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Public company info - Ronshine China Holdings Ltd. , 03301.HK
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Ronshine China Holdings Ltd., 03301.HK - Company Profile
Chairman Ou Zonghong
Share Issued (share) 1,683,000,000
Par Currency Hong Kong Dollar
Par Value 1.0E-5
Industry Property Development
Corporate Profile Business Summary: The group is primarily engaged in the development of mid- to high-end residential properties and commercial properties in cities in the Western Taiwan Straits Economic Zone, Yangtze River Delta Economic Region and selected first- and second tier cities in the PRC. Performance for the year: Revenue amounted to RMB48,302.51 million, representing a decrease of 6.14% as compared with the previous year. Profit for the year amounted to RMB3,494.50 million, representing a decrease of 40.71% as compared with the previous year. Profit attributable to owners of the Company amounted to RMB2,428.12 million, representing a decrease of 23.02% as compared with the previous year. Business Review Facing the challenges arising from the pandemic and the overall economy slowdown during the Year, the Group unwaveringly upheld the vision of “become a property developer leader with quality and a service provider for an ideal life”. The Group implemented the strategic policy of “focus, balance and alliance with giants”, and persisted in product quality while seeking progress and stability. Focusing on the key regions such as the Yangtze River Delta and the west coast of the Straits, the Group acquired high-quality land parcels at a low premium by accurately following the market cycle, and accelerated projects development during the pandemic. By exploring diversified domestic and overseas financing channels and actively engaging in debt management, the Group achieved gradual decrease in debt ratio and further decline in financing costs, and significantly optimized its capital structure. The Group has also continued to deepen the “1+N” layout by adhering to the positioning of seeking quality with insight. The Group deeply cultivated nine core urban agglomerations (the Yangtze River Delta, the west coast of the Straits, middle reaches of the Yangtze River, Zhongyuan (Central Plain), Chengdu and Chongqing Region, the Greater Bay Area, the Beijing-Tianjin-Hebei Region, Shandong Peninsula and Northwest China). Land acquisition slanted towards advantageous regions such as the Yangtze River Delta and the west coast of the Straits. The Group has accumulated outstanding brand competitiveness in advantageous regions, which is conducive to enhancing the Group’s bargaining power and profitability. As the pandemic gradually subsided, housing sales in the Yangtze River Delta and the west coast of the Straits recovered noticeably. The Group’s regional advantages and product competitiveness became more apparent since home buyers paid more attention to the quality of houses. In addition, the Group strengthened the delicacy management of projects, improved operational efficiency, and placed greater demand on development efficiency while maintaining high quality, which further accelerated the progress of project development. Among them, the Hangzhou Zhanwang project, Nanjing Qinglan project and Lianyungang Mansion recorded strong sales with their timeline from land acquisition to launch of sales shortened to 5 to 7 months. During the Year, the Group recorded contracted sales of RMB155.2 billion, an increase of 9.81% as compared with last year, successfully achieving the annual target of RMB150 billion set at the beginning of the year despite adverse market conditions. Also, the Group recorded a contracted gross floor area of approximately 7.25 million sq.m. and an average selling price of RMB21,401 per sq.m.. The Yangtze River Delta region accounted for 75% in the contracted sales of 2020. In respect of land reserves, the Group followed the principle of prudent land acquisition, predicted land cost with a restricted price, and assessed project profitability in a prudent way. The Group successfully seized market opportunities and acquired a number of highquality land parcels at a low premium by accurately following the market cycle with its keen market sense. In addition, the Group successively replenished its land reserves at low cost by acquiring urban redevelopment projects. During the Year, the Group obtained 50 new land projects, adding land reserves of approximately 8.72 million sq.m. at a consideration of approximately RMB28.44 billion. As at 31 December 2020, the Group has a total of 247 projects with total land reserves of approximately 28.71 million sq.m.. Among which, the Yangtze River Delta region accounted for 50% in the newly added land reserves. During the Year, the state introduced the “three red lines” policy, reflecting the state’s strengthening of control over debt financing of domestic real estate companies. Committed to maintaining a balance between development and leverage, the Group proactively grasped the capital market window to manage its debt, and explored diversified domestic and overseas financing channels. During the Year, the Group issued