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Public company info - DaFa Properties Group Limited , 06111.HK

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DaFa Properties Group Limited, 06111.HK - Company Profile
Chairman Ge Yiyang
Share Issued (share) 824,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Property Development
Corporate Profile Business Summary: The group is principally involved in property development, property leasing, providing property management services and management consulting services. Performance for the year: Revenue amounted to approximately RMB9,188.5 million for the year ended 31 December 2020, representing an increase of approximately 24.2% over the same period of 2019 Business Review: For the year ended 31 December 2020, the principal activities of the Group are property development and property investment, among which, property development is the main source of the income for the Group. PROPERTY DEVELOPMENT Contracted sales For the year ended 31 December 2020, the Group, together with its joint ventures and associates, recorded accumulated contracted sales of approximately RMB30,320.0 million, increased by approximately 44.3% as compared to approximately RMB21,016.7 million in 2019. Such increase was mainly due to the fact that the Group, together with its joint ventures and associates, has been intensively penetrating into the real estate market in the Yangtze River Delta Region, resulting in an increase of its accumulated saleable gross floor area (“GFA”). During the year ended 31 December 2020, the accumulated contracted GFA of the Group, together with its joint ventures and associates, recorded a strong growth of approximately 31.8% from 1,551,106 sq.m. in 2019 to 2,045,067 sq.m. in 2020. For the year ended 31 December 2020, the contracted average selling price (“ASP”) increased by approximately 9.4% to approximately RMB14,826 per sq.m. as compared to approximately RMB13,550 per sq.m. in 2019. Revenue recognized from sale of properties Revenue recognized from sale of properties for the year ended 31 December 2020 amounted to approximately RMB9,085.3 million, representing an increase of approximately 24.6% from approximately RMB7,294.1 million in 2019, accounting for approximately 98.9% of the Group’s total revenue for the year ended 31 December 2020. The Group’s total completed and delivered GFA amounted to 673,189 sq.m. in 2020, increased by approximately 48.1% from 454,494 sq.m. for the same period of 2019. The increase in revenue recognized from sales of properties was primarily due to an increase in GFA completed and delivered during the year ended 31 December 2020 as a result of the Group’s continuing expansion. Completed properties held for sale Completed properties held for sale represent completed properties remaining unsold at the end of each financial year and are stated at the lower of cost and net realizable value. Cost of completed properties held for sale is determined by an apportionment of related costs incurred attributable to the unsold properties. The Group’s completed properties held for sale decreased by approximately 28.7% from approximately RMB2,864.3 million as at 31 December 2019 to approximately RMB2,042.7 million as at 31 December 2020. The decrease was mainly due to the delivery of completed properties to customers during the year ended 31 December 2020. Properties under development Properties under development are intended to be held for sale after completion. Properties under development are stated at the lower of cost comprising land costs, construction costs, capitalized interests and other costs directly attributable to such properties incurred during the development period and net realizable value. Upon completion, the properties are transferred to completed properties held for sale. The Group’s properties under development increased by approximately 28.8% from approximately RMB9,844.9 million as at 31 December 2019 to approximately RMB12,676.0 million as at 31 December 2020. The increase was mainly due to the increased number of property development projects held as at 31 December 2020. As at 31 December 2020, the Group’s core business remains in the Yangtze River Delta Region, while selectively penetrating its business into the four major urban clusters of Jiangsu and Anhui area, Zhejiang area, western China and Shanghai area. The Group, together with its joint ventures and associates, had 83 projects under development and completed projects, 69 of which are located in the Yangtze River Delta Region. PROPERTY INVESTMENT As at 31 December 2020, the Group mainly owned two commercial complexes in Shanghai and Nanjing as per below: ‧ Shanghai IST Mall (formerly known as Shanghai Kai Hong Plaza), located at Nos. 1611 and 1661 Sichuan North Road and Nos. 1-3, Lane 258, Dongbaoxing Road, Hongkou District, Shanghai, the PRC, features high-end, professional and decent style, as well as familyfriendly facilities and businesses that promote leisure, joy and family bonding. ‧ Nanjing IST Mall, located at Nos. 100 and 132 Zhongshan Road, Xuanwu District, Nanjing City, Jiangsu Province, the PRC, features vibrant, modern and individualistic style that targets urban residents who enjoy socializing, exploring new frontiers and consuming for what they believe to be valuable. LAND RESERVES During the year ended 31 December 2020, combining development needs of the Company and industry trends, the Group further specified the “1+1+X” layout system under the strategic guidance of deep penetration of the Yangtze River