88IV - Public company info - Xinming China Holdings Ltd.

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Xinming China Holdings Ltd., 02699.HK - Company Profile
Chairman	Chen Chengshou
Share Issued (share)	1,879,000,000
Par Currency	Hong Kong Dollar
Par Value	0.01
Industry	Property Development
Corporate Profile	Business Summary: The Group is mainly involved in property development, property leasing and the provision of property management services. Performance for the year: During the Year under Review, the Group recorded a total revenue of approximately RMB163.3 million, representing a decrease of approximately RMB461.5 million or 73.9% from approximately RMB624.8 million in 2018. Loss attributable to the shareholders of the Company amounted to approximately RMB117.0 million, representing a decrease of approximately RMB159.9 million from profit of approximately RMB42.9 million in 2018 (restated), Loss per share was approximately RMB0.062 (2018: profit of approximately RMB0.023). Business Review Property Development As at 31 December 2019, the Group’s property portfolio consisted of 16 property development projects with an aggregate GFA of approximately 2,237,825 sq.m. under various stages of development in various cities in the PRC. Property Sales During the Year under Review, the Group recorded property sales of approximately RMB99.6 million, representing a decrease of approximately RMB467.6 million or approximately 82.4% as compared to approximately RMB567.2 million in 2018. Total GFA delivered during the Year under Review was approximately 12,211.7 sq.m., representing a decrease of approximately 83.6% as compared to 2018. Property sales remained the largest revenue source to the Group, representing approximately 61.0% of its total revenue. Property sales decreased during the Year under Review, mainly due to (i) despite the Group adjusted marketing strategy in the third quarter and added lifestyle and building material elements to enrich the original theme in the fourth quarter for Shanghai Xinming Children’s World (“Shanghai Project”), Shanghai Project recorded no revenue during the Year under Review as tenant sourcing was affected by the China-United States trade war in the first half of the year and there were termination of tenancy agreements in the second half of the year; (ii) the sales target of Chongqing Xinming • China South-western City (“Chongqing Project”) and Taizhou Xinming Peninsular, Xinming Lijiang Garden and Wenshang Times (collectively referred to as “Taizhou Projects”) set for 2019 was adversely affected due to the impact of China-United States trade war, and the tenant sourcing activity could not be proceeded properly due to the strengthening of housing regulation by the local governments in the second half of the year and the low market investment sentiment; (iii) as the marketing strategy of Hangzhou Xinming • Children’s World (“Hangzhou Project”) was adjusted, such that part of unsold areas were leased out in the short term during the Year under Review, the property sales of the project only recorded approximately RMB71.0 million during the period, representing a decrease of approximately 77.0% as compared with the same period of last year. Property Leasing The Group carries out property leasing business through leasing its commercial properties held for investment and leasing the sold commercial properties leased back from third parties by the Group. As at 31 December 2019, the actual area leased out was approximately 190,450.8 sq.m., representing approximately 88.7% of the Group’s total investment properties held-for-lease and the sold commercial properties leased back from third parties purchasers. During the Year under Review, the rental income was approximately RMB63.7 million, representing an increase of approximately RMB 6.1 million or 10.6% as compared to approximately RMB57.6 million in 2018, mainly due to the increase in the rental income from Red Star Macalline Exhibition Center under Taizhou Property resulting from the rise in the unit rent and the increase in the rental income from the Chongqing Xinming EasyHome project resulting from the increase in the rentable area. Land Reserves As at 31 December 2019, the Group’s property portfolio consisted of 16 property development projects located in a number of cities throughout China. These projects was at various stages of development, with total GFA amounted to approximately 1,010,185 sq.m., of which approximately 474,805 sq.m. was completed, approximately 55,145 sq.m. was under development, and approximately 480,235 sq.m. was held for future development. Prospects: Looking forward to the year 2020, China’s economic growth is expected to inevitably experience a slowdown due to the deceleration of global economic growth and the novel coronavirus (COVID-19) epidemic. Therefore, it is possible that the monetary policies and purchase & sales restriction policies on the China's property market will be loosened in the short run. However, the “One Policy for One City” will remain as the main theme of the Chinese government on real estate market. Under this policy, it is expected that the housing prices in the third-and-fourth tier cities will return to a reasonable level, but due to the continuous effect of the prevention of the COVID-19 epidemic, the progress of development and sales of residential buildings in first-and-second tier cities will slow down, and thus it is believed that the housing sales will underperform in the short term and the trading volume will be affected to some extent. Xinming China will take this opportunity to make investment in various industries, accelerate the sale of inventories and proactively develop the comprehensive home and maternal, baby and child-centric real estate to improve the placement strategy of the Group.

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