corporate bonds, senior notes, asset-backed securities (“ABS”) which are backed by the account receivables for the balance payment of properties sold and other credit bonds, all of which were enthusiastically subscribed by investors. The Group’s debt structure continued to optimize and financing costs further decreased, demonstrating the capital market’s confidence in the Group’s future development. As of 31 December 2020, the Group maintained a healthy debt level with the interest-bearing debt balance of RMB71.86 billion and the gearing ratio of 0.83x. Benefiting from the Group’s regional advantages and product positioning, the Group’s sales continued to grow. Both of the Group’s financial position and operational efficiency improved, and the Group has gained more recognition by the capital market. During the Year, the Group was included in the Hang Seng Large and Medium-sized Stocks Investable Index and Value Biased Index (恒生大中型股可投資指數及價值偏向指數). More than a dozen well-known sell-side institutions including Citibank, Jefferies, Haitong International and Guotai Junan covered the Group. The Group also continued to maintain the ratings raised by the three major international credit rating agencies in 2019. Among them, S&P recommended a “B+” on the Group’s long-term issuer’s credit rating with an outlook of “stable”; Moody’s recommended a “B1” on the Group’s main rating with an outlook of “stable”; and Fitch Ratings recommended a “BB-” on the Group’s credit rating with an outlook of “stable”. The Group won various awards during the Year, including the “Top 21 of China Real Estate Developers (中國房地產開發企業21強)”, the “Top 5 Kingpan Awards of 2020 China Real Estate Developers Product Capability (2020年金盤房企產品力第五名)”, the “China’s Real Estate Leading Enterprise of the Year (中國房地產年度領軍企業)”, the “Best Brand Value Award of the Year (年度最具品牌價值獎)”, the “Property Enterprise with Outstanding Influence of the Year (年度卓越影響力地產企業)” and the “PRC CSR Real Estate Enterprise of the Year (中國年度社會責任房地產企業)”, also ranked TOP 20 with a significant advantage in the “2019 Top 30 Real Estate Enterprises in Land Reserve Value in the Yangtze River Delta Region (2019年長三角地區房企土儲貨值排行榜TOP30)” published by CRIC (克而瑞研究中心), which demonstrate the recognition from the whole industry on the Group’s comprehensive strength. Adhering to customer-centricity and valuing employees as the cornerstones, the Group performs its social responsibility, aiming to create long-term value for society and the environment, shareholders, customers, employees and partners. During the Year, the Group’s residential project “Rongxin Xuhui Century One Mile Project in Qibao Town, Minhang District (閔行區七寶鎮融信旭輝世紀古美項目)” successfully passed the review of the ultralow energy consumption plan by the Shanghai Commission of Housing and Urban-rural Development. Meanwhile, another project “Ronshine Sunkwan Center Project (融信上坤中心項目)” has received Leadership in Energy and Environmental Design (LEED-LC) Gold precertification from U.S. Green Building Council and WELL (Gold) pre-certification from the International WELL Building Institute. The Group also won the “Best ESG Award of Golden Hong Kong Stocks”, highlighting the industry and investors’ recognition on the Group’s outstanding performance in environmental protection, social responsibility and internal governance. Prospects: Year 2021 marks the opening year of the nation’s 14th Five-year Plan, and the country will embark on a new journey of building a modern socialist country in all respects. Notwithstanding the increasingly stringent real estate financing conditions, the Group will continue to deepen its regional layout, focus on high-efficiency cities, and improve project quality. At the same time, the Group will acquire land prudently, improve operational efficiency and project development progress, and further enhance project profitability. By precisely grasping the capital market window, optimizing financing channels, expanding syndicated financing, and reducing financing costs, the Group will lay a solid foundation for its future development with high quality. The Group will also anchor its direction and consolidate its investment layout. The Group has always maintained an open and win-win attitude, and strives to achieve the effect of “1+1>2”. At present, under the background of tightening policy regulation and limited financing scale, the respective advantages of branded and local real estate companies are becoming increasingly prominent. In order to fully exploit the respective advantages of all parties, the Group actively looks for diversified cooperation opportunities. The Group believes that, “alliance with giant” is increasingly important for real estate companies to achieve highquality development. The Group will continue to adhere to its vision of “becoming a quality property developer leader and a service provider for an ideal life”, so as to continue to create high-quality real estate projects. Meanwhile, the Group will actively honor its corporate responsibilities, to promote social development, improve the quality of urban living and build better lives for the Chinese people.

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