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Public company info - Million Cities Holdings Limited , 02892.HK
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Million Cities Holdings Limited, 02892.HK - Company Profile
Chairman Wong Ting Chung
Share Issued (share) 750,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: The core business activities of the Group include property sales and development (the “Listing Business”) in the People’s Republic of China (the “PRC”). Performance for the year: During the year ended 31 December 2019, the Group recorded revenue from sale of properties amounted to approximately RMB351.8 million, representing a decrease of approximately RMB212.3 million or 37.6%. The gross profit decreased from approximately RMB262.8 million for the year ended 31 December 2018 to approximately RMB133.0 million for the year ended 31 December 2019. Business Review As at 31 December 2019, the Group had 8 projects with a total GFA of 1,198,000 sq.m. that were under construction. Crown Grand Court obtained its completion certificate and properties of this project were delivered to customers in December 2019, while Million Cities Legend Phase 2, which was expected to be delivered before the end of 2019, had a fire accident at the temporary construction workers’ dormitory adjacent to the project in late November 2019, causing a suspension on the construction site and a delay of delivery to the first quarter of 2020. Due to the outbreak of coronavirus and national-wide suspension of all production activities, the delivery is expected to be further delayed to the second quarter of 2020. The Group operates in cities with relative resilience. Dragon Terrace Phase 1 launched its sales in March 2019. The project is situated in Tonghu Ecological Intelligent Zone in Huizhou, a region marketed as the “Silicon Valley” in Guangdong. Due to its strategic location, the project sold all of the 116,000 sq.m. launched during 2019. Million Cities Tycoon Place Phase 3 in Tianjin launched 364 units of high-rise in 2019 and were sold out on the day of launch. Total areas of contracted sales of the Group recorded for the year ended 31 December 2019 (including sales by a joint venture and an associate) increased to approximately 255,000 sq.m., up by approximately 12.2% from last year. Total contracted sales amounted to approximately RMB2,062.8 million, down by approximately 19.7% from last year, as a result of decrease in average selling price due to change in the geographic mix of sales. Prospects: The coronavirus outbreak since January 2020 cast significant uncertainty on the Chinese economy. Manufacturing activity in China measured by the manufacturing Purchasing Managers’ Index (PMI) plunged to an all-time low of approximately 35.7 in February 2020. The composite PMI, which combines the manufacturing and services indices, dropped to approximately 28.9 from 53.0 in January 2020, pointing to the steepest contraction in the private sector on record as companies closures and travel restrictions were put in place due to the coronavirus outbreak. As the epidemic started to be contained in China from late February 2020, a new wave of outbreak spread to Japan, Korea, Italy, France, Iran and the United States, causing panic sell off in global stock markets. In spite of the uncertainty in global economy, the Group is still optimistic about the prospect of the Greater Bay Area which has the endorsement from the central government. With the upcoming infrastructure improvement in the Greater Bay Area, Huizhou will be the interchange hub of Ganshen high speed train line and Guangshen high speed train line by 2021. Under the backdrop of global economic turmoil, the Group upholds its prudent approach in project development and land acquisition. The Group will closely monitor property related government policies, market sentiment and demand to promptly respond to market changes with appropriate sales and development strategies in order to create reasonable return to the shareholders of the Company.

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