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Public company info - Fineland Real Estate Services Group Limited , 08376.HK
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Fineland Real Estate Services Group Limited, 08376.HK - Company Profile
Chairman Fong Ming
Share Issued (share) 400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Management & Agency
Corporate Profile Business Summary: The principal activities of the Group are the provision of real estate agency services, property research and consultancy and integrated services in the People’s Republic of China (the “PRC”). Performance for the year: Revenue for the year ended 31 December 2019 was approximately RMB256.3 million, representing an increase of approximately 12.0% as compared to RMB228.9 million for the year ended 31 December 2018. The net profit margin decreased to 8.7% for the year ended 31 December 2019 as compared to 13.2% for the year ended 31 December 2018. Business Review Property research and consultancy services The Group’s property research and consultancy services are for the primary property market and mainly provided to property developers and generally includes macroeconomic analysis of the market and developing overall strategies for projects. The revenue generated from property research and consultancy services for the year ended 31 December 2019 was approximately RMB1.4 million, which accounted for 0.6% of the total revenue and decreased by 54.5% compared with RMB3.1 million for the year ended 31 December 2018. This was because the Group was engaged to provide these services for fewer projects during the year ended 31 December 2019, namely 11, representing a drop of 65.6% compared with 32 projects in 2018, but the impact was partially offset by the increase in average revenue generated from each project. Real estate agency services Revenue generated from real estate agency services accounted for 98.7% of the total revenue for the year ended 31 December 2019, and thus is the largest business segment of the Group. The Group’s real estate agency services are provided for the primary market, secondary market and online. The real estate agency service turnover increased by approximately 12.6% to approximately RMB252.9 million for the year ended 31 December 2019 when compared with RMB224.6 million for the year ended 31 December 2018. This increase was primarily due to the growth and expansion of online property referral and agency services. For primary market real estate agency services, the Group has been actively building up relationships with primary property developers. The Group provided agency services for 229 projects for the year ended 31 December 2019 (year ended 31 December 2018: 232). With the same number of projects, revenue contributed from online property and referral service is usually higher than traditional real estate agency services, and the number of projects that utilised online property and referral services increased from 37 for the year ended 31 December 2018 to 56 for the year ended 31 December 2019. The online property referral and agency services is an online platform for information exchanging and matching for primary property development projects that connects the property developers with a greater number of third party real estate agencies that have been cooperating with the Group. It tends to be used for projects that may have a lower level of market interest where property developers are typically willing to pay a higher commission, such as projects in non-prime locations. By using the Group’s online property referral and agency services, property developers are able to reach a greater number of real estate agencies, and in turn, a larger market of potential buyers. Revenue recorded from online property referral and agency services increased from approximately RMB79.6 million for the year ended 31 December 2018 to RMB126.4 million for the year ended 31 December 2019, which was primarily due to the increase in the number of projects utilising the platform from 37 for 2018 to 56 for 2019, representing an increase of approximately 51.4% and the larger scale of certain new projects in terms of gross floor area (GFA) or number of units. After continuous efforts, the Group’s business in the primary real estate market has expanded to cover seven out of the nine cities of the Greater Bay Area in Guangdong, and has also entered Guilin market in Guangxi Province as of 31 December 2019. In the foreseeable future, the Group will further explore opportunities in other cities of the Greater Bay Area and outside Guangdong Province, with an aim to seize and grab more market share in those markets. Due to the prevailing market conditions, including the implementation of tightened policies and limitations on purchases and loans, and the resulting decrease in demand in the secondary property market compared to the demand in the primary property market, the Group adjusted from secondary property agency services to focus more resources on the expansion and development of primary property agency services. This was implemented in part by slowing down the pace of opening of new outlets. For the year ended 31 December 2019, the Group opened six new outlets. Integrated services The Integrated Services segment refers to the wide range of value-added services provided to customers including property developers, individual customers