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Beijing Capital Land Ltd. - H Shares, 02868.HK - Company Profile
Chairman	Li Songping
Share Issued (share)	1,531,000,000
Par Currency	Renminbi
Par Value	1.0
Industry	Property Development
Corporate Profile	Business Summary: The Group is principally engaged in the real estate development and investment, commercial real estate operation, hotel operation, property consulting services and investment holding. Performance for the year: Revenue was RMB21,247,858,000 (2019: RMB20,786,255,000). Profit attributable to equity holders of the Company was RMB981,825,000 (2019: RMB2,122,572,000). Business Review: After years of development, the Group has established a comprehensive business portfolio that consist of four key business lines, three innovative business segments and a financial platform, Prime Golden Capital. The Group strengthened its capabilities in its core property development business and built up its core competency through continuous improvement. Meanwhile, in response to the destocking trend in the real estate market, the Group proactively explored innovative business opportunities and cultivated its capabilities to operate key assets, develop new profit drivers, and empower core operations via diversification. 1. Four Core Business Lines Residential Property Development The Group primarily focused on three key metropolitan areas, namely the BeijingTianjin-Hebei region, the Yangtze River Delta region and the Guangdong-Hong Kong-Macao Greater Bay Area, as well as important tier-2 cities with growth potential. This allowed the Group to optimize resource allocation and concentrate on its development in these regions. With a focus on mid-to-high end residential projects, the Group continued to advance its “BCL Intelligently Made 2025” operating strategy by strengthening its research and development capabilities and promoting the standardization of projects in an effort to attract first-time home buyers and those looking to upgrade their living situation. The Group also constantly improved its customer service, which helped to enhance the overall brand. Representative product lines of BCL’s residential development include “Tian Yue”, “Xi Rui” and “Xi Yue”. Integrated Outlets Leveraging Capital Grand, BCL’s commercial property development arm, the Group implemented a combined asset-heavy and asset-light business model to rapidly and strategically expand its outlet projects in target cities through construction, M&A and joint development. The Group aims to build the largest outlet operating platform in Mainland China and establish a scale advantage over peers. Meanwhile, the Group integrated online and offline channels, pushed forward with digital and lean operations, and attracted a wide array of brands to its outlets. With these efforts, the Group created win-win situations for both consumers and consumer brands. Representative projects of BCL’s outlets include the Beijing Fangshan Capital Outlets, Hainan Wanning Capital Outlets, Zhejiang Hangzhou Capital Outlets, Hubei Wuhan Capital Outlets, Shandong Jinan Capital Outlets and Yunan Kunming Capital Outlets, among others. Integrated Urban Complexes The Group focused on high-end urban commercial complexes that are developed above metro stations in the central areas of key cities, such as Beijing, Shanghai and Shenzhen. By introducing top-tier business partners and integrating resources such as land, capital, brands and operations, the Group endeavored to develop landmark projects that will generate value-added returns and opportunities to securitize key assets. The Group will continue to drive the growth of its integrated urban complex business and promote the establishment of a platform for asset expansion. Representative projects of BCL’s urban complexes include the Beijing Lize Financial Business District Project, Shenzhen Capital Business Center Project and Beijing International Center Project. Primary Land Development (Including Shantytown Redevelopment) The primary land development business (including shantytown redevelopment) mainly focuses on residential development. This allows the Group to benefit from land appreciation and acquire prime land resources at lower cost. In addition, the Group actively explored industry-city integration projects through large-scale development and built up core competencies that set it apart from peers. Representative projects of BCL’s primary land development projects (including shantytown redevelopment) include the Beijing Hujialou shantytown redevelopment project, the Beishicao shantytown redevelopment project and the Tianjin Wuqing primary land development project. 2. Three Innovative Business Lines Cultural and Creative Industries The Group’s vision for this business line is to develop high quality projects that cater to the creative and high-tech markets and to provide services to the urban healthcare sector. With “big culture”, “big information technology” and “big health” as its focus, the cultural and creative business is subdivided into three strategic segments, namely industrial park operation, industrial investment and content creation. With a strong presence in Beijing, the Group further consolidated its resources by managing industrial parks and leveraging its investment platform in a bid to build an ecosystem for cultural and creative industries. Representative projects of BCL’s cultural and creative industries include the Langyuan Vintage Project, the Yongyuan Project and the Media Elite Headquarters Project in Beijing. High-tech Industrial Property BCL has positioned itself as an innovative and integrated service provider, and a platform for the rapidly growing wave of high-tech industries. With an “industrial + property” model, the Group actively worked to build an ecosystem that integrates innovation, industrial development and value creation. Through a suite of integrated services for industrial development, space management, environmental programs, human resources, operations, investment and fund raising, the Group aims to build out four ecosystems and nine service platforms. Representative projects of the Company’s high-tech industrial real estate include IC-PARK Projects, Chongqing Chuangxin Industrial Park, Nanjing Digital Science Center Project. Rental Housing In response to the government’s directive that “housing is for people to live in, not for speculation”, and “new developments should have units for people to both buy and rent”, BCL has been actively pushing forward its expansion into the rental housing market. While transforming and upgrading some of its existing projects into rental housing units to revitalize its inventory, the Group also forged partnerships to acquire collectively-owned land on which to develop rental housing projects. Under the brand “Hé Cohesive Hub” and based on an “apartment + common area + services” model, the Group provided premium “3+2+X” rental spaces to younger urbanites in collaboration with UCOMMUNE, a co-working brand, and BCL’s outlets business. Representative projects of BCL’s rental housing projects include the Chaoyang Shibalidian rental housing project on collectively owned land, the Fangshan Hé Yuan Project in Beijing, and the Shuanggang Hé Yu Project in Tianjin. 