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Public company info - Glory Health Industry Limited , 02329.HK

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Glory Health Industry Limited, 02329.HK - Company Profile
Chairman Zhang Zhangsun
Share Issued (share) 4,444,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Property Development
Corporate Profile Business Summary: The Group are principally engaged in property development, primary land construction and development services, property investment and property management and related services. Performance for the year: During the Reporting Period, the revenue of the Group was RMB8,093.2 million, of which the revenue from property development was RMB7,256.7 million, revenue from property leasing was RMB608.5 million and the profit was approximately RMB1,219.6 million, of which the profit attributable to owners of the Company was RMB859.8 million. Business Review Property Development Focus on Stability Breakthroughs in Sales and Quality Improvement Against the backdrop of continued industry adjustment and pressure on sales, the Group adapted to changes, taking flexible strategies. It adjusted the sales pace in line with “one policy for one property” and enhanced sales efforts for projects and capital recovery, thus maintaining steady growth during the year. During the Reporting Period, the contracted sales was approximately RMB23,915.4 million, representing an increase of 9.1% compared with the same period of last year; the contracted GFA sold was 1,278,010 sq.m., representing a decrease of 2.0% compared with the same period of last year; the average contracted selling price was RMB18,713 per sq.m. representing an increase of 11.4% compared with the same period of last year. In terms of contribution by cities: Performance in Beijing, Foshan and Suzhou was brilliant, with a month-by-month growth trend. The annual contracted sales were approximately RMB11,040.0 million, RMB2,307.5 million and RMB2,040.9 million respectively, accounting for 46.2%, 9.7% and 8.5% of the Group’s total contracted sales respectively. Through the implementation of policies in line with the conditions of cities and the optimization of its product mix, the Group met market demands at different levels, thus increasing its market share. In terms of contribution by regions, the Group insisted on deep development in regions, mainly Beijing-Tianjin-Hebei, Yangtze River Economic Zone and the Guangdong-Hong Kong-Macao Greater Bay Area, thus maintaining stable sales. Beijing Glory Villa, Fengtai Xiaowayao (豐台小瓦窑), Daxing Ruifuyuan (大興瑞福園), Haidian Cuihu (海澱翠湖) Project, Chongming Island Guorui Yingtai (崇明島國瑞瀛台), Suzhou Glory Villa (蘇州國瑞熙墅), Foshan Guohua New Capital (佛山國華新都), Jiangmen Shanhuhai (江門山湖海), Yongqing Eco-town (永清生態城), Guizhou Tongren Intelligent Eco-town (貴州銅仁智慧生態城), Hainan Wanning Glory City (海南萬寧國瑞城), Shenyang Glory Xiyue (瀋陽國瑞•熙悅) and other projects saw satisfactory sales. On December 31, 2019, the Group was accredited as 2019 China’s Top 100 Real Estate Enterprises in Sales published by CRIC. Investment Properties Rental income increased by 19.3% year-on-year with promising prospects for high-quality properties During the Reporting Period, the total rental income of the Group was RMB608.5 million, representing an increase of 19.3% as compared to the corresponding period of the previous year. Rental income is expected to maintain steady growth over the next two to five years, which is mainly benefited from the Group’s 11 investment properties situated at the prime locations of 7 core cities including Beijing and Shenzhen with total planned GFA of approximately 981,630 sq.m.. Calculated by the area under operation, the operating area in Beijing accounted for about 53%. Last July, Glory Shopping Mall celebrated its 10th anniversary, carrying out a series of colorful activities. It has become a fashionable gathering place in Beijing. In October, Foshan Glory Commercial Center (Phase I), a Lingnan cultural landmark, with a GFA of 100,000 sq.m., was commercially launched. It highlighted a commercial block with characteristics of Lingnan culture. Eight main ancient historical and cultural buildings in Foshan were restored to create the exquisite life experience with Lingnan characteristics of “old-meets-new”. In December, Hademen Plaza adjacent to Glory Shopping Mall launched its soft opening. The project, located in the most glamorous Chongwen commercial district in Beijing and just 1 km away from Tian’anmen Square, is included in the “China New Hundred Urban Landmark Architecture” project. Land Reserves In 2019, due to continued market uncertainty and pressure on the financing of real estate enterprises, investors in the industry tended to be more cautious, and the Group’s land investment also slowed down compared with the previous two years. Under the strategy of “quality improvement and pace control”, the Group adopted stricter requirements on profit margins and risk control of project investments, and actively slowed down its pace for stability, and moved towards high-quality and steady growth. As at December 31, 2019, the total planned GFA of the land reserves of the Group was 15.54 million sq.m., with the average land cost of approximately RMB2,830.5 per sq.m. Meanwhile, the Group actively undertook primary land development projects as strategic business to obtain potential land reserve. The Group has been undertaking primary land development projects and products developed under urban renewal and the “urban redevelopment” policy in Beijing, Shenzhen and Shantou. During the Reporting Period, the development area of primary land development projects and urban redevelopment projects was 5.8 million sq.m., 51.6% of which was the area in Shenzhen. The Central Committee of the Communist Party of China supported building Shenzhen into a pilot demonstration area of socialism with Chinese