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Public company info - Sino-Ocean Group Holding Limited , 03377.HK
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Sino-Ocean Group Holding Limited, 03377.HK - Company Profile
Chairman Li Ming
Share Issued (share) 7,616,000,000
Par Currency
Par Value 0.0
Industry Property Development
Corporate Profile Business Summary: The group is mainly engaged in residential and integrated development, real estate development and operation, business collaboration and customer service. The Group is one of the leading property developers with developments in key economic regions in the People’s Republic of China (the “PRC”). Performance for the year: For the twelve months ended 31 December 2020, the Group recorded RMB56,511 million in revenue, an increase of 11% as compared to the previous year. Benefiting from the increase of revenue and effective cost control measures during the year, profit attributable to owners of the Company and earnings per share in 2020 increased to RMB2,866 million and RMB0.376 respectively, both of which have increased by 8% as compared to the previous year. Business Review As the pandemic ravaged the world in 2020, global economy suffered a historic setback. Economy in China first declined then rose and became the only in the world’s major economies to record a positive growth. Central government persisted with ‘housing for accommodation not speculation’ and regulatory measures of the industry’s finance by laying down ‘three red lines’ and implementing policies to centralize credit management of banks. More stringent measures were also applied to cities where property prices rose rapidly. The Group predicts that the ‘three red lines’ will have far-reaching impact on the industry’s development and competition strategies among enterprises. The pandemic eased off since the second quarter of 2020 and the market picked up continually as a result of the various supportive measures by the Central and local governments. Data from the National Bureau of Statistics showed that sales of commercial housing in China in 2020 reached RMB17.36 trillion, a record high, rising 8.7% YoY. Faced with severe challenges differentiation of property enterprises in different echelons deepened. The edge enjoyed by national brands in sales, product quality, cost control and financing capabilities became even more apparent and these enterprises garnered even greater market share. Under the ‘three red lines’ investments by property enterprises were tightened and geared towards high-energy cities. More resources were invested in product quality, user services and digitalization. Streamlined operation and internal efficiency were accentuated. Prospects: Looking ahead, 2021 is the year in which China’s 14th Five-Year Plan commences. In view of the uncertain international circumstance and the pandemic situation, China’s macro policies will seek a balance between ‘stabilizing growth, controlling risks, encouraging reforms’. Macro policies regarding real estate will therefore maintain that ‘housing is for accommodation not speculation’ and ‘stability’ is the priority, city-specific policies are also in place to curb undue fluctuations. As the effects of the ‘three red lines’ and bank credit red line are gradually felt, it is expected that the industry’s funding will remain tight in the entire year. As the unusual monetary policies gradually fade out and control policies for core cities remain stringent, market demand is expected to remain stable. In the mid to long term, the industry will still face many trials. Though there is still room for market expansion, the industry’s growth rate will slacken and go into a ‘slow growth’ cycle, moving from a rapid growth driven by financial leverage to one that is more stable, balanced and of quality. Users’ demands for high quality real estate products and services are more substantial all the time, urging the industry to become increasingly similar to ‘manufacturing’, ‘servicing’ and ‘financing’. As the tendency of industry concentration and profitability decline in stages becomes apparent, enterprises that are cash rich and enjoy a robust financial position will have better access to market resources and opportunities. Those who possess inner strength, maintain solid operation, build excellent products and offer exceptional services will stand out from the rest.

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