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Public company info - KWG Living Group Holdings Limited , 03913.HK
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KWG Living Group Holdings Limited, 03913.HK - Company Profile
Chairman Kong Jianmin
Share Issued (share) 2,018,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Management & Agency
Corporate Profile Business Summary: The group is a comprehensive property management service provider in China. Performance for the year: The group’s revenue increased at a CAGR of 55.8% from RMB463.4 million in 2017 to RMB659.1 million in 2018, and further to RMB1,124.9 million in 2019. the group’s net profit increased at a CAGR of 104.8% from RMB44.1 million in 2017 to RMB79.7 million in 2018, and further to RMB185.0 million in 2019. Business Review: In 2019, among the property management companies with commercial operational services, the group were ranked seventh in China and fifth in the Greater Bay Area in terms of total GFA under management, according to JLL. In addition, according to JLL, the group were ranked sixth among the property management companies with commercial operational services in the PRC in terms of total revenue in 2019. In the same year, the group’s Group accounted for approximately 0.09% of the total GFA under management in the overall PRC property management market. CIA has ranked us No. 17 among the 2020 Top 100 Property Management Companies in China (2020中國物業服務百強企業) in terms of the overall strength, based on data from the previous year on key factors such as scale of operations, financial performance, service quality, growth potential and social responsibility. In addition, the group’s aggregate GFA under management for residential properties amounted to 18.3 million sq.m. as of December 31, 2019, representing market share of 0.12% and 0.85% in the residential property management market in China and the Greater Bay Area, respectively. The group provide comprehensive property management services for both residential properties and commercial properties. In 2019, the revenue the group generated from the group’s residential property management service segment and commercial property management and operational service segment amounted to RMB759.2 million and RMB365.6 million, respectively. the group believe that the group’s comprehensive property management services enable us to diversify the group’s revenue sources and reduce the group’s exposure to fluctuations in any single segment. the group’s residential property management service segment comprises (i) pre-sale management services; (ii) property management services; and (iii) community value-added services, including (a) property agency services to property developers and property owners; (b) home-living services to property owners and residents; and (c) common area value-added services. the group’s commercial property management and operational service segment comprises (i) pre-sale management services; (ii) commercial property management services; (iii) commercial operational services; and (iv) other value-added services, primarily including common area value-added services. As of April 30, 2020, the group managed 109 residential properties with an aggregate GFA under management of 18.9 million sq.m. These residential properties were located in 38 cities or autonomous county in China. As of the same date, the group had been contracted to manage 161 residential properties with an aggregate contracted GFA of 29.7 million sq.m. Among these 161 residential properties, 91 were solely developed by KWG Group and 45 were jointly developed by KWG Group and other property developers while 25 were developed by third-party property developers. As of April 30, 2020, the group managed 30 commercial properties with an aggregate GFA under management of 3.3 million sq.m. These properties were located in nine cities or autonomous county in China. As of the same date, the group had been contracted to manage 34 commercial properties with an aggregate contracted GFA of 4.8 million sq.m. Among these 34 commercial properties, 16 were solely developed by KWG Group and nine were jointly developed by KWG Group and its joint ventures, associates or other related parties while nine were developed by third-party property developers. Historically, the growth of the group’s business significantly benefited from the support of KWG Group, which is a large-scale property developer with a leading position in the Greater Bay Area. The [REDACTED] of the group’s Company will constitute a spin-off from KWG Holdings. As of December 31, 2019, KWG Group had 156 projects in 39 cities across mainland China and Hong Kong with a land bank of approximately 17.0 million sq.m., which the group believe will bring us significant growth opportunities. In 2019, 89.0% and 95.9% of the revenue generated from property management services was derived from the residential and commercial properties developed by KWG Group and its joint ventures, associates or other related parties, respectively. For the four months ended April 30, 2020, 87.5% and 94.4% of the revenue generated from property management services was derived from the residential and commercial properties developed by KWG Group and its joint ventures, associates or other related parties, respectively. In addition, the group have expanded the group’s property management services to cover properties developed by third parties. Revenue contribution for property management services provided to residential properties developed by third-party property developers increased from nil in 2017 to 11.0% in 2019, and revenue contribution for property management services provided to commercial properties developed by third-party property developers increased from nil in 2017 to 4.1% in 2019. Revenue contribution for property management services provided to residential properties developed by third-party property developers increased from 12.1% for the four months ended April 30, 2019 to 12.5% for the four months ended April 30, 2020, and revenue contribution for property management services provided to commercial properties developed by third-party property developers increased from 3.9% to 5.6% for the same period. the group expect to further increase revenue contribution from properties developed by third-party property developers. THE GROUP’S BUSINESS MODEL During the Track Record Period, the group generated revenue from the following business segments. . Residential Property Management Services: the group provide (i) pre-sale management services such as cleaning, security and maintenance services for pre-sale display units and sales offices to property developers during their pre-sale activities; (ii) property management services such as cleaning, security, gardening and repair and maintenance services to (a) property developers for undelivered portion of the properties; and (b) property owners, property owners’ associations or residents for properties sold and delivered; and (iii) community value-added services such as (a) property agency services to property developers and property owners; (b) home-living services to property owners and residents; and (c) common area value-added services. Commercial Property Management and Operational Services: the group provide (i) pre-sale management services such as cleaning, security and maintenance services for pre-sale display units and sales offices to property developers during their pre-sale activities; (ii) commercial property management services such as file management, cleaning, security, gardening and repair and maintenance services to property owners or tenants; (iii) commercial operational services such as preliminary planning and consultancy services, tenant sourcing services, tenant management services and marketing and promotion services to property owners and property developers; and (iv) other value-added services primarily including common area value-added services. the group manage and operate a diversified portfolio of commercial properties including office buildings and shopping malls, and to a lesser extent, industrial parks. Prospects: The group intend to strengthen the group’s position in the residential property management services and commercial property management and operational services by implementing the following strategies: (i) further penetrate and solidify the group’s leading position in the Greater Bay Area, and continue to increase the group’s presence and market share in the Yangtze River Delta Area, Midwest China and Hainan and Bohai Economic Rim; (ii) continue to grow through acquisitions and strategic investments; (iii) further diversify the group’s value-added services; (iv) upgrade the group’s intelligent systems to further enhance the group’s operational efficiency and customer experience; and (v) continue to attract, train and retain talent to propel the group’s growth.

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