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Public company info - Zhongliang Holdings Group Company Limited , 02772.HK
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Zhongliang Holdings Group Company Limited, 02772.HK - Company Profile
Chairman YANG Jian
Share Issued (share) 3,582,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: The Group is principally involved in property development, property leasing and management consulting services. Performance for the year: In 2019, the Group’s revenue amounted to RMB56,639.6 million, representing a significant increase of approximately 87.5% from RMB30,214.7 million in 2018. The Group’s core net profit attributable to equity owners in 2019 increased massively by approximately 102.3% to RMB3,901.4 million in 2019 from RMB1,928.7 million in 2018. Business Review Market review In early 2019, instabilities and uncertainties were on the rise in light of complex and profound changes in the global political and economic environment. In the meantime, China’s economy is at a turning point in terms of structural optimisation and transition, and has been experiencing downward pressure due to structural, institutional and cyclical issues. In spite of the unfavorable atmosphere, the real estate industry remains as the foundational pillar of China’s economy while stability is the key to the industry. The real estate industry has maintained its steady growth under various control measures introduced by the Chinese government last year. Meanwhile, the Group strived for the principles of ‘‘Embracing challenges, optimising business model, opening up capital markets and improving steadily’’ since the beginning of 2019. Aligning with government policies and industry trend, the Group’s operations continued to grow steadily with the annual contracted sales surpassing RMB150 billion in 2019 and was ranked one of the Top 20 China Real Estate Developers. Steady growth by vertical penetration and horizontal expansion, enhancing exposure in highertier cities The Group placed strong emphasis on industry trends and continued to increase its land bank during the year. Land investments made by the Group’s subsidiaries, joint ventures and associates in 2019 amounted to RMB76.4 billion, with a total of 139 land acquisitions. In 2019, the Group achieved a remarkable land-banking result focusing on second-tier cities, of which investments in second-tier cities accounted for over 50% of the total land investments in 2019. In 2019, the Group purchased land parcels in different strategic economic areas, among which over 60% of the land purchase by amount was in the Yangtze River Delta, approximately 20% was in the Midwest China, approximately 8% was in the Western Taiwan Straits, approximately 8% was in the Pan-Bohai Rim and approximately 1% was in the Pearl River Delta. During the year, the Group tapped into 20 new cities and enhanced its exposure in higher-tier cities by acquiring lands through public channels and private mergers and acquisitions as part of its structural strategy to expand its land bank nationwide. As at 31 December 2019, the Group had a presence in more than 140 cities across 23 provinces and municipalities. Capital markets breakthrough 2019 was a breakthrough year for the Group’s capital market development. As one of the largest newly listed real estate companies in recent years, Zhongliang had raised approximately HK$3.2 billion (approximately US$410 million) from listing on the Main Board of the Stock Exchange in July 2019. In August 2019, the Company obtained international issuer credit ratings of ‘‘B+’’ (stable outlook) from Fitch Ratings, ‘‘B1’’ (stable outlook) from Moody’s Investors Services and ‘‘B+’’ (stable outlook) from S&P Global Ratings. In September 2019, the Company successfully issued its debut US dollar bonds. In November 2019, the Company’s wholly-owned subsidiary, Shanghai Zhongliang Real Estate Group Company Limited, obtained an onshore corporate credit rating of AA+ (stable outlook) from United Credit Ratings Co., Ltd. The Company has been included as one of the constituents of the ‘‘Hang Seng Composite LargeCap & MidCap Index’’ and ‘‘Hang Seng Stock Connect Hong Kong Index’’ since November 2019, and has been formally included in the trading list of Hong Kong Stock Connect since December 2019. Optimising organisational structure and capabilities During the Relevant Year, the Group realigned its organisational structure, streamlined its headquarters operations and devised decision-making framework and mechanisms for decentralised regional operations, in order to lay a strong foundation for the next stage of the Group’s sustainable development. The new organisational structure effectively supports regional business groups to integrate resources with a view to reducing management costs and improving efficiency and profitability, as is in line with Zhongliang’s long-sought goals of scale expansion, operation enhancement and organisational optimisation. Under the current tightening operating environment of the industry, the Group pushs forward the construction of digital intelligence business system, improve the Group’s information system, optimise the Group’s capital allocation model, and require the Group’s organisations of all levels to enhance their accountability, improve investment returns and accelerate asset turnover. Branding and corporate responsibilities While Zhongliang’s branding and corporate influence continued to increase in light of its business expansion, the Group endeavours to keep improving its corporate responsibilities and contribution to society. ‘‘Zhongliang Book Reading’’ is a charity project launched by the Group in 2017 in response to the national policy to promote youth education and children reading. The Group plans to establish libraries in 100 schools in remote or impoverished townships in five years to provide children with more reading opportunities to broaden their horizons, enrich their knowledge and drive their growth. In 2019, the Group expanded the coverage of ‘‘Zhongliang Book Reading’’ project to more than 10 cities including Yuyao in Zhejiang Province, Xiangxi in Hunan Province and Qinglong County in Guizhou Province and established charity libraries for children. To help fight against the COVID-19 epidemic in China, the Group had made monetary and surgical masks donation to Wuhan Charity Foundation in January 2020 to support the medical frontline in Wuhan. Prospects: While the world economy seems to be readjusting under the influence of global decelerating growth amid trade disputes, technological revolution and urbanisation nevertheless have brought new opportunities to the development of China. The main development opportunity of the Chinese economy lies in ‘‘fulfilling the growing needs for better lives of the people and resolving the problem of uneven development’’. China’s development goals are changing from high-speed growth to high-quality development and industrial upgrades. In the next few years, the real estate industry in the PRC remains promising. Amid rapid urbanisation and industrialisation, the improvement in living standards of people in China has led to upgrades in consumption and driven growth in housing demand. In terms of overall trends of the real estate industry, government’s tone on maintaining industry stability had not shifted, with major governmental policies steering towards stabilising land prices, housing prices and home purchasers’ expectation and maintaining steady growth in sales volume in the longer run. Monetary policies are expected to be moderate with supportive or suppressive measures depending on the cycle of growth. The growth in China’s real estate development is expected to continue. 2020 is an important juncture for China’s real estate developers to improve its capabilities and to strengthen its market position. The Group is dedicated to developing nationwide coverage strategically with a full structured land bank and an emphasis on small and medium-sized development projects in order to effectively diversify region-specific economic and policy risks. Based on the existing land bank, the Group’s subsidiaries, joint ventures and associated companies have more than RMB 260.0 billion of saleable resources in 2019. The Group also strictly adheres to its stringent liquidity and cash flow management, enabling the Group to attain a debt level below industry average and improve debt structure. Affected by the COVID-19 epidemic, property sales are expected to be delayed in early 2020 until the epidemic fades. However, the Group is confident that the delay in housing demand will only be temporary and expects that the real estate industry will benefit from economic stimulus measures and favourable home purchase policies to be launched by the government. When the epidemic is under control and economic activities resume, China’s real estate sales are expected to rebound strongly. The Group expects sufficient, stable and geographically dispersed supply of saleable resources throughout 2020. Based on the current market environment, the Group has set a contracted sales target for the full year of 2020 at RMB168 billion, representing an increase of approximate 10% from the contracted sales of 2019. The Group believes that it is well positioned to capture the recovery in housing sales in the near future, and 2020 will be another milestone year for Zhongliang to transform into an outstanding real estate enterprise.

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