Delta Region and positioned its presence in the golden metropolitan clusters nationwide. While intensively penetrating the core areas of the Yangtze River Delta Region, the Group extended its presence into Chengdu-Chongqing Metropolitan Area, and maintained its strategic focus on other key cities with high development potential, and actively penetrated the presence with reasonable and attractive land costs to ensure the sustainable development of the Group’s land reserves. As at 31 December 2020, the Group together with its joint ventures and associates owned land reserves with a total planned GFA of approximately 6.7 million sq.m., a total of 83 projects distributed in 30 cities with an average land cost of approximately RMB4,960 per sq.m. During the year ended 31 December 2020, the Group together with its joint ventures and associates acquired 22 new land parcels with an estimated total planned GFA of approximately 2.8 million sq.m., and average land cost of approximately RMB5,753 per sq.m. Prospects: Looking forward into 2021, the challenges and uncertainties imposed by the weak global economy and the external environment on China’s economic growth remain, but it is certain that the domestic economy will gradually return to normal; at the same time, thanks to the government’s effective control over the COVID-19 pandemic, China will take the lead on the path toward economic recovery and become the key driving force that supports the world economic growth. Furthermore, 2021 marks the beginning of China’s “14th Five-Year” plan. The Central Economic Work Conference emphasized that short-term adjustment and control should work together with long term sustainable development to achieve a long-term balance of steady growth and risk prevention. The return to normal for monetary policies, active promotion of “quality and efficiency improvement” for fiscal policies as well as the deepening and acceleration of reform and opening up will facilitate the shift of the economy into a new “dual circulation” pattern based upon “internal circulation”. In the real estate market, as the economy continues to recover and the domestic market conditions improve, the demand for housing improvements brought about by consumption upgrade has grown steadily. While supply in the real estate market is yet to be fully released, the continuing momentum for development remains. Nevertheless, the government’s mindsets and directions for the control measures for stabilizing the real estate market remain unchanged. With a series of new regulations on transactions of commodity houses promulgated in Shanghai and other places, on the basis of maintaining the continuity and stability of the control measures, the “one city one policy” strategy will be refined, regional differentiation will be deepened, and the city-tier system will undergo restructuring. Industry reforms and accelerated exploration of new opportunities in the real estate industry are imperative. Under the new development trend, the Group will continue to make efforts in and actively deploy resources to its products, marketing and investment, first by adhering to the strategy of comprehensive and deep penetration of the core areas of the Yangtze River Delta, Chengdu-Chongqing Metropolitan Area and other golden metropolitan clusters nationwide, and further increasing the turnover rate in the targeted cities through the construction integrating investment, financing, operation and marketing; and second by adhering to the strategy of increasing operating profits, and pay more attention towards operating efficiency benefit, management efficiency, per capita performance, etc., in order to ensure the steady and balanced development of the enterprise. In 2021, DaFa Properties enters its third year of listing. As a “blissful living service provider”, the Group has been adhering to the brand concept of “Design for Life” and made the 2021 brand proposition with the theme “Design for Beyond”. During the Year, in order to keep up with the major trend of digitalization and innovative marketing and continue to improve The Group’s competitiveness to provide customers with more convenient services, The Group actively integrated various resources, achieved full coverage of all online and offline channels, established and released the on-site standardized property management service system, as well as constructed smart sales and quick reporting smart platforms such as “YUE+ House-viewing (YUE+看房)” and “DaFaTong (大發通)” to enhance the customer’s housing purchase experience and give real-time responses to customers’ needs. The Group take “Beyond” as The Group’s new goal and direction, and The Group are committed to creating a “Chinese-style blissful living” with a special focus on the actual and potential needs of The Group’s customers. At the same time, The Group will continue to adhere to the “1+1+X” strategic guidance, actively expand diversified domestic and overseas financing channels, and continuously optimize The Group’s financial structure. Moreover, The Group will also reduce financing costs, strictly control financial risks, and strengthen concept of shareholder value management. By upholding shareholder value throughout the process of investment, operation, budgeting and incentives, The Group are committed to enhancing the comprehensive competitiveness of the Group, ensuring its healthy and stable development, fulfilling corporate social responsibility and bringing bumper returns to shareholders in the long run.

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