HONG KONG, Apr 18, 2024 – (ACN Newswire) – The Executive Centre (TEC), the leading premium workspace provider that serves more than 47,000 Members in 34 cities across Asia-Pacific and the Middle East, announced its annual results today for fiscal year 2023. Achieving a record-breaking revenue of USD 315 million representing a 11.2% YoY growth, these exceptional results come on the back of a series of strategic expansions and TEC’s consistency in delivering unparalleled workspace solutions and service to its customers.

TEC’s focus on the high growth regions of Greater China, South Asia and the Middle East has been a cornerstone of the company’s success. In 2023, Greater China accounted for 47% of TEC’s total revenue while South Asia and the Middle East collectively contributed 22%, reflecting robust demand for premium flexible workspaces in these markets. In terms of adjusted EBITDA, TEC witnessed a healthy YoY increase of 12%, reaching USD 56 million. Greater China, with South Asia and the Middle East collectively, were also the most significant contributors at 37% and 34% respectively. In terms of contribution by city, Singapore emerged at the top, contributing 14% to overall adjusted EBITDA.

In 2023, TEC expanded its footprint exponentially with an addition of 26 new Centres across its network. Driven by strong client demand, South Asia and the Middle East saw the most significant growth with 12 new Centre openings, effectively doubling TEC’s footprint in the region since the pre-pandemic period. There were also new Centres opening in Mainland China, North Asia, Southeast Asia and Australia, spearheaded by high demand and TEC’s commitment to understanding and servicing the unique needs of local businesses.

TEC maintained an impressive global average occupancy rate of 88% across its network in 2023, reflecting strong customer satisfaction and the growing trend towards flexible workspaces globally.

Central to TEC’s success is also its agility in adapting to the evolving needs of the modern economy and workforce. A notable highlight of the year was the growth of the Coworking & Virtual Office segment, which saw a YoY revenue increase of 15% globally. This was a result of significant growth from key markets of Southeast Asia and the Middle East with YoY increases of 35% and 37% respectively. With a comprehensive inhouse suite of professional business and operations support, the Coworking & Virtual Office offering empowers business owners and entrepreneurs to enter new markets and scale rapidly without the need to commit long-term investments in inflexible office infrastructure.

Diving into data on revenue by service, TEC’s insights revealed an uptrend in the use of physical meeting and event spaces. The segment saw a global growth rate of 39% YoY, with high levels of usage in Hong Kong, and cities such as Singapore and Tokyo. In terms of markets, notable growth rates were recorded in Greater China, Southeast Asia, and the Middle East, achieving YoY increases of 55%, 57% and 65% respectively, pointing to a resurgence of in-person collaboration and the importance of continued availability of flexible event spaces and solutions for businesses to fulfil networking and operational needs.

TEC Founder and CEO, Paul Salnikow, said: “Our unwavering commitment to service excellence and our ability to anticipate market trends have allowed us to not only meet but exceed our goals amidst a rapidly changing global business environment. We are excited to continue on this trajectory, fostering innovation and expanding our presence strategically to support our clients’ growth and success.”

With its strong financial results and a proven business model, The Executive Centre is poised to maintain its leadership in the premium workspace sector as it celebrates 30 years of excellence this year. TEC remains committed to its mission of providing exceptional service and facilities to its global members as it looks to the future with a clear vision for continued expansion and success.

About The Executive Centre

The Executive Centre (TEC) is Asia’s premium flexible workspace provider, opened its doors in Hong Kong in 1994 and today boasts over 200+ Centres in 34 cities and 15 markets. It is the third largest serviced office business in Asia.

The Executive Centre caters to ambitious professionals and industry leaders looking for more than just an office space – they are looking for a place for their organisation to thrive. TEC has cultivated an environment designed for success with a global network spanning Greater China, Southeast Asia, North Asia, South Asia, the Middle East, and Australia, with sights to go further and grow faster. Each Executive Centre offers a prestigious address with the advanced infrastructure to pre-empt, meet, and exceed the needs of its Members. Walking with Members through every milestone and achievement, The Executive Centre empowers ambitious professionals and organisations to succeed.

