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Public company info - China City Infrastructure Group Ltd. , 02349.HK
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China City Infrastructure Group Ltd., 02349.HK - Company Profile
Chairman Li Chao Bo
Share Issued (share) 3,128,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are property investment, property development, hotel business and property management in the People’s Republic of China (the “PRC”). Performance for the year: The consolidated revenue of the Group decreased by 65.6% from approximately HK$293.6 million for the year ended 31 December 2018 to approximately HK$101.1 million for the year ended 31 December 2019. The loss attributable to owners of the Company was approximately HK$175.9 million for the year ended 31 December 2019 (2018: HK$174.9 million). Basic loss per share attributable to owners of the Company was HK$5.66 cents (2018: HK$5.67 cents). Business Review The PRC Property Development Business During the year ended 31 December 2019, the Group’s revenue from property development business amounted to approximately HK$12.0 million, representing a decrease of approximately 93.7%, compared with approximately HK$191.9 million in 2018. Aggregate gross floor area (the “GFA”) sold for the year ended 31 December 2019 was 786 square meters (“sq.m.”), representing a decrease of 94.6% from 14,494 sq.m. in 2018. Average selling price (the “ASP”) was HK$15,267 (2018: HK$13,240) per sq.m. for the year ended 31 December 2019. The PRC Property Investment Business Wuhan Future City Commercial Property Management Company Limited (“Commercial Company”) was formed by the Group to operate the Future City Shopping Centre (“Future City”) owned by the Group. The Future City is located at Luo Shi Road South within close proximity to the Luoyu Road shopping belt and the Jiedao Kou station of metro line No. 2. The total leasable area of Future City is approximately 55,362 sq.m. with car park included. Future City is situated in the heart of business and commercial centre of Hongshan District in Wuhan City, convenient to East Lake, Wuhan University, Wuhan University of Technology and other landmarks. Future City now becomes a fashionable, dynamic and international shopping centre to cater for the growing demand from the surrounding business centres and university region (more than twenty universities and tertiary education institutions including Wuhan University and Wuhan University of Technology) with 1,000,000 students and residential consumers. As at 31 December 2019, the occupancy rate of Future city was over 94% (31 December 2018: 91%). Hangzhou Mei Lai Commercial Property Management Company Limited was formed by the Group to prepare for the operation of the commercial part of Mei Lai International Centre in Yuhang district of Hangzhou. The commercial part has approximately 55,980.22 sq.m. with car park included. Mei Lai International Centre is located in new Central Business District in Yuhang district of Hangzhou and adjacent to the south station of Shanghai-Hangzhou High-Speed Railway and also the terminal of Hangzhou metro line No. 1, it is expected that Mei Lai International Centre can meet the increasing needs from residential and office customers nearby. The Group completed the acquisition of the entire issued share capital of Precious Palace Enterprises Limited (“Precious Palace”) on 19 July 2019 for a total consideration of approximately HK$795 million. Fengzhen Industrial Development (Shenzhen) Co. Limited, a company established in the PRC and an indirect wholly owned subsidiary of Precious Palace, is currently holding properties located in Longgang, Shenzhen, the PRC. The properties comprise property complex with land area of 14,971.1 square meters and total gross floor area of 36,875.72 square meters (“Longgang Properties). Longgang Properties are located in Longcheng Road, which is in close proximity of Shenzhen metro Line 3 of Nanlian station and Shuanglong station. As at 31 December 2019, the aggregate fair value of the Future City, the commercial part of Mei Lai International Centre and the Longgang Properties held by the Group was approximately HK$2,588.8 million. During the year ended 31 December 2019, the rental income generated from the investment properties was approximately HK$36.0 million and the average occupancy rate was around 84.4% (31 December 2018: 84.7%). The PRC Hotel Business Wuhan Future City Hotel Management Company Limited (“Hotel Company”), an indirect wholly owned subsidiary of the Company, manages a business hotel (“Future City Hotel”) with around 281 rooms, which is featured as one of the largest all suite business hotels in term of room number in Central China. Easy access to the East Lake and universities and government authorities attracts travellers from different levels. Future City Hotel is well-equipped with function rooms and conference rooms to provide services of banquet and business conference and team of hospitality professionals was recruited to deliver personalised services to customers. During the year ended 31 December 2019, the revenue arising from Future City Hotel was approximately HK$23.3 million (2018: approximately HK$33.2 million) and the average occupancy rate was around 79.1% (2018: 80.0%). The PRC Property Management Business Wuhan Future City Property Management Company Limited and Wuhan Chengji Commodity City Management Company Limited, the indirect wholly owned subsidiaries of the Company, provides residents and tenants with safe, modern, comfortable and high quality property management services. During the year ended 31 December 2019, the revenue from property management was approximately HK$29.8 million (2018: approximately HK$28.0 million). Prospects: The Group is principally engaged in the property related business and started to dedicate to the infrastructure businesses in late 2014. The outbreak of new coronavirus pneumonia (COVID-19) across the PRC in the beginning of 2020, especially in Wuhan, has challenged the Group’s hotel business and real estate business. Although the PRC government has continued to implement large-scale emergency measures to mitigate the negative effects of COVID-19, it is expected that business environment will remain weak in the short term. Most of the social and economic activities with severe epidemics have been stagnant and economic growth become increasingly challenging. The outbreak is expected to have an adverse impact to the Group in 2020. This short-term anomaly will not change our business foundation. If the outbreak remains protracted, the world’s economy may be adversely affected and the Group’s operating environment will become increasingly challenging. It is difficult for us to estimate the full impact of the incident in the coming months, but we expect that the occupancy rate of the hotel will decline in 2020. Further announcements in this respect will be made in due course. The Group maintains a long-term focus and is optimistic about our prospects. We will unswervingly implement our strategic initiatives to enhance our business.

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