and companies. These include the Group’s Zhaoshangyi offering, which assists property developers with primary market development projects that have commercial units identify and approach prospective lessees. The Group also offers the One-stop Service Centre where a variety of value-added services such as rent collection, property repair and maintenance, and design and furnishing are provided to purchasers. Revenue generated from Integrated Services for the year ended 31 December 2019 increased by 73.3% to approximately RMB2.0 million compared with RMB1.1 million in 2018. Zhaoshangyi The Group’s Zhaoshangyi business focuses on the leasing of commercial units in primary market development projects. The Group receives a fee based on a multiplier of the monthly rent for commercial units from the property developers. For the year ended 31 December 2019, revenue generated from Zhaoshangyi amounted to approximately RMB0.7 million, representing an increase of approximately 80.0% compared with approximately RMB0.4 million for the year ended 31 December 2018, which was primarily due to a large contribution from one new project the Group handled where a tenant entered into a lease for particularly large units. One-stop services The Group’s One-stop Service Centre business provides value-added services such as rent collection, property repair and maintenance and design and furnishing services as well as assisting purchasers to obtain ownership certificates and apply for mortgages from banks. These services are primarily targeted towards individual customers. For the year ended 31 December 2019, revenue generated from the One-stop Service Centre services was approximately RMB1.2 million, representing an increase of approximately 68.5% compared with approximately RMB0.7 million for the year ended 31 December 2018, as demand for these ancillary services had increased slightly. Prospects: The outbreak of COVID-19, which began in late 2019 and was announced as a global health emergency in January 2020 with significant measures taken by the Chinese government and by private sector organisations in early 2020, will have an adverse impact on the livelihood of the people and the economy of the PRC. The PRC real estate market may also be adversely affected resulting from the disruption of the operation of real estate companies and reduced interest in real estate investment due to concerns relating to public health and safety and the economy in general, which will in turn affect the Group’s real estate agency business. The Group is an established real estate agency in Guangzhou and elsewhere in the Greater Bay Area, which has been less affected than other areas in China. Since the COVID-19 outbreak, Guangdong Province and other cities in the Greater Bay Area have put in place policies to mitigate the impact of COVID-19 on the real estate market, such as promoting on-line property title registration to avoid face-to-face contact, waiving real estate tax and land use tax for affected industries, and waiving interest in late payment of land grant fee in order to support the resumption of operations of companies in the real estate market. With efforts of all walks of life and the government, it is anticipated that the impact will diminish eventually, and the market will pick up after the outbreak is controlled. China and the US concluded the Phase I Agreement of the Sino-US trade dispute on 15 January 2020, which is expected to strengthen the economic outlook for China, which should bring some benefits to all the first-tier cities in the country. The development plan for Guangdong-Hong Kong-Macao Greater Bay Area will further roll out, creating jobs, attracting population continuously and more demand for residence. Under the influence of accelerating urbanisation, there is still rigid demand for housing upgrade and improvement. Monetary and fiscal policies are expected to be lenient and supportive of growth. In light of these positive market notes and supportive policies, and combined with increasing demographics and the growing interest in investment, overall market demand is expected to remain strong. The Group expects a stable economy in 2020, and the Group will continually focus on business development in the Greater Bay Area by building stronger relationships with property developers and undertaking more primary property projects in cities where the Group has already successfully entered and been developing, and continue to focus on the comprehensive property consultancy and agency service as its main business while remaining cautious in relation to market volatility and changes. The Group also considers the online property referral and agency services to be beneficial for maintaining a solid and steady flow of projects for the Group and for raising its profile with property developers, and expects to continue expanding its coverage. The Group will endeavor to continue its cooperation with property developers and new potential business partners, strive to optimise its business flow, reserve sufficient resources to create strong synergies among different segments, and actively capture growth opportunities. It is expected that the Group will continue to generate stable income, as it advances steadily towards the goal of becoming a leading real estate agency brand in the Greater Bay Area.

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