Privately owned and headquartered in Hong Kong, TEC provides first class Private and Shared Workspaces, Business Concierge Services, and Meeting & Events facilities to suit any business’ needs.

www.executivecentre.com

Press Enquiries
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Crystal Chow / Kitty Lam
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The Executive Centre
Pebble Lee
Pebble_lee@executivecentre.com / +852 3951 9888

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HONG KONG, Mar 7, 2024 – (ACN Newswire) – Yuexiu Real Estate Investment Trust (“Yuexiu REIT”, together with Yuexiu REIT Asset Management Limited, collectively known as the “REIT”; stock code: 405) announced its annual results for the year ended 31 December 2023.

2023 Annual Results Highlights:

— Overall operation grew steadily, with total revenue of RMB2,087 million, representing an 11.4% year-on-year increase.

— Final distribution per Unit will be approximately RMB0.0303, equivalent to HK$0.0334. Distribution per Unit for the full year will be approximately RMB0.0844, equivalent to HK$0.0924. Distribution yield is 7.33% per Unit for the year.

— For 18 years since 2005, the REIT has distributed 100% of its distributable income to Unitholders.

— As at 31 December 2023, overall occupancy rate of the properties was 85.0%.

Guangzhou International Finance Center (GZIFC)

— Operating revenue of the GZIFC complex was RMB1,031 million, accounting for 49.4% of the REIT’s total revenue.

— The office building of GZIFC successfully renewed leases with a number of key tenants, with a renewed leasing area of 26,000 sq.m. for the year.

— GZIFC shopping mall continued to optimise the tenant structure and recorded a property occupacy rate of 98.2% and a 21% increase in sales year-on-year.

— Overall performance of the hotel and serviced apartments saw a strong rebound, remaining its market benchmark position. The average occupancy rate and room rate of Four Seasons Hotel and Ascott Serviced Apartments climbed year-on-year.

Yuexiu Financial Tower

— Yuexiu Financial Tower posted an operating revenue of approximately RMB399 million, representing 19.1% of the REIT’s total revenue. Occupancy rate stood at 88.5%.

— Certain industry leaders were successfully introduced, thereby further reinforcing the premium tenant base of the building.

Active management of financing risks and effective control of financing cost

— With regard to the 5-year syndicated loan of HK$2.8 billion and the 3-year syndicated loan of HK$2.0 billion due in 2023, the Manager obtained in 2023 the 3-year loan of RMB4.0 billion, the 3-year loan of RMB1.0 billion and the 3-year loan of RMB350 million for the purpose of refinancing the maturing loans so as to ensure effective monitor on the liquidity risk.

— Taking advantage of the bottom window of the RMB interest rate market, the RMB1.5 billion Shanghai Free Trade Zone Bonds were issued in March 2023 for early repayment of offshore floating rate loan, thereby reducing the financing cost. At the end of 2023, the overall interest rate of Yuexiu REIT’s financing was 4.74% per annum, representing a decrease of 9 basis points from 4.83% at the beginning of the year.

— The Manager actively adjusted the financing structure and used foreign exchange hedging tool at reasonable cost to monitor foreign exchange exposure. In addition, a loan of HK$2.8 billion and a loan of HK$2.0 billion for which foreign exchange hedging have been arranged were settled in advance, resulting in a cash inflow of approximately RMB202 million.

— Debt structure continued to be optimised, with the proportion of RMB financing rising from 6% at the beginning of 2023 to 39% at the end of the year.

Mr. LIN Deliang, Chairman, Chief Executive Officer and Executive Director of Yuexiu REIT, said: “In 2023, the first year following the optimisation of pandemic prevention policies, the domestic macro economy experienced a wave-like recovery. The Manager implemented targeted measures for projects in various business formats, and thereby leading to a steady increase in operating revenue from assets. Looking ahead at 2024, operation environment of the REIT remains complex and challenging. Committed to holding fast to its original aspiration of maximising asset value, the Manager will, through the implementation of proactive and prudent leasing strategies, and agile response to the potential investment opportunities, expand financing opportunities in the capital market to effectively reduce financing cost, continuously creating value to the Unitholders.