3. Financial Platform: Prime Golden Capital Prime Golden Capital is positioned as BCL’s financial platform. As a critical part of the Group’s “RMB100 Billion Value Ecosystem” strategy, Prime Golden Capital has strong shareholder support and possesses professional operating capabilities. While integrating finance and property, and focusing on both investments and fund raising, the platform aims to boost the rapid development of BCL’s main business and accelerate its strategic transformation across finance, property and urban development. Prime Golden Capital concentrates on “property × finance” and primarily invests in real estate development, asset management, cultural and creative industries, private equity and overseas real estate. Prospects: Looking out to 2021, the global and Chinese economies will continue to face challenges on multiple fronts, leading to increasing uncertainty and instability in the macro-environment. For the Chinese real estate industry, the precautionary measures taken to combat the virus have become the new normal, and the stringent regulations of the property market are unlikely to be relaxed in the short term. The overarching theme of “housing is for people to live in, not for speculation” and “implementing city-specific measures” will continue to be the key focus of China’s real estate regulation, and policies such as the “three red lines” are expected to be further implemented. These will place all Chinese property developers under sustained and significant pressure. In addition, as competition in the industry further intensifies, it is expected that strong players will solidify their positions while weak performers will be weeded out, and prudent and secure operations will be increasingly important for property developers. As the market for the traditional development business is approaching saturation, the property developers that can develop differentiated business lines will demonstrate more resilience for future growth. Against this backdrop, in 2021, the Group will uphold “strengthening business foundation, pursuing progress while ensuring stable development” as its general principle, and proactively respond to the challenges and difficulties by implementing the following strategies: 1. The Group will optimize business planning and asset structure by revitalizing and monetizing low-efficiency assets and by focusing resources on developing its main operations. The Group will also work to lift its overall asset quality in order to enhance its ability to manage risks and support solid and high-quality business operations; 2. The Group will adhere to a “fast turnover” strategy and further execute its “369 project construction standards”, while improving the quality of contracted sales with more emphasis on cash conversion and returns. The Group will also optimize the pace of project delivery and accelerate inventory turnover and sell-through rates by pegging performance evaluation and incentives to the timing of project development and launch dates. On the sales front, the Group will develop innovative marketing strategies by integrating online and offline channels, and leverage its in-house salesforce as a core driver to speed up destocking. The Group will also strive to increase cash conversion efficiency by accelerating cash collection from operations, upgrading its performance assessment system and implementing strict cost control; 3. The Group will implement a prudent investment strategy and make targeted investments by improving regional market know-how, setting strict investment criteria, controlling the pace of investments and selecting curated investment targets. While allocating resources based on market needs, the Group also closely follows China’s development strategies in order to capitalize on emerging opportunities arising in different cities. In terms of land acquisition, the Group will leverage the synergies across its diversified business and continue to acquire land with a non-competitive and differentiated approach while reducing the percentage of land acquired purely through tender-auction listing processes; 4. The Group will accelerate the implementation of its “Panshi Plan”, a management reform program, and rebuild the management policies by improving and refining professional and digitized management processes, which should help to boost the Group’s overall performance. As the Group continues to upgrade its “Intelligently Made 2025” operating strategy, it will consolidate and optimize its business mix, transform all business lines through data intelligence, and build up core competencies via continuous improvement, in a bid to constantly upgrade its business segments and improve service levels across the whole value chain; 5. By leveraging Group’s strengths and tapping into the value of its portfolio of assets, the Group aims to develop a sustainable and profitable business model for its innovative segment by enhancing its asset operation and management capabilities, and building a comprehensive asset-light business platform. Meanwhile, the Group will focus on resource acquisition through synergies centering around such business lines as “property + cultural and creative” and “property + technology”, in a bid to empower its core secondary development business through a diversified lineup of innovative business operations; 6. The Group will proactively respond to the challenging financing environment by leveraging its credit strength and access to capital markets in order to expand funding channels and secure sufficient capital reserves. Meanwhile, the Group will take multiple measures to boost liquidity, control the scale of debt and curb leverage to optimize its asset structure and further enhance its ability to manage risks. While forging ahead with H-share full circulation, BCL will accelerate the integration of its property management platform and asset-light business, and scale up the operations at an appropriate time via capital introduction. Lastly, by exploiting the combined strengths of “finance + property” of Prime Golden Capital, the Group aims to attract major asset owners to its fund platform and establish cooperation with financing platforms backed by leading property developers in the market in a bid to enable the high-quality growth of its main operations.

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