’s total contracted GFAs for the years ended 31 December 2019 and 2018 were approximately 251,771 sq.m. and 229,855 sq.m., respectively, representing an increase of approximately 9.5%. By geographical location, the Group’s contracted sales from Jinzhong, Taiyuan and Mianyang, were approximately RMB970.7 million, RMB994.7 million and RMB178.9 million, respectively, representing approximately 45.3%, 46.4% and 8.3% of the Group’s total contracted sales, respectively. Property Projects The Group’s property projects fall into the following three categories by the development stage: completed properties, properties under development and properties held for future development. As some projects are developed in several phases, a single project may fall into different development stages: completed, under development and held for future development. As at the end of the Reporting Period, the Group had a completed total GFA of approximately 2,637,903 sq.m. and a land bank with a total GFA of approximately 2,961,620 sq.m., comprising (i) a total GFA of approximately 146,841 sq.m. which is completed but unsold; (ii) a total GFA of approximately 1,772,349 sq.m. which is under development; and (iii) a total planned GFA of approximately 1,042,430 sq.m. held for future development. The Group selectively retains the ownership of substantially all self-developed commercial properties with a strategic value to generate sustainable and stable revenue. As at the end of the Reporting Period, the Group had investment properties with a total GFA of approximately 21,613 sq.m.. Prospects: In 2019, the real estate industry has maintained its stable performance despite the fact that it was on a downward trend. The Group expects the principle of “housing is for accommodation, not for speculation” will remain as the main theme of the industry, and the industry and market policies will become more rational and flexible. Regulatory controls on real estate will focus on a balance of many aspects, especially the balance between macroeconomic stability and the real estate market stability, as well as the balance of supply and demand of land in the long-term. According to its in-depth analysis on the situation of China’s property market, the overall social environmental changes and the Group’s future development, the Group will take a path which is in line with the government’s policies in 2020. The Group’s strategic direction will be focused on its steady development by readjusting its operating strategies, deepening the development of existing projects and expediting the collection of the Group’s sales proceeds. To actively respond to market changes, the Group will enhance its soft power by optimizing its management structure as well as reviewing its management systems and work processes. In the area of its business structure, the Group will focus on facilitating the development of cultural tourism, through cooperation with quality branded enterprises and accelerating the process of transforming and upgrading its business structure. Meanwhile, the Group will provide special assistance and supports to those newly established companies, in order to facilitate the rapid development of the newly established companies and their early integration into the Group’s development strategies. In the area of product development and design, the Group will focus on the mainstream demand of the market. While developing products with rigid demands, the Group will also increase its efforts in improving the products by paying more attention to product design and research and development, and actively train and recruit a design and development team, so as to enhance the competitive advantage of the Group’s products as well as its core competitiveness as a corporation. As for the land bank, the Group will continue with its prudent strategies in land acquisition and maintain a cautious investment attitude. In 2020, the Group will focus on deepening the development of the existing land bank, increase investment amounts in developing the existing lands and accelerate the development cycle of the existing projects. Meanwhile, the Group will seize the market opportunities, and continue to look for quality land parcels to provide the Group with sufficient land bank for development.

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