Guangzhou International Finance Center (GZIFC)

By implementing the strategy of “one distinctive policy for each key customer”, it successfully introduced certain top 100 state-owned key enterprises, industry bellwethers and leading enterprises in high-end service industry such as BOCOM Schroders and China Life as well as two law firms renting a whole floor, with a newly contracted area of approximately 25,000 sq.m. for the year, of which high-quality customers accounted for 50%. GZIFC also renewed leases with a number of key tenants such as CCB Fintech and Société Générale, with a renewed leasing area of 26,000 sq.m. for the year and the renewal rate of key tenants reached 87%.

The GZIFC shopping mall engaged in the positioning and adjustment in brands. By resources integration and multi-channel business solicitation, it concluded new contracts with 9 brands during the year, with a rental increase of 14.3%.

Four Seasons Hotel’s room revenue exceeded the pre-pandemic level in 2019, on the back of average room rate of RMB2,238, representing a year-on-year increase of 32.6%. The average occupancy rate of Four Seasons Hotel was 79.9%, representing a year-on-year increase of 23.5 percentage points. The average occupancy rate of Ascott Serviced Apartments reached 90.2%, representing a year-on-year increase of 3.1%. The average room rate was RMB1,117, representing a year-on-year increase of 11.3%.

Yuexiu Financial Tower

Yuexiu Financial Tower successfully contracted with industry bellwethers such as Yinghe Law Firm  and Huajin Securities, and facilitated the expansion of existing lease areas for internal key tenants including Chong Hing Bank, with a newly contracted area of approximately 20,000 sq.m. for the year. It also renewed leases with key tenants such as Wanglaoji and ZTE, with the renewal rate reaching 78% and the rent increasing by 3.2% for the year.

White Horse Building

White Horse Building implemented precise business solicitation, and tapped deep into the business arena for target customers, thereby effectively expediting business solicitation and sales. By the end of the year, the occupancy rate of White Horse Building climbed to 95.8%, representing a year-on-year increase of 14.6 percentage points. Continuing to innovate business models, it successfully introduced 15 up-and-coming fashion designer brands into the “China Original Design Brand Base”, consolidating the new positioning and promoting the transformation and upgrading of White Horse Building.

Fortune Plaza and City Development Plaza

With robust management of lease renewal, Fortune Plaza recorded a relatively high renewal rate of 82% for the year. Development Plaza introduced a high-quality customer, Pufanglimin Technology, contributing to the continuous increase in the proportion of tenants engaging in the information technology industry. Taking advantage of the lease expiry of a large area, it also successfully introduced well-known companies such as China Merchants Life Insurance and Dongxing Securities .

Victory Plaza

Victory Plaza successfully renewed leases with its anchor tenant Uniqlo and key customer China Merchants Bank. For units at risk of vacancy, Victory Plaza introduced well-known brands such as Wuu’s Hong Kong Cuisine to enrich its brand portfolio. In terms of operation and promotion, it actively mobilised the resources of major stores and organised joint activities with well-known brands in the shopping mall, which effectively drove the annual sales of the shopping mall to grow by 28% year-on-year,

Shanghai Yue Xiu Tower

Shanghai Yue Xiu Tower actively retained customers by splitting units to suit tenants’ needs, and relocating floors and other methods. As a result, the occupancy rate of Shanghai Yue Xiu Tower rebounded to 89.2% at the end of the year from a low of 81.2% during the year. It also provided tailored lease renewal plans for existing specific high-quality customers, and renewed leases with six key customers including Hongta Securities.

Wuhan Properties

Yuexiu Fortune Centre successfully introduced high-quality customers such as FAW Hongqi and Dongguan Securities, recording a newly contracted area of 23,000 sq.m. for the year. It actively promoted cooperations between the government and enterprises. It worked with the Qiaokou District Government to organise activities involving different sectors. It also communicated with enterprises to identify customer needs as well. It pushed forward the precise renovation and modification of vacant units to effectively match market demands, and the renovated units recorded a high sell-through rate of 90%, significantly shortening the business solicitation cycle.

