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Gemdale Properties and Investment Announced Interim Report of Business Achievements of 2013

2013-05-09 Source:  Size:TTT
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[Abstract]

 

Gemdale Properties and Investment Announced Interim Report of Business Achievements of 2013
Net Profit Rises by 5 Times

Focus on property for sale with fast turnover in the medium and short run  

Aim to be a nationwide complex developer and high-end commercial property holder in the medium and long run

  [HK News, May 8, 2013] China’s leading real estate developer and operator, Gemdale Properties and Investment Corporation Limited (“Gemdale Properties and Investment” or the “Company”, jointly the “Group” with its affiliated companies; former Frasers Property (China) Limited; stock code: 535) announced its unaudited six-month (review period) interim business achievements as of Mar. 31, 2013. 

  Within the review period, the Group’s income reduced to 94,000,000 HKD, down 10%, mainly because of the absence of income from Shanghai Shanshui Sijicheng Project. The reduction part was offset by the increase of rent income by rent rising in the contract renewal of Vision Shenzhen Business Park (VSBP) and SOHU.com Internet Plaza (Sohu Plaza). Moreover, the Group and relevant governmental departments in Shenzhen agreed to develop the property project of VSBP Phase III in Shenzhen High-tech Industrial Park. For this development project was done whole-amount depreciation in previous years, partial depreciation reserve was given back in the amount of 262,400,000 HKD.   

  Although the income was a bit lower, the profit attributable to company holder recorded by the Group was 269,500,000 HKD, at the growth rate of 5 times compared with the same period in last year. According to per share basis, the basic profit recorded by the Group was 0.0377 HKD (Mar. 31, 2012: 0.0065HKD). The Group’s shareholder’s capital was increased from 2,822,400,000HKD as of Sep. 30, 2012 to 3,836,900,000 HKD as of Mar. 31, 2013, up 36%. The growth mainly came from share issuing in late Jan. 2013 (net amount 691,600,000 HKD) and the profit attributable to company shareholder in this review period (269,500,000 HKD).

  The Group’s deposit, bank and cash balances and restricted cash increased from 1,276,900,000 HKD as of Sep. 30, 2012 to 1,695,500,000 HKD as of Mar. 31, 2013, up 33%. Directors proposed not to distribute dividend of six months as of Mar. 31, 2013 (Mar. 31, 2012: none). 

  With regard to property development, within the review period, the income from property development dropped to 2,300,000 HKD, accounting for 2% of total income. That in the same period in last year was 17,000,000 HKD, accounting for 16% of total income, which mainly came from the sales income of Shanghai Shanshui Sijicheng Project. However, the amount in this review period only came from the sales income of parking lots in HK. On the other hand, within the review period, the income from business park increased to 91,700,000 HKD, up 5% and accounting for 98% of total income, which mainly came from the rent rising of VSBP and Sohu Plaza.

Property Development

Shanghai Shanshui Sijicheng

  418 residential units in Phase I were sold out until Mar. 31, 2013. Phase II is in the process and the sales plan of this year includes 80,000 m2. In view of the advantages like convenient traffic and fashionable design, the Group has full confidence in Phase II.

Shenyang Gemdale Art Wonderland

  On Mar. 26, 2013, the Group acquired a land parcel in area of 310,000m2 in Hunnan New District Shenyang by means of public auction. It holds 100% of equity now. The project will be divided into six phases. Construction of Phase I will be started in May 2013 and sold from Oct. 2013. The project is closely adjacent to Hunhe River, thus natural landscape is very superior. The Group aims to build a high-quality residential quarter. The project will earn a considerable profit.   

Property Investment

VSBP

  Although rent rate is much higher than average level, Phase I and Phase II have been all occupied. By economy of scale, the Group has managed the property effectively, and provides excellent service for tenants. Phase III provides R&D office building for rent and also apartment and commerce for sale. The land use permit has been obtained and early-stage work has been carried out. This project will create values for the Group. 

Sohu Plaza

  Sohu Plaza is a JV project between the Group and an affiliated company of the famous Tsinghua University. Thanks to international high-standard service of property management, value-added services and facilities as well superior geographic location, Sohu Plaza realizes an occupancy rate of 100%.

  With regard to the future, Chairman & Executive Director of Gemdale Properties and Investment, Huang Juncan, said “The Group will complete the development of Shanghai Shanshui Sijicheng, Shenyang Gemdale Art Wonderland and VSBP Phase III for purpose of keeping our growing power. In the medium and long run, the Group will aim to be a nationwide complex developer and high-end commercial property holder; and in the medium and short run, the Group will focus on the property for sale (including residence and sellable commercial property), so as to balance cash flows and speed up development and continue to return good profits to shareholders”. 
-End-

About Gemdale Properties and Investment Corporation Limited

  Gemdale Properties and Investment is China’s leading real estate developer and operator and the exclusive and independent business platform of commercial property investment, development and operation management under Gemdale Corporation (stock code: 600383.SH). Gemdale Corporation became its final holding company on Sep. 28, 2012, and the company was renamed from Frasers Property (China) Limited to Gemdale Properties and Investment Corporation Limited on Mar. 12, 2013.

  The news was released by Porda Havas International Finance Communications Group on behalf of Gemdale Properties and Investment Corporation Limited. For any inquiries, please contact:

  Porda Havas International Finance Communications Group

  Cherry Cheung       +852 3150 6773    cherry.cheung@pordahavas.com
  Christine Gu     +852 3150 6792   christine.gu@pordahavas.com
  Kawai Li       +852 3150 6715   kawai.li@pordahavas.com
  Zuki Leung        +852 3150 6711   zuki.leung@pordahavas.com
  Aven Yu       +852 3150 6795   aven.yu@pordahavas.com
  Fax: +852 3150 6728

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