characteristics. The Group, originated from Shantou of Guangdong, has established leading advantages in the Pearl River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, with land reserves of 9.27 million sq.m.. The urban renewal classification projects, which features small investment and high profit margin, is an important source for the Group to replenish the land reserve in the Greater Bay Area. In the next few years, the Group’s urban redevelopment projects and urban renewal projects will turn into sales and become its new profit growth drivers. Financing Channel Through comprehensive utilization of the diversified advantages of domestic and overseas financing channels, the Group has made full use of various financial means to continuously optimize fund management, reduce financing costs, optimize debt structure and effectively control exchange rate risks. At the same time, it will further strengthen the risk control function, improve the financial risk monitoring system, and properly give risk warning and carry out risk prevention. During the Reporting Period, the Company successfully issued US$455,000,000 13.5% senior notes due February 28, 2022 which are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). In the meantime, during the Reporting Period, the Company completed full redemption in cash of US$250,000,000 10.2% senior notes due March 1, 2019 and US$300,000,000 7% senior notes due March 21, 2020 whose holders exercised their redemption options. On March 21, 2020, the Company completed full redemption in cash of US$300,000,000 7% senior notes due March 21, 2020, the aggregate consideration for the redemption is equivalent to the outstanding aggregate principal amount of the notes plus accrued interest to the maturity date, totalling US$31,246,650.00. During the Reporting Period, the Group’s interest-bearing liabilities due within one year decreased by 41.2% as compared to December 31, 2018. As at December 31, 2019, the Group’s cash, restricted bank deposits and bank balances were approximately RMB2,216.2 million, representing an increase of 12.4% as compared to RMB1,972.3 million as at December 31, 2018. During the Reporting Period, the Group’s net debt to equity ratio decreased by 15.9 percentage points year-on-year. Prospects: 2020 is the final year for China to complete the process of building a moderately well-off society in all aspects, as well as for the “13th Five-Year Plan”. The central government insisted on its policies of “houses are built to be inhabited, not for speculation”, “city-specific policies” and “keep land prices, housing prices and expectations stable”. At the beginning of the new year, the sudden outbreak of novel coronavirus pneumonia had a certain impact on the social economy in the short term. With regard to the real estate industry, the outbreak accelerated the shift from industry differentiation to ecological reconstruction, in addition to disrupting the sales pace of real estate enterprises and putting further financial pressure on them. In February, governments in many regions published measures to delay the collection of taxes and provide credit, which would ease the cash flow pressure on real estate enterprises and reduce financial risks in the industry. In the medium and long term, unlocking the demand accumulated during the outbreak will provide certain support for the recovery of the market. During the period, the Group advanced project sales, commencement and resumption of work, financing and other work in an orderly manner. It launched the Internet sales platform, “Fangyun (房雲)”, to fill the gap in the housing demand of citizens arising out of the outbreak of novel coronavirus pneumonia. The Group believes that real estate will be in a period of industry adjustment in the next 3-5 years or more. In the new era, the construction of world-class city clusters and the Guangdong-Hong Kong-Macao Greater Bay Area has been advanced in an all-round way, and 5G, life sciences, technology and finance, block chain and other emerging industries are in full swing. With the rise of emerging industries, traditional industries are facing transformation. While focusing on its principal real estate business and consolidating its fundamentals, the Group focuses on such sectors as property, commerce, industry, health care and aging, and moderately expands relevant industrial chains to seek business synergy, and add new impetus to enterprise development. The Group adapts to the development of the times, improving its product quality and enhancing product innovation and service capabilities around customer needs. It empowers its products with technology, upgrading residential experience and Glory smart residential products, thus reshaping products and the lifestyle. In addition, through the integration of various resources such as the Internet of Things, artificial intelligence and community operations, it develops innovative products such as smart communities, smart new cities, smart manors, to provide more comfortable and convenient living services and help develop Glory into a better life service provider. Under tight financial policies, the Group gives priority to ensuring stable cash flow, strengthening investment risk control and carefully selecting high-quality projects for investment. In the future, the Group will continue to strengthen destocking, capital recovery and debt reduction to find a balance between scale, profit and risk. In the era of inventory, efforts should be made to carry out innovation, ride the wave and seek a breakthrough. We focus on the integrated development of science and technology, capital and industry, embrace innovation and succeed through differentiation. We embrace change and are cautiously optimistic about the future. We closely follow the trend of the times, continuously carrying out upgrades to meet challenges.

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