Starry Victoria Shopping Centre introduced 20 merchants including CHAGEE and Watsons, which effectively improved the operating image and quality of the first floor of Hall A and met the consumer needs of customers from the office building. The newly contracted area for the year reached 11,000 sq.m., and the occupancy rate rose to 90.2% against the prevailing downtrend at the end of the period. The annual sales of the shopping mall increased by 18% year-on-year, and there were 23 tenants who were subject to the category of a higher fixed rent and percentage of turnover.

Hangzhou Victory

Hangzhou Victory achieved a renewal rate of 80% for the year, realising the seamless transition for the vacated space of 2,500 sq.m. By successfully exploring the leasing demands of customers in the building, it facilitated the expansion of the leasing of the entire seventh floor by a financially-sound customer, Caitong Securities,

SUSTAINABILITY

The Manager carried out several energy conservation and carbon reduction capital transformation and asset appreciation projects for GZIFC, Fortune Plaza and Victory Plaza during the year. GZIFC and Yuexiu Financial Tower completed the renewal of Platinum Certification, and Wuhan Yuexiu Fortune Centre obtained the Net Zero Carbon Building Excellence Certification.

Yuexiu REIT signed a green loan with a total value of RMB4 billion during the year for the purpose of financing. By the end of 2023, the proportion of green and sustainability related loan was about 50.3%.

A number of mainstream ESG ratings or scores for Yuexiu REIT were elevated during the year, demonstrating the recognition level by the capital market. In particular, under the Global Real Estate Sustainability Benchmark (“GRESB”) Yuexiu REIT received Green “Four Star” rating for the second consecutive year (with a 5% increase in the overall score) and the highest grade of “A” in public disclosure for the third consecutive year.

Prospects

In 2024, the Manager will effectively synergise a diversified portfolio of business formats, to enhance the product adaptability, and captial transformation and enhancement for GZIFC, Yuexiu Financial Tower, White Horse Building, Four Seasons Hotel Guangzhou, Shanghai Yue Xiu Tower, Wuhan Fortune Centre and Hangzhou Victory is expected to achieve value preservation and appreciation of the properties and to improve the level of leasing operation.

While the market expects a slowdown in inflation, signalling a peak in the interest rates of US dollar and Hong Kong dollar, it is still expected that interest rates will remain at a relatively high level for some time. RMB interest rate has entered a downward trend to stimulate economic recovery after the pandemic. In light of the rising foreign interest rates and the relatively low cost of RMB, the Manager will continue to review and make reasonable adjustments to its financing structure depending on expectations of market developments, such as introducing low-cost RMB financing through free trade zone bonds, RMB loans and other means, in order to seek more favourable financing cost to reduce interest rate risk.

About Yuexiu Real Estate Investment Trust

Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People’s Republic of China (the “PRC”) in the world. The current property portfolio comprises ten high quality properties, namely Guangzhou International Finance Center, White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Yuexiu Financial Tower in Guangzhou, Yuexiu Tower in Shanghai, Wuhan Properties in Wuhan (including Wuhan Yuexiu Fortune Centre and Starry Victoria Shopping Centre), Victory Business Centre in Hangzhou and Yuexiu Building in Hong Kong, with a total area of ownership of approximately 1.184 million sq.m. All properties are located in the central business district of Guangzhou, Shanghai, Wuhan, Hangzhou and Hong Kong respectively. The categories of the properties include Grade-A offices, commercial complexes, retail business, hotel, serviced apartments and professional clothing market etc.

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HONG KONG, Mar 7, 2024 – (ACN Newswire) – Three Garden Road, a world-class landmark property owned by Champion Real Estate Investment Trust (“Champion REIT” or the “Trust”; stock code: 2778), has obtained the Platinum certification of Leadership in Energy and Environmental Design (LEED) “v4.1 Operations and Maintenance: Existing Buildings” with the highest score in Hong Kong from the U.S. Green Building Council (USGBC). This recognition, along with the distinction of being Hong Kong’s first WELL Platinum certification received in 2020 and the BEAM Plus Platinum certification received in 2022, establishes Three Garden Road as Hong Kong’s first “Triple Platinum” grade-A office building under the existing building certification category.

By integrating green practices into its operations, Three Garden Road aims to create a sustainable workplace that embodies efficiency, innovation, and environmental management through the optimisation of facility and the maintenance of excellent indoor environmental quality:

— Leveraged new technologies and implemented retro-commissioning to enhance energy efficiency, resulting in a remarkable reduction of 32% in carbon emissions and a 17% decrease in energy use over the past five years

— Ongoing property quality enhancements, including comprehensive lift modernisation and washroom renovation works, as well as the installation of additional electric vehicle charging stations and solar photovoltaic panels

— Awarded the highest rating of Excellent Class Certification of Indoor Air Quality for 15 consecutive years

— Fostered collaboration among tenants in energy and waste reduction efforts to combat climate change together through our initiatives such as “Champion REIT ESG Forum” and “Green Champion Challenge”

Ms Christina Hau, Chief Executive Officer of Champion REIT, said, “As the first smart building in Hong Kong upon its completion, Three Garden Road was recognised by the Hong Kong Institute of Architects for its innovative and high-standard architectural design. In pursuit of excellence and innovation, the Trust remains dedicated to continuously improving energy and environmental efficiency which are of great importance to our key tenants from financial institutions and multinational corporations. We are honoured that Three Garden Road has achieved “Triple Platinum” existing building certifications, acknowledging our environmental practices. The Trust has been staying the course to realise its 2030 Environmental, Social and Governance goals and 2045 Net Zero Commitment. We will continue to work closely with all stakeholders in creating sustainable values.”

Mr Andy To, Managing Director of USGBC North Asia, said, “I am sincerely grateful to Champion REIT for their unwavering dedication to green building practices. I commend the company for its steadfast commitment to sustainability. Moving forward, we look forward to ongoing collaboration with Champion REIT and are eager to witness the company’s continued advancements in the realm of green spaces.”

The Trust attained the top Five-star rating by the Global Real Estate Sustainability Benchmark (GRESB) in 2023. Moreover, 100% of its Hong Kong properties have attained the highest Platinum level certification for green buildings, affirming its leading position in implementing sustainable measures.

(1) “Triple Platinum” existing building certifications refer to Leadership in Energy and Environmental Design (LEED) “v4.1 Operations and Maintenance: Existing Buildings” Platinum, WELL Healthy Building Standard v2 Core Platinum and BEAM Plus Existing Building v2.0 Comprehensive Scheme Final Platinum.

Ms Christina Hau receives the LEED v4.1 Platinum Certification from Mr Andy To, North Asia Managing Director of USGBC

Three Garden Road Achieves LEED v4.1 Platinum Certification Scoring Highest in Hong Kong

LEED v4.1 Platinum Certification

About Champion REIT (Stock Code: 2778)

Champion Real Estate Investment Trust is a trust formed to own and invest in income producing office and retail properties. The Trust focuses on Grade A commercial properties in prime locations. It currently offers investors direct exposure to nearly 3 million sq. ft. of prime office and retail floor area. These include two Hong Kong landmark properties, Three Garden Road and Langham Place, as well as a joint venture stake in 66 Shoe Lane in Central London. The Trust was awarded the top five-star rating by the Global Real Estate Sustainability Standard (GRESB) in 2023.

Website: www.championreit.com  

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HONG KONG, Feb 21, 2024 – (ACN Newswire) – Champion Real Estate Investment Trust (stock code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for year ended 31 December 2023.

Summary of financial results

	FY 2023	FY 2022	Change
Total Rental Income (HK$ million)	2,312	2,359	-2.0%
Net Property Income (HK$ million)	1,946	2,031	-4.2%
Distributable Income (HK$ million)	1,122	1,298	-13.6%
Distribution per unit (HK$)	0.1683	0.1954	-13.9%

 

	31 Dec 2023	31 Dec 2022	Change
Gross Value of Portfolio (HK$ million)	62,950	63,555	-1.0%
Net Asset Value per unit (HK$)	7.72	7.91	-2.4%
Gearing Ratio	22.8%	22.5%	+0.3 pp

 

Overview

The return of tourists following full border reopening in 2023 helped revive the Hong Kong retail market. Although the overall tourism and consumer demand still lagged behind the pre-COVID levels, the Trust’s retail rental income has shown satisfactory growth due to improved footfall and tenants’ sales. However, Hong Kong office leasing remained sluggish as occupiers continued to be cost cautious. Rental income of the Trust slightly decreased by 2.0% to HK$2,312 million. Net property income of the Trust decreased by 4.2% to HK$1,946 million. The high interest rate environment resulted in a surge in cash finance costs by 41.3% to HK$590 million. The Trust recorded a drop in distributable income by 13.6 % to HK$1,122 million and distribution per unit (“DPU”) declined 13.9 % to HK$0.1683.

Three Garden Road

While we saw a rise in the number of enquiries after the full border reopening, the overall leasing momentum for the Central office market remained slow in 2023. Despite challenging market environment, occupancy of Three Garden Road maintained at stable level of 82.8% as at 31 December 2023. Rental income dropped to HK$1,222 million (2022: HK$1,346 million) as a result of negative rental reversion. In addition to the completion of a comprehensive lift modernisation project to improve the efficiency of elevators, new electric vehicle chargers were installed to further enhance amenities and accommodate an increasing number of electric vehicles in Hong Kong.  

Langham Place Office Tower

Demand from the healthcare and beauty segments for establishing new operations in Langham Place Office Tower continued. Occupancy of the property remained stable at 93.3% as at 31 December 2023. Lifestyle tenants continued to be the major occupiers of the property, accounting for 74% of the area as at 31 December 2023. Rental income declined 3.7% to HK$350 million (2022: HK$363 million).

Langham Place Mall

The overall Hong Kong retail market recorded satisfactory recovery in the post pandemic era with total retail sales increased by 16.2% in 2023. Langham Place Mall achieved an above-market average performance with tenants’ sales growing significantly by 50.5%, thanks to the strong recovery in the beauty segment following the full border reopening. The total rental income of the mall increased by 13.9% to HK$740 million (2022: HK$650 million). Occupancy of the mall stood at 98.6% as at 31 December 2023 due to tenant turnover.

Distribution

Distributable income of the Trust dropped 13.6% to HK$1,122 million (2022: HK$1,298 million) and DPU dropped 13.9% to HK$0.1683 (2022: HK$0.1954). Based on the closing unit price of HK$2.45 recorded as at 29 December 2023, the total DPU represented a distribution yield of 6.9%.

Asset Value

The appraised value of the Trust’s property portfolio was HK$62.9 billion as at 31 December 2023, declining 1.0% from HK$63.6 billion as at 31 December 2022.

Sustainability 

Our initiatives around climate resilience, stakeholder engagement and community well-being foster a strong and inclusive environment. Langham Place Office Tower’s attainment of BEAM Plus Existing Building Platinum Certification is another accomplishment in reaching our 2030 green building targets. During the year, we launched the first ESG Forum and encouraged our tenants to join the “Green Champion Challenge” in energy and waste reduction. We strive to promote a balanced and sustainable lifestyle among our staff, tenants and music lovers through engaging them in initiatives such as the waste-to-farm-to-table project, Christmas social enterprise pop-up market and the flagship “Musica del Cuore” classical concerts.

Outlook

Despite that the uncertainties in the outlook of the global economy in 2024 against the backdrop of geopolitical tensions and wars in certain regions, the moderation of inflation and potential interest rate cuts could ease the pressure on commercial real estate valuation and interest expenses. For the domestic retail market, the strong local currency may hinder the growth this year following a solid recovery in 2023. We will continue our efforts in optimising the rental income of the properties portfolio and managing the risks under the challenging market conditions.

 

About Champion REIT (stock code: 2778)

Champion Real Estate Investment Trust is a trust formed to own and invest in income producing office and retail properties. The Trust focuses on Grade A commercial properties in prime locations. It currently offers investors direct exposure to nearly 3 million sq. ft. of prime office and retail floor area. These include two Hong Kong landmark properties, Three Garden Road and Langham Place, as well as a joint venture stake in 66 Shoe Lane in Central London.

Website: www.championreit.com

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